Powers and duties of community college districts providingretained jobs training programs--certificates--notice--boardfindings--certificates not state or district indebtedness--rulemakingauthority--limitation on certificate sales.
178.763. 1. To provide funds for the present payment of the costs ofretained jobs training programs, a community college district may borrow moneyand issue and sell certificates payable from a sufficient portion of thefuture receipts of payments authorized by the agreement includingdisbursements from the Missouri community college job retention trainingprogram to the special fund established by the district for each project. Thetotal amount of outstanding certificates sold by all community collegedistricts shall not exceed fifteen million dollars, unless an increased amountis authorized in writing by a majority of members of the Missouri job trainingjoint legislative oversight committee. The certificates shall be marketedthrough financial institutions authorized to do business in Missouri. Thereceipts shall be pledged to the payment of principal of and interest on thecertificates. Certificates may be sold at public sale or at private sale atpar, premium, or discount of not less than ninety-five percent of the parvalue thereof, at the discretion of the board of trustees, and may bearinterest at such rate or rates as the board of trustees shall determine,notwithstanding the provisions of section 108.170, RSMo, to the contrary.However, chapter 176, RSMo, does not apply to the issuance of thesecertificates. Certificates may be issued with respect to a single project ormultiple projects and may contain terms or conditions as the board of trusteesmay provide by resolution authorizing the issuance of the certificates.
2. Certificates issued to refund other certificates may be sold atpublic sale or at private sale as provided in this section with the proceedsfrom the sale to be used for the payment of the certificates being refunded.The refunding certificates may be exchanged in payment and discharge of thecertificates being refunded, in installments at different times or an entireissue or series at one time. Refunding certificates may be sold or exchangedat any time on, before, or after the maturity of the outstanding certificatesto be refunded. They may be issued for the purpose of refunding a like,greater, or lesser principal amount of certificates and may bear a higher,lower, or equivalent rate of interest than the certificates being renewed orrefunded.
3. Before certificates are issued, the board of trustees shall publishonce a notice of its intention to issue the certificates, stating the amount,the purpose, and the project or projects for which the certificates are to beissued. A person may, within fifteen days after the publication of thenotice, by action in the circuit court of a county in the district, appeal thedecision of the board of trustees to issue the certificates. The action ofthe board of trustees in determining to issue the certificates is final andconclusive unless the circuit court finds that the board of trustees hasexceeded its legal authority. An action shall not be brought which questionsthe legality of the certificates, the power of the board of trustees to issuethe certificates, the effectiveness of any proceedings relating to theauthorization of the project, or the authorization and issuance of thecertificates from and after fifteen days from the publication of the notice ofintention to issue.
4. The board of trustees shall make a finding based on informationsupplied by the employer that revenues provided in the agreement aresufficient to secure the faithful performance of obligations in the agreement.
5. Certificates issued under this section shall not be deemed to be anindebtedness of the state or the community college district or of any otherpolitical subdivision of the state, and the principal and interest on suchcertificates shall be payable only from the sources provided in subdivision(1) of section 178.761 which are pledged in the agreement.
6. The department of economic development shall coordinate the retainedjobs training program, and may promulgate rules that districts will use indeveloping projects with industrial retained jobs training proposals whichshall include rules providing for the coordination of such proposals with theservice delivery areas established in the state to administer federal fundspursuant to the federal Workforce Investment Act. No rule or portion of arule promulgated pursuant to the authority of this section shall becomeeffective unless it has been promulgated pursuant to chapter 536, RSMo.
7. No community college district may sell certificates as described inthis section after July 1, 2014.
Powers and duties of community college districts providingretained jobs training programs--certificates--notice--boardfindings--certificates not state or district indebtedness--rulemakingauthority--limitation on certificate sales.
178.763. 1. To provide funds for the present payment of the costs ofretained jobs training programs, a community college district may borrow moneyand issue and sell certificates payable from a sufficient portion of thefuture receipts of payments authorized by the agreement includingdisbursements from the Missouri community college job retention trainingprogram to the special fund established by the district for each project. Thetotal amount of outstanding certificates sold by all community collegedistricts shall not exceed fifteen million dollars, unless an increased amountis authorized in writing by a majority of members of the Missouri job trainingjoint legislative oversight committee. The certificates shall be marketedthrough financial institutions authorized to do business in Missouri. Thereceipts shall be pledged to the payment of principal of and interest on thecertificates. Certificates may be sold at public sale or at private sale atpar, premium, or discount of not less than ninety-five percent of the parvalue thereof, at the discretion of the board of trustees, and may bearinterest at such rate or rates as the board of trustees shall determine,notwithstanding the provisions of section 108.170, RSMo, to the contrary.However, chapter 176, RSMo, does not apply to the issuance of thesecertificates. Certificates may be issued with respect to a single project ormultiple projects and may contain terms or conditions as the board of trusteesmay provide by resolution authorizing the issuance of the certificates.
2. Certificates issued to refund other certificates may be sold atpublic sale or at private sale as provided in this section with the proceedsfrom the sale to be used for the payment of the certificates being refunded.The refunding certificates may be exchanged in payment and discharge of thecertificates being refunded, in installments at different times or an entireissue or series at one time. Refunding certificates may be sold or exchangedat any time on, before, or after the maturity of the outstanding certificatesto be refunded. They may be issued for the purpose of refunding a like,greater, or lesser principal amount of certificates and may bear a higher,lower, or equivalent rate of interest than the certificates being renewed orrefunded.
3. Before certificates are issued, the board of trustees shall publishonce a notice of its intention to issue the certificates, stating the amount,the purpose, and the project or projects for which the certificates are to beissued. A person may, within fifteen days after the publication of thenotice, by action in the circuit court of a county in the district, appeal thedecision of the board of trustees to issue the certificates. The action ofthe board of trustees in determining to issue the certificates is final andconclusive unless the circuit court finds that the board of trustees hasexceeded its legal authority. An action shall not be brought which questionsthe legality of the certificates, the power of the board of trustees to issuethe certificates, the effectiveness of any proceedings relating to theauthorization of the project, or the authorization and issuance of thecertificates from and after fifteen days from the publication of the notice ofintention to issue.
4. The board of trustees shall make a finding based on informationsupplied by the employer that revenues provided in the agreement aresufficient to secure the faithful performance of obligations in the agreement.
5. Certificates issued under this section shall not be deemed to be anindebtedness of the state or the community college district or of any otherpolitical subdivision of the state, and the principal and interest on suchcertificates shall be payable only from the sources provided in subdivision(1) of section 178.761 which are pledged in the agreement.
6. The department of economic development shall coordinate the retainedjobs training program, and may promulgate rules that districts will use indeveloping projects with industrial retained jobs training proposals whichshall include rules providing for the coordination of such proposals with theservice delivery areas established in the state to administer federal fundspursuant to the federal Workforce Investment Act. No rule or portion of arule promulgated pursuant to the authority of this section shall becomeeffective unless it has been promulgated pursuant to chapter 536, RSMo.
7. No community college district may sell certificates as described inthis section after July 1, 2014.
Powers and duties of community college districts providingretained jobs training programs--certificates--notice--boardfindings--certificates not state or district indebtedness--rulemakingauthority--limitation on certificate sales.
178.763. 1. To provide funds for the present payment of the costs ofretained jobs training programs, a community college district may borrow moneyand issue and sell certificates payable from a sufficient portion of thefuture receipts of payments authorized by the agreement includingdisbursements from the Missouri community college job retention trainingprogram to the special fund established by the district for each project. Thetotal amount of outstanding certificates sold by all community collegedistricts shall not exceed fifteen million dollars, unless an increased amountis authorized in writing by a majority of members of the Missouri job trainingjoint legislative oversight committee. The certificates shall be marketedthrough financial institutions authorized to do business in Missouri. Thereceipts shall be pledged to the payment of principal of and interest on thecertificates. Certificates may be sold at public sale or at private sale atpar, premium, or discount of not less than ninety-five percent of the parvalue thereof, at the discretion of the board of trustees, and may bearinterest at such rate or rates as the board of trustees shall determine,notwithstanding the provisions of section 108.170, RSMo, to the contrary.However, chapter 176, RSMo, does not apply to the issuance of thesecertificates. Certificates may be issued with respect to a single project ormultiple projects and may contain terms or conditions as the board of trusteesmay provide by resolution authorizing the issuance of the certificates.
2. Certificates issued to refund other certificates may be sold atpublic sale or at private sale as provided in this section with the proceedsfrom the sale to be used for the payment of the certificates being refunded.The refunding certificates may be exchanged in payment and discharge of thecertificates being refunded, in installments at different times or an entireissue or series at one time. Refunding certificates may be sold or exchangedat any time on, before, or after the maturity of the outstanding certificatesto be refunded. They may be issued for the purpose of refunding a like,greater, or lesser principal amount of certificates and may bear a higher,lower, or equivalent rate of interest than the certificates being renewed orrefunded.
3. Before certificates are issued, the board of trustees shall publishonce a notice of its intention to issue the certificates, stating the amount,the purpose, and the project or projects for which the certificates are to beissued. A person may, within fifteen days after the publication of thenotice, by action in the circuit court of a county in the district, appeal thedecision of the board of trustees to issue the certificates. The action ofthe board of trustees in determining to issue the certificates is final andconclusive unless the circuit court finds that the board of trustees hasexceeded its legal authority. An action shall not be brought which questionsthe legality of the certificates, the power of the board of trustees to issuethe certificates, the effectiveness of any proceedings relating to theauthorization of the project, or the authorization and issuance of thecertificates from and after fifteen days from the publication of the notice ofintention to issue.
4. The board of trustees shall make a finding based on informationsupplied by the employer that revenues provided in the agreement aresufficient to secure the faithful performance of obligations in the agreement.
5. Certificates issued under this section shall not be deemed to be anindebtedness of the state or the community college district or of any otherpolitical subdivision of the state, and the principal and interest on suchcertificates shall be payable only from the sources provided in subdivision(1) of section 178.761 which are pledged in the agreement.
6. The department of economic development shall coordinate the retainedjobs training program, and may promulgate rules that districts will use indeveloping projects with industrial retained jobs training proposals whichshall include rules providing for the coordination of such proposals with theservice delivery areas established in the state to administer federal fundspursuant to the federal Workforce Investment Act. No rule or portion of arule promulgated pursuant to the authority of this section shall becomeeffective unless it has been promulgated pursuant to chapter 536, RSMo.
7. No community college district may sell certificates as described inthis section after July 1, 2014.
