99.903. Bond issues authorized for funding--powers of municipalities--bonded indebtedness, how paid--proceeds from bond issues not to be used for refinancing existing loans, exception.

MISSOURI STATUTES AND CODES

99.903. Bond issues authorized for funding--powers of municipalities--bonded indebtedness, how paid--proceeds from bond issues not to be used for refinancing existing loans, exception.

Bond issues authorized for funding--powers of municipalities--bondedindebtedness, how paid--proceeds from bond issues not to be used forrefinancing existing loans, exception.

99.903. 1. The governing body of the municipality mayissue and sell revenue bonds under the rights conferred bysections 99.875 to 99.912 for the purposes of providing fundingfor the urban homesteading fund.

2. The municipality shall have the power to set and collectthe fees and charges that are necessary to pay debt service onbonds issued under the provisions of sections 99.901 to 99.912and to otherwise implement the purposes of sections 99.875 to99.912.

3. The revenue bonds shall be payable, both as to principaland interest, solely from the revenues derived from mortgages orloans, as the case may be, with respect to which the bonds areissued.

4. Any bonds issued under the provisions of sections 99.875to 99.912 shall not be deemed to be an indebtedness of the stateof Missouri or of any political subdivision thereof, and shallnot be deemed to be an indebtedness within the meaning of anyconstitutional or statutory limitation upon the incurring ofindebtedness.

5. The proceeds of revenue bonds issued and sold under theprovisions of sections 99.875 to 99.912 shall not be used forrefinancing of any existing loan, unless such refinancingaccompanies the substantial rehabilitation of single-familyresidential housing for which an existing loan is outstanding.