205.372. Revenue bonds, form of, interest rate, maximum maturity date--to be negotiable instruments. - Missouri Statutes

Revenue bonds, form of, interest rate, maximum maturity date--to benegotiable instruments.

205.372. 1. Revenue bonds issued pursuant to the provisionsof sections 205.371 to 205.373 shall be of such denomination,shall bear such rate or rates of interest not to exceed thehighest rate permitted by law, and shall mature at such time ortimes, not exceeding thirty-five years from their date of issue,as determined by the county commission or township board in itsorder or resolution directing the issuance of such bonds. Suchbonds may be either serial bonds or term bonds and may be issuedwith or without reservation of the right to call them for paymentor redemption in advance of their maturity, upon the giving ofnotice, and with or without a covenant requiring the payment of apremium in the event 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. 1978 H.B. 1769 § 205.991)

*No continuity with § 205.372 transferred 1978 to § 205.374.