Effective - 28 Aug 1967
100.470. Payment of bonds secured, how. — In connection with the issuance of bonds or the incurring of obligations under leases and in order to secure the payment of such bonds or obligations, an authority, in addition to its other powers, shall have power:
(1) To pledge all or any part of its gross or net rents, fees or revenues from projects to which its right then exists or may thereafter come into existence;
(2) To mortgage all or any part of its real or personal property in a project then owned or thereafter acquired;
(3) To covenant against pledging all or any part of its rents, fees and revenues from projects, or against mortgaging all or any part of its real or personal property in a project, to which its right or title then exists or may thereafter come into existence or against permitting or suffering any lien on such revenues or property; to covenant with respect to limitations on its right to sell, lease or otherwise dispose of any project or any part thereof; and to covenant as to what other, or additional, debts or obligations may be incurred by it;
(4) To covenant as to the bonds to be issued and as to the issuance of such bonds in escrow or otherwise, and as to the use and disposition of the proceeds thereof; to provide for the replacement of lost, destroyed or mutilated bonds; to covenant against extending the time for the payment of its bonds or interest thereon; and to covenant for the redemption of the bonds and to provide the terms and conditions thereof;
(5) To covenant, subject to the limitations contained in this law, as to the amount of revenues to be raised each year or other period of time by rents, fees and other revenues, and as to the use and disposition to be made thereof; to create or to authorize the creation of special funds for moneys held for operating costs, debt service, reserves, or other purposes, and to covenant as to the use and disposition of the moneys held in such funds;
(6) To prescribe the procedure, if any, by which the terms of any contract with bondholders may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given;
(7) To covenant as to the use, maintenance and replacement of any or all of its real or personal property, the insurance to be carried thereon and the use and disposition of insurance moneys, and to warrant its title to such property;
(8) To covenant as to the rights, liabilities, powers and duties arising upon the breach by it of any covenants, conditions or obligation; and to covenant and prescribe as to events of default and terms and conditions upon which any or all of its bonds or obligations shall become or may be declared due before maturity and as to the terms and conditions upon which such declaration and its consequences may be waived;
(9) To vest in any obligees of the authority the right to enforce the payment of the bonds or any covenants securing or relating to the bonds; to vest in any obligee or obligees holding a specified amount in bonds the right, in the event of a default by said authority, to take possession of and use, operate and manage any project or any part thereof, title to which is in the authority, or any funds connected therewith, and to collect the rents and revenues arising therefrom and to dispose of such moneys in accordance with the agreement of the authority with such obligees; to provide for the powers and duties of such obligees and to limit the liabilities thereof; and to provide the terms and conditions upon which such obligees may enforce any covenant or rights securing or relating to the bonds; and
(10) To exercise all or any part or combination of the powers herein granted; to make such covenants, other than and in addition to the covenants herein expressly authorized, and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its bonds, or, in the absolute discretion of said authority, as will tend to make the bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated herein.
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(L. 1967 p. 172 § 18)
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.