238.242. 1. A district may at any time authorize or issuerevenue bonds for the purpose of paying all or any part of thecost of any project. Every issue of such bonds shall be payableout of the revenues of the district and may be further securedby other property of the district which may be pledged,assigned, mortgaged, or a security interest granted for suchpayment, without preference or priority of the first bondsissued, subject to any agreement with the holders of any otherbonds pledging any specified property or revenues. Such bondsshall be authorized by resolution of the district, and if issuedby the district, shall bear such date or dates, and shall matureat such time or times, but not in excess of forty years, as theresolution shall specify. Such bonds shall be in suchdenomination, bear interest at such rate or rates, be in suchform, either coupon or registered, be issued as current interestbonds, compound interest bonds, variable rate bonds, convertiblebonds, or zero coupon bonds, be issued in such manner, bepayable in such place or places and subject to redemption assuch resolution may provide notwithstanding the provisions ofsection 108.170, RSMo. The bonds may be sold at either publicor private sale, at such interest rates, and at such price orprices as the district shall determine.
2. Any issue of district bonds outstanding may be refundedat any time by the district by issuing its refunding bonds insuch amount as the district may deem necessary. Such bonds maynot exceed the amount sufficient to refund the principal of thebonds so to be refunded together with any unpaid interestthereon and any premiums, commissions, service fees, and otherexpenses necessary to be paid in connection with the refunding.Any such refunding may be effected whether the bonds to berefunded then shall have matured or thereafter shall mature,either by sale of the refunding bonds and the application of theproceeds thereof to the payment of the bonds being refunded orby the exchange of the refunding bonds for the bonds beingrefunded with the consent of the holder or holders of the bondsbeing refunded. Refunding bonds may be issued regardless ofwhether the bonds being refunded were issued in connection withthe same project or a separate project and regardless of whetherthe bonds proposed to be refunded shall be payable on the samedate or different dates or shall be due serially or otherwise.
3. If the proposed project is intended to be merged intothe state highways and transportation system for futuremaintenance under the commission's jurisdiction, the districtmay contract with the commission to assist it in issuingdistrict revenue bonds and refunding bonds. The district mayalso contract with the commission to issue commission revenuebonds and refunding bonds and to loan the proceeds thereof tothe district. Such bonds shall be authorized by commissionminute and shall be issued subject to conditions applicable tobonds issued by the district but as determined by the commissionrather than the district.
4. If the proposed project is intended to be merged into alocal transportation system for future maintenance under thelocal transportation authority's jurisdiction, the district maycontract with the local transportation authority to assist it inissuing district revenue bonds and refunding bonds. Thedistrict may also contract with the local transportationauthority to issue the local transportation authority's revenuebonds and refunding bonds and to loan the proceeds thereof tothe district. Such bonds shall be authorized by the localtransportation authority's ordinance or order and shall beissued subject to conditions applicable to bonds issued by thedistrict but as determined by the local transportation authorityrather than the district.
5. Bonds issued under this section shall exclusively be theresponsibility of the district payable solely out of districtfunds and property provided in sections 238.200 to 238.275 andshall not constitute a debt or liability of the state ofMissouri or any agency or political subdivision of the state.Neither the district, local transportation authority, nor thecommission shall be obligated to pay such bonds with any fundsother than those specifically pledged to repayment of the bonds.Any bonds issued by a district, a local transportationauthority, or the commission shall state on their face that theyare not obligations of the state of Missouri or any agency orpolitical subdivision thereof other than the district.
6. Bonds issued under this section, the interest thereon,or any proceeds from such bonds shall be exempt from taxation inthe state of Missouri for all purposes except the state estatetax.
238.242. 1. A district may at any time authorize or issuerevenue bonds for the purpose of paying all or any part of thecost of any project. Every issue of such bonds shall be payableout of the revenues of the district and may be further securedby other property of the district which may be pledged,assigned, mortgaged, or a security interest granted for suchpayment, without preference or priority of the first bondsissued, subject to any agreement with the holders of any otherbonds pledging any specified property or revenues. Such bondsshall be authorized by resolution of the district, and if issuedby the district, shall bear such date or dates, and shall matureat such time or times, but not in excess of forty years, as theresolution shall specify. Such bonds shall be in suchdenomination, bear interest at such rate or rates, be in suchform, either coupon or registered, be issued as current interestbonds, compound interest bonds, variable rate bonds, convertiblebonds, or zero coupon bonds, be issued in such manner, bepayable in such place or places and subject to redemption assuch resolution may provide notwithstanding the provisions ofsection 108.170, RSMo. The bonds may be sold at either publicor private sale, at such interest rates, and at such price orprices as the district shall determine.
2. Any issue of district bonds outstanding may be refundedat any time by the district by issuing its refunding bonds insuch amount as the district may deem necessary. Such bonds maynot exceed the amount sufficient to refund the principal of thebonds so to be refunded together with any unpaid interestthereon and any premiums, commissions, service fees, and otherexpenses necessary to be paid in connection with the refunding.Any such refunding may be effected whether the bonds to berefunded then shall have matured or thereafter shall mature,either by sale of the refunding bonds and the application of theproceeds thereof to the payment of the bonds being refunded orby the exchange of the refunding bonds for the bonds beingrefunded with the consent of the holder or holders of the bondsbeing refunded. Refunding bonds may be issued regardless ofwhether the bonds being refunded were issued in connection withthe same project or a separate project and regardless of whetherthe bonds proposed to be refunded shall be payable on the samedate or different dates or shall be due serially or otherwise.
3. If the proposed project is intended to be merged intothe state highways and transportation system for futuremaintenance under the commission's jurisdiction, the districtmay contract with the commission to assist it in issuingdistrict revenue bonds and refunding bonds. The district mayalso contract with the commission to issue commission revenuebonds and refunding bonds and to loan the proceeds thereof tothe district. Such bonds shall be authorized by commissionminute and shall be issued subject to conditions applicable tobonds issued by the district but as determined by the commissionrather than the district.
4. If the proposed project is intended to be merged into alocal transportation system for future maintenance under thelocal transportation authority's jurisdiction, the district maycontract with the local transportation authority to assist it inissuing district revenue bonds and refunding bonds. Thedistrict may also contract with the local transportationauthority to issue the local transportation authority's revenuebonds and refunding bonds and to loan the proceeds thereof tothe district. Such bonds shall be authorized by the localtransportation authority's ordinance or order and shall beissued subject to conditions applicable to bonds issued by thedistrict but as determined by the local transportation authorityrather than the district.
5. Bonds issued under this section shall exclusively be theresponsibility of the district payable solely out of districtfunds and property provided in sections 238.200 to 238.275 andshall not constitute a debt or liability of the state ofMissouri or any agency or political subdivision of the state.Neither the district, local transportation authority, nor thecommission shall be obligated to pay such bonds with any fundsother than those specifically pledged to repayment of the bonds.Any bonds issued by a district, a local transportationauthority, or the commission shall state on their face that theyare not obligations of the state of Missouri or any agency orpolitical subdivision thereof other than the district.
6. Bonds issued under this section, the interest thereon,or any proceeds from such bonds shall be exempt from taxation inthe state of Missouri for all purposes except the state estatetax.
238.242. 1. A district may at any time authorize or issuerevenue bonds for the purpose of paying all or any part of thecost of any project. Every issue of such bonds shall be payableout of the revenues of the district and may be further securedby other property of the district which may be pledged,assigned, mortgaged, or a security interest granted for suchpayment, without preference or priority of the first bondsissued, subject to any agreement with the holders of any otherbonds pledging any specified property or revenues. Such bondsshall be authorized by resolution of the district, and if issuedby the district, shall bear such date or dates, and shall matureat such time or times, but not in excess of forty years, as theresolution shall specify. Such bonds shall be in suchdenomination, bear interest at such rate or rates, be in suchform, either coupon or registered, be issued as current interestbonds, compound interest bonds, variable rate bonds, convertiblebonds, or zero coupon bonds, be issued in such manner, bepayable in such place or places and subject to redemption assuch resolution may provide notwithstanding the provisions ofsection 108.170, RSMo. The bonds may be sold at either publicor private sale, at such interest rates, and at such price orprices as the district shall determine.
2. Any issue of district bonds outstanding may be refundedat any time by the district by issuing its refunding bonds insuch amount as the district may deem necessary. Such bonds maynot exceed the amount sufficient to refund the principal of thebonds so to be refunded together with any unpaid interestthereon and any premiums, commissions, service fees, and otherexpenses necessary to be paid in connection with the refunding.Any such refunding may be effected whether the bonds to berefunded then shall have matured or thereafter shall mature,either by sale of the refunding bonds and the application of theproceeds thereof to the payment of the bonds being refunded orby the exchange of the refunding bonds for the bonds beingrefunded with the consent of the holder or holders of the bondsbeing refunded. Refunding bonds may be issued regardless ofwhether the bonds being refunded were issued in connection withthe same project or a separate project and regardless of whetherthe bonds proposed to be refunded shall be payable on the samedate or different dates or shall be due serially or otherwise.
3. If the proposed project is intended to be merged intothe state highways and transportation system for futuremaintenance under the commission's jurisdiction, the districtmay contract with the commission to assist it in issuingdistrict revenue bonds and refunding bonds. The district mayalso contract with the commission to issue commission revenuebonds and refunding bonds and to loan the proceeds thereof tothe district. Such bonds shall be authorized by commissionminute and shall be issued subject to conditions applicable tobonds issued by the district but as determined by the commissionrather than the district.
4. If the proposed project is intended to be merged into alocal transportation system for future maintenance under thelocal transportation authority's jurisdiction, the district maycontract with the local transportation authority to assist it inissuing district revenue bonds and refunding bonds. Thedistrict may also contract with the local transportationauthority to issue the local transportation authority's revenuebonds and refunding bonds and to loan the proceeds thereof tothe district. Such bonds shall be authorized by the localtransportation authority's ordinance or order and shall beissued subject to conditions applicable to bonds issued by thedistrict but as determined by the local transportation authorityrather than the district.
5. Bonds issued under this section shall exclusively be theresponsibility of the district payable solely out of districtfunds and property provided in sections 238.200 to 238.275 andshall not constitute a debt or liability of the state ofMissouri or any agency or political subdivision of the state.Neither the district, local transportation authority, nor thecommission shall be obligated to pay such bonds with any fundsother than those specifically pledged to repayment of the bonds.Any bonds issued by a district, a local transportationauthority, or the commission shall state on their face that theyare not obligations of the state of Missouri or any agency orpolitical subdivision thereof other than the district.
6. Bonds issued under this section, the interest thereon,or any proceeds from such bonds shall be exempt from taxation inthe state of Missouri for all purposes except the state estatetax.
