99.835. Secured obligations authorized--interest rates--how retired--sale--approval by electors not required--surplus fund distribution--exception--county collectors' and municipal treasurers'

MISSOURI STATUTES AND CODES

99.835. Secured obligations authorized--interest rates--how retired--sale--approval by electors not required--surplus fund distribution--exception--county collectors' and municipal treasurers'

Secured obligations authorized--interest rates--howretired--sale--approval by electors not required--surplus funddistribution--exception--county collectors' and municipaltreasurers' duties--no personal liability for commission,municipality or state.

99.835. 1. Obligations secured by the special allocation fund setforth in sections 99.845 and 99.850 for the redevelopment area orredevelopment project may be issued by the municipality pursuant to section99.820 or by the tax increment financing commission to provide forredevelopment costs. Such obligations, when so issued, shall be retired inthe manner provided in the ordinance or resolution authorizing the issuanceof such obligations by the receipts of payments in lieu of taxes asspecified in section 99.855 and, subject to annual appropriation, other taxrevenue as specified in section 99.845. A municipality may, in theordinance or resolution, pledge all or any part of the funds in and to bedeposited in the special allocation fund created pursuant to sections99.845 and 99.850 to the payment of the redevelopment costs andobligations. Any pledge of funds in the special allocation fund mayprovide for distribution to the taxing districts of moneys not required forpayment of redevelopment costs or obligations and such excess funds shallbe deemed to be surplus funds, except that any moneys allocated to thespecial allocation fund as provided in subsection 4 of section 99.845, andwhich are not required for payment of redevelopment costs and obligations,shall not be distributed to the taxing districts but shall be returned tothe department of economic development for credit to the general revenuefund. In the event a municipality only pledges a portion of the funds inthe special allocation fund for the payment of redevelopment costs orobligations, any such funds remaining in the special allocation fund aftercomplying with the requirements of the pledge, including the retention offunds for the payment of future redevelopment costs, if so required, shallalso be deemed surplus funds. All surplus funds shall be distributedannually to the taxing districts in the redevelopment area by being paid bythe municipal treasurer to the county collector who shall immediatelythereafter make distribution as provided in subdivision (12) of section99.820.

2. Without limiting the provisions of subsection 1 of this section,the municipality may, in addition to obligations secured by the specialallocation fund, pledge any part or any combination of net new revenues ofany redevelopment project, or a mortgage on part or all of theredevelopment project to secure its obligations or other redevelopmentcosts.

3. Obligations issued pursuant to sections 99.800 to 99.865 may beissued in one or more series bearing interest at such rate or rates as theissuing body of the municipality shall determine by ordinance orresolution. Such obligations shall bear such date or dates, mature at suchtime or times not exceeding twenty-three years from their respective dates,when secured by the special allocation fund, be in such denomination, carrysuch registration privileges, be executed in such manner, be payable insuch medium of payment at such place or places, contain such covenants,terms and conditions, and be subject to redemption as such ordinance orresolution shall provide. Obligations issued pursuant to sections 99.800to 99.865 may be sold at public or private sale at such price as shall bedetermined by the issuing body and shall state that obligations issuedpursuant to sections 99.800 to 99.865 are special obligations payablesolely from the special allocation fund or other funds specificallypledged. No referendum approval of the electors shall be required as acondition to the issuance of obligations pursuant to sections 99.800 to99.865.

4. The ordinance authorizing the issuance of obligations may providethat the obligations shall contain a recital that they are issued pursuantto sections 99.800 to 99.865, which recital shall be conclusive evidence oftheir validity and of the regularity of their issuance.

5. Neither the municipality, its duly authorized commission, thecommissioners or the officers of a municipality nor any person executingany obligation shall be personally liable for such obligation by reason ofthe issuance thereof. The obligations issued pursuant to sections 99.800to 99.865 shall not be a general obligation of the municipality, county,state of Missouri, or any political subdivision thereof, nor in any eventshall such obligation be payable out of any funds or properties other thanthose specifically pledged as security therefor. The obligations shall notconstitute indebtedness within the meaning of any constitutional, statutoryor charter debt limitation or restriction.