100.281. Project plan, approval procedure--board to review and grant loan, when--borrowing power--sale of bonds. - Missouri Statutes

Project plan, approval procedure--board to review and grant loan,when--borrowing power--sale of bonds.

100.281. 1. A request for a loan from the development and reservefund, the infrastructure development fund, the export finance fund, or thejobs now fund to fund export trade activities or to carry out a projectshall be in the form of an application for the project to the board, whichapplication shall be in such form as the board may specify. Afterreviewing the application and such other information as the board mayrequire, the board may grant all or a part of the loan request, providedthe board determines that:

(1) The project will be a benefit to the economy or infrastructure ofthe state;

(2) The project will generate sufficient revenues or the borrowerwill otherwise have sufficient revenues available to enable the borrower torepay the loan to the development and reserve fund, the infrastructuredevelopment fund, the export finance fund, or the jobs now fund, along withany interest to be charged; and

(3) In the case of an infrastructure facility project, the loan willnot exceed ten million dollars.

2. Notwithstanding any other provision of law to the contrary, alldevelopment agencies, as defined in section 100.255, shall have the powerto borrow funds from the board for any project, to contract with the board,and to furnish a security interest in any of their revenues or propertiesto the board to secure a loan from the board and to issue notes in evidencethereof upon such terms as such development agencies shall determine.

3. When the board issues bonds to provide loans for more than oneinfrastructure project, the board shall make a reasonable effort to sellthe bonds to a purchaser that represents a group consisting of more thanone underwriter.

(L. 1985 H.B. 416, A.L. 1986 S.B. 664 merged with S.B. 731 merged with H.B. 989 & 1390, A.L. 1989 H.B. 378, A.L. 1990 H.B. 1564, A.L. 2004 S.B. 1155, A.L. 2006 S.B. 718)