108.460. Form and detail of bonds to be prescribed--criteria for mortgages may be established.

MISSOURI STATUTES AND CODES

108.460. Form and detail of bonds to be prescribed--criteria for mortgages may be established.

Form and detail of bonds to be prescribed--criteria for mortgages maybe established.

108.460. 1. The county commission, county legislative bodyor combination of counties issuing bonds under the provisions ofsections 108.450 to 108.470 shall prescribe the form, details andincidents of the bonds, and shall make such covenants as in itsjudgment are advisable or necessary to properly secure thepayment thereof; but the form, details, incidents, and covenantsshall not be inconsistent with any of the provisions of sections108.450 to 108.470. The county commission, county legislativebody or combination of counties may prescribe more restrictive oradditional criteria for mortgages qualifying for the purposesspecified in section 108.450, and the restrictions and criteriaestablished in the Internal Revenue Code of 1954, as amended, aspresently existing or as hereafter amended, for qualificationunder section 103 of the Internal Revenue Code of 1954, asamended, or other applicable provision thereof for the exemptionfrom federal income taxes of interest paid on revenue bondsissued pursuant to sections 108.450 to 108.470 shall apply to allbonds issued pursuant to sections 108.450 to 108.470.

2. The county commission, legislative body of the county orcombination of counties, may prescribe in any order or resolutiondirecting the issuance of bonds hereunder the terms andconditions under which the holder, or any specified percentage ofall holders, of any such bonds or of any coupons representinginterest accrued thereon may, by civil action, compel the countycommission or county legislative body issuing such bonds toperform all duties imposed upon it by the provisions of sections108.450 to 108.470 and to enforce the performance of any and allof the covenants made by the county commission, or countylegislative body, in the issuance of the bonds.

3. The provisions of sections 108.450 to 108.470 shall notbe exclusive of other legal methods of financing single-familyresidential housing, but shall furnish an alternative method offinance.