Section 349.055

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 349

Effective - 28 Aug 1980   

  349.055.  Revenue bonds, issuance, provisions, sale. — The corporation may at any time issue revenue bonds for the purpose of paying any part of the cost of any project or part thereof.  Every issue of its bonds shall be payable out of the property and revenues of the corporation which may be pledged, assigned, mortgaged, or in which a security interest is granted for such payment, without preference or priority of the first bonds issued, subject to any agreement with the holders of any other bonds pledging any specified property or revenues.  Such bonds shall be authorized by resolution of the corporation, shall bear such date or dates, and shall mature at such time or times, but not in excess of forty years, as the resolution shall specify.  Such bonds shall be in such denomination, bear interest at such rate, be in such form, either coupon or registered, be issued in such manner, be payable in such place or places and be subject to redemption as such resolution may provide.  The bonds of the corporation may be sold at either public or private sale, at such price or prices as the corporation shall determine, but at not less than ninety-five percent of the principal amount thereof and at an interest rate not in excess of the maximum rate, if any, applicable to general and business corporations.

­­--------

(L. 1977 S.B. 267 § 10, A.L. 1980 H.B. 1582 & 1277)