100.390. Authority to be a body corporate and politic, powers and duties of authority. - Missouri Statutes

Authority to be a body corporate and politic, powers and dutiesof authority.

100.390. An authority shall constitute a public bodycorporate and politic, exercising public and essentialgovernmental functions and having all the powers necessary orconvenient to carry out and effectuate the purposes andprovisions of this law, including the following powers inaddition to others granted:

(1) To sue and to be sued; to have a seal and to alter thesame at pleasure; to have perpetual succession; to make andexecute contracts and other instruments necessary or convenientto the exercise of the powers of the authority; and to make andfrom time to time amend and repeal bylaws, rules and regulations,not inconsistent with this law, to carry out the provisions ofthis law;

(2) To prepare or cause to be prepared plans for industrialdevelopment plans and to undertake and carry out industrialclearance projects for industrial development;

(3) To arrange or contract for the furnishing or repair, byany person or agency, public or private, of services, privileges,works, streets, roads, public utilities or other facilities foror in connection with a clearance project; and notwithstandinganything to the contrary contained in this law or any otherprovision of law, to agree to any conditions that it may deemreasonable and appropriate attached to federal financialassistance and imposed pursuant to federal law relating to thedetermination of prevailing salaries or wages or compliance withlabor standards, in the undertaking or carrying out of aclearance project, and to include in any contract let inconnection with such a project provisions to fulfill such of theconditions as it may deem reasonable and appropriate;

(4) Within its area of operation, to purchase, lease, obtainoptions upon, acquire by gift, grant, bequest, devise, eminentdomain or otherwise, any real or personal property or anyinterest therein, including fee simple absolute title, togetherwith any improvements thereon, necessary or incidental to aproject; to construct, reconstruct, remodel, repair, improve,install improvements, buildings, plants, additions, stores,shops, shopping centers, office buildings, hotels and motels andparking garages, multi-family housing facilities, warehouses,distribution centers, machines, fixtures, structures and otherfacilities related to industrial and commercial uses; to sell,lease, exchange, transfer, assign, subdivide, retain for its ownuse, mortgage, pledge, hypothecate or otherwise encumber ordispose of any real or personal property or any interest therein;to enter into contracts with developers of property and withother public agencies containing covenants, restrictions andconditions regarding the use of such property for industrial andcommercial and related purposes in accordance with the plannedproject and such other covenants, restrictions and conditions asthe authority may deem necessary to prevent a recurrence ofblighted, insanitary, undeveloped industrial areas or toeffectuate the purposes of this law; to make any of thecovenants, restrictions or conditions of the foregoing contractscovenants running with the land, and to provide appropriateremedies for any breach of any such covenants or conditions,including the right in the authority to terminate such contractsand any interest in the property created pursuant thereto; toborrow money and issue bonds and provide security for loans orbonds; to insure or provide for the insurance of any real orpersonal property or operations of the authority against anyrisks or hazards, including the power to pay premiums on any suchinsurance; and to enter into any contracts necessary toeffectuate the purposes of this law; provided, however, that nostatutory provision with respect to the acquisition, clearance ordisposition of property by other public bodies shall restrict anauthority or other public bodies exercising powers hereunder, insuch functions, unless the legislature shall specifically sostate;

(5) To invest any funds held in reserves or sinking funds,or any funds not required for immediate disbursement, in propertyor securities in which savings banks may legally invest fundssubject to their control; to redeem its bonds at the redemptionprice established therein or to purchase its bonds at less thanredemption price, all bonds so redeemed or purchased to becanceled;

(6) To borrow money and to apply for and accept advances,loans, grants, contributions and any other form of financialassistance from the federal government, the state, county,municipality or other public body or from any sources, public orprivate, for the purposes of this law, to give such security asmay be required and to enter into and carry out contracts inconnection therewith; an authority, notwithstanding theprovisions of any other law, may include in any contract forfinancial assistance with the federal government for a projectsuch conditions imposed pursuant to federal law as the authoritymay deem reasonable and appropriate and which are notinconsistent with the purposes of this law;

(7) Within its area of operation, to make or have made allsurveys, studies and plans necessary to the carrying out of thepurposes of this law and, in connection therewith, to enter intoor upon any land, building or improvement thereon for suchpurposes and to make soundings, test borings, surveys, appraisalsand other preliminary studies and investigations necessary tocarry out its powers, but such entry shall constitute no cause ofaction for trespass in favor of the owner of such land, buildingor improvement except for injuries resulting from wantonness ormalice; and to contract or cooperate with any and all persons oragencies, public or private, in the making and carrying out ofthe surveys, appraisals, studies and plans;

(8) To prepare plans and provide reasonable assistance forthe relocation of families displaced from an industrial orcommercial clearance project area to the extent essential foracquiring possession of and clearing the area or parts thereof;

(9) To make such expenditures as may be necessary to carryout the purposes of this law; and to make expenditures from fundsobtained from the federal government without regard to any otherlaws pertaining to the making and approval of appropriations andexpenditures;

(10) To delegate to a municipality or other public body anyof the powers or functions of the authority with respect to theplanning or undertaking of a project, and the municipality orpublic body is hereby authorized to carry out or perform suchpowers or functions for the authority;

(11) To loan the proceeds of the bonds or temporary noteshereinafter authorized to provide for the purchase, construction,extension, and improvement of a project by an industrialdeveloper pursuant to an industrial development contract approvedby the authority in accordance with subdivision (2) of section100.410;

(12) To exercise all powers or parts or combinations ofpowers necessary, convenient or appropriate to undertake andcarry out plans and projects and all the powers herein granted.

(L. 1967 p. 172 § 10, A.L. 1980 H.B. 1477, A.L. 1982 H.B. 1411 & 1587, A.L. 1986 S.B. 591)

Effective 5-30-86

CROSS REFERENCES:

Bi-state development agency, bonds of, investment in authorized, RSMo 70.377

Multinational banks, securities and obligations of, investment in, when, RSMo 409.950

Savings accounts in insured savings and loan associations, investment in authorized, RSMo 369.194