99.520. Bond issues--additional powers of authority. - Missouri Statutes

Bond issues--additional powers of authority.

99.520. 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 from land clearance projects to which its rightthen exists or may thereafter come into existence;

(2) To mortgage all or any part of its real or personalproperty in a land clearance project then owned or thereafteracquired;

(3) To covenant against pledging all or any part of itsrents, fees and revenues from land clearance projects, or againstmortgaging all or any part of its real or personal property in aland clearance project, to which its right or title then existsor may thereafter come into existence or against permitting orsuffering any lien on such revenues or property; to covenant withrespect to limitations on its right to sell, lease or otherwisedispose of any land clearance project or any part thereof; and tocovenant as to what other or additional debts or obligations maybe 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 covenant for the redemption of the bondsand to provide the terms and conditions thereof;

(5) To covenant (subject to the limitations contained inthis law) as to the amount of revenues to be raised each year orother period of time by rents, fees and other revenues, and as tothe use and disposition to be made thereof; to create or toauthorize the creation of special funds for moneys held foroperating costs, debt service, reserves, or other purposes, andto covenant as to the use and disposition of the moneys held insuch 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 the use, maintenance and replacementof any or all of its real or personal property, the insurance tobe carried thereon and the use and disposition of insurancemoneys, and to warrant its title to such property;

(8) To covenant as to the rights, liabilities, powers andduties arising upon the breach by it of any covenants, conditionor 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 any obligees of the authority the right toenforce the payment of the bonds or any covenants securing orrelating to the bonds; to vest in any obligee or obligees holdinga specified amount in bonds the right, in the event of a defaultby said authority, to take possession of and use, operate andmanage any land clearance project or any part thereof, title towhich is in the authority, or any funds connected therewith, andto collect the rents and revenues arising therefrom and todispose of such moneys in accordance with the agreement of theauthority with such obligees; to provide for the powers andduties of such obligees and to limit the liabilities thereof; andto provide the terms and conditions upon which such obligees mayenforce any covenant or rights securing or relating to the bonds;and

(10) To exercise all or any part or combination of thepowers herein granted; to make such covenants (other than and inaddition to the covenants herein expressly authorized) and to doany and all such acts and things as may be necessary orconvenient or desirable in order to secure its bonds, or, in theabsolute discretion of said authority, as will tend to make thebonds more marketable notwithstanding that such covenants, actsor things may not be enumerated herein.

(L. 1951 p. 300 § 11)