305.315. Bond issues authorized--interest rate--price of bonds--required provisions--refunding bonds, requirements. - Missouri Statutes

Bond issues authorized--interest rate--price of bonds--requiredprovisions--refunding bonds, requirements.

305.315. 1. The authority may from time to time issue bondsin anticipation of its income and revenues from any one or moreauthority airports and related facilities to accomplish any ofthe purposes of sections 305.300 to 305.333, and to refund suchbonds, or any bonds assumed or guaranteed pursuant to theprovisions of sections 305.300 to 305.333. Such bonds shall beauthorized by resolution and may be issued in one or more series,may bear such dates, mature at such time or times, bear interestat such rates, not exceeding the maximum amount allowed by law,payable semiannually, be in such form, be executed in suchmanner, including the use of facsimile signatures and seals, bepayable in such medium of payment, at such places, be subject tosuch terms of redemption, with or without premium, and may bemade registrable as to principal or as to both principal andinterest, as the authority by resolution may provide. Any bondsissued hereunder may be issued in denominations of five thousanddollars or any multiple thereof. The bonds shall have all thequalities of negotiable paper within the meaning of such term asused in the laws of this state. The bonds shall be sold at aprice, so that the interest cost of the proceeds thereof shallnot exceed the maximum allowed by law, payable semiannually,computed to maturity according to standard tables of bond values,and shall be sold in such manner and at such time as theauthority shall determine at a public sale. Pending thepreparation or execution of definitive bonds, temporary receipts,certificates or bonds may be delivered to the purchasers orpledgees of these bonds. No holder of any bond issued under thissection shall ever have the right to compel any exercise of thetaxing power of the state of Missouri or any politicalsubdivision thereof to pay the bond or the interest thereon.Each bond issued under this section shall recite in substancethat the bond, including the interest thereon, is payable solelyfrom the revenue pledged to the payment thereof or from any bondsissued for the purpose of refunding such bond, and that the bonddoes not constitute a debt of the authority or of the state ofMissouri within any statutory or constitutional limitation of thestate of Missouri.

2. Such bonds shall be executed by such officers of theauthority as shall be designated by the authority. Any bondsbearing the signature of officers in office at the date ofsigning thereof shall be valid and binding for all purposes,notwithstanding that before delivery thereof any or all suchpersons whose signatures appear thereon shall have ceased to besuch officers.

3. The authority may provide for the issuance of refundingbonds if the bonds to be refunded are due or callable orredeemable by their terms on or prior to the date that therefunding bonds are issued, or will become due, callable orredeemable by their terms within twelve months after the date ofissue of the refunding bonds, or if the bonds to be refunded eventhough not becoming due, callable, or redeemable within suchperiod are voluntarily surrendered by the holders thereof forcancellation at the time of the issuance of the refunding bonds.All or part of any issue may be so refunded and all parts ofseveral issues may be refunded into a single issue of refundingbonds. Provision may be made for including with the refundingbonds, as part of a single issue, bonds of the authority for anyother purpose or purposes for which bonds are herein authorizedto be issued. Refunding bonds may be exchanged for not less thana like principal amount of the bonds authorized to be refunded,and may be sold or may be exchanged in part and sold in part.

(L. 1985 S.B. 145 & 166 § 5)