City of St. Louis Closes Sale of Series 2016A General Obligation Bonds

ST. LOUIS - Dec. 6, 2016 - PRLog -- The sale of St. Louis City's $25 million (GO) General Obligation Bonds, Series 2016A has closed. Proceeds from the issue are supporting the purchase of firefighting equipment and other essential capital projects.

Approved by St. Louis city voters during a special bond election in April 2016, the bonds were structured such that no tax increase is necessary to meet the debt service requirements.

At closing on Nov. 10, the city was able to leverage favorable market conditions, receiving $26.8 million in proceeds for the $25 million face value of the issue.

"With this bond issuance, the city is demonstrating a commitment to fully using current tax levy resources before asking to increase property taxes," said Comptroller Darlene Green. "I am pleased we were able to issue these bonds to purchase new equipment for our firefighters and for other essential needs."

Comptroller Darlene Green is the chief fiscal officer of the City of St. Louis and is charged with safeguarding the city's credit rating and with protecting taxpayer dollars. Visit http://www.stlouis-mo.gov/comptroller to learn more about the Office of the Comptroller.