Missouri Revised Statutes
Chapter 8
State Buildings and Lands
←8.410
Section 8.420.1
8.430→
August 28, 2015
Revenue bonds, form, effect, interest rates--approval by committee on legislative research--limitation on issuance of bonds for certain purposes (Callaway County).
8.420. 1. Bonds issued under and pursuant to the provisions of
sections 8.370 to 8.450 shall be of such denomination or denominations,
shall bear such rate or rates of interest not to exceed fifteen percent per
annum, and shall mature at such time or times within forty years from the
date thereof, as the board determines. The bonds may be either serial
bonds or term bonds.
2. Serial bonds may be issued with or without the reservation of the
right to call them for payment and redemption in advance of their maturity,
upon the giving of such notice, and with or without a covenant requiring
the payment of a premium in the event of such payment and redemption prior
to maturity, as the board determines.
3. Term bonds shall contain a reservation of the right to call them
for payment and redemption prior to maturity at such time or times and upon
the giving of such notice, and upon the payment of such premium, if any, as
the board determines.
4. The bonds, when issued, shall be sold at public sale for the best
price obtainable after giving such reasonable notice of such sale as may be
determined by the board, but in no event shall such bonds be sold for less
than ninety-eight percent of the par value thereof, and accrued interest.
Any such bonds may be sold to the United States of America or to any agency
or instrumentality thereof, at a price not less than par and accrued
interest, without public sale and without the giving of notice as herein
provided.
5. The bonds, when issued and sold, shall be negotiable instruments
within the meaning of the law merchant and the negotiable instruments law,
and the interest thereon shall be exempt from income taxes under the laws
of the state of Missouri.
6. The board shall not issue revenue bonds pursuant to the provisions
of sections 8.370 to 8.450 for one or more projects, as defined in section
8.370, in excess of a total par value of one billion one hundred
seventy-five million dollars.
7. Any bonds which may be issued pursuant to the provisions of
sections 8.370 to 8.450 shall be issued only for projects which have been
approved by a majority of the house members and a majority of the senate
members of the committee on legislative research of the general assembly,
and the approval by the committee on legislative research required by the
provisions of section 8.380 shall be given only in accordance with this
provision. For the purposes of approval of a project, the total amount of
bonds issued for purposes of energy retrofitting in state-owned facilities
shall be treated as a single project.
8. Any bonds which may be issued due to the increase of the cap
amount in subsection 6 of this section occurring on August 28, 2014, shall
not be issued for construction of new buildings and shall only be used for
repair or renovation of existing buildings and facilities, except that
bonds may be issued for the construction of a new mental health facility in
any county of the first classification with more than forty thousand but
fewer than fifty thousand inhabitants and with a home rule city with more
than twelve thousand one hundred but fewer than twelve thousand two hundred
inhabitants as the county seat.
(L. 1959 H.B. 241 § 6, A.L. 1961 p. 564, A.L. 1976 S.B. 778, A.L. 1981
H.B. 732, A.L. 1982 H.B. 1501, A.L. 1984 S.B. 690, A.L. 1986 S.B.
457, et al. merged with H.B. 1554 Revision, A.L. 1999 H.B. 450,
A.L. 2003 H.B. 401, A.L. 2006 S.B. 718, A.L. 2014 S.B. 723)
2006
2003
1999
2006
8.420. 1. Bonds issued under and pursuant to the provisions of sections
8.370 to 8.450 shall be of such denomination or denominations, shall bear
such rate or rates of interest not to exceed fifteen percent per annum, and
shall mature at such time or times within forty years from the date thereof,
as the board determines. The bonds may be either serial bonds or term bonds.
2. Serial bonds may be issued with or without the reservation of the
right to call them for payment and redemption in advance of their maturity,
upon the giving of such notice, and with or without a covenant requiring the
payment of a premium in the event of such payment and redemption prior to
maturity, as the board determines.
3. Term bonds shall contain a reservation of the right to call them for
payment and redemption prior to maturity at such time or times and upon the
giving of such notice, and upon the payment of such premium, if any, as the
board determines.
4. The bonds, when issued, shall be sold at public sale for the best
price obtainable after giving such reasonable notice of such sale as may be
determined by the board, but in no event shall such bonds be sold for less
than ninety-eight percent of the par value thereof, and accrued interest. Any
such bonds may be sold to the United States of America or to any agency or
instrumentality thereof, at a price not less than par and accrued interest,
without public sale and without the giving of notice as herein provided.
5. The bonds, when issued and sold, shall be negotiable instruments
within the meaning of the law merchant and the negotiable instruments law,
and the interest thereon shall be exempt from income taxes under the laws of
the state of Missouri.
6. The board shall not issue revenue bonds pursuant to the provisions of
sections 8.370 to 8.450 for one or more projects, as defined in section
8.370, in excess of a total par value of seven hundred seventy-five million
dollars.
7. Any bonds which may be issued pursuant to the provisions of sections
8.370 to 8.450 shall be issued only for projects which have been approved by
a majority of the house members and a majority of the senate members of the
committee on legislative research of the general assembly, and the approval by
the committee on legislative research required by the provisions of section
8.380 shall be given only in accordance with this provision. For the
purposes of approval of a project, the total amount of bonds issued for
purposes of energy retrofitting in state-owned facilities shall be treated as
a single project.
2003
8.420. 1. Bonds issued under and pursuant to the provisions of
sections 8.370 to 8.450 shall be of such denomination or denominations,
shall bear such rate or rates of interest not to exceed fifteen percent per
annum, and shall mature at such time or times within forty years from the
date thereof, as the board determines. The bonds may be either serial
bonds or term bonds.
2. Serial bonds may be issued with or without the reservation of the
right to call them for payment and redemption in advance of their maturity,
upon the giving of such notice, and with or without a covenant requiring
the payment of a premium in the event of such payment and redemption prior
to maturity, as the board determines.
3. Term bonds shall contain a reservation of the right to call them
for payment and redemption prior to maturity at such time or times and upon
the giving of such notice, and upon the payment of such premium, if any, as
the board determines.
4. The bonds, when issued, shall be sold at public sale for the best
price obtainable after giving such reasonable notice of such sale as may be
determined by the board, but in no event shall such bonds be sold for less
than ninety-eight percent of the par value thereof, and accrued interest.
Any such bonds may be sold to the United States of America or to any agency
or instrumentality thereof, at a price not less than par and accrued
interest, without public sale and without the giving of notice as herein
provided.
5. The bonds, when issued and sold, shall be negotiable instruments
within the meaning of the law merchant and the negotiable instruments law,
and the interest thereon shall be exempt from income taxes under the laws
of the state of Missouri.
6. After August 13, 1976, the board shall not issue revenue bonds
pursuant to the provisions of sections 8.370 to 8.450 for one or more
projects, as defined in section 8.370, in excess of a total par value of
six hundred fifty-five million dollars.
7. After August 13, 1976, any bonds which may be issued pursuant to
the provisions of sections 8.370 to 8.450 shall be issued only for projects
which have been approved by a majority of the house members and a majority
of the senate members of the committee on legislative research of the
general assembly, and the approval by the committee on legislative research
required by the provisions of section 8.380 shall be given only in
accordance with this provision. For the purposes of approval of a project,
the total amount of bonds issued for purposes of energy retrofitting in
state-owned facilities shall be treated as a single project.
8. No more than one hundred fifty million dollars of the net proceeds
of the bonds authorized pursuant to sections 8.370 to 8.450 or sections
8.660 to 8.670 may be applied to general revenue in fiscal year 2003.
1999
8.420. 1. Bonds issued under and pursuant to the provisions of
sections 8.370 to 8.450 shall be of such denomination or denominations,
shall bear such rate or rates of interest not to exceed fifteen percent per
annum, and shall mature at such time or times within forty years from the
date thereof, as the board determines. The bonds may be either serial
bonds or term bonds.
2. Serial bonds may be issued with or without the reservation of the
right to call them for payment and redemption in advance of their maturity,
upon the giving of such notice, and with or without a covenant requiring
the payment of a premium in the event of such payment and redemption prior
to maturity, as the board determines.
3. Term bonds shall contain a reservation of the right to call them
for payment and redemption prior to maturity at such time or times and upon
the giving of such notice, and upon the payment of such premium, if any, as
the board determines.
4. The bonds, when issued, shall be sold at public sale for the best
price obtainable after giving such reasonable notice of such sale as may be
determined by the board, but in no event shall such bonds be sold for less
than ninety-eight percent of the par value thereof, and accrued interest.
Any such bonds may be sold to the United States of America or to any agency
or instrumentality thereof, at a price not less than par and accrued
interest, without public sale and without the giving of notice as herein
provided.
5. The bonds, when issued and sold, shall be negotiable instruments
within the meaning of the law merchant and the negotiable instruments law,
and the interest thereon shall be exempt from income taxes under the laws
of the state of Missouri.
6. After August 13, 1976, the board shall not issue revenue bonds
pursuant to the provisions of sections 8.370 to 8.450 for one or more
projects, as defined in section 8.370, in excess of a total par value of
four hundred twenty-five million dollars.
7. After August 13, 1976, any bonds which may be issued pursuant to
the provisions of sections 8.370 to 8.450 shall be issued only for projects
which have been approved by a majority of the house members and a majority
of the senate members of the committee on legislative research of the
general assembly, and the approval by the committee on legislative research
required by the provisions of section 8.380 shall be given only in
accordance with this provision. For the purposes of approval of a project,
the total amount of bonds issued for purposes of energy retrofitting in
state-owned facilities shall be treated as a single project.
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