205.162. Bonds, rate, denomination, maturity--negotiable. - Missouri Statutes

Bonds, rate, denomination, maturity--negotiable.

205.162. 1. Revenue bonds issued pursuant to the provisionsof sections 205.161 to 205.169 shall be such denomination, shallbear such rate or rates of interest not to exceed the highestrate permitted by law, and shall mature at such time or times,not exceeding thirty-five years from their date of issue, asdetermined by the county commission in its order or resolutiondirecting the issuance of such bonds. Such bonds may be eitherserial bonds or term bonds and may be issued with or withoutreservation of the right to call them for payment or redemptionin advance of their maturity, upon the giving of notice, and withor without a covenant requiring the payment of a premium in theevent of a call for redemption prior to maturity.

2. The bonds when issued and sold shall be negotiableinstruments within the meaning of chapter 400, RSMo, and theinterest thereon shall be exempt from any state or local incometaxes under the laws of the state of Missouri.

(L. 1972 H.B. 1262 § 3)