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Title VII CITIES, TOWNS AND VILLAGES

Chapter 91

previous next Effective - 28 Aug 1941bottom

  91.670.  Revenue bonds — rate of interest, sale. — Revenue bonds issued under sections 91.620 to 91.770 shall bear interest at such rate or rates not exceeding six percent per annum, payable semiannually, may be in one or more series, may bear such date or dates, may mature at such time or times not exceeding forty years from their respective dates, may be payable in such medium of payment, at such place or places, may carry such registration privileges, may be subject to such terms of redemption, may be executed in such manner, may contain such terms, covenants and conditions, and may be in such form, either coupon or registered, as such ordinance or resolution or subsequent ordinances or resolutions may provide.  Such bonds shall be deemed valid and negotiable without being presented to the state auditor for registration and certification.  Sections 108.240 and 108.250 shall not apply to bonds issued hereunder, and said bonds shall be sold at not less than par.  Said bonds may be sold at private sale to the United States of America or any agency, instrumentality or corporation thereof.  Unless sold to the United States of America or any agency, instrumentality or corporation thereof, said bonds shall be sold at public sale after notice of such sale published once at least five days prior to such sale in a newspaper circulating in the municipality and in a financial newspaper published in the city of St. Louis, Missouri, or Kansas City, Missouri.  Pending the preparation of the definitive bonds, interim receipts or certificates in such form and with such provisions as the governing body may determine may be issued to the purchaser or purchasers of bonds sold pursuant to sections 91.620 to 91.770.  Said bonds and interim receipts or certificates shall be fully negotiable for all the purposes.

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(L. 1941 p. 493 § 5)


---- end of effective   28 Aug 1941 ----

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