348.150. Sale or exchange of refunding obligation, proceeds, purposes and investments authorized. - Missouri Statutes

Sale or exchange of refunding obligation, proceeds, purposes andinvestments authorized.

348.150. Refunding obligations issued as provided in section348.145 may be sold or exchanged for outstanding obligationsissued under sections 348.005 to 348.180 and, if sold, theproceeds thereof may be applied, in addition to any otherauthorized purposes, to the purchase, redemption, or payment ofsuch outstanding obligations. Pending the application of theproceeds of any such refunding obligations, with any otheravailable funds, to the payment of the principal, accruedinterest, and any redemption premium on the obligations beingrefunded, and, if so provided or permitted in the resolutionauthorizing the issuance of such refunding obligations or in thetrust agreement securing the same, to the payment of any intereston such refunding obligations and any expenses in connection withsuch refunding, such proceeds may be invested in directobligations of, or obligations the principal of and the intereston which are unconditionally guaranteed by the United Statesgovernment, or any agency thereof, which shall mature or whichshall be subject to redemption by the holders thereof, at theoption of such holders, not later than the respective dates whenthe proceeds, together with the interest accruing thereon, willbe required for the purposes intended.

(L. 1981 H.B. 681 § 32)