96.222. Bonds, issuance of--payable from revenue--mortgage authorized. - Missouri Statutes

Bonds, issuance of--payable from revenue--mortgage authorized.

96.222. For the purpose of providing funds for theacquisition, construction, erection, equipment and furnishing ofhospitals, nursing or convalescent homes, and related facilities,including medical office buildings to provide offices for rentalto physicians or dentists on a hospital's medical staff, and forproviding sites therefor, including offstreet parking space, andmaking from time to time enlargements or extensions thereof, thecity council, upon recommendation and request of the board oftrustees created pursuant to sections 96.150 to 96.220, may issueand sell revenue bonds. In addition to pledging the net incomeand revenues as herein provided, the council and board, in theirdiscretion, may mortgage, by mortgage or deed of trust, the realand personal property comprising the project or portions thereoffor the payment of the bonds, both principal and interest. Therevenue bonds are payable, both as to principal and interest,solely and only out of the net income and revenues arising fromthe operation of the facility, after providing for the costs ofoperation and maintenance thereof, or from other funds madeavailable to the facility from sources other than from proceedsof taxation, or from proceeds of foreclosure sale of propertymortgaged or pledged as security therefor.

(L. 1969 p. 171, A.L. 1981 H.B. 258)