8.430. Revenue bonds refunded, when--contents of refunding bonds. - Missouri Statutes

Revenue bonds refunded, when--contents of refunding bonds.

8.430. 1. The revenue bonds issued pursuant to theprovisions of sections 8.370 to 8.450 may be refunded, in wholeor in part, in any of the following circumstances:

(1) When any such bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund provided for their payment to pay such bonds andthe interest thereon;

(2) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andare duly called for payment and redemption;

(3) When any such bonds are voluntarily surrendered by theholder or holders thereof for exchange for refunding bonds.

2. For the purpose of refunding any bonds issued hereunder,including refunding bonds, the board may make and issuerefunding bonds in the amount necessary to pay off and redeemthe bonds to be refunded together with unpaid and past dueinterest thereon and any premium which may be due under theterms of the bonds, together also with the cost of issuing therefunding bonds, and may sell the same in like manner as isherein provided for the sale of revenue bonds, and with theproceeds thereof pay off, redeem and cancel the old bonds andcoupons that have matured, or the bonds that have been calledfor payment and redemption, together with the past due interestand the premium, if any, due thereon, or the bonds may be issuedand delivered in exchange for a like par value amount of bondsto refund which the refunding bonds were issued. No refundingbonds issued pursuant to the provisions of sections 8.370 to8.450 shall be payable in more than forty years from the datethereof or shall bear interest at a rate in excess of sixpercent per annum.

3. The refunding bonds shall be payable from the samesources as were pledged to the payment of the bonds refundedthereby and, in the discretion of the board, may be payable fromany other sources which under sections 8.370 to 8.450 may bepledged to the payment of revenue bonds issued hereunder. Bondsof two or more issues may be refunded by a single issue ofrefunding bonds.

(L. 1959 H.B. 241 § 7)