204.626. Issuance of revenue bonds, procedure. - Missouri Statutes

Issuance of revenue bonds, procedure.

204.626. 1. A reorganized common sewer district may issue revenuebonds authorized by authority of a resolution adopted by the board oftrustees of the reorganized common sewer district unless, in addition, thedecree or amended decree of incorporation shall require any such bonds tobe approved by the voters of the district after an election called for thatpurpose. The resolution shall recite that an estimate of the cost of theproposed acquisition, construction, improvement, extension, or otherproject has been made and shall set out the estimated cost. It shall setout the amount of the bonds proposed to be issued, their purposes, theirdates, denominations, rates of interest, times of payment, both ofprincipal and of interest, places of payment, and all other details inconnection with the bonds.

2. The bonds may be subject to such provision for redemption prior tomaturity, with or without premium, and at such times and upon suchconditions as may be provided by the board of trustees of the common sewerdistrict.

3. The bonds shall bear interest at a rate in accordance with section108.170, RSMo, and shall mature over a period not exceeding thirty-fiveyears from the date thereof.

4. The bonds may be payable to bearer, may be registered or couponbonds, and if payable to bearer may contain such registration privileges asto either principal and interest, or principal only, as may be provided inthe resolution authorizing the bonds.

5. The bonds and the coupons to be attached thereto, if any, shall besigned in such manner and by such officers as may be directed byresolution. Bonds signed by an officer who shall hold the office at thetime the bonds are signed shall be deemed validly and effectually signedfor all purposes, regardless of whether or not any officer shall cease tohold his office prior to the delivery of the bonds and regardless ofwhether or not any officer shall have held or shall not have held suchoffice on the date ascribed to the bonds.

6. The bonds shall be sold in such manner and upon such terms as theboard of trustees of the reorganized common sewer district shall determine,subject to the provisions of section 108.170, RSMo. The resolution mayprovide that certain bonds authorized shall be junior or subordinate in anyor all respects to other revenue bonds authorized concurrently with, priorto, or after such bonds.

(L. 2007 S.B. 22)