Proceeds of bonds to be deposited in the tobacco securitizationsettlement trust fund, use of moneys--issuance of bonds, requirements.
8.545. 1. The net proceeds from bonds issued by the authority shall bedeposited in the tobacco securitization settlement trust fund and applied tothe governmental purposes provided in section 8.550 hereof. The net proceedsfrom such bonds may be used to implement sections 8.500 to 8.565 and carry outthe program plan. In connection with the issuance of bonds and subject to theterms of the sales agreement, the authority shall determine the terms andother details of the financing and the method of implementation of sections8.500 to 8.565. Bonds issued pursuant to this section may be secured by apledge of the authority's interest in any sales agreement and any othersources available to the authority with the exception of moneys in the tobaccosecuritization settlement trust fund. The authority shall also have the powerto issue refunding bonds, including advance refunding bonds, for the purposeof refunding previously issued bonds, and shall have the power to issue anyother types of bonds, debt obligations, and financing arrangements necessaryto fulfill the purposes of sections 8.500 to 8.565, including but not limitedto the issuance of debt obligations with a maturity of not more than one yearfrom the date of issue for the purpose of preserving any expenditure of moneysfrom the state general revenue fund for reimbursement from the proceeds of anybonds to be issued pursuant to sections 8.500 to 8.565. The state maytransfer to the authority funds designated in the state's budget for suchexpenditure for the purpose of securing such debt obligations. Such debtobligations may also be secured by a covenant of the authority to issue bondsunder sections 8.500 to 8.565. The purpose for the issuance of such debtobligations and the transfer of such moneys shall be to maximize theutilization of tax-exempt bonds by the authority.
2. The authority may issue its bonds in principal amounts which, in theopinion of the authority, are necessary to provide sufficient funds forachievement of its purposes, the payment of interest on its bonds, theestablishment of reserves to secure the bonds, the costs of issuance of itsbonds, and all other expenditures of the authority incident to and necessaryto carry out its purposes or powers. The bonds are investment securities andnegotiable instruments within the meaning of and for the purposes of theuniform commercial code.
3. Bonds issued by the authority are special obligations of theauthority payable solely and only out of the moneys, assets, or revenuespledged by the authority and are not a general obligation or indebtedness ofthe authority or an obligation or indebtedness of the state or any politicalsubdivision of the state. The authority shall not pledge the credit or taxingpower of the state or any political subdivision of the state, or create a debtor obligation of the state, or make its debts payable out of any moneys exceptthose of the authority specifically pledged to such purpose, and shall excludefrom any such pledge those moneys deposited in the tobacco securitizationsettlement trust fund.
4. Bonds issued by the authority shall state on their face that they arespecial obligations payable both as to principal and interest solely out ofthe assets of the authority pledged for their purpose and do not constitute anindebtedness of the state or any political subdivision of the state; aresecured solely by and payable solely from assets of the authority pledged forsuch purpose; constitute neither a general, legal, or moral obligation of thestate or any of its political subdivisions; and that the state has noobligation or intention to satisfy any deficiency or default of any payment ofthe bonds.
5. Any amount pledged by the authority to be received under the mastersettlement agreement shall be valid and binding at the time the pledge ismade. Amounts so pledged and then or thereafter received by the authorityshall immediately be subject to the lien of such pledge without any physicaldelivery thereof or further act. The lien of any such pledge shall be validand binding as against all parties having claims of any kind against theauthority, whether such parties have notice of the lien. Notwithstanding anyother provision to the contrary, the resolution of the authority or any otherinstrument by which a pledge is created need not be recorded or filed toperfect such pledge.
6. The bonds shall comply with all of the following:
(1) The bonds shall be in a form, issued in denominations, executed in amanner, and payable over terms, not to exceed forty-five years, and withrights of redemption, as the board prescribes in the resolution authorizingtheir issuance;
(2) The bonds shall be fully negotiable instruments under the laws ofthe state. The sale of bonds issued pursuant to this section may be completedon a negotiated or competitive basis, but in no event shall such bonds be soldfor less than ninety-five percent of the par value thereof, plus accruedinterest;
(3) The aggregate costs of issuance of any bonds or other obligationsissued by the authority (excluding insurance or other credit enhancement)shall not exceed one and one-half percent of the aggregate principal amount ofthe bonds, if the aggregate principal amount is equal to or greater than threehundred million dollars, or two percent of the aggregate principal amount ofthe bonds, if the aggregate principal amount is less than three hundredmillion dollars. The authority shall not procure insurance or other creditenhancement for the bonds unless the underwriter or the authority's financialadvisor certifies that the present value of the premium paid for suchinsurance or credit enhancement is less than the present value of the interestexpected to be saved as a result of the insurance or credit enhancement; and
(4) The bonds shall be subject to the terms, conditions, and covenantsproviding for the payment of the principal, redemption premiums, if any,interest which may be fixed or variable during any period the bonds areoutstanding, and other terms, conditions, covenants, and protective provisionssafeguarding payment, not inconsistent with sections 8.500 to 8.565 and asdetermined by resolution of the board authorizing their issuance.
7. All banks, bankers, trust companies, savings banks and institutions,building and loan associations, savings and loan associations, investmentcompanies, insurance companies and associations, and all executors,administrators, guardians, trustees, and other fiduciaries legally may investany sinking funds, moneys or other funds belonging to them or within theircontrol in any bonds issued pursuant to sections 8.500 to 8.565. Interest onthe authority's bonds shall be exempt from Missouri taxation in the state ofMissouri for all purposes except the state estate tax.
8. Following the approval of the board of public buildings, bonds may beissued by the authority pursuant to the provisions of sections 8.500 to 8.565pursuant to a resolution adopted by the affirmative vote of two-thirds of themembers of the board and no other proceedings shall be required therefor.However, a resolution authorizing the issuance of bonds may delegate to anofficer of the authority the power to negotiate and fix the details of anissue of bonds by an appropriate certificate of the authorized officer.
9. The state reserves the right at any time to alter, amend, repeal, orotherwise change the structure, organization, programs, or activities of theauthority, including the power to terminate the authority, except that a lawshall not be enacted that impairs any obligation made pursuant to a salesagreement or any contract entered into by the authority with or on behalf ofthe holders of the bonds.
(L. 2002 S.B. 1191)
Effective 6-07-02
*Section terminates upon satisfaction of all outstanding notes and obligations issued pursuant to sections 8.500 to 8.590. See section 8.589.
Proceeds of bonds to be deposited in the tobacco securitizationsettlement trust fund, use of moneys--issuance of bonds, requirements.
8.545. 1. The net proceeds from bonds issued by the authority shall bedeposited in the tobacco securitization settlement trust fund and applied tothe governmental purposes provided in section 8.550 hereof. The net proceedsfrom such bonds may be used to implement sections 8.500 to 8.565 and carry outthe program plan. In connection with the issuance of bonds and subject to theterms of the sales agreement, the authority shall determine the terms andother details of the financing and the method of implementation of sections8.500 to 8.565. Bonds issued pursuant to this section may be secured by apledge of the authority's interest in any sales agreement and any othersources available to the authority with the exception of moneys in the tobaccosecuritization settlement trust fund. The authority shall also have the powerto issue refunding bonds, including advance refunding bonds, for the purposeof refunding previously issued bonds, and shall have the power to issue anyother types of bonds, debt obligations, and financing arrangements necessaryto fulfill the purposes of sections 8.500 to 8.565, including but not limitedto the issuance of debt obligations with a maturity of not more than one yearfrom the date of issue for the purpose of preserving any expenditure of moneysfrom the state general revenue fund for reimbursement from the proceeds of anybonds to be issued pursuant to sections 8.500 to 8.565. The state maytransfer to the authority funds designated in the state's budget for suchexpenditure for the purpose of securing such debt obligations. Such debtobligations may also be secured by a covenant of the authority to issue bondsunder sections 8.500 to 8.565. The purpose for the issuance of such debtobligations and the transfer of such moneys shall be to maximize theutilization of tax-exempt bonds by the authority.
2. The authority may issue its bonds in principal amounts which, in theopinion of the authority, are necessary to provide sufficient funds forachievement of its purposes, the payment of interest on its bonds, theestablishment of reserves to secure the bonds, the costs of issuance of itsbonds, and all other expenditures of the authority incident to and necessaryto carry out its purposes or powers. The bonds are investment securities andnegotiable instruments within the meaning of and for the purposes of theuniform commercial code.
3. Bonds issued by the authority are special obligations of theauthority payable solely and only out of the moneys, assets, or revenuespledged by the authority and are not a general obligation or indebtedness ofthe authority or an obligation or indebtedness of the state or any politicalsubdivision of the state. The authority shall not pledge the credit or taxingpower of the state or any political subdivision of the state, or create a debtor obligation of the state, or make its debts payable out of any moneys exceptthose of the authority specifically pledged to such purpose, and shall excludefrom any such pledge those moneys deposited in the tobacco securitizationsettlement trust fund.
4. Bonds issued by the authority shall state on their face that they arespecial obligations payable both as to principal and interest solely out ofthe assets of the authority pledged for their purpose and do not constitute anindebtedness of the state or any political subdivision of the state; aresecured solely by and payable solely from assets of the authority pledged forsuch purpose; constitute neither a general, legal, or moral obligation of thestate or any of its political subdivisions; and that the state has noobligation or intention to satisfy any deficiency or default of any payment ofthe bonds.
5. Any amount pledged by the authority to be received under the mastersettlement agreement shall be valid and binding at the time the pledge ismade. Amounts so pledged and then or thereafter received by the authorityshall immediately be subject to the lien of such pledge without any physicaldelivery thereof or further act. The lien of any such pledge shall be validand binding as against all parties having claims of any kind against theauthority, whether such parties have notice of the lien. Notwithstanding anyother provision to the contrary, the resolution of the authority or any otherinstrument by which a pledge is created need not be recorded or filed toperfect such pledge.
6. The bonds shall comply with all of the following:
(1) The bonds shall be in a form, issued in denominations, executed in amanner, and payable over terms, not to exceed forty-five years, and withrights of redemption, as the board prescribes in the resolution authorizingtheir issuance;
(2) The bonds shall be fully negotiable instruments under the laws ofthe state. The sale of bonds issued pursuant to this section may be completedon a negotiated or competitive basis, but in no event shall such bonds be soldfor less than ninety-five percent of the par value thereof, plus accruedinterest;
(3) The aggregate costs of issuance of any bonds or other obligationsissued by the authority (excluding insurance or other credit enhancement)shall not exceed one and one-half percent of the aggregate principal amount ofthe bonds, if the aggregate principal amount is equal to or greater than threehundred million dollars, or two percent of the aggregate principal amount ofthe bonds, if the aggregate principal amount is less than three hundredmillion dollars. The authority shall not procure insurance or other creditenhancement for the bonds unless the underwriter or the authority's financialadvisor certifies that the present value of the premium paid for suchinsurance or credit enhancement is less than the present value of the interestexpected to be saved as a result of the insurance or credit enhancement; and
(4) The bonds shall be subject to the terms, conditions, and covenantsproviding for the payment of the principal, redemption premiums, if any,interest which may be fixed or variable during any period the bonds areoutstanding, and other terms, conditions, covenants, and protective provisionssafeguarding payment, not inconsistent with sections 8.500 to 8.565 and asdetermined by resolution of the board authorizing their issuance.
7. All banks, bankers, trust companies, savings banks and institutions,building and loan associations, savings and loan associations, investmentcompanies, insurance companies and associations, and all executors,administrators, guardians, trustees, and other fiduciaries legally may investany sinking funds, moneys or other funds belonging to them or within theircontrol in any bonds issued pursuant to sections 8.500 to 8.565. Interest onthe authority's bonds shall be exempt from Missouri taxation in the state ofMissouri for all purposes except the state estate tax.
8. Following the approval of the board of public buildings, bonds may beissued by the authority pursuant to the provisions of sections 8.500 to 8.565pursuant to a resolution adopted by the affirmative vote of two-thirds of themembers of the board and no other proceedings shall be required therefor.However, a resolution authorizing the issuance of bonds may delegate to anofficer of the authority the power to negotiate and fix the details of anissue of bonds by an appropriate certificate of the authorized officer.
9. The state reserves the right at any time to alter, amend, repeal, orotherwise change the structure, organization, programs, or activities of theauthority, including the power to terminate the authority, except that a lawshall not be enacted that impairs any obligation made pursuant to a salesagreement or any contract entered into by the authority with or on behalf ofthe holders of the bonds.
(L. 2002 S.B. 1191)
Effective 6-07-02
*Section terminates upon satisfaction of all outstanding notes and obligations issued pursuant to sections 8.500 to 8.590. See section 8.589.
Proceeds of bonds to be deposited in the tobacco securitizationsettlement trust fund, use of moneys--issuance of bonds, requirements.
8.545. 1. The net proceeds from bonds issued by the authority shall bedeposited in the tobacco securitization settlement trust fund and applied tothe governmental purposes provided in section 8.550 hereof. The net proceedsfrom such bonds may be used to implement sections 8.500 to 8.565 and carry outthe program plan. In connection with the issuance of bonds and subject to theterms of the sales agreement, the authority shall determine the terms andother details of the financing and the method of implementation of sections8.500 to 8.565. Bonds issued pursuant to this section may be secured by apledge of the authority's interest in any sales agreement and any othersources available to the authority with the exception of moneys in the tobaccosecuritization settlement trust fund. The authority shall also have the powerto issue refunding bonds, including advance refunding bonds, for the purposeof refunding previously issued bonds, and shall have the power to issue anyother types of bonds, debt obligations, and financing arrangements necessaryto fulfill the purposes of sections 8.500 to 8.565, including but not limitedto the issuance of debt obligations with a maturity of not more than one yearfrom the date of issue for the purpose of preserving any expenditure of moneysfrom the state general revenue fund for reimbursement from the proceeds of anybonds to be issued pursuant to sections 8.500 to 8.565. The state maytransfer to the authority funds designated in the state's budget for suchexpenditure for the purpose of securing such debt obligations. Such debtobligations may also be secured by a covenant of the authority to issue bondsunder sections 8.500 to 8.565. The purpose for the issuance of such debtobligations and the transfer of such moneys shall be to maximize theutilization of tax-exempt bonds by the authority.
2. The authority may issue its bonds in principal amounts which, in theopinion of the authority, are necessary to provide sufficient funds forachievement of its purposes, the payment of interest on its bonds, theestablishment of reserves to secure the bonds, the costs of issuance of itsbonds, and all other expenditures of the authority incident to and necessaryto carry out its purposes or powers. The bonds are investment securities andnegotiable instruments within the meaning of and for the purposes of theuniform commercial code.
3. Bonds issued by the authority are special obligations of theauthority payable solely and only out of the moneys, assets, or revenuespledged by the authority and are not a general obligation or indebtedness ofthe authority or an obligation or indebtedness of the state or any politicalsubdivision of the state. The authority shall not pledge the credit or taxingpower of the state or any political subdivision of the state, or create a debtor obligation of the state, or make its debts payable out of any moneys exceptthose of the authority specifically pledged to such purpose, and shall excludefrom any such pledge those moneys deposited in the tobacco securitizationsettlement trust fund.
4. Bonds issued by the authority shall state on their face that they arespecial obligations payable both as to principal and interest solely out ofthe assets of the authority pledged for their purpose and do not constitute anindebtedness of the state or any political subdivision of the state; aresecured solely by and payable solely from assets of the authority pledged forsuch purpose; constitute neither a general, legal, or moral obligation of thestate or any of its political subdivisions; and that the state has noobligation or intention to satisfy any deficiency or default of any payment ofthe bonds.
5. Any amount pledged by the authority to be received under the mastersettlement agreement shall be valid and binding at the time the pledge ismade. Amounts so pledged and then or thereafter received by the authorityshall immediately be subject to the lien of such pledge without any physicaldelivery thereof or further act. The lien of any such pledge shall be validand binding as against all parties having claims of any kind against theauthority, whether such parties have notice of the lien. Notwithstanding anyother provision to the contrary, the resolution of the authority or any otherinstrument by which a pledge is created need not be recorded or filed toperfect such pledge.
6. The bonds shall comply with all of the following:
(1) The bonds shall be in a form, issued in denominations, executed in amanner, and payable over terms, not to exceed forty-five years, and withrights of redemption, as the board prescribes in the resolution authorizingtheir issuance;
(2) The bonds shall be fully negotiable instruments under the laws ofthe state. The sale of bonds issued pursuant to this section may be completedon a negotiated or competitive basis, but in no event shall such bonds be soldfor less than ninety-five percent of the par value thereof, plus accruedinterest;
(3) The aggregate costs of issuance of any bonds or other obligationsissued by the authority (excluding insurance or other credit enhancement)shall not exceed one and one-half percent of the aggregate principal amount ofthe bonds, if the aggregate principal amount is equal to or greater than threehundred million dollars, or two percent of the aggregate principal amount ofthe bonds, if the aggregate principal amount is less than three hundredmillion dollars. The authority shall not procure insurance or other creditenhancement for the bonds unless the underwriter or the authority's financialadvisor certifies that the present value of the premium paid for suchinsurance or credit enhancement is less than the present value of the interestexpected to be saved as a result of the insurance or credit enhancement; and
(4) The bonds shall be subject to the terms, conditions, and covenantsproviding for the payment of the principal, redemption premiums, if any,interest which may be fixed or variable during any period the bonds areoutstanding, and other terms, conditions, covenants, and protective provisionssafeguarding payment, not inconsistent with sections 8.500 to 8.565 and asdetermined by resolution of the board authorizing their issuance.
7. All banks, bankers, trust companies, savings banks and institutions,building and loan associations, savings and loan associations, investmentcompanies, insurance companies and associations, and all executors,administrators, guardians, trustees, and other fiduciaries legally may investany sinking funds, moneys or other funds belonging to them or within theircontrol in any bonds issued pursuant to sections 8.500 to 8.565. Interest onthe authority's bonds shall be exempt from Missouri taxation in the state ofMissouri for all purposes except the state estate tax.
8. Following the approval of the board of public buildings, bonds may beissued by the authority pursuant to the provisions of sections 8.500 to 8.565pursuant to a resolution adopted by the affirmative vote of two-thirds of themembers of the board and no other proceedings shall be required therefor.However, a resolution authorizing the issuance of bonds may delegate to anofficer of the authority the power to negotiate and fix the details of anissue of bonds by an appropriate certificate of the authorized officer.
9. The state reserves the right at any time to alter, amend, repeal, orotherwise change the structure, organization, programs, or activities of theauthority, including the power to terminate the authority, except that a lawshall not be enacted that impairs any obligation made pursuant to a salesagreement or any contract entered into by the authority with or on behalf ofthe holders of the bonds.
(L. 2002 S.B. 1191)
Effective 6-07-02
*Section terminates upon satisfaction of all outstanding notes and obligations issued pursuant to sections 8.500 to 8.590. See section 8.589.
