99.160. Powers of authority in connection with issuance of bonds. - Missouri Statutes

Powers of authority in connection with issuance of bonds.

99.160. In connection with the issuance of bonds or theincurring of obligations under leases and in order to secure thepayment of such bonds or obligations, an authority, in additionto its other powers, shall have power

(1) To pledge all or any part of its gross or net rents,fees or revenues to which its right then exists or may thereaftercome into existence;

(2) To mortgage all or any part of its real or personalproperty, then owned or thereafter acquired;

(3) To covenant against pledging all or any part of itsrents, fees and revenues, or against mortgaging all or any partof its real or personal property, to which its right or titlethen exists or may thereafter come into existence or againstpermitting or suffering any lien on such revenues or property; tocovenant with respect to limitations on its right to sell, leaseor otherwise dispose of any housing project or any part thereof;and to covenant as to what other or additional debts orobligations may be incurred by it;

(4) To covenant as to the bonds to be issued and as to theissuance of such bonds in escrow or otherwise, and as to the useand disposition of the proceeds thereof; to provide for thereplacement of lost, destroyed or mutilated bonds; to covenantagainst extending the time for the payment of its bonds orinterest thereon; and to redeem the bonds, and to covenant fortheir redemption and to provide the terms and conditions thereof;

(5) To covenant (subject to the limitations contained insections 99.010 to 99.230) as to the rents and fees to be chargedin the operation of a housing project or projects, the amount tobe raised each year or other period of time by rents, fees andother revenues, and as to the use and disposition to be madethereof; to create or to authorize the creation of special fundsfor moneys held for construction or operating costs, debtservice, reserves, or other purposes, and to covenant as to theuse and disposition of the moneys held in such funds;

(6) To prescribe the procedure, if any, by which the termsof any contract with bondholders may be amended or abrogated, theamount of bonds the holders of which must consent thereto and themanner in which such consent may be given;

(7) To covenant as to use of any or all of its real orpersonal property; and to covenant as to the maintenance of itsreal and personal property, the replacement thereof, theinsurance to be carried thereon and the use and disposition ofinsurance moneys;

(8) To covenant as to the rights, liabilities, powers andduties arising upon the breach by it of any covenant, condition,or obligation; and to covenant and prescribe as to events ofdefault and terms and conditions upon which any or all of itsbonds or obligations shall become or may be declared due beforematurity, and as to the terms and conditions upon which suchdeclaration and its consequences may be waived;

(9) To vest in a trustee or trustees or the holders of bondsor any proportion of them the right to enforce the payment of thebonds or any covenants securing or relating to the bonds; to vestin a trustee or trustees the right, in the event of a default bysaid authority, to take possession and use, operate and manageany housing project or part thereof, and to collect the rents andrevenues arising therefrom and to dispose of such moneys inaccordance with the agreement of the authority with saidtrustees; to provide for the powers and duties of a trustee ortrustees and to limit the liabilities thereof; and to provide theterms and conditions upon which the trustee or trustees or theholders of bonds or any proportion of them may enforce anycovenant or rights securing or relating to the bonds;

(10) To exercise all or any part or combination of thepowers herein granted; to make covenants other than and inaddition to the covenants herein expressly authorized, of like ordifferent character; to make such covenants and to do any and allsuch acts and things as may be necessary or convenient ordesirable in order to secure its bonds, or, in the absolutediscretion of said authority, as will tend to make the bonds moremarketable notwithstanding that such covenants, acts or thingsmay not be enumerated herein.

(RSMo 1939 § 7868)