State Codes and Statutes
Statutes > Missouri > T16 > C260 > 260_040Revenue bonds, issued when--sale, limitations--procedure--rate.
260.040. The authority may at any time issue revenue bondsfor the purpose of paying any part of the cost of any project orpart thereof. Every issue of its bonds shall be payable out ofthe revenues of the authority which may be pledged for suchpayment, without preference or priority of the first bondsissued, subject to any agreement with the holders of any otherbonds or pledging any specified revenues. The bonds shall beauthorized by resolution of the authority, shall bear such dateor dates, and shall mature at such time or times, but not inexcess of forty years, as the resolution shall specify. Thebonds shall be in such denomination, bear interest at such rate,be in such form, either coupon or registered, be issued in suchmanner, be payable in such place or places and be subject toredemption as such resolution may provide. The bonds of theauthority may be sold at public or private sale, as hereafterprovided, at such price or prices as the authority shalldetermine, but at not less than ninety-five percent of theprincipal amount thereof and at such interest rate as theauthority shall determine. Such bonds shall be sold at publicsale or, if the authority determines it is in the best interestof the authority, at private sale. The reason or reasons whyprivate sale is in the best interest of the authority shall beset forth in the order or resolution authorizing the privatesale. The decision of the authority shall be conclusive.
(L. 1972 H.B. 1041 § 8, A.L. 1976 S.B. 469, A.L. 1980 2d Ex. Sess. H.B. 5, et al., A.L. 1982 S.B. 506)Effective 4-30-82
