164.201. Exchange and sale of refunding bonds--restrictions. - Missouri Statutes

Exchange and sale of refunding bonds--restrictions.

164.201. No refunding or renewal bond shall be exchanged bythe board of any school district for any outstanding bond for asum less than ninety cents on the dollar of its face value. Theboard also may sell the refunding or renewal bonds for cash if inits judgment it will be to the interest of the school district;but no commission shall be allowed or cost incurred in theexchange or sale of bonds which will reduce the net proceeds ofthe same to a less amount than ninety cents on the dollar, andall sums of money realized from the sale of refunding or renewalbonds shall be used in the redemption of outstanding bonds of theschool district.

(L. 1963 p. 200 § 5-20)

(Source: RSMo 1959 § 165.057, A.L. 1961 p. 345)