360.050. Authority must act as lessor only — term of lease — rentals, how set. — The authority shall not have the power to operate any facility or facilities as a business other than as a lessor. Any lease of any facility or facilities entered into pursuant to the provisions of sections 360.010 to 360.140 shall be for a term not shorter than the longest maturity of any bonds issued to finance the facility or facilities or a portion thereof and shall provide for rentals adequate to pay the principal of and interest on the bonds as the same fall due and to create and maintain such reserves and accounts for depreciation as the authority shall determine to be necessary.
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(L. 1975 H.B. 70 § 8)
---- end of effective 28 Aug 1975 ----
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