360.108. Bonds or notes to finance self-insurance or risk management programs, effect of programs. - Missouri Statutes

Bonds or notes to finance self-insurance or risk management programs,effect of programs.

360.108. 1. Notwithstanding any other provision of law tothe contrary, in addition to other powers granted to theauthority by sections 360.010 to 360.140, the authority shallhave the power to issue bonds or notes for the purpose of makingloans to, or purchasing the notes of, any educational institutionor health institution for the purpose of funding anyself-insurance program or obligation or risk management programfor the educational institution or health institution for theeducational institution or health institution relative toprofessional liability, general liability, tort claims, andrelated fees and expenses incurred in the defense and settlementthereof, including attorney's fees, including, but not limitedto, the funding of any reserves under an indenture with respectto same and all related costs of such financing, including, butnot limited to, all costs, charges, fees and expenses ofunderwriters, advisory lawyers, consultants, accountants and ofthe authority. Bonds or notes issued pursuant to this sectionmay be secured by a pledge of payments made to the authority bythe educational institution or health institution, by the notesof the educational institution or health institution, or bypooling of such payments or notes of two or more such entities.In connection with any financing pursuant to the power granted inthis section, the authority shall have all power as set forthelsewhere in sections 360.010 to 360.140.

2. Any self-insurance program or obligation or riskmanagement program funded pursuant to this section shall have thesame effect as the purchase of insurance by the entity asotherwise provided by law, and, as to partnerships, limitedpartnerships, joint ventures or other entities or any publicassociation, corporation or institution which is, or is owned oroperated by, any political subdivision of the state whichconstitutes a participating educational institution orparticipating health institution shall have the same effect as aself-insurance plan adopted by the governing body of anypolitical subdivision of the state.

(L. 1988 H.B. 1456)