Certificates, issue of, sale of--refunding certificates, issuedwhen--procedure on issuance--not deemed indebtedness of state orpolitical subdivision--rules and regulations, department ofeconomic development to promulgate, procedure--termination ofsales of certificates, when.
178.895. 1. To provide funds for the present payment of the costs ofnew jobs training programs, a community college district may borrow money andissue and sell certificates payable from a sufficient portion of the futurereceipts of payments authorized by the agreement including disbursements fromthe Missouri community college job training program to the special fundestablished by the district for each project. The total amount of outstandingcertificates sold by all community college districts shall not exceed twentymillion dollars, unless an increased amount is authorized in writing by amajority of members of the Missouri job training joint legislative oversightcommittee. The certificates shall be marketed through financial institutionsauthorized to do business in Missouri. The receipts shall be pledged to thepayment of principal of and interest on the certificates. Certificates may besold at public sale or at private sale at par, premium, or discount of notless than ninety-five percent of the par value thereof, at the discretion ofthe board of trustees, and may bear interest at such rate or rates as theboard of trustees shall determine, notwithstanding the provisions of section108.170, RSMo, to the contrary. However, chapter 176, RSMo, does not apply tothe issuance of these certificates. Certificates may be issued with respectto a single project or multiple projects and may contain terms or conditionsas the board of trustees may provide by resolution authorizing the issuance ofthe 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 determine if revenues provided in theagreement are sufficient to secure the faithful performance of obligations inthe 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 178.893 which are pledged in the agreement.
6. The department of economic development shall coordinate the new jobstraining program, and may promulgate rules that districts will use indeveloping projects with new and expanding industrial new jobs trainingproposals which shall include rules providing for the coordination of suchproposals with the service delivery areas established in the state toadminister federal funds pursuant to the federal Job Training Partnership Act. No rule or portion of a rule promulgated under the authority of sections178.892 to 178.896 shall become effective unless it has been promulgatedpursuant to the provisions of chapter 536, RSMo. All rulemaking authoritydelegated prior to June 27, 1997, is of no force and effect and repealed;however, nothing in this section shall be interpreted to repeal or affect thevalidity of any rule filed or adopted prior to June 27, 1997, if such rulecomplied with the provisions of chapter 536, RSMo. The provisions of thissection and chapter 536, RSMo, are nonseverable and if any of the powersvested with the general assembly pursuant to chapter 536, RSMo, including theability to review, to delay the effective date, or to disapprove and annul arule or portion of a rule, are subsequently held unconstitutional, then thepurported grant of rulemaking authority and any rule so proposed and containedin the order of rulemaking shall be invalid and void.
7. No community college district may sell certificates as described inthis section after July 1, 2018.
Certificates, issue of, sale of--refunding certificates, issuedwhen--procedure on issuance--not deemed indebtedness of state orpolitical subdivision--rules and regulations, department ofeconomic development to promulgate, procedure--termination ofsales of certificates, when.
178.895. 1. To provide funds for the present payment of the costs ofnew jobs training programs, a community college district may borrow money andissue and sell certificates payable from a sufficient portion of the futurereceipts of payments authorized by the agreement including disbursements fromthe Missouri community college job training program to the special fundestablished by the district for each project. The total amount of outstandingcertificates sold by all community college districts shall not exceed twentymillion dollars, unless an increased amount is authorized in writing by amajority of members of the Missouri job training joint legislative oversightcommittee. The certificates shall be marketed through financial institutionsauthorized to do business in Missouri. The receipts shall be pledged to thepayment of principal of and interest on the certificates. Certificates may besold at public sale or at private sale at par, premium, or discount of notless than ninety-five percent of the par value thereof, at the discretion ofthe board of trustees, and may bear interest at such rate or rates as theboard of trustees shall determine, notwithstanding the provisions of section108.170, RSMo, to the contrary. However, chapter 176, RSMo, does not apply tothe issuance of these certificates. Certificates may be issued with respectto a single project or multiple projects and may contain terms or conditionsas the board of trustees may provide by resolution authorizing the issuance ofthe 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 determine if revenues provided in theagreement are sufficient to secure the faithful performance of obligations inthe 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 178.893 which are pledged in the agreement.
6. The department of economic development shall coordinate the new jobstraining program, and may promulgate rules that districts will use indeveloping projects with new and expanding industrial new jobs trainingproposals which shall include rules providing for the coordination of suchproposals with the service delivery areas established in the state toadminister federal funds pursuant to the federal Job Training Partnership Act. No rule or portion of a rule promulgated under the authority of sections178.892 to 178.896 shall become effective unless it has been promulgatedpursuant to the provisions of chapter 536, RSMo. All rulemaking authoritydelegated prior to June 27, 1997, is of no force and effect and repealed;however, nothing in this section shall be interpreted to repeal or affect thevalidity of any rule filed or adopted prior to June 27, 1997, if such rulecomplied with the provisions of chapter 536, RSMo. The provisions of thissection and chapter 536, RSMo, are nonseverable and if any of the powersvested with the general assembly pursuant to chapter 536, RSMo, including theability to review, to delay the effective date, or to disapprove and annul arule or portion of a rule, are subsequently held unconstitutional, then thepurported grant of rulemaking authority and any rule so proposed and containedin the order of rulemaking shall be invalid and void.
7. No community college district may sell certificates as described inthis section after July 1, 2018.
Certificates, issue of, sale of--refunding certificates, issuedwhen--procedure on issuance--not deemed indebtedness of state orpolitical subdivision--rules and regulations, department ofeconomic development to promulgate, procedure--termination ofsales of certificates, when.
178.895. 1. To provide funds for the present payment of the costs ofnew jobs training programs, a community college district may borrow money andissue and sell certificates payable from a sufficient portion of the futurereceipts of payments authorized by the agreement including disbursements fromthe Missouri community college job training program to the special fundestablished by the district for each project. The total amount of outstandingcertificates sold by all community college districts shall not exceed twentymillion dollars, unless an increased amount is authorized in writing by amajority of members of the Missouri job training joint legislative oversightcommittee. The certificates shall be marketed through financial institutionsauthorized to do business in Missouri. The receipts shall be pledged to thepayment of principal of and interest on the certificates. Certificates may besold at public sale or at private sale at par, premium, or discount of notless than ninety-five percent of the par value thereof, at the discretion ofthe board of trustees, and may bear interest at such rate or rates as theboard of trustees shall determine, notwithstanding the provisions of section108.170, RSMo, to the contrary. However, chapter 176, RSMo, does not apply tothe issuance of these certificates. Certificates may be issued with respectto a single project or multiple projects and may contain terms or conditionsas the board of trustees may provide by resolution authorizing the issuance ofthe 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 determine if revenues provided in theagreement are sufficient to secure the faithful performance of obligations inthe 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 178.893 which are pledged in the agreement.
6. The department of economic development shall coordinate the new jobstraining program, and may promulgate rules that districts will use indeveloping projects with new and expanding industrial new jobs trainingproposals which shall include rules providing for the coordination of suchproposals with the service delivery areas established in the state toadminister federal funds pursuant to the federal Job Training Partnership Act. No rule or portion of a rule promulgated under the authority of sections178.892 to 178.896 shall become effective unless it has been promulgatedpursuant to the provisions of chapter 536, RSMo. All rulemaking authoritydelegated prior to June 27, 1997, is of no force and effect and repealed;however, nothing in this section shall be interpreted to repeal or affect thevalidity of any rule filed or adopted prior to June 27, 1997, if such rulecomplied with the provisions of chapter 536, RSMo. The provisions of thissection and chapter 536, RSMo, are nonseverable and if any of the powersvested with the general assembly pursuant to chapter 536, RSMo, including theability to review, to delay the effective date, or to disapprove and annul arule or portion of a rule, are subsequently held unconstitutional, then thepurported grant of rulemaking authority and any rule so proposed and containedin the order of rulemaking shall be invalid and void.
7. No community college district may sell certificates as described inthis section after July 1, 2018.
