FOR IMMEDIATE RELEASE
Lake Saint Louis Repays Bond Debt Ahead of Schedule
LAKE SAINT LOUIS, MO January 31, 2022 – The City of Lake Saint Louis will have no outstanding debt as of March 1, 2022. As a result, the city’s 2022 property tax rate will be reduced by 47 cents. The debt service levy of 47 cents represents approximately $1.9 million in property tax revenue that will no longer be collected.
The debt originated from bonds issued in 2006 before being refinanced in 2014. The bonds amounted to more than $8 million and paid for street improvements, park improvements, and the construction of a new Public Works facility. In August of 2020 and September of 2021, the Board of Aldermen defeased portions of the bonds to pay off the debt ahead of the 2024 due date.
“Paying off the debt early will significantly reduce the property tax bill that our residents and business community have been paying since 2006,” said Mayor Jason Law. “The Board of Aldermen’s decision will save our residents money, especially those on fixed incomes.”
Residents and businesses will see savings from the lower property tax rate when they receive their property tax bills in November. “I encourage our community to use the money saved to support our small businesses when possible,” stated Mayor Law.
George Ertle, City Administrator
200 Civic Center Drive
Lake Saint Louis, MO 63367