8.575. Bond requirements. - Missouri Statutes

Bond requirements.

8.575. Bonds issued pursuant to the provisions of sections 8.570 to8.590 shall be of such denomination or denominations, shall bear such rateor rates of interest not to exceed fifteen percent per annum, and shallmature at such time or times within forty-five years from the date thereof,as the board of public buildings determines. The bonds may be eitherserial bonds or term bonds. The sale of bonds issued pursuant to thissection may be completed on a negotiated or competitive basis, but in noevent shall such bonds be sold for less than ninety-five percent of the parvalue thereof, and accrued interest. The bonds, when issued and sold,shall be negotiable instruments within the meaning of the law merchant andthe negotiable instruments law, and the interest thereon shall be exemptfrom income taxes pursuant to the laws of the state.

(L. 2002 S.B. 1191)

Effective 6-07-02

*Section terminates upon satisfaction of all outstanding notes and obligations issued pursuant to sections 8.500 to 8.590. See section 8.589.