215.120. Issuance of bonds or notes authorized. - Missouri Statutes

Issuance of bonds or notes authorized.

215.120. 1. The commission may from time to time issue itsnegotiable revenue bonds or notes in such principal amount, as,in the opinion of the commission, shall be necessary to providesufficient funds for achieving its corporate purposes, includingthe making of mortgage loans for residential housing to beoccupied by low and moderate income persons; for therehabilitation of existing structures so occupied; for theconstruction of residential housing and appurtenant communityfacilities as provided in sections 215.010 to 215.250; forestablishment of reserves to secure such bonds and notes; and allother expenditures of the commission incident to and necessary tocarry out its corporate purposes and powers.

2. The commission may from time to time issue renewal notes,issue bonds to pay such notes, and whenever it deems refundingexpedient, to refund any bonds by the issuance of new bonds,whether the bonds to be refunded have or have not matured, and toissue bonds partly to refund bonds then outstanding and partlyfor any other purpose. The refunding bonds shall be sold and theproceeds applied to the purchase, redemption or payment of thebonds to be refunded.

3. The notes and bonds issued under sections 215.010 to215.250 shall be authorized by resolution of the members of thecommission, shall bear such date or dates, and shall mature atsuch time or times, in the case of any note, or any renewalthereof, not exceeding twenty years, from the date of issue ofsuch original note, and in the case of any bond not exceedingfifty years from the date of issue, as the resolution mayprovide. The notes and bonds shall bear interest at such rate,be in such denominations, be in such form, either coupon orregistered, carry such registration privileges, be executed insuch manner, be payable in such medium of payment, at such placeor places and be subject to such terms of redemption as suchresolution or resolutions may provide. The notes and bonds ofthe commission may be sold by the commission, at public orprivate sale, at such price or prices as the commission shalldetermine.

4. The state shall not be liable on notes or bonds of thecommission and such notes and bonds shall not be a debt of thestate, and such notes and bonds shall contain on the face thereofa statement to such effect.

(L. 1969 H.B. 130 §§ 17 to 20)