360.105. Financing by purchase of securities of participating institution authorized--such securities to be secured, how.

MISSOURI STATUTES AND CODES

360.105. Financing by purchase of securities of participating institution authorized--such securities to be secured, how.

Financing by purchase of securities of participating institutionauthorized--such securities to be secured, how.

360.105. 1. Any other provision of sections 360.010 to360.140 to the contrary notwithstanding, the authority mayfinance the cost of a health or educational facility or of healthor educational facilities or refund outstanding indebtednessincurred prior to or after September 28, 1975, for theconstruction or acquisition of a health or educational facilityor of health or educational facilities by issuing its bonds forthe purpose of purchasing the securities of a participatinghealth institution or a participating educational institution.Any such securities shall have the same principal amounts,maturities, and interest rate or rates as the bonds so beingissued, shall be secured by a first mortgage lien on the healthor educational facility or facilities so being financed, subjectto such exceptions as the authority may approve, and created by amortgage instrument satisfactory to the authority, and may beinsured or guaranteed by others. Any such bonds shall be securedby a pledge of the securities under the trust indenture ormortgage and deed of trust creating such bonds, shall be payablesolely out of the payments to be made on the securities, andshall not exceed in principal amount the cost of the health oreducational facility or facilities as determined by theparticipating health institution or the participating educationalinstitution, as the case may be, and approved by the authority.In other respects any such bonds shall be subject to theprovisions of section 360.060 and the trust indenture or mortgageand deed of trust creating such bonds may contain such of theprovisions set forth in section 360.075 as the authority may deemappropriate.

2. In the event that a health or educational facility isfinanced pursuant to this section, the title to the facilityshall remain in the participating health institution or theparticipating educational institution owning the same, subject tothe lien of the mortgage securing the securities then beingpurchased, and there shall be no lease of the facility betweenthe authority and the institution.

3. The provisions of section 360.100 shall not apply to anyhealth facility or educational facility financed pursuant to thissection, but the authority shall return the securities purchasedthrough the issuance of bonds hereunder to the participatinghealth institution or the participating educational institution,as the case may be, issuing the securities when such bonds shallhave been fully paid and retired or when adequate provision shallhave been made to pay and retire the same fully, and all otherconditions of the trust agreement or indenture creating suchbonds shall have been satisfied and the lien thereof shall havebeen released in accordance with the provisions thereof.