99.150. Bonds, how issued--how sold--interest.

MISSOURI STATUTES AND CODES

99.150. Bonds, how issued--how sold--interest.

Bonds, how issued--how sold--interest.

99.150. 1. Bonds of an authority shall be authorized by itsresolution and may be issued in one or more series and shall bearsuch date or dates, mature at such time or times, bear interestat such rate or rates, be in such denomination or denominations,be in such form, either coupon or registered, carry suchconversion or registration privileges, have such rank orpriority, be executed in such manner, be payable in such mediumof payment, at such place or places, and be subject to such termsof redemption (with or without premium) as such resolution, itstrust indenture or mortgage may provide.

2. The bonds shall be sold at not less than par at publicsale held after notice published once at least five days prior tosuch sale in a newspaper having a general circulation in the areaof operation and in a financial newspaper published in KansasCity or in the city of St. Louis; provided, that such bonds maybe sold to the federal government at private sale at not lessthan par and, in the event less than all of the bonds authorizedin connection with any project or projects are sold to thefederal government, the balance of such bonds may be sold atprivate sale at not less than par at an interest cost to theauthority of not to exceed the interest cost to the authority ofthe portion of the bonds sold to the federal government.

3. In case any of the commissioners or officers of theauthority whose signatures appear on any bonds or coupons shallcease to be such commissioners or officers before the delivery ofsuch bonds, such signatures shall, nevertheless, be valid andsufficient for all purposes, the same as if they had remained inoffice until such delivery. Any provision of any law to thecontrary notwithstanding, any bonds issued pursuant to sections99.010 to 99.230 shall be fully negotiable.

4. In any suit, action or proceedings involving the validityor enforceability of any bond of an authority or the securitytherefor, any such bond reciting in substance that it has beenissued by the authority to aid in financing a housing project toprovide dwelling accommodations for persons of low income shallbe conclusively deemed to have been issued for a housing projectof such character and said project shall be conclusively deemedto have been planned, located and constructed in accordance withthe purposes and provisions of sections 99.010 to 99.230.