100.840. Board, powers to borrow money--issue and sell certificates--sale or exchange of refunding certificates--certificates not indebtedness of state. - Missouri Statutes

Board, powers to borrow money--issue and sell certificates--sale orexchange of refunding certificates--certificates not indebtednessof state.

100.840. 1. To provide funds for the present payment of the costs ofeconomic development projects, the board may borrow money and issue andsell certificates payable from a sufficient portion of the future receiptsof payments authorized by the agreement. The receipts shall be pledged tothe payment of principal of and interest on the certificates. Certificatesmay be sold at public sale or at private sale at par, premium, or discountof not less than ninety-five percent of the par value thereof, at thediscretion of the board, and may bear interest at such rate or rates as theboard shall determine, notwithstanding the provisions of section 108.170,RSMo, to the contrary. Certificates may be issued with respect to a singleproject or multiple projects and may contain terms or conditions as theboard may provide by resolution authorizing the issuance of thecertificates.

2. Certificates issued to refund other certificates may be sold atpublic sale or at private sale as provided in this section with theproceeds from the sale to be used for the payment of the certificates beingrefunded. The refunding certificates may be exchanged in payment anddischarge of the certificates being refunded, in installments at differenttimes or an entire issue or series at one time. Refunding certificates maybe sold or exchanged at any time on, before, or after the maturity of theoutstanding certificates to be refunded. Certificates may be issued forthe purpose of refunding a like, greater or lesser principal amount ofcertificates and may bear a higher, lower or equivalent rate of interestthan the certificates being renewed or refunded.

3. The board shall determine if revenues provided in the agreementare sufficient to secure the faithful performance of obligations in theagreement.

4. Certificates issued pursuant to this section shall not be deemedto be an indebtedness of the state or the board or of any politicalsubdivision of the state.

(L. 1996 H.B. 1237 § 21, A.L. 1997 2d Ex. Sess. S.B. 1, A.L. 2003 H.B. 289 and S.B. 620)

Effective 6-18-03 (S.B. 620)

7-07-03 (H.B. 289)

Contingent expiration date, see § 135.284