360.116. Payment of grants, procedure--refunding or refinancing existing bonds, net present value savings amount. - Missouri Statutes

Payment of grants, procedure--refunding or refinancing existingbonds, net present value savings amount.

360.116. 1. Payment of grants under sections 360.111 to 360.118shall be made from funds appropriated for such purpose under section164.303, RSMo. Payment shall be authorized by the commissioner ofeducation upon receipt of the closing legal opinion for the bonds by thecommissioner of education and a certification by the school district thatthe funds will be used for costs relating to projects approved under andsatisfying the qualifications and requirements of subsection 1 of section360.113.

2. Any refunding or refinancing of existing bonds of a schooldistrict under sections 360.111 to 360.118 shall have a net present valuesavings of at least one and one-half percent of the par amount of therefunded bonds.

(L. 1995 S.B. 301 § 360.111 subsecs. 8, 9)

Effective 6-27-95