Bonds refunded, when--refunding bonds may include interest--how paid.
253.280. 1. The revenue bonds issued pursuant to sections253.210 to 253.280 may be refunded, in whole or in part, underany of the following circumstances:
(1) When any of the bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund to pay the bonds and the interest thereon;
(2) When any of the bonds are by their terms callable forpayment and redemption in advance of the date of their maturityand shall have been duly called for payment and redemption;
(3) When any of the bonds are by their terms callable forpayment and redemption in advance of the date of maturity and therefunding bonds are sold more than one year prior to the maturityor redemption date of the bonds being refunded, and the proceedsderived from the sale of the refunding bonds shall be depositedin escrow with the state treasurer or a bank or trust companylocated in the state of Missouri having full trust powers, andsuch proceeds shall be invested promptly in direct obligations ofthe United States of America or of its agencies orinstrumentalities, or in obligations, the principal of, andinterest on, which are guaranteed by the United States ofAmerica, which, together with the interest to be earned on suchobligations, will be sufficient for the payment of the principalof such bonds, the redemption premium thereon, if any, andinterest accrued to the date of maturity or redemption. Anymoneys and obligations which at any time shall be deposited withthe state treasurer or with such bank or trust company for thepurpose of paying and discharging any of the bonds shall beassigned, for the respective holders of the bonds, and suchmoneys shall be irrevocably appropriated to the payment anddischarge thereof;
(4) When any of the bonds are voluntarily surrendered by theholders for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued, includingrefunding bonds, the department of natural resources may make andissue refunding bonds in such amount as may be necessary to payoff and redeem the bonds to be refunded together with unpaid andpast due interest thereon and any premium which may be due underthe terms of the bonds, together also with the cost of issuingthe refunding bonds.
3. The refunding bonds shall be sold in the same manner asprovided in sections 253.210 to 253.280 for the sale of revenuebonds.
4. The proceeds of the refunding bonds shall be used to payoff, redeem and cancel such old bonds and interest and thepremium, if any due thereon or the refunding bonds may be issuedand delivered in exchange for a like par value amount of thebonds for which the refunding bonds were issued, except that norefunding bonds issued pursuant to sections 253.210 to 253.280shall be payable in more than twenty years from the date of issueor shall bear interest at a rate in excess of fourteen percentper annum.
5. The refunding bonds may be payable from the same sourcesas were pledged to the payment of the bonds refunded and, in thediscretion of the department of natural resources, may be payablefrom any other source which under sections 253.210 to 253.280 maybe pledged to the payment of revenue bonds.
Bonds refunded, when--refunding bonds may include interest--how paid.
253.280. 1. The revenue bonds issued pursuant to sections253.210 to 253.280 may be refunded, in whole or in part, underany of the following circumstances:
(1) When any of the bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund to pay the bonds and the interest thereon;
(2) When any of the bonds are by their terms callable forpayment and redemption in advance of the date of their maturityand shall have been duly called for payment and redemption;
(3) When any of the bonds are by their terms callable forpayment and redemption in advance of the date of maturity and therefunding bonds are sold more than one year prior to the maturityor redemption date of the bonds being refunded, and the proceedsderived from the sale of the refunding bonds shall be depositedin escrow with the state treasurer or a bank or trust companylocated in the state of Missouri having full trust powers, andsuch proceeds shall be invested promptly in direct obligations ofthe United States of America or of its agencies orinstrumentalities, or in obligations, the principal of, andinterest on, which are guaranteed by the United States ofAmerica, which, together with the interest to be earned on suchobligations, will be sufficient for the payment of the principalof such bonds, the redemption premium thereon, if any, andinterest accrued to the date of maturity or redemption. Anymoneys and obligations which at any time shall be deposited withthe state treasurer or with such bank or trust company for thepurpose of paying and discharging any of the bonds shall beassigned, for the respective holders of the bonds, and suchmoneys shall be irrevocably appropriated to the payment anddischarge thereof;
(4) When any of the bonds are voluntarily surrendered by theholders for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued, includingrefunding bonds, the department of natural resources may make andissue refunding bonds in such amount as may be necessary to payoff and redeem the bonds to be refunded together with unpaid andpast due interest thereon and any premium which may be due underthe terms of the bonds, together also with the cost of issuingthe refunding bonds.
3. The refunding bonds shall be sold in the same manner asprovided in sections 253.210 to 253.280 for the sale of revenuebonds.
4. The proceeds of the refunding bonds shall be used to payoff, redeem and cancel such old bonds and interest and thepremium, if any due thereon or the refunding bonds may be issuedand delivered in exchange for a like par value amount of thebonds for which the refunding bonds were issued, except that norefunding bonds issued pursuant to sections 253.210 to 253.280shall be payable in more than twenty years from the date of issueor shall bear interest at a rate in excess of fourteen percentper annum.
5. The refunding bonds may be payable from the same sourcesas were pledged to the payment of the bonds refunded and, in thediscretion of the department of natural resources, may be payablefrom any other source which under sections 253.210 to 253.280 maybe pledged to the payment of revenue bonds.
Bonds refunded, when--refunding bonds may include interest--how paid.
253.280. 1. The revenue bonds issued pursuant to sections253.210 to 253.280 may be refunded, in whole or in part, underany of the following circumstances:
(1) When any of the bonds have by their terms become due andpayable and there are not sufficient funds in the interest andsinking fund to pay the bonds and the interest thereon;
(2) When any of the bonds are by their terms callable forpayment and redemption in advance of the date of their maturityand shall have been duly called for payment and redemption;
(3) When any of the bonds are by their terms callable forpayment and redemption in advance of the date of maturity and therefunding bonds are sold more than one year prior to the maturityor redemption date of the bonds being refunded, and the proceedsderived from the sale of the refunding bonds shall be depositedin escrow with the state treasurer or a bank or trust companylocated in the state of Missouri having full trust powers, andsuch proceeds shall be invested promptly in direct obligations ofthe United States of America or of its agencies orinstrumentalities, or in obligations, the principal of, andinterest on, which are guaranteed by the United States ofAmerica, which, together with the interest to be earned on suchobligations, will be sufficient for the payment of the principalof such bonds, the redemption premium thereon, if any, andinterest accrued to the date of maturity or redemption. Anymoneys and obligations which at any time shall be deposited withthe state treasurer or with such bank or trust company for thepurpose of paying and discharging any of the bonds shall beassigned, for the respective holders of the bonds, and suchmoneys shall be irrevocably appropriated to the payment anddischarge thereof;
(4) When any of the bonds are voluntarily surrendered by theholders for exchange for refunding bonds.
2. For the purpose of refunding any bonds issued, includingrefunding bonds, the department of natural resources may make andissue refunding bonds in such amount as may be necessary to payoff and redeem the bonds to be refunded together with unpaid andpast due interest thereon and any premium which may be due underthe terms of the bonds, together also with the cost of issuingthe refunding bonds.
3. The refunding bonds shall be sold in the same manner asprovided in sections 253.210 to 253.280 for the sale of revenuebonds.
4. The proceeds of the refunding bonds shall be used to payoff, redeem and cancel such old bonds and interest and thepremium, if any due thereon or the refunding bonds may be issuedand delivered in exchange for a like par value amount of thebonds for which the refunding bonds were issued, except that norefunding bonds issued pursuant to sections 253.210 to 253.280shall be payable in more than twenty years from the date of issueor shall bear interest at a rate in excess of fourteen percentper annum.
5. The refunding bonds may be payable from the same sourcesas were pledged to the payment of the bonds refunded and, in thediscretion of the department of natural resources, may be payablefrom any other source which under sections 253.210 to 253.280 maybe pledged to the payment of revenue bonds.
