79.557. Bonds, interest and income tax exempt--recognized as securities (certain municipalities). - Missouri Statutes

Bonds, interest and income tax exempt--recognized as securities(certain municipalities).

79.557. 1. All bonds, notes and other instruments ofindebtedness issued by the authority and all interest thereon andincome therefrom shall be tax exempt.

2. Any notes, bonds or other instruments in writing issuedby the authority pursuant to the provisions of sections 79.550 to79.565 are hereby recognized to be securities in which all stateand municipal officers and bodies, all banks, bankers, trustcompanies, savings banks, savings associations, building and loanassociations, investment companies, and all other personscarrying on a banking business, all insurance companies,insurance associations, and other persons carrying on aninsurance business, and all administrators, executors, guardians,trustees and other fiduciaries and all other persons whatsoeverwho are now or who may hereafter be authorized to invest in bondsor other obligations of the state of Missouri may properly andlegally invest any funds, including capital, belonging to them,or within their control and the obligations are hereby recognizedas securities which may properly and legally be deposited withand shall be received by any state or municipal officer or agencyfor any purpose for which the deposit of bonds or otherobligations of this state is now or may hereafter be authorized.

(L. 1988 H.B. 1738 § 4)

Effective 6-24-88