176.030. Power to issue and sell revenue bonds. - Missouri Statutes

Power to issue and sell revenue bonds.

176.030. For the purpose of providing funds for theacquisition, construction, erection, equipment and furnishing ofany such project, and for providing a site therefor, as hereinprovided, the governing body of such educational institutionshall have the power to issue and sell revenue bonds, as hereindefined, in an amount not to exceed the estimated cost of suchproject, including costs necessarily incidental thereto.Provided, however, that no such bonds shall be issued and soldunless, at the time of the issuance thereof, the governing bodyof the educational institution so issuing them, shall pledge thenet income and revenues of such project to the payment of suchbonds, both principal and interest, and shall covenant to fix,maintain and collect such reasonable rates and charges for theuse of such project as in the judgment of such governing bodywill provide revenues sufficient to pay the reasonable cost ofoperating and maintaining such project; to provide and maintainan interest and sinking fund in an amount adequate promptly topay the principal of and interest on such bonds; to provide areasonable reserve fund; and to provide a reasonable fund fordepreciation. In addition to pledging such net income andrevenues as herein provided, such governing body, in itsdiscretion, may pledge to the payment of such bonds, bothprincipal and interest, either one or both of the following:

(1) The proceeds of any grant in aid of such project whichmay be received from any source; and

(2) The net income and revenues arising from the operationof another project, as herein defined, already owned and operatedby any such state educational institution.

(L. 1945 p. 1715 § 3)