Section 644.505

Title XL ADDITIONAL EXECUTIVE DEPARTMENTS

Chapter 644

Effective - 18 Jun 1991, see footnote   

  644.505.  Bonds, when issued — denominations — interest, how set — form of bonds — treasurer's duties — auditor's duties. — As evidence of the indebtedness authorized by sections 644.500 to 644.561, there shall be issued, from time to time as occasion may require, negotiable bonds of the state of Missouri, in bearer form, which may be registrable as to principal or interest or both, or in fully registered form.  Such bonds may be issued as serial bonds, term bonds, or a combination of both types.  They shall be issued in denominations of one thousand dollars each, or multiples thereof, and shall bear dates to be fixed by the board of fund commissioners.  They shall bear such rate or rates of interest and may bear such conversion privileges as may be determined by the board of fund commissioners.  The interest thereon may be made payable, as determined by the board of fund commissioners.  The bonds shall mature in such annual installment or installments as may be determined by the board of fund commissioners, provided that no bonds shall become due later than twenty-five years from the date such bonds bear.  Both principal of and interest on the bonds may be made payable at such place or places, in or out of the state of Missouri, as the board of fund commissioners may designate, and if made payable at any place other than the office of the state treasurer at Jefferson City, Missouri, the state treasurer is authorized and directed to pay all expenses incident thereto.  Each separate issue of the bonds shall be given a series designation, either alphabetical or numerical as may be determined by the board of fund commissioners.  For the prompt payment of principal of the bonds at maturity and the interest thereon as it falls due, the full faith, credit and resources of the state of Missouri are hereby and herein irrevocably pledged.  The board may prescribe the form, details and incidents of the bonds, but they shall not be inconsistent with any of the provisions of sections 644.500 to 644.651.  Such bonds may have the great seal of the state of Missouri impressed thereon or affixed thereto or imprinted or otherwise reproduced thereon.  The bonds may, in the discretion of the board of fund commissioners, be executed by the facsimile signature of the governor attested by the great seal of the state of Missouri, and the facsimile signature of the secretary of state and countersigned with the facsimile signature of the state treasurer, but all such bonds shall be executed by the genuine signature of at least one of such officers; provided that if such bonds are to be authenticated by the bank or trust company acting as registrar for such bonds by the manual signature of a duly authorized officer or employee of such bank or trust company, the governor, secretary of state, and state treasurer executing and attesting such bonds may all do so by facsimile signature, provided that such signatures have been duly filed as provided in sections 105.273 to 105.278, when duly authorized by resolution of the board.  The provisions of section 108.175 shall not apply to such bonds.  Any coupons attached to the bonds, evidencing the interest payments to be made thereon, shall be executed by affixing thereon the facsimile signature of the state treasurer.  When directed so to do by the board of fund commissioners, the state auditor shall provide the bonds to be issued and lodge them with the state treasurer in whose custody and charge they shall remain until delivered to the purchaser thereof.  The board shall, by resolution, provide a method for registering any of the bonds as the title thereto may be transferred, and for paying the interest thereon as it falls due, and the board shall exchange registered bonds or bonds payable to bearer whenever requested by the holders thereof.  The bonds, signed, countersigned, endorsed and sealed, as provided in sections 644.500 to 644.561, when sold, shall be and constitute valid and binding obligations of the state of Missouri, although the sale thereof may be made at a date or dates after any officer whose signature is affixed thereto shall have ceased to be the incumbent of his office.

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(L. 1972 S.B. 596 § 2, A.L. 1982 2nd Ex. Sess. S.B. 4, A.L. 1991 S.B. 185)

Effective 6-18-91