360.111. School districts or public community colleges may participate in a direct deposit agreement--participation a waiver of right to bankruptcy. - Missouri Statutes

School districts or public community colleges may participate in adirect deposit agreement--participation a waiver of right tobankruptcy.

360.111. Any school district or public community college which is not aparticipating district, as defined in section 360.106, with respect to aparticular issue of its bonds, notes or other financial obligations mayparticipate with the authority in a direct deposit agreement with respect tosuch issue of bonds, notes or other financial obligations. A direct depositagreement under sections 360.111 to 360.118 shall satisfy all requirements ofsubsection 6 of section 360.106 with regard to funding agreements ofparticipating districts, and such school district shall be subject to allrequirements applicable to participating districts under subsections 6 and 9of section 360.106 and shall have all powers granted to participatingdistricts under subsection 6 of section 360.106. A direct deposit agreementunder sections 360.111 to 360.118 shall include a complete waiver by theschool district or public community college of all powers, rights andprivileges conferred upon the school district or public community college toinstitute any action authorized by any act of the Congress of the UnitedStates relating to bankruptcy on the part of the school district or publiccommunity college. No school district or public community college shall beprecluded from participation with the authority pursuant to section 360.106with respect to any particular issue of bonds, notes or other financialobligations on the basis of the district's or college's participation with theauthority in a direct deposit agreement pursuant to sections 360.111 to360.118 with respect to any other issue of bonds, notes or other financialobligations.

(L. 1995 S.B. 301 § 360.111 subsec. 1, A.L. 2002 H.B. 1477, et al. merged with S.B. 947)