96.226. Bonds, interest, mature when. - Missouri Statutes

Bonds, interest, mature when.

96.226. 1. Revenue bonds issued under section 96.222 shallbe of such denomination, shall bear such rate of interest not toexceed the highest rate permitted by law, and shall mature atsuch times as determined by the city council upon therecommendation of the board of trustees. The bonds may be eitherserial bonds or term bonds and may be issued with or withoutreservation of the right to call them for payment or redemptionin advance of their maturity, upon the giving of notice and withor without the covenant requiring the payment of a premium in theevent of the call and redemption prior to maturity as the boarddetermines.

2. The bonds when issued and sold shall be negotiableinstruments within the meaning of the law merchant and thenegotiable instruments law and the interest thereon is exemptfrom income taxes under the laws of the state of Missouri.

(L. 1969 p. 171)