Issue: 1139 Date: 6/21/2012
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St. Louis County hopes to save $4 million by refinancing Busch Stadium bonds
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(CLAYTON, June 13, 2012) County Executive Charlie A. Dooley asked the County Council on Tuesday to authorize legislation to refinance about $46 million in bonds that the county sold to help pay for the new Busch Stadium.
County's Director of Administration Pamela Reitz said market conditions were favorable for the refinancing and doing so would save the county about $4 million over the life of the issue.
The county sold the bonds in 2003 and has paid off about $2 million; payments in the first four years were interest-only. If the refinancing is approved, the payoff, with interest, will total about $95 million. The bonds will be paid off in 2033.
Dooley's request was included in communications made public Tuesday night at the council's regular meeting.
