100.720. Additional powers of Missouri development finance board--certificates, state credit for. - Missouri Statutes

Additional powers of Missouri development finance board--certificates,state credit for.

100.720. 1. The Missouri development finance board shall have, inaddition to the powers provided to it in sections 100.250 to 100.297, andwith the approval of the department, all the powers necessary to carry outand effectuate the purposes and provisions of sections 100.700 to 100.850,including, but not limited to, the power to:

(1) Provide and finance economic development projects, pursuant tothe provisions of sections 100.700 to 100.850, and cooperate with eligibleindustries in order to promote, foster and support economic developmentwithin the state;

(2) Conduct hearings and inquiries, in the manner and by the methodsas it deems desirable, for the purpose of gathering information withrespect to eligible industries and economic development projects, and forthe purpose of making any determinations necessary or desirable in thefurtherance of sections 100.700 to 100.850; and

(3) Negotiate the terms of, including the amount of project costs,and enter into financing agreements with eligible industries, and inconnection therewith to acquire, convey, sell, mortgage, finance orotherwise dispose of any property, real or personal, loan bond proceeds,and permit the use of assessments, in connection with an economicdevelopment project, and to pay, or cause to be paid, in accordance withthe provisions of a financing agreement, the program costs of an economicdevelopment project from any funds available therefor.

2. Certificates issued by the board pursuant to the provisions ofsections 100.700 to 100.850 shall not constitute an indebtedness orliability of the state of Missouri within the meaning of any stateconstitutional provision or statutory limitation, shall not constitute apledge of the faith and credit of the state of Missouri, shall not beguaranteed by the credit of the state, and unless approved by a concurrentresolution of the general assembly, no certificate in default shall be paidby the state of Missouri.

(L. 1996 H.B. 1237 § 9)