City Debt Summary

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City Debt Summary

The City of St. Louis (the "City") issues municipal bonds directly and indirectly through City agencies to provide funding for capital projects throughout the City. Long-term debt obligations of the City fall into three broad categories: General Obligations Bonds, Leasehold Revenue Bonds, and Enterprise Fund Revenue Bonds. Occasionally, City agencies issue revenue bonds to finance particular development projects. In this instance, bonds are typically repaid from incremental revenues of the development project rather than from City General Fund monies. In some rare cases, the City will agree—subject to annual appropriation—to pay debt service on the bonds if the development-project revenues are insufficient to cover debt service.

General Obligation Bonds
General obligation (GO) bonds are issued by the City to provide capital funding for various projects throughout the City. General obligation bonds are secured by the full faith and credit of the City. More information on the city's outstanding general obligation bonds.

Leasehold Revenue Bonds
Leasehold revenue bonds are issued on behalf of the City by several City agencies to provide funding for various projects throughout the City. In each instance, title to the project is transferred to the agency issuing the bonds and the project is leased back to the City in exchange for annual rental and additional rental payments from the City to the agency. The City's payment of rental and additional rental payments pursuant to the lease agreement is a General Fund obligation subject to annual appropriation by the City. If the City fails to budget and appropriate funds for rental and additional rental payments in any fiscal year, the lease agreement will terminate at the end of the most recent fiscal year for which funds have been appropriated and the City will be required to vacate the project. Unlike general obligation bonds, Leasehold revenue bonds are not secured by the City's full faith and credit. More information on outstanding leasehold revenue bonds.

Enterprise Fund Revenue Bonds
The City issues enterprise fund revenue bonds to fund capital projects for each of the City's three enterprise funds: Water, Aviation, and Parking. Enterprise fund revenue bonds are secured by the revenues of the specific enterprise fund for which they are issued. Enterprise fund revenue bonds are not a General Fund obligation of the City and the City's full faith, credit, and resources are not pledged to these bonds. More information on outstanding Water and Aviation enterprise fund revenue bonds.

Parking enterprise fund revenue bonds are issued by the city's Treasurer and have different credit characteristics. More information on Parking enterprise revenue bonds can be obtained from the city Treasurer's financial advisor, Comer Capital, by contacting Brandon Comer at blcomer@comercapital.com.

The City does not have any variable rate obligations outstanding nor is the City party to any derivative transactions.