349.055. Revenue bonds, issuance, provisions, sale. - Missouri Statutes

Revenue bonds, issuance, provisions, sale.

349.055. The corporation may at any time issue revenue bondsfor the purpose of paying any part of the cost of any project orpart thereof. Every issue of its bonds shall be payable out ofthe property and revenues of the corporation which may bepledged, assigned, mortgaged, or in which a security interest isgranted for such payment, without preference or priority of thefirst bonds issued, subject to any agreement with the holders ofany other bonds pledging any specified property or revenues.Such bonds shall be authorized by resolution of the corporation,shall bear such date or dates, and shall mature at such time ortimes, but not in excess of forty years, as the resolution shallspecify. Such bonds shall be in such denomination, bear interestat such rate, be in such form, either coupon or registered, beissued in such manner, be payable in such place or places and besubject to redemption as such resolution may provide. The bondsof the corporation may be sold at either public or private sale,at such price or prices as the corporation shall determine, butat not less than ninety-five percent of the principal amountthereof and at an interest rate not in excess of the maximumrate, if any, applicable to general and business corporations.

(L. 1977 S.B. 267 § 10, A.L. 1980 H.B. 1582 & 1277)