206.126. Revenue bonds, form of, interest rate--to be negotiable instruments. - Missouri Statutes

Revenue bonds, form of, interest rate--to be negotiableinstruments.

206.126. 1. Revenue bonds issued pursuant to the provisionsof section 206.122 shall be of such denomination, shall bear suchrate of interest not to exceed the highest rate permitted by law,and shall mature at such times as determined by the board ofdirectors. The bonds may be either serial bonds or term bondsand may be issued with or without reservation of the right tocall them for payment or redemption in advance of their maturity,upon the giving of notice and with or without the covenantrequiring the payment of a premium in the event of the call andredemption prior to maturity as the board determines.

2. The bonds when issued and sold shall be negotiableinstruments within the meaning of the law merchant and thenegotiable instruments law and the interest thereon is exemptfrom income taxes under the laws of the state of Missouri.

(L. 1971 S.B. 142)