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http://www.senate.mo.gov/media/15info/O ... nding.html

For Immediate Release:
Aug. 20, 2015


Contact: Jennae Neustadt
(573) 751-1282
Statement from Sen. Onder Regarding Stadium Funding
JEFFERSON CITY — State Sen. Bob Onder, R-Lake St. Louis, today issued the following statement relating to the funding of a second football stadium in St. Louis:

"The governor's push to issue bonds to fund a second football stadium in St. Louis is an overstep of his authority and an irresponsible commitment of taxpayer funds without approval by the Legislature and the people of Missouri.

I urge the governor to resist taking this illegal action and to consider that such a move could harm Missouri's strong credit rating. He must know that the Legislature will not appropriate a dime to fund such illegally issued bonds. The governor would, therefore, bear full responsibility for the negative impacts associated with issuing these bonds without support from the General Assembly or citizens of Missouri."

http://www.stltoday.com/news/local/govt ... ms.twitter

Moody's downgrades St. Louis city's credit rating

By Nicholas J.C. Pistor

ST. LOUIS • Moody’s Investors Service has downgraded St. Louis’ credit rating.
The move could mean increased borrowing costs for St. Louis when the city seeks more money.

The rating agency downgraded by one notch the rating on $27.4 million of the city’s outstanding general obligation bonds. It also downgraded the rating on the St. Louis Municipal Finance Corporation’s $123.5 million of outstanding rated lease revenue debt issued for essential purposes, and the rating on the corporation’s $138.6 million of outstanding rated lease revenue debt issued for nonessential purposes.

Still, the city’s credit rating is higher than that of some other cities, such as Chicago and Detroit.

The agency attributed the St. Louis downgrade to the “city’s weak socioeconomic profile; reliance on earnings taxes, which are due for voter reauthorization in 2016; a relatively narrow financial position; and a high debt burden.”

City voters, as required by state law, will vote next April whether they should keep the city’s 1 percent earnings tax.

The tax brings in nearly one-third of the city’s general fund budget.

In 2011, the city pledged it would find ways to become less reliant on the tax. But so far that hasn’t happened. In 2011, the earnings tax made up 31 percent of general fund revenue. This year, it made up 32 percent of revenue.

Darlene Green, the St. Louis comptroller, said in a statement on Monday that the downgrade is because of the agency’s “revised ratings methodology.”

“The city has taken steps to increase revenues and decrease expenditures in order to strengthen its profile and increase reserves,” Green said.

This month, the city sought to borrow $180 million for infrastructure improvements. Voters narrowly rejected the bond issue, which would have come in the form of a property tax.

The rejection came after questions were raised about spending from the city’s budget on things such as new cars for elected officials or a $500,000 retirement payout to a fire department pension employee.

Moody’s said the city could improve its rating through debt reduction or positive financial performance. Still, the agency said its outlook for all of the ratings is stable.

Well that can't help the NFL perception of good long term solutions.

Hard to justify to Moody's, that extending the bonds for a new construction project is better than just issuing new bonds.

The Ripper wrote:Hard to justify to Moody's, that extending the bonds for a new construction project is better than just issuing new bonds.

That was my issue from day 1. Didn't go over well at Rod

Speaking of ROD, has the above Moody's article been posted yet over there? I'm sure it will be well received. Can't wait to hear how they twist that into something positive for keeping the Rams.

I think it was but not sure. It's been all nonsense the last few days

No it hasn't been posted that I've seen. Like Ripper said it's all he said she said nonsense lately. They still blame the Rams for Oxnard allowing signs. Even though St Louis allowed signs they just didn't let the big ones in.

The funny thing is if there really is a conspiracy involving the Rams and/or the NFL regarding signs to spin the story in favor of L.A., that's just more evidence the team is moving...

Elvis wrote:The funny thing is if there really is a conspiracy involving the Rams and/or the NFL regarding signs to spin the story in favor of L.A., that's just more evidence the team is moving...

Nice kingly catch