State Codes and Statutes
Statutes > Missouri > T02 > C008 > 8_580Refunding of bonds, when, procedure.
8.580. 1. Bonds issued by the board of public buildings pursuant tothe provisions of sections 8.570 to 8.590 may be refunded, in whole or inpart, at any time whenever the board of public buildings determines thatsuch a refunding is in the best interest of the state or the board ofpublic buildings.
2. For the purpose of refunding any bonds issued hereunder, includingrefunding bonds, the board of public buildings may make and issue refundingbonds in the amount necessary to pay off and redeem the bonds to berefunded together with unpaid and past due interest thereon and any premiumwhich may be due under the terms of the bonds, together also with the costof issuing the refunding bonds, and may sell the same in like manner as isherein provided for the sale of bonds being refunded. Refunding bondsissued pursuant to sections 8.500 to 8.590 shall be payable in not morethan forty years from the date thereof and shall bear interest at a ratenot to exceed fifteen percent per annum.
3. The refunding bonds shall be payable from the same sources as werepledged to the payment of the bonds refunded thereby and in the discretionof the board of public buildings may be payable from any other sourceswhich pursuant to sections 8.500 to 8.590 may be pledged to the payment ofrevenue bonds issued hereunder. Bonds of two or more issues may berefunded by a single issue of refunding 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.
