State Codes and Statutes
Statutes > Missouri > T08 > C108 > 108_455Bond issue, requirements and restrictions--exempt from state and localincome tax.
108.455. 1. Revenue bonds issued pursuant to the provisionsof sections 108.450 to 108.470 shall be of such denomination,shall bear 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 county commission, or the legislative body ofthe county, in its order, resolution or ordinance directing theissuance of the bonds. The bonds may be either serial bonds orterm bonds and may be issued with or without reservation of theright to call them for payment or redemption in advance of theirmaturity, upon the giving of notice, and with or without acovenant requiring the payment of a premium in the event of acall for redemption prior to maturity. The bonds may be sold atsuch price or prices as the issuing county shall determine, butat not less than ninety-four percent of the principal amountthereof. Such bonds shall be sold at public sale or at privatesale if the applicable county commission or applicablelegislative body of the county determines it is in the bestinterest of the issuing county or counties to sell such bonds atprivate sale. The reason or reasons that private sale is in thebest interest of the issuing county or counties shall be setforth in the ordinance, order or resolution authorizing theprivate sale. The decision of the applicable county commissionor applicable county legislative body shall be conclusive.
2. The bonds when issued and sold shall be negotiableinstruments within the meaning of chapter 400, RSMo, and theinterest thereon shall be exempt from any state or local incometaxes under the laws of the state of Missouri. The provisions ofsection 409.402, RSMo, to the contrary notwithstanding, the bondsissued pursuant to the provisions of sections 108.450 to 108.470shall be subject to the provisions of sections 409.101 to409.418, RSMo, the Missouri uniform securities act.
(L. 1980 S.B. 554 § 2, A.L. 1981 S.B. 263)Effective 7-9-81
