Bonds, denomination, interest rate, contents--negotiable--income exempt from state tax--how sold.
164.261. 1. Revenue bonds issued under section 164.231shall be of such denomination, shall bear such rate of interestnot to exceed four percent per annum, and shall mature at suchtime within twenty years from the date of issuance thereof as theboard of directors of the school district determines. The bondsmay be either serial bonds or term bonds. Serial bonds may beissued with or without reservation of the right to call them forpayment or redemption in advance of their maturity, upon thegiving of notice and with or without the covenant requiring thepayment of a premium in the event of the call and redemptionprior to maturity as the board determines. Term bonds shallcontain a reservation of the right to call them for payment andredemption prior to maturity at such time and upon the giving ofnotice and upon the payment of such premium, if any, as theschool board determines. Each such bond shall bear on its face aprominent legend reading substantially as follows:
"THIS IS A REVENUE BOND ONLY AND THE HOLDER THEREOF SHALLNEVER HAVE ANY RIGHT TO DEMAND OR RECEIVE PAYMENT OF THEPRINCIPAL OR INTEREST THEREOF FROM ANY FUNDS RAISED OR TO BERAISED BY TAXATION."
2. The bonds when issued and sold shall be negotiableinstruments within the meaning of the law merchant and thenegotiable instruments law and the interest thereon is exemptfrom income taxes under the laws of the state of Missouri.
3. The bonds when issued may be sold at public sale tobrokers or others after giving such reasonable notice of the saleas is determined by the board, but, if sold to brokers or dealersfor resale, they shall be sold for not less than ninety-eightpercent of the par value thereof and accrued interest, or theboard may, in its discretion, provide for the sale of the bondspursuant to individual subscriptions therefor by purchasers forinvestment, in which case they shall not be sold for less thanthe par value thereof and accrued interest. The school boardmay, however, pay reasonable compensation to persons employed insoliciting or effecting such private subscriptions and purchases.
Bonds, denomination, interest rate, contents--negotiable--income exempt from state tax--how sold.
164.261. 1. Revenue bonds issued under section 164.231shall be of such denomination, shall bear such rate of interestnot to exceed four percent per annum, and shall mature at suchtime within twenty years from the date of issuance thereof as theboard of directors of the school district determines. The bondsmay be either serial bonds or term bonds. Serial bonds may beissued with or without reservation of the right to call them forpayment or redemption in advance of their maturity, upon thegiving of notice and with or without the covenant requiring thepayment of a premium in the event of the call and redemptionprior to maturity as the board determines. Term bonds shallcontain a reservation of the right to call them for payment andredemption prior to maturity at such time and upon the giving ofnotice and upon the payment of such premium, if any, as theschool board determines. Each such bond shall bear on its face aprominent legend reading substantially as follows:
"THIS IS A REVENUE BOND ONLY AND THE HOLDER THEREOF SHALLNEVER HAVE ANY RIGHT TO DEMAND OR RECEIVE PAYMENT OF THEPRINCIPAL OR INTEREST THEREOF FROM ANY FUNDS RAISED OR TO BERAISED BY TAXATION."
2. The bonds when issued and sold shall be negotiableinstruments within the meaning of the law merchant and thenegotiable instruments law and the interest thereon is exemptfrom income taxes under the laws of the state of Missouri.
3. The bonds when issued may be sold at public sale tobrokers or others after giving such reasonable notice of the saleas is determined by the board, but, if sold to brokers or dealersfor resale, they shall be sold for not less than ninety-eightpercent of the par value thereof and accrued interest, or theboard may, in its discretion, provide for the sale of the bondspursuant to individual subscriptions therefor by purchasers forinvestment, in which case they shall not be sold for less thanthe par value thereof and accrued interest. The school boardmay, however, pay reasonable compensation to persons employed insoliciting or effecting such private subscriptions and purchases.
Bonds, denomination, interest rate, contents--negotiable--income exempt from state tax--how sold.
164.261. 1. Revenue bonds issued under section 164.231shall be of such denomination, shall bear such rate of interestnot to exceed four percent per annum, and shall mature at suchtime within twenty years from the date of issuance thereof as theboard of directors of the school district determines. The bondsmay be either serial bonds or term bonds. Serial bonds may beissued with or without reservation of the right to call them forpayment or redemption in advance of their maturity, upon thegiving of notice and with or without the covenant requiring thepayment of a premium in the event of the call and redemptionprior to maturity as the board determines. Term bonds shallcontain a reservation of the right to call them for payment andredemption prior to maturity at such time and upon the giving ofnotice and upon the payment of such premium, if any, as theschool board determines. Each such bond shall bear on its face aprominent legend reading substantially as follows:
"THIS IS A REVENUE BOND ONLY AND THE HOLDER THEREOF SHALLNEVER HAVE ANY RIGHT TO DEMAND OR RECEIVE PAYMENT OF THEPRINCIPAL OR INTEREST THEREOF FROM ANY FUNDS RAISED OR TO BERAISED BY TAXATION."
2. The bonds when issued and sold shall be negotiableinstruments within the meaning of the law merchant and thenegotiable instruments law and the interest thereon is exemptfrom income taxes under the laws of the state of Missouri.
3. The bonds when issued may be sold at public sale tobrokers or others after giving such reasonable notice of the saleas is determined by the board, but, if sold to brokers or dealersfor resale, they shall be sold for not less than ninety-eightpercent of the par value thereof and accrued interest, or theboard may, in its discretion, provide for the sale of the bondspursuant to individual subscriptions therefor by purchasers forinvestment, in which case they shall not be sold for less thanthe par value thereof and accrued interest. The school boardmay, however, pay reasonable compensation to persons employed insoliciting or effecting such private subscriptions and purchases.
