Effective - 28 Aug 1987
33.541. Refunding bonds, when, requirements, powers of the board. — 1. The general obligation bonds issued pursuant to Section 37 of Article III of the Missouri Constitution may be refunded in whole or in part, in any of the following circumstances:
(1) When any such bonds are by their terms callable for payment and redemption in advance of their date of maturity and are duly called for payment and redemption; or
(2) When any such bonds are voluntarily surrendered by the holder or holders thereof in exchange for refunding bonds; or
(3) When rates of interest make it favorable to refund any bonds issued, otherwise when the board deems it advisable and in the best interest of the state to refund any bonds.
2. For the purpose of refunding any bonds issued pursuant to Section 37 of Article III of the Missouri Constitution, sections 33.300 to 33.540, and this section, including refunding bonds, the board may:
(1) Make and issue refunding bonds in the amount necessary to pay off and redeem the bonds to be refunded in advance of their maturity or redemption, or as the same mature or are called for redemption, together with unpaid and past due interest thereon and any premium which may be due under the terms of the bonds, together also with the cost of issuing the refunding bonds;
(2) Sell refunding bonds in the manner provided in sections 33.300 to 33.540, for the sale of general obligation bonds;
(3) Use the proceeds from the sale of refunding bonds to pay off, redeem and cancel the old bonds and coupons in advance of their maturity or redemption or as the same mature or are called for redemption, together with the past due interest and the premium, if any, due thereon, or the bonds may be issued and delivered in exchange for a like par value amount of bonds to refund which the refunding bonds were issued. No refunding bonds issued pursuant to Section 37 of Article III of the Missouri Constitution shall be payable in more than twenty-five years from the date thereof or shall bear interest at a rate or rates exceeding the rate permitted by law.
3. Payment of the refunding bonds and the interest thereon shall be secured by a pledge of the full faith, credit and resources of the state of Missouri. Bonds of two or more issues may be refunded by a single issue of refunding bonds.
4. Refunding bonds may be issued by the board pursuant to this section without further authorization of the general assembly. Any refunding bonds issued pursuant to this section shall not create an additional debt or liability for the purpose of calculating the limitation on the amount of bonds which the board may issue imposed by Section 37 of Article III of the Missouri Constitution.
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(L. 1986 S.B. 457, et al., A.L. 1987 H.B. 870)
Structure Missouri Revised Statutes
Chapter 33 - State Financial Administration
Section 33.030 - Powers and duties.
Section 33.035 - Readvancement of federal funds, preapproval not required.
Section 33.050 - Allocation of money — certification.
Section 33.060 - Commissioner of administration custodian of all account books of the state.
Section 33.065 - Obligations incurred, when.
Section 33.085 - Application for federal funds, copy to certain state officials.
Section 33.095 - Mileage allowance, employees of state and certain counties.
Section 33.100 - Salaries to be paid, how and when.
Section 33.101 - Employees may request monthly pay.
Section 33.102 - Deceased employee's unused vacation, compensation for, to whom paid.
Section 33.110 - Fiscal year defined — reports to general assembly.
Section 33.130 - Setoff in suits brought by state allowed, when.
Section 33.140 - Examination of witnesses and issuance of subpoenas.
Section 33.150 - Preserve all accounts and vouchers — destroy, when.
Section 33.160 - Form of warrant.
Section 33.170 - No warrant to be drawn or paid unless money appropriated for payment.
Section 33.190 - Lost or destroyed state check, procedure to replace — falsification, penalty.
Section 33.195 - Proceeds of unpaid check returned to fund and appropriation on which drawn.
Section 33.200 - Penalty for certification of unauthorized claims.
Section 33.202 - Penalties assessed by state agencies for late fees or reports, authorized, when.
Section 33.220 - Each department to submit estimates of money requirements.
Section 33.230 - Estimates to show expenditures of preceding biennium.
Section 33.240 - Estimates of anticipated revenue to be furnished.
Section 33.260 - Powers of governor-elect relative to budget.
Section 33.270 - Budget to legislature in printed form — contents.
Section 33.280 - Budget submitted to legislature within thirty days.
Section 33.290 - Work program and requested allotments of appropriations.
Section 33.300 - Board of fund commissioners — members — officers — duties.
Section 33.305 - Board of fund commissioners and board of public buildings, additional authority.
Section 33.320 - Fund commissioners to keep record of proceedings.
Section 33.330 - Renewal of defaced or mutilated bonds.
Section 33.340 - Defaced bonds to be surrendered to board of fund commissioners before renewed.
Section 33.350 - Commissioners to examine into validity of defaced bonds.
Section 33.360 - Endorsement of surrendered bonds.
Section 33.370 - Endorsement of duplicate bonds.
Section 33.380 - Lost bonds or coupons — application for renewal.
Section 33.390 - Bond to accompany statement — nature and amount of obligation.
Section 33.400 - Commissioners to issue duplicate bonds or coupons, when.
Section 33.410 - Issuance of duplicate bonds.
Section 33.420 - Endorsement of duplicate bonds.
Section 33.440 - Commissioners to select fiscal agent.
Section 33.450 - Fiscal agent to furnish board with statement.
Section 33.460 - Duty of fund commissioners to make requisition for amount of interest.
Section 33.520 - Deposits may be withdrawn.
Section 33.530 - Treasurer to keep cancelled bonds and coupons.
Section 33.540 - Treasurer to keep redeemed bond register.
Section 33.541 - Refunding bonds, when, requirements, powers of the board.
Section 33.543 - General revenue fund created.
Section 33.546 - Federal grant program fund created — deposits and disbursements — lapse.
Section 33.550 - Director of revenue authorized to accept gifts.
Section 33.563 - State institutions gift trust fund created.
Section 33.800 - Procedure to be established for performance-based review of state agencies.
Section 33.807 - Access to all records and assistance to house and senate committees, exceptions.
Section 33.825 - Citation of law.
Section 33.829 - Director of oversight to be federal mandate auditor.