Mayor Krewson and Board President Reed block vote to save St. Louis Lambert Airport millions

St. Louis Comptroller Darlene Green was stunned today when Mayor Lyda Krewson and Board of Aldermen President Lewis Reed blocked a vote on refunding St. Louis Lambert International Airport bonds, issued in 2009, that will save taxpayers in excess of $20 million.

“It is fiscally irresponsible for Krewson and Reed to attempt to derail a financial transaction that will produce a savings in excess of $20 million dollars,” said Comptroller Green.

Refunding the 2009 bonds, which were issued at a rate of 5 percent, will leverage favorable market conditions with rates now less than 3 percent. That puts in excess of $20 million back into the airport’s coffers that otherwise would go to pay off debt. The savings would allow the airport to become more competitive and reduce airline costs.

Mayor Krewson and Board President Reed blocked the measure’s passage, despite the obvious advantages to pursuing refunding.

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Board Bills

2019-2020
First Reading
BB 13 Airport Revenue Bonds stlouis-mo.gov
BB 19 Airport Privatization Vote stlouis-mo.gov
BB 29 Consent to Change in Ownership and Control Structure stlouis-mo.gov
BB 3 Davis stlouis-mo.gov
2018-2019
First Reading
BB 93 An Ordinance requiring a City-wide vote to approve any proposal aimed at or having the effect of privatizing the Lambert St. Louis International Airport (the Airport) stlouis-mo.gov
Res 220

Transportation and Commerce Committee to Provide legislative oversight of City Exploration of the Federal Aviation Administration Airport

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