99.140. Authority to have power to issue bonds--liability therefor. - Missouri Statutes

Authority to have power to issue bonds--liability therefor.

99.140. 1. An authority shall have power to issue bondsfrom time to time in its discretion, for any of its corporatepurposes. An authority shall also have power to issue refundingbonds for the purpose of paying or retiring bonds previouslyissued by it. An authority may issue such types of bonds as itmay determine, including (without limiting the generality of theforegoing) bonds on which the principal and interest are payablefrom income and revenues of the authority and from grants orcontributions from the federal government or other source.

2. Such income and revenues securing the bonds may be:

(1) Exclusively the income and revenues of the housingproject financed with the proceeds of such bonds;

(2) Exclusively the income and revenues of certaindesignated housing projects, whether or not they are financed inwhole or in part with the proceeds of such bonds; or

(3) The income and revenues of the authority generally.

3. Any such bonds may be additionally secured by a pledge ofany income or revenues of the authority, or a mortgage of anyhousing project, projects or other property of the authority.

4. Neither the commissioners of an authority nor any personexecuting the bonds shall be liable personally on the bonds byreason of the issuance thereof. The bonds and other obligationsof an authority (and such bonds and obligations shall so state ontheir face) shall not be a debt of the city, the county, thestate or any political subdivision thereof and neither the cityor the county, nor the state or any political subdivision thereofshall be liable thereon, nor in any event shall such bonds orobligations be payable out of any funds or properties other thanthose of said authority. The bonds shall not constitute anindebtedness within the meaning of any constitutional, statutoryor charter debt limitation or restriction.

(RSMo 1939 § 7866)