Issue: 1144 Date: 7/26/2012
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Bond refinancing saves St. Louis County $9.5 million
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ST. LOUIS COUNTY (
http://KMOV.com , July 17, 2012) - St. Louis County Executive Charlie Dooley announced Tuesday that the county will save $9.5 million in debt service payments as a result of a refund on the 2003 bonds issued to finance a portion of the St. Louis Cardinals Stadium.
"The county's excellent credit rating helped us reduce our debt payments and save millions of dollars over the life of the bonds," Dooley said. "We can now take that money and invest it in convention and hospitality-related activities that create jobs and help the region to grow," Dooley added.
According to the Convention and Visitors Commission, over 80,000 residents in the region work in the hospitality industry and earn $2.24 billion in wages annually.
Dooley added that these savings can only be used for tourism related activities by law and are not available for the county's general revenue fund.
