100.291. Guarantees issued by board, when--application, fee--information required. - Missouri Statutes

Guarantees issued by board, when--application, fee--informationrequired.

100.291. 1. The board may issue guarantees using moneys inthe guarantee fund for bonds or notes issued by the board or bydevelopment agencies when the board makes the following findings:

(1) That the owners and lessees, if any, of the projects tobe financed are found to be financially responsible, and thatsufficient income may reasonably be expected to be derived fromthe projects to amortize the interest and principal amount of thebonds or notes;

(2) That the projects will benefit the economy of thisstate.

2. The board shall evaluate the financial condition andbusiness history of project owners and lessees, and may requirethe attachment to each application for guarantee under sections100.250 to 100.297 a financial report and evaluation by anindependent certified public accounting firm, in addition to suchexamination and evaluation as the board may make, in determiningwhether the owner or lessee meets prescribed minimum standardsand qualifications before entering into any guarantee undersections 100.250 to 100.297.

3. Every development agency requesting a bond or noteguarantee under sections 100.250 to 100.297 shall submit to theboard supporting documents, instruments, and other evidenceshowing the circumstances surrounding the issuance of the bondsor notes, and an initial guarantee fee and a premium payment asrequired by the board, to the guarantee fund. Such fees andpayments may be collected by the development agency from theowners or lessees of the projects involved.

(L. 1985 H.B. 416)