Section 108.1000

Title VIII PUBLIC OFFICERS AND EMPLOYEES, BONDS AND RECORDS

Chapter 108

Effective - 28 Aug 2009   

  108.1000.  Definitions — issuance of bonds, when — federal tax credits. — 1.  As used in sections 108.1000 to 108.1020, the following terms mean:

  (1)  "Board", the Missouri development finance board;

  (2)  "Build America bonds", any bonds designated build America bonds pursuant to Section 54AA of the Internal Revenue Code of 1986, as amended;

  (3)  "Department", the department of economic development;

  (4)  "Eligible issuer", any development agency as defined in section 100.255, or any board, commission, or body corporate and politic of the state that is authorized to issue bonds under the constitution and laws of this state;

  (5)  "Recovery zone bonds", any recovery zone economic development bonds or recovery zone facility bonds that are allocated pursuant to Section 1400U-1 of the Internal Revenue Code of 1986, as amended.

  2.  The board may, at any time, issue build America bonds and recovery zone bonds for the purpose of paying any part of the cost of financing any qualifying project or projects, or part thereof, and for the purpose of purchasing any debt related to such project.  All bonds issued pursuant to this subsection shall be subject to section 100.275.  The board shall have all necessary power to carry out the provisions of sections 108.1000 to 108.1020.

  3.  Any eligible issuer shall have the power to designate bonds as build America bonds and recovery zone bonds subject to the provisions of law governing the issuance of bonds by such issuer.  The use of the proceeds of such bonds and the sources of repayment of such bonds shall be subject to all provisions of state and federal law governing such bonds.  Prior to issuance of any bonds by a state board or commission, all certifications and assurances, under the provisions of Section 1511 of Part A of the American Recovery and Reinvestment Act of 2009, Pub. L. No. 111-5, 123 Stat. 115 (2009), shall be made.

  4.  The issuance of build America bonds or recovery zone bonds may be combined with any other economic development program offered by the state.

  5.  The board may buy, sell, and broker federal tax credits issued in connection with build America bonds or recovery zone bonds.

­­--------

(L. 2009 H.B. 191)