234.260. Revenue and refunding bonds, how redeemed--interest rate. - Missouri Statutes

Revenue and refunding bonds, how redeemed--interest rate.

234.260. 1. For the purpose of redeeming any toll bridgerevenue bonds or toll bridge revenue refunding bonds at maturity,or upon voluntary surrender by the holder or holders thereofregardless of maturity, or upon call for redemption of any suchbonds prior to maturity, if the right to make such call wasexpressly reserved in the issuance of such bonds, the publicagency by which such bonds were issued may issue its negotiabletoll bridge revenue refunding bonds in an amount sufficient toprovide for the payment of the principal amount and theredemption premium, if any, of the bonds to be redeemed, togetherwith interest accrued and to accrue thereon to the date of suchrefunding bonds, and together also with the expenses necessarilyincurred in the issuance of such refunding bonds.

2. All such refunding bonds shall bear such date, shallmature in such amount or amounts and at such time or times, shallbe payable at such place or places, shall be executed in suchmanner, shall bear interest at a rate not exceeding six percentper annum, and shall be of such denomination or denominations,all as may be determined by the governing authority of the publicagency by which such refunding bonds are issued, and suchrefunding bonds shall be secured and provision for their paymentshall be made in the same manner as in sections 234.210 to234.300 with reference to the security for and the payment oforiginal toll bridge revenue bonds issued hereunder.

(L. 1941 p. 525 § 5b)