204.380. Bonds issued when, interest rate, redemption period, type, how signed, how sold.

MISSOURI STATUTES AND CODES

204.380. Bonds issued when, interest rate, redemption period, type, how signed, how sold.

Bonds issued when, interest rate, redemption period, type, howsigned, how sold.

204.380. 1. Revenue bonds authorized at an election held ashereinabove provided shall be issued by authority of a resolutionadopted by the board of trustees of the district; provided,however, that such resolution shall have the prior concurrence ofthe advisory board established by sections 204.250 to 204.470.The resolution shall recite that an estimate of the cost of theproposed acquisition, construction, improvement or extension hasbeen made and shall set out the estimated cost; it shall set outthe amount of the bonds proposed to be issued, their purposes,their dates, denominations, rates of interest, times of payment,both of principal and of interest, places of payment and allother details in connection with the bonds.

2. The bonds may be subject to such provision for redemptionprior to maturity, with or without premium, and at such times andupon such conditions as may be provided by the board of trusteesof the common sewer district.

3. The bonds shall bear interest at a rate in accordancewith section 108.170, RSMo, and shall mature over a period notexceeding thirty-five years from the date thereof.

4. The bonds may be payable to bearer, may be registered orcoupon bonds, and if payable to bearer may contain suchregistration privileges as to either principal and interest, orprincipal only, as may be provided in the resolution authorizingthe bonds.

5. The bonds and the coupons to be attached thereto, if any,shall be signed in such manner and by such officers as may bedirected by resolution. Bonds signed by an officer who shallhold the office at the time the bonds are signed shall be deemedvalidly and effectually signed for all purposes, regardless ofwhether or not any officer shall cease to hold his office priorto the delivery of the bonds and regardless of whether or not anyofficer shall have held or shall not have held such office on thedate ascribed to the bonds.

6. The bonds shall be sold in such manner and upon suchterms as the board of trustees of the common sewer district shalldetermine, but the bonds shall not be sold for less than ninetycents on the dollar nor shall they be sold at such a price thatthe interest cost upon the actual proceeds of the bonds from thedate thereof to their maturity shall exceed a rate in accordancewith section 108.170, RSMo. The resolution may provide thatcertain bonds authorized thereby shall be junior or subordinatein any or all respects to other revenue bonds authorizedconcurrently therewith or prior to or after such bonds.