100.275. Bonds and notes issued--approved as investment, who may invest--tax exemptions, exceptions--power to contract with development agency.

MISSOURI STATUTES AND CODES

100.275. Bonds and notes issued--approved as investment, who may invest--tax exemptions, exceptions--power to contract with development agency.

Bonds and notes issued--approved as investment, who may invest--taxexemptions, exceptions--power to contract with development agency.

100.275. 1. The board may at any time issue revenue bonds for thepurpose of paying any part of the cost of any project or projects, or partthereof, and for the purpose of refunding any of its bonds or the bonds ofany development agency. Every issue of its bonds shall be payable out ofthe revenues of the board which may be pledged for such payment, withoutpreference or priority of the first bonds issued, subject to any agreementwith the holders of any other bonds or pledging any specified revenues.The bonds shall be authorized by resolution of the board, shall bear suchdate or dates, and shall mature at such time or times, but not in excess ofthirty years, as the resolution of the board shall specify. The bondsshall be in such denominations, bear interest at such rates, be in suchform, either coupon or registered, be issued in such manner, be payable insuch place or places and be subject to redemption as such resolution mayprovide. The bonds of the board may be sold at public or private sale, asthe board may specify, at such price or prices as the board shalldetermine, but at not less than ninety-five percent of the principal amountthereof, and at such interest rate as the board shall determine,notwithstanding the provisions of section 108.170, RSMo.

2. The board may issue notes payable from the proceeds of bonds to beissued in the future or from such other sources as the board may specify asin the case of bonds. Such notes shall mature in not more than five yearsand shall be sold at public or private sale, as the board may specify, atnot less than ninety-five percent of the principal amount thereof and atsuch interest rate as the board shall determine, notwithstanding theprovisions of section 108.170, RSMo. The other details with respect tosuch notes shall be determined by the board as in the case of bonds.

3. The state shall not be liable on any notes or bonds of the board.Such notes or bonds shall not be a debt of the state and shall contain onthe faces thereof a statement to such effect.

4. No member of the board nor any person authorized to execute notesor bonds of the board shall be liable personally on such notes or bonds orshall be subject to any personal liability or accountability by reason ofthe issuance thereof.

5. The notes and bonds of the board are securities in which allpublic bodies and political subdivisions of this state; all insurancecompanies and associations and all other persons carrying on an insurancebusiness; all banks, trust companies, saving associations, savings and loanassociations, credit unions, and investment companies; all administrators,guardians, executors, trustees, and other fiduciaries; and all otherpersons who now or may hereafter be authorized to invest in notes and bondsor other obligations of this state may properly and legally invest funds,including capital, in their control or belonging to them.

6. The board shall not be required to pay any taxes or anyassessments whatsoever to this state, any political subdivision of thisstate, or any other governmental agency of this state. The notes and bondsof the board, and the income therefrom, shall, at all times, be exempt fromany taxes and any assessments, except for estate taxes, gift taxes, andtaxes on transfers.

7. Nothing contained in sections 100.250 to 100.297 shall be deemedto constitute a use of state funds or credit in violation of the provisionsof article III, sections 37, 38(a) and 39, of the Missouri Constitution.

8. The board shall have the power to contract with any developmentagency to perform any governmental service, activity or undertaking whichthe contracting development agency is authorized by law to perform or toissue any bonds or notes which the contracting development agency isauthorized by law to issue. Any such contract shall be authorized by thegoverning body of the development agency and by the board and shall statethe purpose of the contract and the powers and duties of the partiesthereunder. Any bonds or notes issued by the board on behalf of adevelopment agency shall be entitled to the same security as if such bondsor notes were issued directly by the development agency. In addition toany other security for such bonds or notes, the board may secure suchbonds, notes or other indebtedness in the manner described in section100.297.