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ST. LOUIS NEWS TODAY - Sunday, January 28, 2007
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Bond Refunding Saves Lambert $13 Million
ST. LOUIS, (SLFP.com), January 28, 2007 - St. Louis Comptroller Darlene Green announced Tuesday that Lambert Airport closed on a total of $354 million in Airport Revenue Refunding Bonds creating a $13 million present value debt service savings. This airport refunding includes $250 million in Series 2007A and $104 million in Series 2007B refunding bonds.
"Lambert Airport continues to improve its overall financial position by exercising fiscal responsibility and taking advantage of lower interest rates on bond refundings like this one. The airport director and his staff continue to do an outstanding job of expanding passenger service and managing Lambert's finances," said Green.
The timing of the bond sale was extraordinary in that the city took advantage of some of the lowest municipal market interest rates of the past three decades. In fact, since the bond sale was completed on January 9th, interest rates have steadily increased. The optimal timing of this bond sale led to the $13 million savings.
Refunding these bonds is similar to refinancing a home mortgage at a lower interest rate. In this case, Lambert realized a savings of $13 million that goes to reduce the airport's total debt.
Fitch Ratings-one of the three agencies that assesses the airport's overall financial status-rated this bond issue at BBB+, just one point below an "A" category rating and raised the airport's financial outlook from stable to positive.
"I recognize that the entire St. Louis region is largely dependent on a successful Lambert Airport. Bond refundings like this one along with solid, long-term financial and operational plans are improving the airport's financial outlook and assisting in the airport's overall success," explained Green.
Fitch cited Lambert's successful negotiation of a new airline use and lease agreement, the growth of its reserve fund and increasing enplanement activity as reasons for raising the outlook to positive. Lambert Airport enplaned 7.3 million passengers in 2005, a 9.8 percent gain over the previous year. Local demand for air service is also increasing, rising 6.7 percent in 2005 according to the Fitch report.
Blunt Pledges Support to Improve Math and Science in Schools
ST. LOUIS, (PRNewswire), January 28, 2007 - Missouri Department of Natural Resources Director Doyle Childers expressed his enthusiasm for Gov. Matt Blunt's proposal to improve math and science opportunities for Missouri
school children.
In his State of the State address last week, Gov. Matt Blunt
pledged $4.1 million to help give Missouri students an edge in math and
science so they can compete in the global economy. He announced his
budget includes $2.9 million to fund 100 technology classrooms in 100
different schools, $1 million to support quality after-school programs and
$250,000 to help pay for students to take advanced placement math and
science exams.
"I am thrilled the Governor has provided a strong emphasis on
science and math. I was part of the Sputnik generation who enjoyed the
surge of emphasis and interest following the launch of the first Russian
satellite," Childers said. "That's why I became a science teacher, and
many of my classmates became active in environmental reform. It's
critical that we motivate students today to enter the fields of biology,
chemistry and natural resource management. They are the folks who will be
protecting the State of Missouri's natural resources in the generation to
come."
Gov. Blunt also kept his promise to strongly support renewable
fuels. Childers is pleased the governor's budget fully funds both the
biodiesel and ethanol incentives.
Missouri's Energy Center, housed in the Department of Natural
Resources, supports market research and demonstration projects that
advance the use of clean, domestic energy resources and technologies, such
as solar, biomass, alternative fuels and wind to power Missouri's
buildings and vehicles. The center also provides information and research
on energy programs for all Missourians, such as students and homeowners.
These programs include weatherization, energy audits for schools and other
public buildings, loans for energy efficiency and others.
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