State Codes and Statutes
Statutes > Missouri > T07 > C099 > 99_905Bond's rate of interest--maturing when--may be with or without rightto call for payment or redemption--minimum price of bond--salerequirements.
99.905. Revenue bonds issued pursuant to the provisions ofsections 99.875 to 99.912 shall be of such denomination, shallbear such rate or rates of interest not to exceed fourteenpercent per annum, and shall mature at such time or times, notexceeding thirty-five years from their date of issue, asdetermined by the governing body of the municipality in itsordinance directing the issuance of the bonds. The bonds may beeither serial bonds or term bonds and may be issued with orwithout reservation of the right to call them for payment orredemption in advance of their maturity, upon the giving ofnotice, and with or without a covenant requiring the payment of apremium in the event of a call for redemption prior to maturity.The bonds may be sold at such price or prices as the issuingmunicipality shall determine, but at not less than ninety-fourpercent of the principal amount thereof. Such bonds shall besold at public sale, or at private sale if the governing body ofthe municipality determines it is in the best interest of theissuing municipality to sell the bonds at private sale. Thereason or reasons that private sale is in the best interest ofthe issuing municipality shall be set forth in the ordinanceauthorizing the private sale. The decision of the governing bodyof the municipality shall be conclusive.
(L. 1992 H.B. 1434 & 1490 § 9 subsec. 7)
