360.050. Authority must act as lessor only--term of lease--rentals, how set. - Missouri Statutes

Authority must act as lessor only--term of lease--rentals, howset.

360.050. The authority shall not have the power to operateany facility or facilities as a business other than as a lessor.Any lease of any facility or facilities entered into pursuant tothe provisions of sections 360.010 to 360.140 shall be for a termnot shorter than the longest maturity of any bonds issued tofinance the facility or facilities or a portion thereof and shallprovide for rentals adequate to pay the principal of and intereston the bonds as the same fall due and to create and maintain suchreserves and accounts for depreciation as the authority shalldetermine to be necessary.

(L. 1975 H.B. 70 § 8)