Bonds issued to be revenue bonds only--form of bonds.
393.725. 1. Bonds issued pursuant to sections 393.700 to 393.770 bya commission shall be payable, as to the principal and interest, solelyfrom the net revenues derived from the operation of any one or more of theprojects financed by the commission, after providing for the costs ofoperation and maintenance of the project or projects, or from any otherfunds made available to the commission from sources other than fromproceeds of taxation.
2. Each bond issued pursuant to the provisions of sections 393.700 to393.770 shall contain a statement that such bond is not an indebtedness ofthe state, or of any political subdivision thereof, other than the jointmunicipal utility commission, or of the contracting municipalities, thecontracting public water supply districts or the contracting sewerdistricts, but shall be special obligations of the commission only and thatneither the faith and credit nor the taxing power of the state or of anypolitical subdivision thereof, or of the contracting municipalities,contracting public water supply districts or contracting sewer districts ispledged to the payment of or the interest on such bonds. The bonds shallnot be deemed to be an indebtedness within the meaning of anyconstitutional or statutory limitation upon the incurring of indebtedness.Neither the members of the board of directors of a commission nor anyperson executing the bonds shall be liable personally on the bonds byreason of the lawful issuance thereof.
3. A commission, subject to the provisions of sections 393.700 to393.770, may from time to time issue its bonds in such principal amounts asit deems necessary to provide sufficient funds to purchase, construct,extend or improve a project, including the establishment or increase ofreserves, interest accrued during construction of such project and for aperiod not exceeding one year after the completion of construction of suchproject, and the payment of all other costs or expenses of the commissionincident to and necessary or convenient to carry out its corporate purposesand powers.
4. Bonds of a commission shall be authorized by resolution of theboard of directors or by resolution of its executive committee if the boardhas delegated such authority and may be issued under such resolution orunder a trust indenture or other security instrument, as authorized by theresolution, in one or more series and shall bear such date or dates, matureat such time or times, bear interest at such rate or rates, be in suchdenomination or denominations, be in such form, either coupon, registeredor both, carry such conversion or registration privileges, have such rankor priority, be payable from any one or more projects, be executed in suchmanner, be payable in such medium of payment, at such place or placeswithin or without the state, and be subject to such terms of redemption,with or without premium, as such resolution, trust indenture or othersecurity instrument may provide, and without limitation by the provisionsof any other law limiting amounts, maturities or interest rates.
5. The bonds shall be sold at public sale or at private sale as thecommission may provide and at such price or prices as the commission shalldetermine. The decision of the commission shall be conclusive.
6. The bonds may be signed by manual or facsimile signatures asdetermined by resolution of the board or by resolution of the executivecommittee if the board has delegated such authority. In case any of theofficers whose signatures appear on any bonds or coupons shall cease to besuch officers before the delivery of such obligations, such signaturesshall, nevertheless, be valid and sufficient for all purposes, the same asif the officers had remained in office until such delivery.
7. Pending preparation of definitive bonds, a commission may issuetemporary bonds which shall be exchanged for the definitive bonds when suchbonds shall have been executed and are available for delivery.
8. All bonds issued under the provisions of sections 393.700 to393.770 shall be negotiable instruments pursuant to the provisions of theuniform commercial code of the state.
Bonds issued to be revenue bonds only--form of bonds.
393.725. 1. Bonds issued pursuant to sections 393.700 to 393.770 bya commission shall be payable, as to the principal and interest, solelyfrom the net revenues derived from the operation of any one or more of theprojects financed by the commission, after providing for the costs ofoperation and maintenance of the project or projects, or from any otherfunds made available to the commission from sources other than fromproceeds of taxation.
2. Each bond issued pursuant to the provisions of sections 393.700 to393.770 shall contain a statement that such bond is not an indebtedness ofthe state, or of any political subdivision thereof, other than the jointmunicipal utility commission, or of the contracting municipalities, thecontracting public water supply districts or the contracting sewerdistricts, but shall be special obligations of the commission only and thatneither the faith and credit nor the taxing power of the state or of anypolitical subdivision thereof, or of the contracting municipalities,contracting public water supply districts or contracting sewer districts ispledged to the payment of or the interest on such bonds. The bonds shallnot be deemed to be an indebtedness within the meaning of anyconstitutional or statutory limitation upon the incurring of indebtedness.Neither the members of the board of directors of a commission nor anyperson executing the bonds shall be liable personally on the bonds byreason of the lawful issuance thereof.
3. A commission, subject to the provisions of sections 393.700 to393.770, may from time to time issue its bonds in such principal amounts asit deems necessary to provide sufficient funds to purchase, construct,extend or improve a project, including the establishment or increase ofreserves, interest accrued during construction of such project and for aperiod not exceeding one year after the completion of construction of suchproject, and the payment of all other costs or expenses of the commissionincident to and necessary or convenient to carry out its corporate purposesand powers.
4. Bonds of a commission shall be authorized by resolution of theboard of directors or by resolution of its executive committee if the boardhas delegated such authority and may be issued under such resolution orunder a trust indenture or other security instrument, as authorized by theresolution, in one or more series and shall bear such date or dates, matureat such time or times, bear interest at such rate or rates, be in suchdenomination or denominations, be in such form, either coupon, registeredor both, carry such conversion or registration privileges, have such rankor priority, be payable from any one or more projects, be executed in suchmanner, be payable in such medium of payment, at such place or placeswithin or without the state, and be subject to such terms of redemption,with or without premium, as such resolution, trust indenture or othersecurity instrument may provide, and without limitation by the provisionsof any other law limiting amounts, maturities or interest rates.
5. The bonds shall be sold at public sale or at private sale as thecommission may provide and at such price or prices as the commission shalldetermine. The decision of the commission shall be conclusive.
6. The bonds may be signed by manual or facsimile signatures asdetermined by resolution of the board or by resolution of the executivecommittee if the board has delegated such authority. In case any of theofficers whose signatures appear on any bonds or coupons shall cease to besuch officers before the delivery of such obligations, such signaturesshall, nevertheless, be valid and sufficient for all purposes, the same asif the officers had remained in office until such delivery.
7. Pending preparation of definitive bonds, a commission may issuetemporary bonds which shall be exchanged for the definitive bonds when suchbonds shall have been executed and are available for delivery.
8. All bonds issued under the provisions of sections 393.700 to393.770 shall be negotiable instruments pursuant to the provisions of theuniform commercial code of the state.
Bonds issued to be revenue bonds only--form of bonds.
393.725. 1. Bonds issued pursuant to sections 393.700 to 393.770 bya commission shall be payable, as to the principal and interest, solelyfrom the net revenues derived from the operation of any one or more of theprojects financed by the commission, after providing for the costs ofoperation and maintenance of the project or projects, or from any otherfunds made available to the commission from sources other than fromproceeds of taxation.
2. Each bond issued pursuant to the provisions of sections 393.700 to393.770 shall contain a statement that such bond is not an indebtedness ofthe state, or of any political subdivision thereof, other than the jointmunicipal utility commission, or of the contracting municipalities, thecontracting public water supply districts or the contracting sewerdistricts, but shall be special obligations of the commission only and thatneither the faith and credit nor the taxing power of the state or of anypolitical subdivision thereof, or of the contracting municipalities,contracting public water supply districts or contracting sewer districts ispledged to the payment of or the interest on such bonds. The bonds shallnot be deemed to be an indebtedness within the meaning of anyconstitutional or statutory limitation upon the incurring of indebtedness.Neither the members of the board of directors of a commission nor anyperson executing the bonds shall be liable personally on the bonds byreason of the lawful issuance thereof.
3. A commission, subject to the provisions of sections 393.700 to393.770, may from time to time issue its bonds in such principal amounts asit deems necessary to provide sufficient funds to purchase, construct,extend or improve a project, including the establishment or increase ofreserves, interest accrued during construction of such project and for aperiod not exceeding one year after the completion of construction of suchproject, and the payment of all other costs or expenses of the commissionincident to and necessary or convenient to carry out its corporate purposesand powers.
4. Bonds of a commission shall be authorized by resolution of theboard of directors or by resolution of its executive committee if the boardhas delegated such authority and may be issued under such resolution orunder a trust indenture or other security instrument, as authorized by theresolution, in one or more series and shall bear such date or dates, matureat such time or times, bear interest at such rate or rates, be in suchdenomination or denominations, be in such form, either coupon, registeredor both, carry such conversion or registration privileges, have such rankor priority, be payable from any one or more projects, be executed in suchmanner, be payable in such medium of payment, at such place or placeswithin or without the state, and be subject to such terms of redemption,with or without premium, as such resolution, trust indenture or othersecurity instrument may provide, and without limitation by the provisionsof any other law limiting amounts, maturities or interest rates.
5. The bonds shall be sold at public sale or at private sale as thecommission may provide and at such price or prices as the commission shalldetermine. The decision of the commission shall be conclusive.
6. The bonds may be signed by manual or facsimile signatures asdetermined by resolution of the board or by resolution of the executivecommittee if the board has delegated such authority. In case any of theofficers whose signatures appear on any bonds or coupons shall cease to besuch officers before the delivery of such obligations, such signaturesshall, nevertheless, be valid and sufficient for all purposes, the same asif the officers had remained in office until such delivery.
7. Pending preparation of definitive bonds, a commission may issuetemporary bonds which shall be exchanged for the definitive bonds when suchbonds shall have been executed and are available for delivery.
8. All bonds issued under the provisions of sections 393.700 to393.770 shall be negotiable instruments pursuant to the provisions of theuniform commercial code of the state.
