99.490. Bonds--conditions--interest rate--to be sold at par. - Missouri Statutes

Bonds--conditions--interest rate--to be sold at par.

99.490. 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, be payable upon demand or mature at such timeor times, bear interest at such rate or rates, not in excess ofthe maximum rate, if any, applicable to general and businesscorporations, be in such denomination or denominations, be insuch form either coupon or registered, carry such conversion orregistration privileges, have such rank or priority, be executedin such manner, be payable in such medium of payment, at suchplace or places, and be subject to such terms of redemption (withor without premium) as such resolution, its trust indenture ormortgage may provide.

2. The bonds shall be sold at not less than ninety-fivepercent of par at public or, if the authority determines it is inthe best interest of the authority to sell such bonds at privatesale, notwithstanding the provisions of section 108.070, RSMo.The reason or reasons why private sale is in the best interest ofthe authority shall be set forth in the order or resolutionauthorizing the private sale; provided, however, that any issuein excess of ten million dollars shall be sold only at publicsale; provided, further, that notice of such public or privatesale shall be published in a newspaper having a generalcirculation in the area of operation and such medium ofpublication as the authority may deem at least once and not laterthan ten days prior to such public or private sale. The decisionof the authority shall be conclusive.

(L. 1951 p. 300 § 10, A.L. 1982 H.B. 1411 & 1587)