Effective - 28 Aug 2002
108.140. Political subdivisions may refund, extend, unify indebtedness. — 1. The various counties in this state for themselves, as well as for and on behalf of any township, or other political subdivision for which the counties may have issued any general obligation bonds, and the several cities, school districts or other political corporations or subdivisions of the state, are hereby authorized to refund, extend, and unify the whole or part of their valid general obligation bonded indebtedness, or judgment indebtedness, and for such purpose may issue, negotiate, sell and deliver refunding general obligation bonds and with the proceeds therefrom pay off, redeem and cancel the bonds to be refunded in advance of their maturity or redemption or as the same mature or are called for redemption, or pay and cancel such judgment indebtedness, or such refunding general obligation bonds may be issued and delivered in exchange for and upon surrender and cancellation of the bonds refunded thereby, or such judgment indebtedness. School districts may pay costs and expenses related to issuing such refunding general obligation bonds from proceeds from the sale of such bonds. In no case shall the refunding general obligation bonds exceed the amount of the principal of the outstanding bond or judgment indebtedness to be refunded and the interest accrued thereon to the date of such refunding bonds. No refunding bond issued as provided in this subsection shall be payable in more than twenty years from the date thereof and such refunding bonds shall bear interest not to exceed the same rate as the bonds refunded, or judgment indebtedness; provided, that nothing in this section shall be so construed as to prohibit any county, city, school district, or other political corporation or subdivision of the state from refunding its general obligation bonded indebtedness without the submission of the question to a popular vote.
2. The various counties in this state for themselves, as well as for and on behalf of any township, or other political subdivision for which the counties may have issued any revenue bonds, notes or other obligations, and the several cities, school districts or other political corporations or subdivisions of the state, are hereby authorized to refund, extend, and unify the whole or part of their valid outstanding revenue bonds, notes or other obligations, and for such purpose may issue, negotiate, sell and deliver refunding revenue bonds, notes or other obligations and with the proceeds therefrom pay off, redeem and cancel the obligations to be refunded in advance of their maturity or redemption or as the same mature or are called for redemption, or such refunding revenue bonds, notes or other obligations may be issued and delivered in exchange for and upon surrender and cancellation of the obligations refunded thereby. In no case shall the refunding revenue bonds, notes or other obligations exceed the amount determined by the governing body of the issuing political corporation or subdivision to be necessary to pay or provide for the payment of the principal of the outstanding obligations to be refunded, together with the interest accrued thereon to the date of such refunding obligations and the interest to accrue thereon to the date of maturity or redemption of such obligations to be refunded and any premium which may be due under the terms of such obligations to be refunded and any amounts necessary for the payment of costs and expenses related to issuing such refunding obligations and to fund a debt service reserve fund for the obligations. All such refunding revenue bonds, notes or other obligations shall bear interest at such rates as the governing body of the issuing political subdivision shall provide, which rates of interest may exceed the rates of interest on the obligations being refunded but shall not exceed the maximum legal rate established by section 108.170. The refunding revenue bonds, notes or other obligations may be payable from the same sources as were pledged to the payment of the obligations refunded and, in the discretion of the governing body of the issuing political subdivision, may be payable from any other source which may be pledged to the payment of revenue bonds, notes or other obligations under any provision of law relating to the issuance of the obligations refunded. Nothing in this section shall be so construed as to prohibit any county, city, school district, or other political corporation or subdivision of the state from refunding its revenue bonded indebtedness without the submission of the question to a popular vote.
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(RSMo 1939 § 3279, A.L. 1945 p. 595, A.L. 1947 V. I p. 223, A.L. 1983 S.B. 181, A.L. 1993 H.B. 685, A.L. 2002 H.B. 1711)
Prior revisions: 1929 § 2892; 1919 § 1042; 1909 § 1249
Severability clause, see § 82.293.
Structure Missouri Revised Statutes
Title VIII - Public Officers and Employees, Bonds and Records
Chapter 108 - Bond Issues, Miscellaneous Provisions
Section 108.010 - County may become indebted, when — limitation.
Section 108.020 - Additional county indebtedness.
Section 108.030 - Interest and principal of indebtedness — annual tax on tangible property (county).
Section 108.040 - Election to authorize county indebtedness — petition.
Section 108.050 - Notice of election.
Section 108.060 - Form of ballot.
Section 108.070 - Vote required for approval — sale of bonds — tax to be imposed.
Section 108.080 - Bonds — denominations, interest rate — depositary (county).
Section 108.090 - County treasurer to sell bonds.
Section 108.100 - Bond registry, contents (county).
Section 108.120 - Road bonds — construction fund (county).
Section 108.130 - Funding of judgment indebtedness — bond issue therefor (county, municipality).
Section 108.140 - Political subdivisions may refund, extend, unify indebtedness.
Section 108.150 - Refunding bonds — provision for payment of interest and principal.
Section 108.160 - Record of redemption and cancellation.
Section 108.180 - Bond issue — funds kept separate.
Section 108.190 - Violation a misdemeanor — penalty.
Section 108.200 - Surplus funds for purchase of bonds.
Section 108.210 - Sale of bonds and purchase of new bonds.
Section 108.230 - Bond issue funds exempt from attachment and execution.
Section 108.240 - Bonds to be certified by state auditor — validity — defenses.
Section 108.250 - Auditor's fee for registering bonds — transmitted to director of revenue.
Section 108.270 - Auditor to certify annually amount required to pay interest, costs.
Section 108.280 - May levy larger tax — must certify to auditor bonds redeemed.
Section 108.290 - Registered bonds, lawful security.
Section 108.300 - Provisions not applicable to certain counties, cities or school districts.
Section 108.310 - Petition for pro forma decree.
Section 108.320 - Notice of presentation of petition — intervening petition.
Section 108.330 - Hearing — court order.
Section 108.350 - Court to determine appeal without delay.
Section 108.400 - Refunding bonds authorized.
Section 108.405 - Refunding bonds, how issued.
Section 108.450 - Definitions — authority to issue bonds, form — restrictions.
Section 108.465 - County defined to include certain cities.
Section 108.470 - Discrimination in granting of loans is unlawful.
Section 108.500 - Definitions.
Section 108.502 - Allocation to bond issuers, state ceiling used.
Section 108.508 - State ceiling for each calendar year, how calculated.
Section 108.512 - Notification of approval, rejection — expiration of approved allocation.
Section 108.518 - Extension procedure — time authorized — bonds not issued, expire when.
Section 108.520 - Certification of bonds.
Section 108.522 - Carry-forward election, procedure.
Section 108.524 - Expiration, resubmission of application.
Section 108.526 - Report of all private activity bonds issued, when — procedure.
Section 108.528 - Violations, effect.
Section 108.530 - State ceiling, revision of, director to make recommendations, when.
Section 108.532 - Allocation of state ceiling, law applicable, when.
Section 108.902 - Bonds, how registered.
Section 108.903 - Bonds, how sold, deposits — proceeds — expenses of sale, how paid.
Section 108.905 - Appropriations from fund, purposes — distribution.
Section 108.906 - Projects to be authorized by general assembly, exceptions.
Section 108.907 - Third state building fund, deposits, how made — interest to accrue to fund.
Section 108.908 - Third state building bond interest and sinking fund created, how used.
Section 108.910 - Tangible property tax, when levied.
Section 108.912 - Bonds, principal and interest, how paid — repurchase, when.
Section 108.913 - Treasurer to report on bond transactions to general assembly.
Section 108.927 - Bonds, how registered.
Section 108.929 - Proceeds of sales paid into fourth state building fund.
Section 108.1000 - Definitions — issuance of bonds, when — federal tax credits.
Section 108.1010 - Allocation of recovery zone bonds, to whom — application — rulemaking authority.