Effective - 23 Dec 1997
100.275. Bonds and notes issued — approved as investment, who may invest — tax exemptions, exceptions — power to contract with development agency. — 1. The board may at any time issue revenue bonds for the purpose of paying any part of the cost of any project or projects, or part thereof, and for the purpose of refunding any of its bonds or the bonds of any development agency. Every issue of its bonds shall be payable out of the revenues of the board which may be pledged for such payment, without preference or priority of the first bonds issued, subject to any agreement with the holders of any other bonds or pledging any specified revenues. The bonds shall be authorized by resolution of the board, shall bear such date or dates, and shall mature at such time or times, but not in excess of thirty years, as the resolution of the board shall specify. The bonds shall be in such denominations, bear interest at such rates, be in such form, either coupon or registered, be issued in such manner, be payable in such place or places and be subject to redemption as such resolution may provide. The bonds of the board may be sold at public or private sale, as the board may specify, at such price or prices as the board shall determine, but at not less than ninety-five percent of the principal amount thereof, and at such interest rate as the board shall determine, notwithstanding the provisions of section 108.170.
2. The board may issue notes payable from the proceeds of bonds to be issued in the future or from such other sources as the board may specify as in the case of bonds. Such notes shall mature in not more than five years and shall be sold at public or private sale, as the board may specify, at not less than ninety-five percent of the principal amount thereof and at such interest rate as the board shall determine, notwithstanding the provisions of section 108.170. The other details with respect to such notes shall be determined by the board as in the case of bonds.
3. The state shall not be liable on any notes or bonds of the board. Such notes or bonds shall not be a debt of the state and shall contain on the faces thereof a statement to such effect.
4. No member of the board nor any person authorized to execute notes or bonds of the board shall be liable personally on such notes or bonds or shall be subject to any personal liability or accountability by reason of the issuance thereof.
5. The notes and bonds of the board are securities in which all public bodies and political subdivisions of this state; all insurance companies and associations and all other persons carrying on an insurance business; all banks, trust companies, saving associations, savings and loan associations, credit unions, and investment companies; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons who now or may hereafter be authorized to invest in notes and bonds or other obligations of this state may properly and legally invest funds, including capital, in their control or belonging to them.
6. The board shall not be required to pay any taxes or any assessments whatsoever to this state, any political subdivision of this state, or any other governmental agency of this state. The notes and bonds of the board, and the income therefrom, shall, at all times, be exempt from any taxes and any assessments, except for estate taxes, gift taxes, and taxes on transfers.
7. Nothing contained in sections 100.250 to 100.297 shall be deemed to constitute a use of state funds or credit in violation of the provisions of Article III, Sections 37, 38(a) and 39, of the Missouri Constitution.
8. The board shall have the power to contract with any development agency to perform any governmental service, activity or undertaking which the contracting development agency is authorized by law to perform or to issue any bonds or notes which the contracting development agency is authorized by law to issue. Any such contract shall be authorized by the governing body of the development agency and by the board and shall state the purpose of the contract and the powers and duties of the parties thereunder. Any bonds or notes issued by the board on behalf of a development agency shall be entitled to the same security as if such bonds or notes were issued directly by the development agency. In addition to any other security for such bonds or notes, the board may secure such bonds, notes or other indebtedness in the manner described in section 100.297.
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(L. 1982 S.B. 681 § 6, A.L. 1985 H.B. 416, A.L. 1997 2d Ex. Sess. S.B. 1)
Effective 12-23-97
Structure Missouri Revised Statutes
Title VII - Cities, Towns and Villages
Chapter 100 - Industrial Development
Section 100.010 - Definitions.
Section 100.020 - Municipality may carry out industrial development projects.
Section 100.030 - Acceptance of federal grants or gifts.
Section 100.040 - Plans for industrial development to be made.
Section 100.090 - General obligation bonds authorized.
Section 100.100 - Revenue bonds authorized, how paid.
Section 100.105 - Municipality to file annual report on bond issuances with department, content.
Section 100.120 - Time for election — subsequent elections.
Section 100.130 - Municipality to fix terms and form of revenue bonds.
Section 100.140 - Sinking fund for revenue bonds.
Section 100.150 - Revenue bonds payable from revenues only — statement on bond.
Section 100.155 - Revenue bonds, municipalities, refunding issue authorized — form and terms.
Section 100.160 - Municipality to carry out plan on receipt of funds.
Section 100.170 - Construction to be under contract — how let, notice.
Section 100.190 - Property acquired may be sold.
Section 100.200 - Sales of industrial development property acquired with revenue bonds.
Section 100.250 - Title of act.
Section 100.255 - Definitions.
Section 100.270 - Board's powers and duties — rules, authority to promulgate.
Section 100.277 - Employment and business opportunities required to be provided, to whom.
Section 100.282 - Limitations on approval of loans.
Section 100.291 - Guarantees issued by board, when — application, fee — information required.
Section 100.292 - Guarantee agreement provisions.
Section 100.297 - Tax credit for owner of revenue bonds or notes, purpose, when, amount, limitation.
Section 100.300 - Short title.
Section 100.310 - Definitions.
Section 100.320 - Planned industrial expansion authority created, powers exercised, when.
Section 100.330 - Commissioners, number reduced, appointment, term, vacancies.
Section 100.340 - Commission, quorum, officers, legal services, how obtained.
Section 100.350 - Commissioner, expenses — certificate of appointment.
Section 100.360 - Commissioner, removal for cause, hearing.
Section 100.390 - Authority to be a body corporate and politic, powers and duties of authority.
Section 100.400 - Preparation and approval of plans, regulations governing.
Section 100.410 - Property in a project, how disposed of.
Section 100.420 - Authority may exercise power of eminent domain.
Section 100.430 - Bonds, issuance by authority.
Section 100.440 - Bonds, how issued, authorized and sold.
Section 100.445 - Allowable rates of interest.
Section 100.470 - Payment of bonds secured, how.
Section 100.480 - Powers of obligee granted by authority.
Section 100.490 - Obligee, rights of, exception.
Section 100.500 - Bonds or other obligations legal investments for enumerated purposes, when.
Section 100.530 - Public bodies may assist a project, how.
Section 100.540 - Sales by public body to authority, how made.
Section 100.550 - Cities may levy taxes or sell bonds to finance grants to an authority.
Section 100.560 - Two or more authorities may cooperate in a project.
Section 100.570 - Ad valorem tax benefits available, when.
Section 100.590 - Authority may assume projects of constitutional charter cities, when.
Section 100.610 - Law to be liberally construed.
Section 100.620 - Powers conferred in this law to be supplemental to existing powers.
Section 100.710 - Definitions.
Section 100.740 - Financing agreement, authority to enter into.
Section 100.750 - Financing agreement, contents.
Section 100.760 - Credit agreement, conditions.
Section 100.770 - Factors considered in awarding credit.
Section 100.790 - Agreement contents.
Section 100.800 - Noncompliance by eligible industry, determination, penalty.
Section 100.810 - Evaluation of program.
Section 100.820 - Program costs, how paid, assessments.
Section 100.830 - Special fund, purposes — certification by employer.