The District is pleased to inform our landowners that it closed on a $4.35M bond issuance on December 15, 2021. The bonds were underwritten by Stifel and sold to institutions, banks and individuals both in this region and throughout the United States. The bonds will mature on March 1, 2041 and the true interest cost is 3.31%. It is important to note that the bonds were oversubscribed by more than 100%.  In other words, there were orders from bond buyers totaling $9 million yet there were only $4.35 million available. The bonds were non-rated.

The financing generated money to fund a stormwater pump station within the Creve Coeur Airport Watershed and debt service on the bonds will be paid by benefitted property owners in that area of the District. The District expects the stormwater pump station to be completed by June 2023.

In light of the success of this bond issuance, the District has been advised that there is no value in maintaining a rating from Fitch Ratings.  After receipt of this recommendation and the costs of the District to maintain such a rating, the District has elected to have that rating withdrawn.  If you have any questions, please do not hesitate to contact me at (314) 703-5300.

Sincerely,

Ed Ortmann, President
Howard Bend Levee District