108.1000. Definitions--issuance of bonds, when--federal tax credits. - Missouri Statutes

Definitions--issuance of bonds, when--federal tax credits.

108.1000. 1. As used in sections 108.1000 to 108.1020, the followingterms mean:

(1) "Board", the Missouri development finance board;

(2) "Build America bonds", any bonds designated build America bondspursuant to Section 54AA of the Internal Revenue Code of 1986, as amended;

(3) "Department", the department of economic development;

(4) "Eligible issuer", any development agency as defined in section100.255, RSMo, or any board, commission, or body corporate and politic ofthe state that is authorized to issue bonds under the constitution and lawsof this state;

(5) "Recovery zone bonds", any recovery zone economic developmentbonds or recovery zone facility bonds that are allocated pursuant toSection 1400U-1 of the Internal Revenue Code of 1986, as amended.

2. The board may, at any time, issue build America bonds and recoveryzone bonds for the purpose of paying any part of the cost of financing anyqualifying project or projects, or part thereof, and for the purpose ofpurchasing any debt related to such project. All bonds issued pursuant tothis subsection shall be subject to section 100.275. The board shall haveall necessary power to carry out the provisions of sections 108.1000 to108.1020.

3. Any eligible issuer shall have the power to designate bonds asbuild America bonds and recovery zone bonds subject to the provisions oflaw governing the issuance of bonds by such issuer. The use of theproceeds of such bonds and the sources of repayment of such bonds shall besubject to all provisions of state and federal law governing such bonds.Prior to issuance of any bonds by a state board or commission, allcertifications and assurances, under the provisions of Section 1511 of PartA of the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5,123 Stat. 115 (2009), shall be made.

4. The issuance of build America bonds or recovery zone bonds may becombined with any other economic development program offered by the state.

5. The board may buy, sell, and broker federal tax credits issued inconnection with build America bonds or recovery zone bonds.

(L. 2009 H.B. 191)