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Record of Proceedings

Transportation and Commerce Committee Meeting: September 28, 2026

Board of Aldermen Committees — Monday, September 28, 2026
BodySt Louis, Missouri
SessionBoard of Aldermen Committees
DateMonday, September 28, 2026
StatusFILED
Video Record
0:00 / 34:23

Original source
Transcript — VerbatimClick a timed line to jump · ⧉ to share it

Speaker numbers apply only to this recording.

Speaker 1

0:12

The Transportation and Commerce Committee will now come to order.

0:15

Madam Clerk, please call the roll.

Speaker 2

0:19

Alderman Oldenberg.

0:22

Alderman Orion.

0:25

Alderwoman Schweitzer.

Speaker 3

0:27

Present.

Speaker 2

0:28

Alderwoman Cox and Twee.

Speaker 3

0:30

President.

Speaker 2

0:31

Chair Cohn.

Speaker 1

0:32

Present.

Speaker 2

0:33

Alderman Oldenberg.

0:34

Alderman Orion.

0:36

Three present.

0:37

We have quorum.

Speaker 1

0:38

Thank you, Madam Clerk.

0:39

And I'll uh note that we started at 9 24 with a slight delay.

0:44

Appreciate everyone's patience uh while we waited to get the meeting started here.

0:50

Um this morning we have a couple things on the agenda.

0:53

The first item on the agenda is the approval of our meeting minutes from Friday, July 24th, 2026.

0:59

I'll entertain a motion on approval of the meeting minutes.

Speaker 3

1:03

I move to approve the meeting minutes from Friday, July 24th, 2026.

1:07

Second.

Unassigned speaker

1:08

It

Speaker 1

1:08

was moved by the Alder Woman from the first, seconded by the Alder Woman from the 8th, that we approve our meeting minutes from Friday, July 24th.

1:15

Madam Clerk, please call the roll.

Speaker 2

1:17

Alderman Oldenberg.

1:18

Alderman Narayan.

1:20

Alder Woman Schweitzer.

Speaker 4

1:22

Aye.

Speaker 2

1:23

Alderwoman Cox and Tweet.

Speaker 4

1:25

Aye.

Speaker 2

1:26

Chair Cohn.

Speaker 1

1:27

Aye.

Speaker 2

1:28

Alderman Oldenberg.

1:30

Alderman Ryan.

1:32

Three.

1:32

I votes.

Speaker 1

1:33

For your vote, you have sustained the motion of the Alderwoman from the first to approve our meeting minutes.

1:38

And the next item that we have on the agenda, and the only other item that we have on the agenda for discussion today is Board Bill 51.

1:47

Board Bill 51 is being presented today by the Comptroller's Office, Mr.

1:53

Aravaglia.

1:55

These are related to bond intentures for the airport.

1:59

And so without further ado, I'll turn it over to Mr.

2:03

Garavaglia.

Speaker 5

2:04

Okay.

2:05

Well, thank you, Mr.

2:05

Chairman, members of the committee.

2:07

Good morning.

2:09

A little bit of housekeeping.

2:10

We have co-bound counsel Karen Jordan.

2:13

Madam Clerk, who is trying to get in as a presenter if you see

Unassigned speaker

2:19

her.

Speaker 2

2:22

Mr.

2:22

Stanfield.

Speaker 5

2:24

No, we have actually co-bound counsel Karen Jordan is.

Speaker 2

2:34

No, I don't show see her here trying to get in on the attendee side.

2:39

Okay.

Speaker 5

2:40

Then if you do see her, would you mind letting her come in at some point?

2:46

But uh this morning, um Mr.

2:49

Chairman, members of the committee, we have for your consideration uh Board Bill 51 committee sub, which is um authorizes uh the issuance of approximately an up to 500 million dollars in airport revenue bonds.

Discussion Breakdown — Share of Meeting
Airport Management█████████████████████████████████████████████70%
Procedural████████████18%
Budget████████12%
Summary of Proceedings

Transportation and Commerce Committee Meeting

Date: September 28, 2026
Time: Convened at 9:24 AM (slight delay)
Chair: Alderman Cohn
Members Present: Alderman Oldenberg, Alderman Orion, Alderwoman Schweitzer, Alderwoman Cox and Twee, Chair Cohn (quorum of three present)

The Transportation and Commerce Committee of the St. Louis Board of Aldermen met to approve prior meeting minutes and to consider Board Bill 51, which authorizes the issuance of up to $500 million in airport revenue bonds and amends the bond indenture. No public testimony was heard.

Consent Calendar

  • Approval of Minutes (July 24, 2026): Moved by Alderwoman from the 1st, seconded by Alderwoman from the 8th. Approved unanimously (3 ayes).

Discussion Items

  • Board Bill 51 – Airport Revenue Bonds and Indenture Amendment: Presented by Mr. Garavaglia (Comptroller’s Office), with presentations from David Stenfil (Siebert Williams Shank, financial advisor) and Charles Salisbury (Salisbury & Associates, co-bond counsel). The bill authorizes up to $500 million in airport revenue bonds and the execution of the Third Amendment to the Restated Trust Indenture. Key elements included:
    • Project funding: Approximately $375 million for airfield ($91M), Terminal One & Two infrastructure ($240M), and parking/roads ($33–34M). Projects are part of the ongoing consolidated terminal plan (CTP) and the third airline approval process (85% to be financed after this issuance).
    • Indenture modernization: Three major changes—(1) replacing the Debt Service Stabilization Fund with a Rolling Coverage Account; (2) changing from an individual series-based Debt Service Reserve Fund to a Common Debt Service Reserve Fund, allowing flexibility to have no reserve fund; (3) clarifying technical amendments to increase flexibility (e.g., issuing variable rate debt, shorter structures).
    • Bond sizing and timing: Estimated $434 million (likely $450–460 million at pricing). Pricing scheduled for October 14–21, 2026, closing November 4, 2026. Proceeds will fund new projects (~$300M), reimburse the PNC line of credit (~$75M), fund capitalized interest and reserve fund.
    • Committee members asked questions about specific project details (energy efficiency, drainage, climate control) and indenture provisions. Mr. Salisbury explained that the new indenture is modeled on modern indentures (e.g., Atlanta) and that eliminating the reserve fund requirement is consistent with trends among large airports. Alderwoman Schweitzer expressed interest in efficiency and future-proofing; Alderwoman Cox and Twee sought clarification on the supplemental indenture for the 2026 bonds versus the amended and restated indenture for future bonds.

Key Outcomes

  • Adoption of Committee Substitute: Moved by Alderwoman from the 8th, seconded by Alderwoman from the 1st. Approved unanimously (3 ayes).
  • Passage of Board Bill 51 (Committee Substitute): Moved by Alderwoman from the 8th, seconded by Alderwoman from the 1st. Passed with a due pass recommendation (3 ayes).
  • Next Steps: Comptroller's Office pledged to provide detailed project cost and efficiency reports to the committee. Pending bills regarding the airport director’s salary are with the Civil Service Commission, with a hearing expected after their October meeting.

Meeting Transcript

The Transportation and Commerce Committee will now come to order. Madam Clerk, please call the roll. Alderman Oldenberg. Alderman Orion. Alderwoman Schweitzer. Present. Alderwoman Cox and Twee. President. Chair Cohn. Present. Alderman Oldenberg. Alderman Orion. Three present. We have quorum. Thank you, Madam Clerk. And I'll uh note that we started at 9 24 with a slight delay. Appreciate everyone's patience uh while we waited to get the meeting started here. Um this morning we have a couple things on the agenda. The first item on the agenda is the approval of our meeting minutes from Friday, July 24th, 2026. I'll entertain a motion on approval of the meeting minutes. I move to approve the meeting minutes from Friday, July 24th, 2026. Second. It was moved by the Alder Woman from the first, seconded by the Alder Woman from the 8th, that we approve our meeting minutes from Friday, July 24th. Madam Clerk, please call the roll. Alderman Oldenberg. Alderman Narayan. Alder Woman Schweitzer. Aye. Alderwoman Cox and Tweet. Aye. Chair Cohn. Aye. Alderman Oldenberg. Alderman Ryan. Three. I votes. For your vote, you have sustained the motion of the Alderwoman from the first to approve our meeting minutes. And the next item that we have on the agenda, and the only other item that we have on the agenda for discussion today is Board Bill 51. Board Bill 51 is being presented today by the Comptroller's Office, Mr. Aravaglia. These are related to bond intentures for the airport. And so without further ado, I'll turn it over to Mr. Garavaglia. Okay. Well, thank you, Mr. Chairman, members of the committee. Good morning. A little bit of housekeeping. We have co-bound counsel Karen Jordan.

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