Missouri Revised Statutes
Chapter 360 - Missouri Health and Educational Facilities Act
Section 360.116 - Payment of grants, procedure — refunding or refinancing existing bonds, net present value savings amount.

Effective - 27 Jun 1995
360.116. Payment of grants, procedure — refunding or refinancing existing bonds, net present value savings amount. — 1. Payment of grants under sections 360.111 to 360.118 shall be made from funds appropriated for such purpose under section 164.303. Payment shall be authorized by the commissioner of education upon receipt of the closing legal opinion for the bonds by the commissioner of education and a certification by the school district that the funds will be used for costs relating to projects approved under and satisfying the qualifications and requirements of subsection 1 of section 360.113.
2. Any refunding or refinancing of existing bonds of a school district under sections 360.111 to 360.118 shall have a net present value savings of at least one and one-half percent of the par amount of the refunded bonds.
­­--------
(L. 1995 S.B. 301 § 360.111 subsecs. 8, 9)
Effective 6-27-95

<< Previous
Next >>

Structure Missouri Revised Statutes

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 360.020 - Authority established — membership, terms — vacancy, how filled — removal of member, when.

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 360.047 - Power of authority in issuance of bonds, notes or indebtedness — authority to conduct public hearings, when.

Section 360.050 - Authority must act as lessor only — term of lease — rentals, how set.

Section 360.055 - Acquisition of property authorized — participating health or educational institution, power to borrow funds from authority.

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 360.085 - Income of authority tax exempt — bonds deemed to be securities issued by public instrumentality.

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 360.105 - Financing by purchase of securities of participating institution authorized — such securities to be secured, how.

Section 360.106 - Definitions — bonds or notes issued for loans to or purchase of notes of school districts and community colleges — how secured — investment of funds — bids required for professional services furnished — report by authority due when.

Section 360.107 - Bonds or notes to finance working capital, security for — working capital defined.

Section 360.108 - Bonds or notes to finance self-insurance or risk management programs, effect of programs.

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 360.111 - School districts or public community colleges may participate in a direct deposit agreement — participation a waiver of right to bankruptcy.

Section 360.112 - Authority to serve as administrator for issuance — commissioner of education and state treasurer's authority.

Section 360.113 - Districts with direct deposit agreement eligible for one-time grant for each issue for construction or to refinance lease purchase grant, amount.

Section 360.114 - Authority to determine grant amount, actual cost of issuance, when — transfers to be at no cost to school district.

Section 360.115 - Proceeds of bond sales and fees collected are not revenue of the state.

Section 360.116 - Payment of grants, procedure — refunding or refinancing existing bonds, net present value savings amount.

Section 360.117 - Funding for grants less than amount of grants distributable, first priority construction or renovation projects.

Section 360.118 - Authority's power to invest, when — earnings attributable to district, distribution — law not applicable to finance new lease purchase agreement.

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.