Refunding bonds, when, requirements, powers of the board.
33.541. 1. The general obligation bonds issued pursuant tosection 37 of article III of the Missouri Constitution may berefunded in whole or in part, in any of the followingcircumstances:
(1) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andare duly called for payment and redemption; or
(2) When any such bonds are voluntarily surrendered by theholder or holders thereof in exchange for refunding bonds; or
(3) When rates of interest make it favorable to refund anybonds issued, otherwise when the board deems it advisable and inthe best interest of the state to refund any bonds.
2. For the purpose of refunding any bonds issued pursuant tosection 37 of article III of the Missouri Constitution, sections33.300 to 33.540, and this section, including refunding bonds,the board may:
(1) Make and issue refunding bonds in the amount necessaryto pay off and redeem the bonds to be refunded in advance oftheir maturity or redemption, or as the same mature or are calledfor redemption, together with unpaid and past due interestthereon and any premium which may be due under the terms of thebonds, together also with the cost of issuing the refundingbonds;
(2) Sell refunding bonds in the manner provided in sections33.300 to 33.540, for the sale of general obligation bonds;
(3) Use the proceeds from the sale of refunding bonds to payoff, redeem and cancel the old bonds and coupons in advance oftheir maturity or redemption or as the same mature or are calledfor redemption, together with the past due interest and thepremium, if any, due thereon, or the bonds may be issued anddelivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued.No refunding bonds issued pursuant to section 37 of article IIIof the Missouri Constitution shall be payable in more thantwenty-five years from the date thereof or shall bear interest ata rate or rates exceeding the rate permitted by law.
3. Payment of the refunding bonds and the interest thereonshall be secured by a pledge of the full faith, credit andresources of the state of Missouri. Bonds of two or more issuesmay be refunded by a single issue of refunding bonds.
4. Refunding bonds may be issued by the board pursuant tothis section without further authorization of the generalassembly. Any refunding bonds issued pursuant to this sectionshall not create an additional debt or liability for the purposeof calculating the limitation on the amount of bonds which theboard may issue imposed by section 37 of article III of theMissouri Constitution.
Refunding bonds, when, requirements, powers of the board.
33.541. 1. The general obligation bonds issued pursuant tosection 37 of article III of the Missouri Constitution may berefunded in whole or in part, in any of the followingcircumstances:
(1) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andare duly called for payment and redemption; or
(2) When any such bonds are voluntarily surrendered by theholder or holders thereof in exchange for refunding bonds; or
(3) When rates of interest make it favorable to refund anybonds issued, otherwise when the board deems it advisable and inthe best interest of the state to refund any bonds.
2. For the purpose of refunding any bonds issued pursuant tosection 37 of article III of the Missouri Constitution, sections33.300 to 33.540, and this section, including refunding bonds,the board may:
(1) Make and issue refunding bonds in the amount necessaryto pay off and redeem the bonds to be refunded in advance oftheir maturity or redemption, or as the same mature or are calledfor redemption, together with unpaid and past due interestthereon and any premium which may be due under the terms of thebonds, together also with the cost of issuing the refundingbonds;
(2) Sell refunding bonds in the manner provided in sections33.300 to 33.540, for the sale of general obligation bonds;
(3) Use the proceeds from the sale of refunding bonds to payoff, redeem and cancel the old bonds and coupons in advance oftheir maturity or redemption or as the same mature or are calledfor redemption, together with the past due interest and thepremium, if any, due thereon, or the bonds may be issued anddelivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued.No refunding bonds issued pursuant to section 37 of article IIIof the Missouri Constitution shall be payable in more thantwenty-five years from the date thereof or shall bear interest ata rate or rates exceeding the rate permitted by law.
3. Payment of the refunding bonds and the interest thereonshall be secured by a pledge of the full faith, credit andresources of the state of Missouri. Bonds of two or more issuesmay be refunded by a single issue of refunding bonds.
4. Refunding bonds may be issued by the board pursuant tothis section without further authorization of the generalassembly. Any refunding bonds issued pursuant to this sectionshall not create an additional debt or liability for the purposeof calculating the limitation on the amount of bonds which theboard may issue imposed by section 37 of article III of theMissouri Constitution.
Refunding bonds, when, requirements, powers of the board.
33.541. 1. The general obligation bonds issued pursuant tosection 37 of article III of the Missouri Constitution may berefunded in whole or in part, in any of the followingcircumstances:
(1) When any such bonds are by their terms callable forpayment and redemption in advance of their date of maturity andare duly called for payment and redemption; or
(2) When any such bonds are voluntarily surrendered by theholder or holders thereof in exchange for refunding bonds; or
(3) When rates of interest make it favorable to refund anybonds issued, otherwise when the board deems it advisable and inthe best interest of the state to refund any bonds.
2. For the purpose of refunding any bonds issued pursuant tosection 37 of article III of the Missouri Constitution, sections33.300 to 33.540, and this section, including refunding bonds,the board may:
(1) Make and issue refunding bonds in the amount necessaryto pay off and redeem the bonds to be refunded in advance oftheir maturity or redemption, or as the same mature or are calledfor redemption, together with unpaid and past due interestthereon and any premium which may be due under the terms of thebonds, together also with the cost of issuing the refundingbonds;
(2) Sell refunding bonds in the manner provided in sections33.300 to 33.540, for the sale of general obligation bonds;
(3) Use the proceeds from the sale of refunding bonds to payoff, redeem and cancel the old bonds and coupons in advance oftheir maturity or redemption or as the same mature or are calledfor redemption, together with the past due interest and thepremium, if any, due thereon, or the bonds may be issued anddelivered in exchange for a like par value amount of bonds torefund which the refunding bonds were issued.No refunding bonds issued pursuant to section 37 of article IIIof the Missouri Constitution shall be payable in more thantwenty-five years from the date thereof or shall bear interest ata rate or rates exceeding the rate permitted by law.
3. Payment of the refunding bonds and the interest thereonshall be secured by a pledge of the full faith, credit andresources of the state of Missouri. Bonds of two or more issuesmay be refunded by a single issue of refunding bonds.
4. Refunding bonds may be issued by the board pursuant tothis section without further authorization of the generalassembly. Any refunding bonds issued pursuant to this sectionshall not create an additional debt or liability for the purposeof calculating the limitation on the amount of bonds which theboard may issue imposed by section 37 of article III of theMissouri Constitution.
