Projects

In 2004, the City of St. Louis Police Retirement System (the “PRS”) and the City of St. Louis Firemen’s Retirement System (the “FRS”) filed two actions in the Circuit Court of the City of St. Louis against the City, seeking declaratory and injunctive relief and damages on the basis that the City was required to pay the entire certified amounts submitted by the PRS and the FRS for their fiscal years 2004 and 2004-2005, respectively. The Circuit Court granted summary judgment in favor of the PRS and FRS and the City appealed the rulings. The Missouri Court of Appeals transferred the cases to the Missouri Supreme Court. On March 13, 2007, the Supreme Court affirmed the judgments of the Circuit Court.

In May 2007, the City of St. Louis Employees Retirement System (the “ERS”, together with the PRS and the FRS, the “Retirement Systems”) delivered notice to the City of ERS’ intent to seek similar relief for the alleged shortfalls in the City’s funding of the ERS for fiscal years 2004 through 2007.

In response to these actions, the City authorized the issuance and sale by the St. Louis Municipal Finance Corporation (the “Corporation”) of two series, 2007 and 2008A, of the Corporation’s bonds for the purposes of satisfying judgments and paying other amounts in connection with the Retirement Systems.

Bonds Outstanding

There are currently outstanding the following one (1) series of Pension Funding Project Bonds with an aggregate principal amount of $104,705,000 as follows:

Issuer	Series	New Money / Refunding	Par Outstanding	Final Maturity
St. Louis Municipal Finance Corporation	2007	Both	$104,705,000	June 1, 2037