173.420. Authority may borrow for expenses--loans to be repaid--powers of authority, how construed. - Missouri Statutes

Authority may borrow for expenses--loans to be repaid--powersof authority, how construed.

173.420. All expenses of the authority incurred in carryingout the provisions of sections 173.350 to 173.450 shall bepayable solely from funds provided under such sections, and noliability shall be incurred by the authority beyond the extent towhich moneys shall have been provided; except that, for thepurpose of meeting the necessary expenses of operation until suchdate as the authority derives moneys from funds providedhereunder, the authority shall be empowered to borrow such moneysas may be required for the necessary expenses of operation, or toreceive advances from funds to be appropriated for this purposeby the general assembly. The borrowed moneys shall be repaid orshall be reimbursed to general revenue within a reasonable timeafter the authority receives funds as provided in sections173.350 to 173.450, and shall be repaid solely from such funds.Nothing in sections 173.350 to 173.450 shall be construed as arestriction upon any powers which the authority might otherwisehave under any laws of this state, but shall be construed ascumulative of any such powers. Nothing in these sections shallbe construed to deprive the state and its governmentalsubdivisions of their respective powers over assets of theauthority or to impair any power thereof of any official oragency of the state and its governmental subdivisions whichotherwise may be provided by law.

(L. 1981 H.B. 326)