Effective - 30 May 1990
238.242. Revenue bonds, authorized — procedures, requirements — refunding bonds — tax-exempt status. — 1. A district may at any time authorize or issue revenue bonds for the purpose of paying all or any part of the cost of any project. Every issue of such bonds shall be payable out of the revenues of the district and may be further secured by other property of the district which may be pledged, assigned, mortgaged, or a security interest granted for such payment, without preference or priority of the first bonds issued, subject to any agreement with the holders of any other bonds pledging any specified property or revenues. Such bonds shall be authorized by resolution of the district, and if issued by the district, shall bear such date or dates, and shall mature at such time or times, but not in excess of forty years, as the resolution shall specify. Such bonds shall be in such denomination, bear interest at such rate or rates, be in such form, either coupon or registered, be issued as current interest bonds, compound interest bonds, variable rate bonds, convertible bonds, or zero coupon bonds, be issued in such manner, be payable in such place or places and subject to redemption as such resolution may provide notwithstanding the provisions of section 108.170. The bonds may be sold at either public or private sale, at such interest rates, and at such price or prices as the district shall determine.
2. Any issue of district bonds outstanding may be refunded at any time by the district by issuing its refunding bonds in such amount as the district may deem necessary. Such bonds may not exceed the amount sufficient to refund the principal of the bonds so to be refunded together with any unpaid interest thereon and any premiums, commissions, service fees, and other expenses necessary to be paid in connection with the refunding. Any such refunding may be effected whether the bonds to be refunded then shall have matured or thereafter shall mature, either by sale of the refunding bonds and the application of the proceeds thereof to the payment of the bonds being refunded or by the exchange of the refunding bonds for the bonds being refunded with the consent of the holder or holders of the bonds being refunded. Refunding bonds may be issued regardless of whether the bonds being refunded were issued in connection with the same project or a separate project and regardless of whether the bonds proposed to be refunded shall be payable on the same date or different dates or shall be due serially or otherwise.
3. If the proposed project is intended to be merged into the state highways and transportation system for future maintenance under the commission's jurisdiction, the district may contract with the commission to assist it in issuing district revenue bonds and refunding bonds. The district may also contract with the commission to issue commission revenue bonds and refunding bonds and to loan the proceeds thereof to the district. Such bonds shall be authorized by commission minute and shall be issued subject to conditions applicable to bonds issued by the district but as determined by the commission rather than the district.
4. If the proposed project is intended to be merged into a local transportation system for future maintenance under the local transportation authority's jurisdiction, the district may contract with the local transportation authority to assist it in issuing district revenue bonds and refunding bonds. The district may also contract with the local transportation authority to issue the local transportation authority's revenue bonds and refunding bonds and to loan the proceeds thereof to the district. Such bonds shall be authorized by the local transportation authority's ordinance or order and shall be issued subject to conditions applicable to bonds issued by the district but as determined by the local transportation authority rather than the district.
5. Bonds issued under this section shall exclusively be the responsibility of the district payable solely out of district funds and property provided in sections 238.200 to 238.275 and shall not constitute a debt or liability of the state of Missouri or any agency or political subdivision of the state. Neither the district, local transportation authority, nor the commission shall be obligated to pay such bonds with any funds other than those specifically pledged to repayment of the bonds. Any bonds issued by a district, a local transportation authority, or the commission shall state on their face that they are not obligations of the state of Missouri or any agency or political subdivision thereof other than the district.
6. Bonds issued under this section, the interest thereon, or any proceeds from such bonds shall be exempt from taxation in the state of Missouri for all purposes except the state estate tax.
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(L. 1990 S.B. 479 & 649 § 52)
Effective 5-30-90
Structure Missouri Revised Statutes
Title XIV - Roads and Waterways
Chapter 238 - Transportation Districts and Transportation Corporations, Special Projects
Section 238.010 - Compact between Missouri and Kansas — powers and duties of authority.
Section 238.020 - Compact, when binding, where filed.
Section 238.030 - Authority may apply for approval of Congress.
Section 238.040 - Tax status of property and securities of authority.
Section 238.050 - Securities of authority recognized as lawful investments.
Section 238.060 - Commissioners, appointment, terms.
Section 238.070 - Qualifications of commissioners.
Section 238.080 - Compensation and expenses of commissioners.
Section 238.090 - Powers and duties of commissioners.
Section 238.100 - Additional powers and duties of commissioners.
Section 238.200 - Citation of law.
Section 238.202 - Definitions.
Section 238.205 - Purpose of district — district to be political subdivision.
Section 238.210 - Hearing, how conducted — opposition to district, how filed — appeals, how.
Section 238.212 - Notice to public, how.
Section 238.215 - Election, when — ballot, form of — results.
Section 238.217 - Costs of petition process, how paid.
Section 238.220 - Directors, election of, how, qualifications — advisors, appointed when, duties.
Section 238.227 - Funding mechanisms authorized — deposits with commission or authority, purpose.
Section 238.232 - Property tax, vote required — election, ballot form — collection of tax.
Section 238.233 - Collection of revenues.
Section 238.237 - Toll roads, allowed when — election, ballot form.
Section 238.240 - Indebtedness, authorized — bonds, authority to issue — limitations.
Section 238.245 - Property, district may purchase and control access.
Section 238.250 - Contractual powers.
Section 238.252 - Powers — generally.
Section 238.255 - Insurance, district may obtain — purposes — self-insurance not allowed, exception.
Section 238.257 - Projects, number of, changes — procedures, election required, ballot form.
Section 238.260 - Commission and authority may provide assistance, how.
Section 238.262 - Rules, commission may adopt.
Section 238.265 - Conveyance of property to district, how.
Section 238.267 - Projects, regulation of — treatment as part of state or local system, when.
Section 238.270 - Local transportation authority not to control project improvements, exception.
Section 238.272 - Audit authorized, when — costs, payment of.
Section 238.280 - Posting of increase in sales tax, when.
Section 238.300 - Citation of law.
Section 238.302 - Definitions.
Section 238.305 - Purpose of law.
Section 238.307 - Corporation, creation of, purpose — organization, nonprofit — tax-exempt status.
Section 238.312 - Articles of incorporation, contents, amendment — filing.
Section 238.317 - Bylaws, adoption and approval.
Section 238.320 - Project plans, commission approval of.
Section 238.322 - Funding mechanisms, allowable — deposits with commission, purpose.
Section 238.327 - Indebtedness authorized — bonds, may be issued.
Section 238.332 - Property, corporation may purchase and control access.
Section 238.337 - Contractual powers.
Section 238.340 - Powers — generally.
Section 238.342 - Indemnification of directors, employees.
Section 238.345 - Commission may provide assistance, how.
Section 238.347 - Rules, commission may adopt.
Section 238.350 - Projects, regulation of — treatment as part of highway system, when.
Section 238.355 - Dissolution by commission, procedures, limitations.
Section 238.357 - Dissolution by board, procedures.
Section 238.402 - County first class transit authority — powers, generally.
Section 238.406 - Instruments issued by transit authority to be recognized as securities.
Section 238.408 - Property held by transit authority — status for purposes of taxation.
Section 238.412 - Certain public officials prohibited from award of government funds.