Missouri Revised Statutes













Chapter 353

Urban Redevelopment Corporations Law

←353.140

Section 353.150.1

353.160→

August 28, 2015

Borrowing of money and giving of security by corporation.

353.150. 1. Any urban redevelopment corporation may borrow funds and

secure the repayment thereof by mortgage which shall contain reasonable

amortization provisions and shall be a lien upon no other real property

except that forming the whole or a part of a single development area.



2. Certificates, bonds and notes, or part interest therein, or any part

of an issue thereof, which are secured by a first mortgage on the real

property in a development area, or any part thereof, shall be securities in

which all the following persons, partnerships, or corporations and public

bodies or public officers may legally invest the funds within their control:



(1) Every executor, administrator, trustee, guardian, committee or other

person or corporation holding trust funds or acting in a fiduciary capacity;



(2) Persons, partnerships and corporations organized under or subject to

the provisions of the banking law (including savings banks, savings and loan

associations and trust companies);



(3) The state director of finance as conservator, liquidator or

rehabilitator of any such person, partnership or corporation;



(4) Persons, partnerships or corporations organized under or subject to

the provisions of the insurance law; fraternal benefit societies; and



(5) The state director of the department of insurance, financial

institutions and professional registration as conservator, liquidator or

rehabilitator of any such person, partnership or corporation.



3. Any mortgage on the real property in a development area, or any part

thereof, may create a first lien, or a second or other junior lien, upon such

real property.



4. Any urban redevelopment corporation may sell or otherwise dispose of

any or all of the real property acquired by it for the purposes of a

redevelopment project. In the event of the sale or other disposition of real

property of any urban redevelopment corporation by reason of the foreclosure

of any mortgage or other lien, through insolvency or bankruptcy proceedings,

by order of any court of competent jurisdiction, by voluntary transfer or

otherwise, and the purchaser of such real property of such redevelopment

corporation shall continue to use, operate and maintain such real property in

accordance with the provisions of any development plan, the legislative

authority of any city affected by the provisions of this chapter, may grant

the partial tax relief provided in section 353.110; but if such real property

shall be used for a purpose different than that described in the

redevelopment plan, or in the event that the purchaser does not desire the

property to continue under the redevelopment plan, or if the legislative

authority shall refuse to grant the purchaser continuing tax relief, the real

property shall be assessed for ad valorem taxes upon the full true value of

the real property and may be owned and operated free from any of the

conditions, restrictions or provisions of this chapter. Nothing in this

chapter, any development plan, or any contract shall impose a limitation on

earnings as a condition to the granting of partial tax relief provided in

section 353.110 to a purchaser described in this subsection that is not an

urban redevelopment corporation or life insurance company operating as an

urban redevelopment corporation.



5. Any limitation on earnings imposed on any purchaser that is not an

urban redevelopment corporation or life insurance company operating as an

urban redevelopment corporation under any existing or future redevelopment

plan or any existing or future contract shall be void.



(L. 1943 p. 751 § 22, A.L. 1945 p. 1242 § 14, A.L. 2008 H.B. 2058)





1991



1991



353.150. 1. Any urban redevelopment corporation may borrow

funds and secure the repayment thereof by mortgage which shall

contain reasonable amortization provisions and shall be a lien

upon no other real property except that forming the whole or a

part of a single development area.



2. Certificates, bonds and notes, or part interest therein,

or any part of an issue thereof, which are secured by a first

mortgage on the real property in a development area, or any part

thereof, shall be securities in which all the following persons,

partnerships, or corporations and public bodies or public

officers may legally invest the funds within their control:



(1) Every executor, administrator, trustee, guardian,

committee or other person or corporation holding trust funds or

acting in a fiduciary capacity;



(2) Persons, partnerships and corporations organized under

or subject to the provisions of the banking law (including

savings banks, savings and loan associations and trust

companies);



(3) The state director of finance as conservator, liquidator

or rehabilitator of any such person, partnership or corporation;



(4) Persons, partnerships or corporations organized under or

subject to the provisions of the insurance law; fraternal benefit

societies; and



(5) The state director of the department of insurance as

conservator, liquidator or rehabilitator of any such person,

partnership or corporation.



3. Any mortgage on the real property in a development area,

or any part thereof, may create a first lien, or a second or

other junior lien, upon such real property.



4. Any urban redevelopment corporation may sell or otherwise

dispose of any or all of the real property acquired by it for the

purposes of a redevelopment project. In the event of the sale or

other disposition of real property of any urban redevelopment

corporation by reason of the foreclosure of any mortgage or other

lien, through insolvency or bankruptcy proceedings, by order of

any court of competent jurisdiction, by voluntary transfer or

otherwise, and the purchaser of such real property of such

redevelopment corporation shall continue to use, operate and

maintain such real property in accordance with the provisions of

any development plan, the legislative authority of any city

affected by the provisions of this chapter, may grant the partial

tax relief provided in section 353.110; but if such real property

shall be used for a purpose different than that described in the

redevelopment plan, or in the event that the purchaser does not

desire the property to continue under the redevelopment plan, or

if the legislative authority shall refuse to grant the purchaser

continuing tax relief, the real property shall be assessed for ad

valorem taxes upon the full true value of the real property and

may be owned and operated free from any of the conditions,

restrictions or provisions of this chapter.



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