Effective - 28 Aug 1975
360.075. Bonds, how secured. — 1. The principal of and interest on any bonds issued by the authority shall be secured by a pledge of the revenues, rentals, and receipts out of which the same shall be made payable and may be secured by a trust indenture or mortgage or deed of trust, including assignment of leases or other contract rights of the authority thereunder, covering all or any part of the facilities from which the revenues, rentals, or receipts so pledged may be derived, including any enlargements of and additions to any such facilities thereafter made. The resolution under which the bonds are authorized to be issued and any such trust indenture, mortgage, or deed of trust may contain any agreements and provisions respecting the maintenance of the properties covered thereby, the fixing and collecting of rentals for any portions thereof leased by the authority to others, the creation and maintenance of special funds from such revenues, rentals, or receipts, and the rights and remedies available in the event of default, including the designation of a trustee, all as the authority shall deem advisable and not in conflict with the provisions hereof. Each pledge, agreement, lease, indenture, mortgage, and deed of trust made for the benefit or security of any of the bonds of the authority shall continue effective until the principal of and interest on the bonds for the benefit of which the same were made shall have been fully paid or provisions for such payment duly made. In the event of a default in the payment or in any agreement of the authority made as a part of the contract under which the bonds were issued, whether contained in the resolution authorizing the bonds or in any trust indenture, mortgage, or deed of trust executed as security therefor, the payment or agreement may be enforced by suit, mandamus, the appointment of a receiver in equity, foreclosure of any mortgage or deed of trust, or any one or more of these remedies.
2. In addition to the provisions of subsection 1 of this section, bonds of the authority may be secured by a pooling of leases whereby the authority may assign its rights, as lessor, and pledge rents under two or more leases of facilities with two or more participating health institutions or participating educational institutions, as lessees respectively, upon such terms as may be provided in the resolutions of the authority or as may be provided in a trust indenture authorized by the authority.
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(L. 1975 H.B. 70 § 13)
Structure Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Chapter 360 - Missouri Health and Educational Facilities Act
Section 360.010 - Short title.
Section 360.015 - Definitions.
Section 360.025 - Meetings to be open — quorum — notice — expenses of members.
Section 360.030 - Officers of authority, how selected — powers and duties, how fixed.
Section 360.035 - Bond required, amount of.
Section 360.040 - Conflict of interest not applicable, when.
Section 360.045 - Powers of authority — transfer of moneys to rebuild damaged infrastructure fund.
Section 360.046 - Missouri college savings bonds, purpose, guidelines established by authority.
Section 360.050 - Authority must act as lessor only — term of lease — rentals, how set.
Section 360.060 - Bonds, form of, terms — how sold.
Section 360.065 - Subsequent or additional issues of bonds, when — refunding bonds, when.
Section 360.070 - Bonds and interest coupons declared negotiable instruments.
Section 360.075 - Bonds, how secured.
Section 360.080 - Bonds not an obligation of the state.
Section 360.090 - Authority to be self-supporting, exception.
Section 360.095 - Initial planning service fee, amount of, how determined — proration of fee, when.
Section 360.100 - Conveyance to participating institution, when made.
Section 360.107 - Bonds or notes to finance working capital, security for — working capital defined.
Section 360.109 - Bonds or notes to finance desegregation of schools, powers of authority.
Section 360.110 - Sections 360.010 to 360.140 not exclusive of other provisions of law.
Section 360.115 - Proceeds of bond sales and fees collected are not revenue of the state.
Section 360.120 - Approved investments.
Section 360.125 - Bonds issued by authority, fiduciaries may invest in.
Section 360.130 - Facilities not public buildings.
Section 360.135 - Authority to be tax exempt — proceeds of bonds tax exempt, exception.
Section 360.140 - Authority assigned to the office of administration — report to director required.