100.270. Board's powers and duties--rules, authority to promulgate. - Missouri Statutes

Board's powers and duties--rules, authority to promulgate.

100.270. The board shall have the power to:

(1) Sue and be sued in its official name;

(2) Adopt and use an official seal;

(3) Confer with agencies of the state and development agencies, andwith representatives of business, industry, and labor for the purpose ofpromoting the economic development of this state;

(4) Consider and review applications for loans to be made from thedevelopment and reserve fund or for loans, bonds or notes to be made by orsecured by the development and reserve fund, the guarantee fund, the exportfinance fund or the infrastructure development fund or any other availablemoney, under sections 100.250 to 100.297, and for grants or loans to bemade by or secured by the jobs now fund;

(5) Enter into agreements with development agencies, borrowers,participating lenders and others to implement any of the provisions ofsections 100.250 to 100.297;

(6) Direct disbursements from the development and reserve fund, theguarantee fund, the export finance fund, the infrastructure developmentfund, and the jobs now fund as provided in sections 100.250 to 100.297;

(7) Administer the development and reserve fund, the guarantee fund,the export finance fund, the infrastructure development fund, and the jobsnow fund and invest any portion of such funds not required for immediatedisbursement in obligations of the United States, or any agency orinstrumentality of the United States, in obligations of the state ofMissouri and its political subdivisions, in certificates of deposit andtime deposits or other obligations of banks and savings and loanassociations or in such other obligations as may be prescribed by theboard;

(8) Apply for and accept gifts, grants, appropriations, loans orcontributions to the development and reserve fund, the guarantee fund, theexport finance fund, the infrastructure development fund, and the jobs nowfund from any source, public or private, and enter into contracts or othertransactions with any federal or state agency, any development agency,private organization, or any other source in furtherance of the purposes ofsections 100.250 to 100.297, and do any and all things necessary in orderto avail itself of such aid and cooperation;

(9) Issue, from time to time, its negotiable revenue bonds or notesin such principal amounts as, in its opinion, shall be necessary to providesufficient funds for achieving its purposes;

(10) Establish reserves to secure bonds, notes and loans issued ormade by the board, development agencies or participating lenders;

(11) Make, purchase, or participate in the making or purchase, ofloans, bonds, or notes to finance the costs of projects;

(12) Procure insurance, letters of credit, or other form of creditenhancement, to secure the payment of principal and interest on any loans,bonds or notes or other obligations of the board;

(13) Purchase, receive, take by grant, gift, devise, bequest orotherwise, lease, or otherwise acquire, own, hold, improve, employ, use andotherwise deal in and with, real or personal property, or any interesttherein, wherever situated;

(14) Sell, convey, lease, exchange, transfer or otherwise dispose of,all or any of its property, or any interest therein, wherever situated;

(15) Conduct hearings and other methods of examination, and authorizeany of its members to do so, on any matter material for its information andnecessary to the exercise of the duties of the board;

(16) Employ and fix the compensation of an executive director andsuch other agents or employees as it considers necessary;

(17) Adopt, alter, or repeal its own bylaws, rules, and regulationsgoverning the manner in which its business may be transacted;

(18) Assess or charge a fee for each application it receives forfunding for a project or a jobs now project and assess or charge other feesas the board determines to be reasonable to carry out its purposes,including, but not limited to, fees or premiums for loans made from thedevelopment and reserve fund and the export finance fund and for loans,bonds or notes secured by the development and reserve fund, the guaranteefund, the export finance fund or the infrastructure development fund or thejobs now fund;

(19) Make all expenditures which are incident and necessary to carryout its purposes and powers;

(20) Take such action, enter into such agreements and exercise allother powers and functions necessary or appropriate to carry out the dutiesand purposes set forth in sections 100.250 to 100.297;

(21) Insure, coinsure, guarantee loans and make loans relating toqualified export transactions and adopt criteria, by means of rules andregulations, establishing which exporters shall be eligible for theinsurance, coinsurance, loan guarantees and loans which may be extended bythe board;

(22) Do all things necessary to ensure full participation by thestate of Missouri in any federal program which may relate to theconstruction, repair, replacement or further development of theinfrastructure of the state and its political subdivisions;

(23) Receive funds from the federal government for deposit into theinfrastructure development fund or the jobs now fund and authorizedisbursements therefrom. The board may enter into agreements with agenciesof the federal government and may, on behalf of the state of Missouri, doall things necessary to ensure full participation by the state of Missouriin any federal program which may relate to the repair, replacement orfurther development of the infrastructure of the state and its politicalsubdivisions;

(24) Set guidelines and priorities for loans, loan guarantees orgrants from the infrastructure development fund. The board is the solestate agency authorized to set such guidelines and priorities with respectto the infrastructure development fund on behalf of the state or any of itspolitical subdivisions, and loans, loan guarantees, or grants shall only bemade upon approval of the board;

(25) Make equity investments in or otherwise acquire ownershipinterests in: for-profit and not-for-profit federal- or state-authorizedcommunity development corporations; small business investment companies,including minority or specialized small business investment companies; andmicroloan corporations and similar lending institutions, when suchinvestments are deemed to enhance the benefit of the public;

(26) Make investments in Missouri certified capital companies, asdefined by subdivision (5) of subsection 2 of section 135.500, RSMo, orother investment companies for investment in qualified Missouri businesses,as defined by subdivision (14) of subsection 2 of section 135.500, RSMo.All investments made by the board for the eventual investment in qualifiedMissouri businesses shall be matched by an equivalent investment made bythe certified capital company or other investment firm for investment intoqualified Missouri businesses. All investments made into Missouriqualified businesses under the provisions of this subdivision shall be inthe form of equity or unsecured debt financing. No investment shall bemade by the board under the provisions of this subdivision without theapproval of the director of the department of economic development; and

(27) Make loans and grants from the jobs now fund in accordance withthe provisions of section 100.293.

(L. 1982 S.B. 681 § 5, A.L. 1985 H.B. 416, A.L. 1986 S.B. 731, A.L. 1989 H.B. 378, A.L. 1994 H.B. 1248 & 1048, A.L. 1996 H.B. 1237, A.L. 2004 S.B. 1155)

CROSS REFERENCE:

Multinational banks, securities and obligation of, investment in, when, 409.950