360.047. Power of authority in issuance of bonds, notes or indebtedness--authority to conduct public hearings, when. - Missouri Statutes

Power of authority in issuance of bonds, notes orindebtedness--authority to conduct public hearings, when.

360.047. 1. The authority shall have the power to assist, coordinateand participate with governmental authorities and issuers of states other thanthe state of Missouri (out-of-state issuers) in connection with issuance ofbonds, notes or other evidence of indebtedness by such out-of-state issuersfor educational facilities and health facilities located within the state ofMissouri.

2. In connection with such financing by out-of-state issuers, theauthority is designated as the only entity in the state of Missouri which mayconduct the public hearing of the applicable governmental unit required bySection 147(f) of the Internal Revenue Code of 1986, as amended, and thegovernor of the state of Missouri is designated as the only person or entityin the state of Missouri who may serve as the elected representative whichmust give approval on behalf of the applicable governmental unit pursuant toSection 147(f) of the Internal Revenue Code of 1986, as amended.

3. Following such hearing, the authority shall determine whether thefinancing should proceed with respect to educational facilities or healthfacilities located within the state of Missouri by an out-of-state issuer. Ifthe authority determines that the financing should not proceed, the financingshall not proceed relative to the Missouri facilities.

(L. 1998 H.B. 971, A.L. 1999 S.B. 276)