71.804. Revenue bonds authorized, when--refunding of revenue bonds authorized. - Missouri Statutes

Revenue bonds authorized, when--refunding of revenue bonds authorized.

71.804. 1. In addition to the bonds specified in section71.802 the cost of any district of acquiring, constructing,improving, or extending any revenue producing facilities may bemet from the proceeds of revenue bonds of the district, payablesolely from the operation of such revenue producing facility.

2. Revenue bonds issued under authority of this sectionshall be payable solely from the revenues derived from theoperation of the revenue producing facility acquired,constructed, improved or extended in whole or in part from theproceeds of the bonds. No revenue bond issued pursuant to thissection shall constitute an indebtedness of the district withinthe meaning of any constitutional or statutory restriction,limitation or provision.

3. For the purpose of refunding, extending and unifying thewhole or any part of any valid outstanding bonded indebtednesspayable from the revenues of a revenue producing facility, thedistrict may issue refunding bonds not exceeding in amount theprincipal of the outstanding indebtedness to be refunded and theaccrued interest to the date of the refunding bonds. Thedistrict shall provide for the payment of interest not to exceedthe same rate and the principal of the refunding bonds in thesame manner and from the same source as was provided for thepayment of interest on and principal of the bonds to be refunded.

(L. 1972 H.B. 1156 § 8)