91.670. Revenue bonds--rate of interest, sale. - Missouri Statutes

Revenue bonds--rate of interest, sale.

91.670. Revenue bonds issued under sections 91.620 to 91.770shall bear interest at such rate or rates not exceeding sixpercent per annum, payable semiannually, may be in one or moreseries, may bear such date or dates, may mature at such time ortimes not exceeding forty years from their respective dates, maybe payable in such medium of payment, at such place or places,may carry such registration privileges, may be subject to suchterms of redemption, may be executed in such manner, may containsuch terms, covenants and conditions, and may be in such form,either coupon or registered, as such ordinance or resolution orsubsequent ordinances or resolutions may provide. Such bondsshall be deemed valid and negotiable without being presented tothe state auditor for registration and certification. Sections108.240 and 108.250, RSMo, shall not apply to bonds issuedhereunder, and said bonds shall be sold at not less than par.Said bonds may be sold at private sale to the United States ofAmerica or any agency, instrumentality or corporation thereof.Unless sold to the United States of America or any agency,instrumentality or corporation thereof, said bonds shall be soldat public sale after notice of such sale published once at leastfive days prior to such sale in a newspaper circulating in themunicipality and in a financial newspaper published in the cityof St. Louis, Missouri, or Kansas City, Missouri. Pending thepreparation of the definitive bonds, interim receipts orcertificates in such form and with such provisions as thegoverning body may determine may be issued to the purchaser orpurchasers of bonds sold pursuant to sections 91.620 to 91.770.Said bonds and interim receipts or certificates shall be fullynegotiable for all the purposes.

(L. 1941 p. 493 § 5)