360.075. Bonds, how secured.

MISSOURI STATUTES AND CODES

Bonds, how secured.

360.075. 1. The principal of and interest on any bondsissued by the authority shall be secured by a pledge of therevenues, rentals, and receipts out of which the same shall bemade payable and may be secured by a trust indenture or mortgageor deed of trust, including assignment of leases or othercontract rights of the authority thereunder, covering all or anypart of the facilities from which the revenues, rentals, orreceipts so pledged may be derived, including any enlargements ofand additions to any such facilities thereafter made. Theresolution under which the bonds are authorized to be issued andany such trust indenture, mortgage, or deed of trust may containany agreements and provisions respecting the maintenance of theproperties covered thereby, the fixing and collecting of rentalsfor any portions thereof leased by the authority to others, thecreation and maintenance of special funds from such revenues,rentals, or receipts, and the rights and remedies available inthe event of default, including the designation of a trustee, allas the authority shall deem advisable and not in conflict withthe provisions hereof. Each pledge, agreement, lease, indenture,mortgage, and deed of trust made for the benefit or security ofany of the bonds of the authority shall continue effective untilthe principal of and interest on the bonds for the benefit ofwhich the same were made shall have been fully paid or provisionsfor such payment duly made. In the event of a default in thepayment or in any agreement of the authority made as a part ofthe contract under which the bonds were issued, whether containedin the resolution authorizing the bonds or in any trustindenture, mortgage, or deed of trust executed as securitytherefor, the payment or agreement may be enforced by suit,mandamus, the appointment of a receiver in equity, foreclosure ofany mortgage or deed of trust, or any one or more of theseremedies.

2. In addition to the provisions of subsection 1 of thissection, bonds of the authority may be secured by a pooling ofleases whereby the authority may assign its rights, as lessor,and pledge rents under two or more leases of facilities with twoor more participating health institutions or participatingeducational institutions, as lessees respectively, upon suchterms as may be provided in the resolutions of the authority oras may be provided in a trust indenture authorized by theauthority.