☰ Revisor of Missouri

Title XIX MOTOR VEHICLES, WATERCRAFT AND AVIATION

Chapter 305

Effective - 28 Aug 1985 bottom

  305.315.  Bond issues authorized — interest rate — price of bonds — required provisions — refunding bonds, requirements. — 1.  The authority may from time to time issue bonds in anticipation of its income and revenues from any one or more authority airports and related facilities to accomplish any of the purposes of sections 305.300 to 305.333, and to refund such bonds, or any bonds assumed or guaranteed pursuant to the provisions of sections 305.300 to 305.333.  Such bonds shall be authorized by resolution and may be issued in one or more series, may bear such dates, mature at such time or times, bear interest at such rates, not exceeding the maximum amount allowed by law, payable semiannually, be in such form, be executed in such manner, including the use of facsimile signatures and seals, be payable in such medium of payment, at such places, be subject to such terms of redemption, with or without premium, and may be made registrable as to principal or as to both principal and interest, as the authority by resolution may provide.  Any bonds issued hereunder may be issued in denominations of five thousand dollars or any multiple thereof.  The bonds shall have all the qualities of negotiable paper within the meaning of such term as used in the laws of this state.  The bonds shall be sold at a price, so that the interest cost of the proceeds thereof shall not exceed the maximum allowed by law, payable semiannually, computed to maturity according to standard tables of bond values, and shall be sold in such manner and at such time as the authority shall determine at a public sale.  Pending the preparation or execution of definitive bonds, temporary receipts, certificates or bonds may be delivered to the purchasers or pledgees of these bonds.  No holder of any bond issued under this section shall ever have the right to compel any exercise of the taxing power of the state of Missouri or any political subdivision thereof to pay the bond or the interest thereon.  Each bond issued under this section shall recite in substance that the bond, including the interest thereon, is payable solely from the revenue pledged to the payment thereof or from any bonds issued for the purpose of refunding such bond, and that the bond does not constitute a debt of the authority or of the state of Missouri within any statutory or constitutional limitation of the state of Missouri.

  2.  Such bonds shall be executed by such officers of the authority as shall be designated by the authority.  Any bonds bearing the signature of officers in office at the date of signing thereof shall be valid and binding for all purposes, notwithstanding that before delivery thereof any or all such persons whose signatures appear thereon shall have ceased to be such officers.

  3.  The authority may provide for the issuance of refunding bonds if the bonds to be refunded are due or callable or redeemable by their terms on or prior to the date that the refunding bonds are issued, or will become due, callable or redeemable by their terms within twelve months after the date of issue of the refunding bonds, or if the bonds to be refunded even though not becoming due, callable, or redeemable within such period are voluntarily surrendered by the holders thereof for cancellation at the time of the issuance of the refunding bonds.  All or part of any issue may be so refunded and all parts of several issues may be refunded into a single issue of refunding bonds.  Provision may be made for including with the refunding bonds, as part of a single issue, bonds of the authority for any other purpose or purposes for which bonds are herein authorized to be issued.  Refunding bonds may be exchanged for not less than a like principal amount of the bonds authorized to be refunded, and may be sold or may be exchanged in part and sold in part.

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(L. 1985 S.B. 145 & 166 § 5)


---- end of effective   28 Aug 1985 ----

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