Effective - 28 Aug 1975
360.080. Bonds not an obligation of the state. — Bonds issued under the provisions of sections 360.010 to 360.140 shall not be deemed to constitute a debt or liability of the state or of any political subdivision thereof or a pledge of the full faith and credit of the state or of any such political subdivision, but the bonds shall be payable solely from the funds provided for in sections 360.010 to 360.140. The issuance of bonds under the provisions of sections 360.010 to 360.140 shall not, directly, indirectly, or contingently, obligate the state or any political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. Nothing in this section shall prevent or be construed to prevent the authority from pledging the full faith and credit of a participating health institution or participating educational institution, as the case may be, to the payment of bonds authorized pursuant to sections 360.010 to 360.140. Nothing in sections 360.010 to 360.140 shall be construed to authorize the authority to create a debt of the state within the meaning of the constitution or statutes of the state of Missouri, and each bond issued by the authority pursuant to the provisions of sections 360.010 to 360.140 shall be payable and shall state on its face that it is payable solely from the funds pledged for its payment in accordance with the resolution authorizing its issuance or any trust indenture or mortgage or deed of trust executed as security therefor. The state shall not be liable in any event for the payment of the principal of or interest on any bonds of the authority or for the performance of any pledge, mortgage, obligation, or agreement of any kind whatsoever which may be undertaken by the authority. No breach of any such pledge, mortgage, obligation, or agreement may impose any pecuniary liability upon the state or any charge upon the general credit or taxing power of the state.
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(L. 1975 H.B. 70 § 14)
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.