8.420. Revenue bonds, form, effect, interest rates--approval by committee on legislative research. - Missouri Statutes

Revenue bonds, form, effect, interest rates--approval by committee onlegislative research.

8.420. 1. Bonds issued under and pursuant to the provisions ofsections 8.370 to 8.450 shall be of such denomination or denominations,shall bear such rate or rates of interest not to exceed fifteen percent perannum, and shall mature at such time or times within forty years from thedate thereof, as the board determines. The bonds may be either serialbonds or term bonds.

2. Serial bonds may be issued with or without the reservation of theright to call them for payment and redemption in advance of their maturity,upon the giving of such notice, and with or without a covenant requiringthe payment of a premium in the event of such payment and redemption priorto maturity, as the board determines.

3. Term bonds shall contain a reservation of the right to call themfor payment and redemption prior to maturity at such time or times and uponthe giving of such notice, and upon the payment of such premium, if any, asthe board determines.

4. The bonds, when issued, shall be sold at public sale for the bestprice obtainable after giving such reasonable notice of such sale as may bedetermined by the board, but in no event shall such bonds be sold for lessthan ninety-eight percent of the par value thereof, and accrued interest.Any such bonds may be sold to the United States of America or to any agencyor instrumentality thereof, at a price not less than par and accruedinterest, without public sale and without the giving of notice as hereinprovided.

5. The bonds, when issued and sold, shall be negotiable instrumentswithin the meaning of the law merchant and the negotiable instruments law,and the interest thereon shall be exempt from income taxes under the lawsof the state of Missouri.

6. The board shall not issue revenue bonds pursuant to the provisionsof sections 8.370 to 8.450 for one or more projects, as defined in section8.370, in excess of a total par value of seven hundred seventy-five milliondollars.

7. Any bonds which may be issued pursuant to the provisions ofsections 8.370 to 8.450 shall be issued only for projects which have beenapproved by a majority of the house members and a majority of the senatemembers of the committee on legislative research of the general assembly,and the approval by the committee on legislative research required by theprovisions of section 8.380 shall be given only in accordance with thisprovision. For the purposes of approval of a project, the total amount ofbonds issued for purposes of energy retrofitting in state-owned facilitiesshall be treated as a single project.

(L. 1959 H.B. 241 § 6, A.L. 1961 p. 564, A.L. 1976 S.B. 778, A.L. 1981 H.B. 732, A.L. 1982 H.B. 1501, A.L. 1984 S.B. 690, A.L. 1986 S.B. 457, et al. merged with H.B. 1554 Revision, A.L. 1999 H.B. 450, A.L. 2003 H.B. 401, A.L. 2006 S.B. 718)