Section 99.840

Title VII CITIES, TOWNS AND VILLAGES

Chapter 99

Effective - 28 Aug 1982   

  99.840.  Obligation, refunded to pay redevelopment costs, requirements — other obligations of municipality pledged to redevelopment may qualify. — 1.  A municipality may also issue its obligations to refund, in whole or in part, obligations theretofore issued by such municipality under the authority of sections 99.800 to 99.865, whether at or prior to maturity; provided, however, that the last maturity of the refunding obligations shall not be expressed to mature later than the last maturity date of the obligations to be refunded.

  2.  In the event a municipality issues obligations under home rule powers or other legislative authority, the proceeds of which are pledged to pay for redevelopment project costs, the municipality may, if it has followed the procedures in conformance with sections 99.800 to 99.865, retire such obligations from funds in the special allocation fund in amounts and in such manner as if such obligations had been issued pursuant to the provisions of sections 99.800 to 99.865.

­­--------

(L. 1982 H.B. 1411 & 1587 § 7)