305.320. Security for bonds deposited in separate fund--purpose--subsequent resolutions, effect--surplus funds, authorized disbursement. - Missouri Statutes

Security for bonds deposited in separate fund--purpose--subsequentresolutions, effect--surplus funds, authorized disbursement.

305.320. Wherever revenue bonds are issued and outstandingunder sections 305.315 and 305.317 inclusive, all of the incomeand revenues received from the operation of the airport orairports, and related facility or facilities, pledged to securethe payment of the interest and principal of such bonds shall bedeposited in a separate fund which shall be used only in payingthe principal and interest of these revenue bonds and reservestherefor and the cost of rental, maintenance, operation anddepreciation of such airport or airports, and related facility orfacilities, to such extent and in such order of priority as shallbe provided by the respective resolutions authorizing revenuebonds; provided, however, no priority accorded by such aresolution may be impaired by a subsequent resolution authorizingrevenue bonds unless specifically so permitted by a covenant ofthe kind authorized to be included in a resolution by section305.317. Such income and revenues in excess of requirements forpayment of principal of and interest upon these bonds andreserves therefor and for payment of cost of maintenance,operation and depreciation of the airport or airports, andrelated facility or facilities, may be used for rehabilitation,reconstruction and expansion of existing airports and relatedfacilities, or for the retirement of any outstanding bonds issuedfor airport purposes. After all such bonds have been paid, suchincome and revenues may be transferred to the general corporatefund of the authority and be used for maintenance, operation,repair and development of such airport or airports, and relatedfacility or facilities, or for any other corporate purpose.

(L. 1985 S.B. 145 & 166 § 7)