Missouri Statute | Act | Code |Corporations, Associations And Partnerships| US Code - US Statute | Chapter 360 Missouri Health And Educational Facilities Act

Sections 360.010 to 360.140 may be referred to and cited as the
"Missouri Health and Educational Facilities Authority Act". (L. 1975 H.B.
70 § 27)

As used in sections 360.010 to 360.140, unless the context
clearly requires otherwise, the following terms mean:

(1) "Authority", the health and educational facilities authority of the
state of Missouri created by sections 360.010 to 360.140;

(2) "Costs", as applied to health or educational facilities financed in
whole or in part pursuant to the provisions of sections 360.010 to
360.140 includes the sum total of all reasonable or necessary expenses
incidental to the acquisition, construction, reconstruction, repair,
alteration, improvement, and extension of the facilities, including
without limitation the expense of studies and surveys; land title and
mortgage guaranty policies; architectural and engineering services;
legal, organizational, marketing, or other special services; financing,
acquiring, demolishing existing structures, constructing, equipping, and
developing the sites of new and rehabilitated buildings; rehabilitating,
reconstructing, repairing, or remodeling existing buildings; provisions
for working capital; reserves for principal and interest and for
extensions, enlargements, additions, replacements, renovations, and
improvements; and all other necessary and incidental expenses including
interest during construction on bonds issued to finance the facilities
and for a period subsequent to the estimated date of completion of the
facilities;

(3) "Educational facilities", a structure or building, whether such
structure or building is located within the state of Missouri or outside
the state of Missouri, suitable for use as a dormitory or other housing,
including housing for staff members, dining hall, student union,
administration building, academic building, library, laboratory, place in
which to conduct research, classroom, place for athletic activities,
place in which to provide health care, place in which to house
maintenance equipment and supplies, storage place, and place in which to
locate utilities, as well as other structures or appurtenances related
thereto required or useful for the instruction of students in the
conducting of research at, or the operation of an educational
institution, as defined in sections 360.010 to 360.140, including parking
lots, garages, and other buildings or structures essential or convenient
for the orderly conduct of such an institution and also including all
necessary, useful or related furnishings, equipment, machinery, and
appurtenances necessary or convenient for the operation of a particular
service or structure in the manner for which its use is intended,
including, without limitation, the acquisition, preparation and
development of all lands necessary or convenient as a site or sites for
any of the foregoing, but shall not include such items as books, fuel,
supplies, or other items which customarily are deemed to constitute a
current operating expense, and shall not include any property used or to
be used for sectarian instruction or study or as a place for religious
worship or any property used or to be used primarily in connection with
any part of a program of a school or department of divinity of any
religious denomination;

(4) "Educational institution", any public or private association,
corporation, institution, partnership, limited partnership, joint venture
or other entity, or any public association, corporation or institution
which is, or is owned and operated by, a political subdivision of the
state of Missouri, not operated for private or corporate profit, or any
public association, corporation or institution which is, or is owned and
operated by or on behalf of, a political subdivision of the state of
Missouri, authorized by law to provide or operate educational facilities
and to provide a program of education in the state of Missouri; and any
of the foregoing described entities which are authorized by law to
provide or operate educational facilities, and to provide a program of
education outside the state of Missouri if such entity, or an affiliate
of such entity, also operates an educational facility within the state of
Missouri or maintains a regional or national headquarters within the
state of Missouri, and any state educational institution as defined in
subdivision (5) of section 176.010, RSMo, and "participating educational
institution", any such educational institution which, pursuant to the
provisions of sections 360.010 to 360.140, undertakes the financing and
construction or acquisition of educational facilities or undertakes the
refunding or refinancing of outstanding obligations, of a mortgage, or of
advances or loans as provided in and permitted by sections 360.010 to
360.140 with respect to an educational facility;

(5) "Health facilities", a structure or building, whether such structure
or building is located within the state of Missouri or outside the state
of Missouri, suitable for use as a hospital, clinic, nursing home, home
for the aged or infirm, congregate, life, senior, extended care or
elderly housing or care facility, or other health care facility,
laboratory, pharmacy, laundry, residence facility or housing for nurses,
doctors, interns, staff members, employees, students at such health
facilities or their immediate families, and for physically or mentally
handicapped persons, place for administrative offices, place in which to
conduct research, place in which to house maintenance equipment and
supplies, storage place, place in which to locate utilities, auditorium,
dining hall, place for food service and preparation, place in which to
house fire-fighting equipment, place in which to provide mental and
physical health care and dental care, nursing, technical or
paraprofessional school, medical or dental teaching school, and place in
which to house offices; parking lots, garages, and buildings or
structures in which to house supporting services; or any other structure
or facilities required or useful for the operation of a health
institution; mental, emotional or physical rehabilitation facility;
alcohol, drug or substance abuse diagnosis, counseling, treatment or
rehabilitation facility; child care or child welfare facility; and all
necessary, useful, and related furnishings, equipment, machinery, and
appurtenances, or other assets, tangible or intangible, including but not
limited to assets related to health delivery systems or networks which
are necessary or useful in the development, establishment or operation of
a participating health institution; including without limitation the
acquisition, preparation, and development of all lands necessary or
convenient as a site or sites for any of the foregoing, but shall not
include any property used or to be used for sectarian instruction or
study or as a place for religious worship or any property used or to be
used primarily in connection with any part of a program of a school or
department of divinity of any religious denomination;

(6) "Health institution", any of the following entities authorized by law
to provide or operate health facilities in the state of Missouri, or
outside the state of Missouri if such entity or an affiliate of such
entity also operates a health facility within the state of Missouri or
maintains a regional or national headquarters within the state of
Missouri:

(a) Any public or private association, corporation, institution,
partnership, limited partnership, joint venture or other entity, not
operated for private or corporate profit authorized by law to provide or
operate health facilities;

(b) Any network or organization of health care providers, however
organized; any integrated health care delivery system; any joint venture,
partnership or similar arrangement between or among health care
providers; any health care purchasing alliance; any health insurers and
third-party administrators which are participants in a system, network,
joint venture, or partnership that provides health services; any
organization which, as its primary purpose, provides supporting services
to one or more health institutions; and any foundation which supports a
health institution or promotes and encourages health policy or medical
research and public health; and

(c) Any of the entities listed in paragraph (a) or (b) of this
subdivision whether operated for profit or not operated for private or
corporate profit;

(7) "Missouri college savings bonds", bonds, notes or other evidences of
indebtedness issued pursuant to sections 360.010 to 360.140 and
designated as such;

(8) "Participating health institution", any health institution which,
pursuant to the provisions of sections 360.010 to 360.140, undertakes the
financing and construction or acquisition of health facilities or
undertakes the refunding or refinancing of outstanding obligations, of a
mortgage, or of advances or loans as provided in and permitted by
sections 360.010 to 360.140 with respect to a health institution;

(9) "Revenues", with respect to health or educational facilities, the
rents, fees, charges, and other income derived from the operation of the
facilities. (L. 1975 H.B. 70 § 1, A.L. 1988 H.B. 1456, A.L. 1995 S.B.
301, A.L. 1998 H.B. 971, A.L. 1999 S.B. 276)

There is hereby created a body politic and corporate to be known
as the "Health and Educational Facilities Authority of the State of
Missouri". The authority is hereby constituted a public instrumentality
and body corporate, and the exercise by the authority of the powers
conferred by sections 360.010 to 360.140 shall be deemed and held to be
the performance of an essential public function. The authority shall
consist of seven members to be appointed by the governor, by and with the
advice and consent of the senate, each of whom shall be a resident of the
state. Not more than four out of the seven members of the authority shall
be of the same political party. In making appointments to the authority,
the governor shall take into consideration nominees recommended to him
for appointment by professional organizations of hospitals, operators of
long term health care facilities, higher education associations,
investment bankers, and architects. The members of the authority first
appointed by the governor shall be appointed as follows: Two for a term
of one year, two for a term of two years, and one each for terms of
three, four, and five years, respectively, from the date of appointment,
or until their successors shall have been appointed and shall have
qualified. The initial term of each such member is to be designated by
the governor at the time of making the appointment. Upon the expiration
of the initial terms of office, successor members shall be appointed for
terms of five years and shall serve until their successors shall have
been appointed and shall have qualified. Any member shall be eligible for
reappointment. The governor shall fill any vacancy for the remainder of
any unexpired term. Any member of the authority may be removed by the
governor for misfeasance, malfeasance, willful neglect of duty, or other
cause after notice and a public hearing unless the notice or hearing
shall be expressly waived in writing. (L. 1975 H.B. 70 § 2)

Four members of the authority shall constitute a quorum for the
purpose of conducting business. The exercise of the powers of the
authority and action may be taken by the authority upon the affirmative
vote of the lesser of four members or a majority of the members present
as long as a quorum is present. Each meeting of the authority for any
purpose whatsoever shall be open to the public, except as otherwise
provided by law. Notice of meetings shall be given as provided in the
bylaws of the authority. The proceedings and actions of the authority
shall comply with all statutory requirements respecting the conduct of
public business by a public agency. Members of the authority shall
receive no compensation for services but shall be entitled to
reimbursement for necessary expenses, including traveling and lodging
expenses, incurred in the discharge of their duties. Any payment for
expenses shall be paid from funds of the authority. (L. 1975 H.B. 70 § 3,
A.L. 1988 H.B. 1456)

The member of the authority designated by the governor for the
purpose shall call and convene the initial organizational meeting of the
authority and shall serve as its chairman pro tem. At the initial meeting
and annually thereafter, the authority shall elect one of its members as
chairman and one as vice chairman. In addition, at the initial meeting
and annually thereafter, the authority shall appoint a secretary and a
treasurer either of whom may be a member of the authority and, if not a
member of the authority, shall receive such compensation as shall be
fixed from time to time by action of the authority. The authority may
appoint an executive director who shall not be a member of the authority
and who shall serve at its pleasure. If an executive director is
appointed, he shall receive such compensation as shall be fixed from time
to time by action of the authority. The authority may designate the
secretary to act in lieu of the executive director. The secretary shall
keep a record of the proceedings of the authority and shall be the
custodian of all books, documents, and papers filed with the authority,
the minute books or journal thereof, and its official seal. The secretary
may cause copies to be made of all minutes and other records and
documents of the authority and may give certificates under the official
seal of the authority to the effect that the copies are true and correct
copies, and all persons dealing with the authority may rely on such
certificates. The authority, by resolution duly adopted, shall fix the
powers and duties of its executive director as it may from time to time
deem proper and necessary. (L. 1975 H.B. 70 § 4)

Each member of the authority shall execute a surety bond in the
penal sum of fifty thousand dollars or, in lieu thereof, the chairman of
the authority shall execute a blanket bond covering each member and the
employees or other officers of the authority, each surety bond to be
conditioned upon the faithful performance of the duties of the office or
offices covered, to be executed by a surety company authorized to
transact business in this state as surety, and to be approved by the
attorney general and filed in the office of the secretary of state. The
cost of each such bond shall be paid by the authority. (L. 1975 H.B. 70 §
5)

Any other provision of the law to the contrary notwithstanding,
it shall not be or constitute a conflict of interest for a trustee,
director, officer, employee, owner or partner of any health institution,
educational institution, financial institution, investment banking firm,
brokerage firm, commercial bank or trust company, architecture firm,
insurance company, or any other firm, person, or corporation to serve as
a member of the authority, provided such trustee, director, officer,
employee, owner or partner shall abstain from deliberation, action, and
vote by the authority in each instance where the business affiliation or
any such trustee, director, officer, employee, owner or partner is
involved. (L. 1975 H.B. 70 § 6, A.L. 1988 H.B. 1456)

The authority shall have the following powers together with all
powers incidental thereto or necessary for the performance thereof:

(1) To have perpetual succession as a body politic and corporate;

(2) To adopt bylaws for the regulation of its affairs and the conduct of
its business;

(3) To sue and be sued and to prosecute and defend, at law or in equity,
in any court having jurisdiction of the subject matter and of the parties;

(4) To have and to use a corporate seal and to alter the same at pleasure;

(5) To maintain an office at such place or places in the state of
Missouri as it may designate;

(6) To determine the location and construction of any facility to be
financed under the provisions of sections 360.010 to 360.140, and to
construct, reconstruct, repair, alter, improve, extend, maintain, lease,
and regulate the same; and to designate a participating health
institution or a participating educational institution, as the case may
be, as its agent to determine the location and construction of a facility
undertaken by such participating health institution or participating
educational institution, as the case may be, under the provisions of
sections 360.010 to 360.140, to construct, reconstruct, repair, alter,
improve, extend, maintain, and regulate the same, and to enter into
contracts for any and all of such purposes including contracts for the
management and operation of the facility;

(7) To lease to a participating health institution or a participating
educational institution, as the case may be, the particular health or
educational facility or facilities, as the case may be, upon such terms
and conditions as the authority shall deem proper; to charge and collect
rent therefor; to terminate any such lease upon the failure of the lessee
to comply with any of the obligations thereof; to include in any such
lease, if desired, provisions that the lessee thereof shall have options
to renew the term of the lease for such period or periods at such rent as
shall be determined by the authority or to purchase any or all of the
particular leased facility or facilities; and, upon payment of all of the
indebtedness incurred by the authority for the financing of the facility
or facilities, to convey any or all of such facility or facilities to the
lessee or lessees thereof. Every lease agreement between the authority
and an institution must contain a clause obligating the institution not
to use the leased land, nor any facility located thereon, for sectarian
instruction or study or as a place of religious worship, or in connection
with any part of the program of a school or department of divinity of any
religious denomination; to insure that this covenant is honored, each
lease agreement shall allow the authority to conduct inspections, and
every conveyance of title to an institution shall contain a restriction
against use for any sectarian purpose;

(8) To issue its bonds, notes, or other obligations for any of its
corporate purposes and to refund the same, all as provided in sections
360.010 to 360.140;

(9) To fix and revise from time to time and make and collect rates,
rents, fees, and charges for the use of and services furnished or to be
furnished by any facility or facilities or any portion thereof and to
contract with any person, firm, or corporation or other body, public or
private, in respect thereof; except that the authority shall have no
jurisdiction over rates, rents, fees, and charges established by a
participating educational institution for its students or established by
a participating health institution for its patients other than to require
that such rates, rents, fees, and charges by such an institution be
sufficient to discharge the institution's obligations to the authority;

(10) To establish rules and regulations for review by or on behalf of the
authority of the retention or employment by a participating health
institution or by a participating educational institution, as the case
may be, of consulting engineers, architects, attorneys, accountants,
construction and finance experts, superintendents, managers, and such
other employees and agents as shall be determined to be necessary in
connection with any such facility or facilities and for review by or on
behalf of the authority of all reports, studies, or other material
prepared in connection with any bond issue of the authority for any such
facility or facilities. The costs incurred or to be incurred by a
participating health institution or by a participating educational
institution in connection with the review shall be deemed, where
appropriate, an expense of constructing the facility or facilities or,
where appropriate, shall be deemed an annual expense of operation and
maintenance of the facility or facilities;

(11) To receive and accept from any public agency loans or grants for or
in aid of the construction of a facility or facilities, or any portion
thereof, or for equipping the same and to receive and accept grants,
gifts, or other contributions from any source;

(12) To mortgage or pledge all or any portion of any facility or
facilities, including any other health or educational facility or
facilities conveyed to the authority for such purpose and the site or
sites thereof, whether then owned or thereafter acquired, for the benefit
of the holders of the bonds of the authority issued to finance such
facility or facilities or any portion thereof or issued to refund or
refinance outstanding indebtedness of a private health institution or a
private institution of higher education as permitted by sections 360.010
to 360.140;

(13) To make loans to any participating health institution or
participating educational institution, as the case may be, for the cost
of any facility or facilities in accordance with an agreement between the
authority and such participating health institution or participating
educational institution, as the case may be; except that no such loan
shall exceed the total cost of such facility or facilities as determined
by the participating health institution or participating educational
institution, as the case may be, and approved by the authority;

(14) To make loans to a participating health institution or participating
educational institution, as the case may be, to refund outstanding
obligations, mortgages, or advances issued, made, or given by the
institution for the cost of its facility or facilities, including the
power to issue bonds and make loans to a participating health institution
or participating educational institution, as the case may be, to
refinance indebtedness incurred for facilities undertaken and completed
prior to or after September 28, 1975, whenever the authority finds that
the financing is in the public interest, alleviates a financial hardship
upon the participating health institution or participating educational
institution, as the case may be, and results in a lesser cost of patient
care or cost of education and a saving to third parties, including state
or federal governments, and to others who must pay for the care or
education;

(15) To inspect any and all facilities assisted by the authority in any
way to enforce the prohibition against sectarian or religious use at any
time; and

(16) To do all things necessary and convenient to carry out the purposes
of sections 360.010 to 360.140. (L. 1975 H.B. 70 § 7)

1. Other provisions of law to the contrary notwithstanding,
whenever the authority issues its bonds, notes or other evidences of
indebtedness pursuant to sections 360.010 to 360.140, the authority may
designate all or a portion of such bonds, notes or other evidences of
indebtedness as Missouri college savings bonds.

2. Upon such designation, the authority may elect to structure the terms
of such Missouri college savings bonds in order to effectuate the
following purposes:

(1) To encourage Missouri residents to save for higher education; and

(2) To encourage attendance at institutions of higher education by
providing tax exempt investment alternatives to enhance the same.

3. The authority is hereby authorized to establish guidelines for
structuring the terms of and for marketing and effecting the sale of any
Missouri college savings bonds. (L. 1988 H.B. 1456)

1. The authority shall have the power to assist, coordinate and
participate with governmental authorities and issuers of states other
than the state of Missouri (out-of-state issuers) in connection with
issuance of bonds, notes or other evidence of indebtedness by such
out-of-state issuers for educational facilities and health facilities
located within the state of Missouri.

2. In connection with such financing by out-of-state issuers, the
authority is designated as the only entity in the state of Missouri which
may conduct the public hearing of the applicable governmental unit
required by Section 147(f) of the Internal Revenue Code of 1986, as
amended, and the governor of the state of Missouri is designated as the
only person or entity in the state of Missouri who may serve as the
elected representative which must give approval on behalf of the
applicable governmental unit pursuant to Section 147(f) of the Internal
Revenue Code of 1986, as amended.

3. Following such hearing, the authority shall determine whether the
financing should proceed with respect to educational facilities or health
facilities located within the state of Missouri by an out-of-state
issuer. If the authority determines that the financing should not
proceed, the financing shall not proceed relative to the Missouri
facilities. (L. 1998 H.B. 971, A.L. 1999 S.B. 276)

The authority shall not have the power to operate any facility
or facilities as a business other than as a lessor. Any lease of any
facility or facilities entered into pursuant to the provisions of
sections 360.010 to 360.140 shall be for a term not shorter than the
longest maturity of any bonds issued to finance the facility or
facilities or a portion thereof and shall provide for rentals adequate to
pay the principal of and interest on the bonds as the same fall due and
to create and maintain such reserves and accounts for depreciation as the
authority shall determine to be necessary. (L. 1975 H.B. 70 § 8)

1. The authority is authorized and empowered directly, or by or
through a participating health institution or participating educational
institution, as the case may be, acting as an agent of the authority, to
acquire by purchase, lease, gift, devise, or otherwise such lands,
structures, real or personal property, rights-of-way, franchises,
easements, and other interests in lands, including lands lying under
water and riparian rights which are located within or without the state,
as the authority may deem necessary or convenient for the construction or
acquisition or operation of any facility or facilities, but only upon
such terms as may be considered by the authority to be reasonable, and to
take title thereto in the name of the authority or in the name of the
participating health institution or the participating educational
institution, as the case may be, as the agent of the authority.

2. Notwithstanding any other provisions of law to the contrary, all
partnerships, limited partnerships, joint ventures or other entities or
any public association, corporation or institution which is, or is owned
or operated by, any political subdivision of the state of Missouri, which
constitutes a participating educational institution or a participating
health institution pursuant to section 360.015 shall have the power to
borrow funds from the authority or otherwise finance through the
authority pursuant to sections 360.010 to 360.140, to furnish a security
interest in any of their revenues or properties to secure the borrowings,
to issue notes or other evidence of indebtedness to evidence thereof upon
such terms as such borrowing entity shall determine and to enter into
leases, contracts, loan agreements and other instruments with the
authority in connection therewith. (L. 1975 H.B. 70 § 9, A.L. 1988 H.B.
1456)

Bonds of the authority may be issued as serial bonds, as term
bonds, or as a combination of both types. All bonds issued by the
authority shall be payable solely out of the revenues and receipts
derived from the leasing or sale by the authority of, or the loan by the
authority with respect to, the facility or facilities concerned or of any
thereof as may be designated in the resolution or resolutions of the
authority under which bonds shall be authorized to be issued or as may be
designated in a trust indenture authorized by the authority. The bonds
may be executed and delivered by the authority at any time and from time
to time may be in such form and denomination or denominations and of such
terms and maturities, may be in fully registered form or in bearer form,
registrable either as to principal or interest or both, may bear such
conversion privileges, may be payable in such installment or installments
and at such time or times not exceeding sixty years from the date of the
issuance thereof, may be payable at such place or places whether within
or without the state of Missouri, may bear interest at such rate or rates
per annum either initially or thereafter, as shall be determined by the
authority or as shall be determined in any manner approved by the
authority in its resolution, including, but not limited to, the
delegation thereof to its chairman, vice chairman, executive director or
a third party pursuant to a formula set forth therein, notwithstanding
the provisions of section 108.170, RSMo, may be made payable at such time
or times and at such place or places, may be evidenced in such manner,
may be executed by such officers of the authority, may have attached
thereto, in the case of bearer bonds or bonds registrable as to principal
only, interest coupons bearing the facsimile signature of the secretary
of the authority, and may contain such provisions not inconsistent
herewith, all as shall be provided in the resolution or resolutions of
the authority whereunder the bonds shall be authorized to be issued or as
shall be provided in a trust indenture authorized by the authority. If
deemed advisable by the authority, there may be retained in the
resolution or the trust indenture under which any bonds of the authority
are authorized to be issued an option to call for redemption in advance
of maturity all or any part of such bonds as may be specified in the
resolution or in the trust indenture, at such price or prices, upon the
giving of such notice or notices, and upon such terms and conditions as
may be set forth in the resolution or in the trust indenture and as may
be recited on the face of the bond, but nothing in this section shall be
construed to confer upon the authority the right or option to call for
redemption in advance of maturity any bonds except as may be provided in
the resolution or in the trust indenture under which they shall be
issued. The bonds of the authority may be sold at public or private sale
for such price, in such manner, and from time to time as may be
determined by the authority notwithstanding the provisions of section
108.170, RSMo, and the authority may pay all expenses, premiums, and
commissions which it may deem necessary or advantageous in connection
with the issuance thereof from the proceeds of the bonds. (L. 1975 H.B.
70 § 10, A.L. 1980 H.B. 1582 & 1277, A.L. 1988 H.B. 1456, A.L. 1999 S.B.
276)

Issuance by the authority of one or more series of bonds for one
or more than one purpose shall not preclude it from issuing other bonds
in connection with the same facility or facilities, any other facility or
facilities, or any other purpose hereunder, but the resolution or trust
indenture whereunder any subsequent bonds may be issued shall recognize
and protect any prior pledge or mortgage made for any prior issue of
bonds. Any issue of bonds of the authority at any time outstanding may be
refunded at any time and from time to time by the authority by the
issuance of its refunding bonds in such amount as the authority may deem
necessary, but not exceeding the amount sufficient to refund the
principal of the bonds so to be refunded together with any unpaid
interest thereon and any premiums, commissions, service fees, and other
expenses necessary to be paid in connection with the refunding. Any such
refunding may be effected whether the bonds to be refunded then shall
have matured or thereafter shall mature, either by sale of the refunding
bonds and the application of the proceeds thereof to the payment of the
bonds being refunded or by the exchange of the refunding bonds for the
bonds being refunded with the consent of the holder or holders of the
bonds being refunded, regardless of whether or not the bonds being
refunded were issued in connection with the same facility or facilities,
or a separate facility or facilities, or any other purpose hereunder and
regardless of whether or not the bonds proposed to be refunded shall be
payable on the same date or different dates or shall be due serially or
otherwise. (L. 1975 H.B. 70 § 11, A.L. 1988 H.B. 1456)

All bonds of the authority and the interest coupons applicable
thereto are hereby made and shall be construed to be negotiable
instruments. (L. 1975 H.B. 70 § 12)

1. The principal of and interest on any bonds issued by the
authority shall be secured by a pledge of the revenues, rentals, and
receipts out of which the same shall be made payable and may be secured
by a trust indenture or mortgage or deed of trust, including assignment
of leases or other contract rights of the authority thereunder, covering
all or any part of the facilities from which the revenues, rentals, or
receipts so pledged may be derived, including any enlargements of and
additions to any such facilities thereafter made. The resolution under
which the bonds are authorized to be issued and any such trust indenture,
mortgage, or deed of trust may contain any agreements and provisions
respecting the maintenance of the properties covered thereby, the fixing
and collecting of rentals for any portions thereof leased by the
authority to others, the creation and maintenance of special funds from
such revenues, rentals, or receipts, and the rights and remedies
available in the event of default, including the designation of a
trustee, all as the authority shall deem advisable and not in conflict
with the provisions hereof. Each pledge, agreement, lease, indenture,
mortgage, and deed of trust made for the benefit or security of any of
the bonds of the authority shall continue effective until the principal
of and interest on the bonds for the benefit of which the same were made
shall have been fully paid or provisions for such payment duly made. In
the event of a default in the payment or in any agreement of the
authority made as a part of the contract under which the bonds were
issued, whether contained in the resolution authorizing the bonds or in
any trust indenture, mortgage, or deed of trust executed as security
therefor, the payment or agreement may be enforced by suit, mandamus, the
appointment of a receiver in equity, foreclosure of any mortgage or deed
of trust, or any one or more of these remedies.

2. In addition to the provisions of subsection 1 of this section, bonds
of the authority may be secured by a pooling of leases whereby the
authority may assign its rights, as lessor, and pledge rents under two or
more leases of facilities with two or more participating health
institutions or participating educational institutions, as lessees
respectively, upon such terms as may be provided in the resolutions of
the authority or as may be provided in a trust indenture authorized by
the authority. (L. 1975 H.B. 70 § 13)

Bonds issued under the provisions of sections 360.010 to 360.140
shall not be deemed to constitute a debt or liability of the state or of
any political subdivision thereof or a pledge of the full faith and
credit of the state or of any such political subdivision, but the bonds
shall be payable solely from the funds provided for in sections 360.010
to 360.140. The issuance of bonds under the provisions of sections
360.010 to 360.140 shall not, directly, indirectly, or contingently,
obligate the state or any political subdivision thereof to levy any form
of taxation therefor or to make any appropriation for their payment.
Nothing in this section shall prevent or be construed to prevent the
authority from pledging the full faith and credit of a participating
health institution or participating educational institution, as the case
may be, to the payment of bonds authorized pursuant to sections 360.010
to 360.140. Nothing in sections 360.010 to 360.140 shall be construed to
authorize the authority to create a debt of the state within the meaning
of the constitution or statutes of the state of Missouri, and each bond
issued by the authority pursuant to the provisions of sections 360.010 to
360.140 shall be payable and shall state on its face that it is payable
solely from the funds pledged for its payment in accordance with the
resolution authorizing its issuance or any trust indenture or mortgage or
deed of trust executed as security therefor. The state shall not be
liable in any event for the payment of the principal of or interest on
any bonds of the authority or for the performance of any pledge,
mortgage, obligation, or agreement of any kind whatsoever which may be
undertaken by the authority. No breach of any such pledge, mortgage,
obligation, or agreement may impose any pecuniary liability upon the
state or any charge upon the general credit or taxing power of the state.
(L. 1975 H.B. 70 § 14)

The authority is hereby declared to be performing a public
function in behalf of the state and to be a public instrumentality of the
state. Accordingly, the income of the authority and all properties at any
time owned by the authority shall be exempt from all taxation in the
state of Missouri. For the purposes of section 409.402, RSMo, all bonds
issued by the authority shall be deemed to be securities issued by a
public instrumentality or political subdivision of the state of Missouri.
(L. 1975 H.B. 70 § 15)

All expenses of the authority incurred in carrying out the
provisions of sections 360.010 to 360.140 shall be payable solely from
funds provided under the provisions of sections 360.010 to 360.140, and
no liability shall be incurred by the authority beyond the extent to
which moneys shall have been provided under sections 360.010 to 360.140,
except that, for the purpose of meeting the necessary expenses of initial
organization and operation until such date as the authority derives
moneys from funds provided hereunder. The authority shall be empowered to
borrow such moneys as may be required for the necessary expenses of
initial organization and operation. The borrowed moneys shall be repaid
within a reasonable time after the authority receives funds as provided
in sections 360.010 to 360.140 and shall be repaid solely from such
funds. (L. 1975 H.B. 70 § 16)

1. When an application is made to the authority by any health
institution or educational institution for financial assistance, the
application shall be accompanied by an "initial planning service fee" in
an amount determined by the authority, but in no event exceeding the
lesser of ten thousand dollars or one-fourth of one percent of the
principal amount of bonds contemplated to be issued pursuant to the
application. The initial planning service fee shall be included in the
cost of the facilities to be financed and shall not be refundable by the
authority whether or not such application is approved. In addition to the
foregoing, the authority may require each participating health
institution and each participating educational institution to pay
directly, or as part of the cost of the acquisition of any facility or
facilities, an additional annual service fee in an amount which shall be
fixed from time to time by the authority, but which shall not exceed
one-tenth of one percent of the principal amount of any bonds issued by
the authority and then outstanding on behalf of any such institution. The
additional annual service fee shall be paid in such installments as shall
be fixed by the authority. It is anticipated that the fees shall be used
for necessary administrative expenses and for necessary expenses incurred
in determining the need for facilities in the area concerned, and, to
that end, the authority may utilize recognized voluntary and official
health planning and educational planning organizations and agencies at
local, regional, and state levels as well as the state statutory bodies
having health or educational facilities planning responsibilities.

2. In the event bonds are issued by the authority for the concurrent
benefit of two or more participating health institutions or two or more
participating educational institutions, the fees to be paid to the
authority under this section shall be prorated among the institutions
involved in accordance with the amount of bond proceeds allocated to each
participating institution. (L. 1975 H.B. 70 § 17)

When the principal of and interest on bonds issued by the
authority to finance the cost of facilities or to refinance outstanding
indebtedness of one or more participating health institutions or
participating educational institutions, as the case may be, including any
bonds issued to refund and refinance such bonds, shall have been fully
paid and retired or when adequate provision shall have been made fully to
pay and retire the same and all other conditions of the resolution, the
lease, the trust indenture, and the mortgage or deed of trust, if any,
authorizing and securing the same shall have been satisfied, the lien of
the mortgage or deed of trust, if any, authorizing and securing the same
shall have been satisfied, and the lien of the mortgage or deed of trust
shall have been released in accordance with the provisions thereof, the
authority promptly shall do all things and execute such deeds and
conveyances as are necessary and required to convey its right, title, and
interest in the facilities so financed and any other facilities mortgaged
to secure the bonds to the participating health institution or
institutions or to the participating educational institution or
institutions, as the case may be. (L. 1975 H.B. 70 § 18)

1. Any other provision of sections 360.010 to 360.140 to the
contrary notwithstanding, the authority may finance the cost of a health
or educational facility or of health or educational facilities or refund
outstanding indebtedness incurred prior to or after September 28, 1975,
for the construction or acquisition of a health or educational facility
or of health or educational facilities by issuing its bonds for the
purpose of purchasing the securities of a participating health
institution or a participating educational institution. Any such
securities shall have the same principal amounts, maturities, and
interest rate or rates as the bonds so being issued, shall be secured by
a first mortgage lien on the health or educational facility or facilities
so being financed, subject to such exceptions as the authority may
approve, and created by a mortgage instrument satisfactory to the
authority, and may be insured or guaranteed by others. Any such bonds
shall be secured by a pledge of the securities under the trust indenture
or mortgage and deed of trust creating such bonds, shall be payable
solely out of the payments to be made on the securities, and shall not
exceed in principal amount the cost of the health or educational facility
or facilities as determined by the participating health institution or
the participating educational institution, as the case may be, and
approved by the authority. In other respects any such bonds shall be
subject to the provisions of section 360.060 and the trust indenture or
mortgage and deed of trust creating such bonds may contain such of the
provisions set forth in section 360.075 as the authority may deem
appropriate.

2. In the event that a health or educational facility is financed
pursuant to this section, the title to the facility shall remain in the
participating health institution or the participating educational
institution owning the same, subject to the lien of the mortgage securing
the securities then being purchased, and there shall be no lease of the
facility between the authority and the institution.

3. The provisions of section 360.100 shall not apply to any health
facility or educational facility financed pursuant to this section, but
the authority shall return the securities purchased through the issuance
of bonds hereunder to the participating health institution or the
participating educational institution, as the case may be, issuing the
securities when such bonds shall have been fully paid and retired or when
adequate provision shall have been made to pay and retire the same fully,
and all other conditions of the trust agreement or indenture creating
such bonds shall have been satisfied and the lien thereof shall have been
released in accordance with the provisions thereof. (L. 1975 H.B. 70 § 19)

1. As used in this section and sections 360.111 to 360.118, the
following terms mean:

(1) "Funding agreement", any loan agreement, financing agreement or other
agreement between the authority and a participating district under this
section, providing for the use of proceeds of, security for, and the
repayment of, school district bonds, and shall include a complete waiver
by the participating district of all powers, rights and privileges
conferred upon the participating district to institute any action
authorized by any act of the Congress of the United States relating to
bankruptcy on the part of the participating district;

(2) "Participating district", with respect to a particular issue of
bonds, notes or other financial obligations, any school district and any
public community junior college in this state which voluntarily enters
into a funding agreement with the authority pursuant to this section;

(3) "School district bonds", any bonds, notes or other obligations issued
by the authority for the purpose of making loans to, purchasing the bonds
or notes of or otherwise by agreement using or providing for the use of
the proceeds of the obligations by a participating district under this
section and all related costs of issuance of the obligations including,
but not limited to, all costs, charges, fees and expenses of
underwriters, financial advisors, attorneys, consultants, accountants and
of the authority.

2. In addition to other powers granted to the authority by sections
360.010 to 360.140, the authority shall have the power to issue school
district bonds or notes for the purpose of making loans to, or purchasing
the bonds, notes or other financial instruments of:

(1) Any school district or any public community junior college in this
state for the use of the various funds of such school district or public
community junior college for any lawful purpose; and

(2) Any school district in this state with respect to obligations issued
by such school district pursuant to sections 164.121 to 164.301, RSMo, or
otherwise by law.

3. In connection with the issuance of school district bonds pursuant to
the powers granted in this section, the authority shall have all powers
as set forth elsewhere in sections 360.010 to 360.140, and the provisions
of sections 360.010 to 360.140 shall be applicable to the issuance of
school district bonds to the extent that they are not inconsistent with
the provisions of this section.

4. School district bonds issued pursuant to this section may be secured
by a pledge of payments made to the authority by the participating
district, by the bonds or notes of the participating district, or by a
pooling of such payments, bonds or notes of two or more of such
participating districts or as otherwise set forth in the funding
agreements.

5. The authority may invest any funds held pursuant to powers granted
under this section, which are not required for immediate disbursement, in
any investment approved by the authority and specified in the trust
indenture or resolution pursuant to which such bonds or notes are issued
without regard to any limitation otherwise imposed by section 360.120 or
otherwise by law; provided, however, that each participating district
shall receive the earnings, or a credit for such earnings, to the extent
any such amounts invested are attributable to a particular participating
district.

6. (1) In connection with school district bonds, upon certification by
the authority to the commissioner of education and the state treasurer
that the funding agreement provides for consent by a participating
district for direct deposit of its state payments to the trustee, the
state treasurer shall transfer, but only out of funds described in this
section, directly to the trustee for such school district bonds, the
amounts needed to pay the principal and interest when due on the school
district bonds attributable to a particular participating district. Such
transfers for any school district bonds attributable to a particular
participating district shall only be made out of, and to the extent of,
the state payments and distributions from all funds to be made by the
state to such participating district pursuant to sections 163.011 to
163.195, RSMo. Any such transfer by the state on behalf of a
participating district shall discharge the state's obligation to make
such state payments to such participating district to the extent of such
transfer;

(2) A participating district shall withdraw amounts from any of its funds
established pursuant to section 165.011, RSMo, to the extent such amounts
could have been used to make the payments made on its behalf by the state
treasurer as provided in subdivision (1) of this subsection.
Notwithstanding any provisions of section 108.180, RSMo, to the contrary,
such amounts shall be deposited into the participating district's funds
as provided by law in lieu of the state payments transferred to the
trustee under the funding agreement;

(3) The authority shall from time to time develop guidelines containing
certain criteria with respect to participating school districts and with
respect to the issuance of school district bonds;

(4) Transfers made under this subsection pursuant to a school district's
participation in a funding agreement under this section shall be made at
no cost to the school district.

7. The authority shall provide for the payment of costs of issuance,
costs of credit enhancement and any other costs or fees related to the
issuance of any school district bonds other than reserve funds, out of
the proceeds thereof or out of amounts distributed annually to the
authority pursuant to sections 160.534 and 164.303, RSMo. The authority
shall annually submit a request for funding of such costs to the
commissioner of education in such form and at such time as he may
request. A copy of such request shall be forwarded to the commissioner of
administration. The authority shall provide for the payment of costs
pursuant to this subsection only for bonds issued for the purpose of
financing construction or renovation projects approved by voters after
January 1, 1995, or refinancing construction or renovation projects or
for refinance of lease purchase obligations with general obligation bonds.

8. Any refunding or refinancing of existing bonds of a school district
under this section shall have a net present value savings of at least one
and one-half percent of the par amount of the refunded bonds.

9. The commissioner of education shall serve as an ex officio, nonvoting,
advisory member of the authority solely with regard to the exercise of
powers granted pursuant to this section.

10. Nothing in this section or sections 360.111 to 360.118 shall be
construed to relieve a school district or public community junior college
of its obligation to levy a debt service levy or capital projects levy
sufficient to retire any obligation of the district or college as
otherwise provided by law.

11. Any professional services provided in connection with the sale of
such bonds pursuant to this section, including, but not limited to,
underwriters, bond counsel, underwriters' counsel, trustee and financial
advisors, shall be obtained through competitive bidding. The initial bid
for professional services shall be for a period of not longer than two
years, and thereafter such bids shall be awarded for a period not longer
than one year.

12. The authority shall review the cost effectiveness of the program
established under this section and sections 360.111 to 360.118 and shall,
on or before the fifteenth of August of each year, provide a report to
the general assembly which shall contain a report on the program, the
authority's findings and a recommendation of whether this section should
be repealed, strengthened or otherwise amended. (L. 1985 H.B. 691, A.L.
1995 S.B. 301, A.L. 1999 S.B. 276, A.L. 2002 H.B. 1477, et al. merged
with S.B. 947, A.L. 2005 S.B. 287)

*Effective 7-1-06

1. As used in this section and sections 360.111 to 360.118, the
following terms mean:

(1) "Funding agreement", any loan agreement, financing agreement or other
agreement between the authority and a participating district under this
section, providing for the use of proceeds of, security for, and the
repayment of, school district bonds, and shall include a complete waiver
by the participating district of all powers, rights and privileges
conferred upon the participating district to institute any action
authorized by any act of the Congress of the United States relating to
bankruptcy on the part of the participating district;

(2) "Participating district", with respect to a particular issue of
bonds, notes or other financial obligations, any school district and any
public community junior college in this state which voluntarily enters
into a funding agreement with the authority pursuant to this section;

(3) "School district bonds", any bonds, notes or other obligations issued
by the authority for the purpose of making loans to, purchasing the bonds
or notes of or otherwise by agreement using or providing for the use of
the proceeds of the obligations by a participating district under this
section and all related costs of issuance of the obligations including,
but not limited to, all costs, charges, fees and expenses of
underwriters, financial advisors, attorneys, consultants, accountants and
of the authority.

2. In addition to other powers granted to the authority by sections
360.010 to 360.140, the authority shall have the power to issue school
district bonds or notes for the purpose of making loans to, or purchasing
the bonds, notes or other financial instruments of:

(1) Any school district or any public community junior college in this
state for the use of the various funds of such school district or public
community junior college for any lawful purpose; and

(2) Any school district in this state with respect to obligations issued
by such school district pursuant to sections 164.121 to 164.301, RSMo, or
otherwise by law.

3. In connection with the issuance of school district bonds pursuant to
the powers granted in this section, the authority shall have all powers
as set forth elsewhere in sections 360.010 to 360.140, and the provisions
of sections 360.010 to 360.140 shall be applicable to the issuance of
school district bonds to the extent that they are not inconsistent with
the provisions of this section.

4. School district bonds issued pursuant to this section may be secured
by a pledge of payments made to the authority by the participating
district, by the bonds or notes of the participating district, or by a
pooling of such payments, bonds or notes of two or more of such
participating districts or as otherwise set forth in the funding
agreements.

5. The authority may invest any funds held pursuant to powers granted
under this section, which are not required for immediate disbursement, in
any investment approved by the authority and specified in the trust
indenture or resolution pursuant to which such bonds or notes are issued
without regard to any limitation otherwise imposed by section 360.120 or
otherwise by law; provided, however, that each participating district
shall receive the earnings, or a credit for such earnings, to the extent
any such amounts invested are attributable to a particular participating
district.

6. (1) In connection with school district bonds, upon certification by
the authority to the commissioner of education and the state treasurer
that the funding agreement provides for consent by a participating
district for direct deposit of its state payments to the trustee, the
state treasurer shall transfer, but only out of funds described in this
section, directly to the trustee for such school district bonds, the
amounts needed to pay the principal and interest when due on the school
district bonds attributable to a particular participating district. Such
transfers for any school district bonds attributable to a particular
participating district shall only be made out of, and to the extent of,
the state payments and distributions from all funds to be made by the
state to such participating district pursuant to sections 163.011 to
163.195, RSMo, and the distributions from the fair share fund to be made
by the state to such participating district pursuant to section 149.015,
RSMo. Any such transfer by the state on behalf of a participating
district shall discharge the state's obligation to make such state
payments to such participating district to the extent of such transfer;

(2) A participating district shall withdraw amounts from any of its funds
established pursuant to section 165.011, RSMo, to the extent such amounts
could have been used to make the payments made on its behalf by the state
treasurer as provided in subdivision (1) of this subsection.
Notwithstanding any provisions of section 108.180, RSMo, to the contrary,
such amounts shall be deposited into the participating district's funds
as provided by law in lieu of the state payments transferred to the
trustee under the funding agreement;

(3) The authority shall from time to time develop guidelines containing
certain criteria with respect to participating school districts and with
respect to the issuance of school district bonds;

(4) Transfers made under this subsection pursuant to a school district's
participation in a funding agreement under this section shall be made at
no cost to the school district.

7. The authority shall provide for the payment of costs of issuance,
costs of credit enhancement and any other costs or fees related to the
issuance of any school district bonds other than reserve funds, out of
the proceeds thereof or out of amounts distributed annually to the
authority pursuant to sections 160.534 and 164.303, RSMo. The authority
shall annually submit a request for funding of such costs to the
commissioner of education in such form and at such time as he may
request. A copy of such request shall be forwarded to the commissioner of
administration. The authority shall provide for the payment of costs
pursuant to this subsection only for bonds issued for the purpose of
financing construction or renovation projects approved by voters after
January 1, 1995, or refinancing construction or renovation projects or
for refinance of lease purchase obligations with general obligation bonds.

8. Any refunding or refinancing of existing bonds of a school district
under this section shall have a net present value savings of at least one
and one-half percent of the par amount of the refunded bonds.

9. The commissioner of education shall serve as an ex officio, nonvoting,
advisory member of the authority solely with regard to the exercise of
powers granted pursuant to this section.

10. Nothing in this section or sections 360.111 to 360.118 shall be
construed to relieve a school district or public community junior college
of its obligation to levy a debt service levy or capital projects levy
sufficient to retire any obligation of the district or college as
otherwise provided by law.

11. Any professional services provided in connection with the sale of
such bonds pursuant to this section, including, but not limited to,
underwriters, bond counsel, underwriters' counsel, trustee and financial
advisors, shall be obtained through competitive bidding. The initial bid
for professional services shall be for a period of not longer than two
years, and thereafter such bids shall be awarded for a period not longer
than one year.

12. The authority shall review the cost effectiveness of the program
established under this section and sections 360.111 to 360.118 and shall,
on or before the fifteenth of August of each year, provide a report to
the general assembly which shall contain a report on the program, the
authority's findings and a recommendation of whether this section should
be repealed, strengthened or otherwise amended. (L. 1985 H.B. 691, A.L.
1995 S.B. 301, A.L. 1999 S.B. 276, A.L. 2002 H.B. 1477, et al. merged
with S.B. 947)

*This section was amended by S.B. 287, 2005, effective 7-1-06.

1. Notwithstanding any other provision of law to the contrary,
in addition to other powers granted to the authority by sections 360.010
to 360.140, the authority shall have the power to issue bonds or notes
for the purpose of making loans to, or purchasing the notes of, any
educational institution or health institution for the purpose of
financing working capital and all related costs of such financing,
including, but not limited to, all costs, charges, fees and expenses of
underwriters, advisory lawyers, consultants, accountants and of the
authority. "Working capital" as used in this section means moneys to be
used by, or on behalf of, an educational institution or health
institution to pay or prepay maintenance or operation expenses or any
other costs that would be treated as an expense item, under generally
accepted accounting principles, in connection with the ownership or
operation of an educational facility or health facility, including, but
not limited to, reserves for maintenance or operation expenses, interest
for not to exceed one year on any loan for working capital made pursuant
to this part, and reserves for debt service with respect to, and any
costs necessary or incidental to, that financing.

2. Bonds or notes issued pursuant to this section may be secured by a
pledge of payments made to the authority by the educational institution
or health institution, by the notes of the educational institution or
health institution, or by a pooling of such payments or notes of two or
more such entities. In connection with any financing pursuant to the
power granted in this section, the authority shall have all power as set
forth elsewhere by sections 360.010 to 360.140. (L. 1988 H.B. 1456)

1. Notwithstanding any other provision of law to the contrary,
in addition to other powers granted to the authority by sections 360.010
to 360.140, the authority shall have the power to issue bonds or notes
for the purpose of making loans to, or purchasing the notes of, any
educational institution or health institution for the purpose of funding
any self-insurance program or obligation or risk management program for
the educational institution or health institution for the educational
institution or health institution relative to professional liability,
general liability, tort claims, and related fees and expenses incurred in
the defense and settlement thereof, including attorney's fees, including,
but not limited to, the funding of any reserves under an indenture with
respect to same and all related costs of such financing, including, but
not limited to, all costs, charges, fees and expenses of underwriters,
advisory lawyers, consultants, accountants and of the authority. Bonds or
notes issued pursuant to this section may be secured by a pledge of
payments made to the authority by the educational institution or health
institution, by the notes of the educational institution or health
institution, or by pooling of such payments or notes of two or more such
entities. In connection with any financing pursuant to the power granted
in this section, the authority shall have all power as set forth
elsewhere in sections 360.010 to 360.140.

2. Any self-insurance program or obligation or risk management program
funded pursuant to this section shall have the same effect as the
purchase of insurance by the entity as otherwise provided by law, and, as
to partnerships, limited partnerships, joint ventures or other entities
or any public association, corporation or institution which is, or is
owned or operated by, any political subdivision of the state which
constitutes a participating educational institution or participating
health institution shall have the same effect as a self-insurance plan
adopted by the governing body of any political subdivision of the state.
(L. 1988 H.B. 1456)

1. Notwithstanding any other provision of law to the contrary,
in addition to other powers granted to the authority by sections 360.010
to 360.140, the authority shall have the power to issue bonds or notes or
other evidences of indebtedness for the purpose of making loans to, or
purchasing the notes of, or owning and leasing to or otherwise assisting
the state of Missouri or its agencies, departments or boards for the
purpose of financing any of the following which the state of Missouri or
its agencies, departments or boards is required, permitted, or deems it
necessary to provide, pursuant to or in compliance with, any past,
present or future order, ruling, decree, settlement or other directive of
any court of the United States of America or of the state of Missouri in
connection with or in any way related to any court case involving
desegregation of schools located in the state of Missouri: The cost of
all or any portion of structures, buildings, fixtures, materials,
equipment and any and all other capital items used in connection with the
providing of primary, elementary or secondary education at or below the
high school level in the state of Missouri, including, without in any way
limiting the generality of the foregoing, academic structures or
buildings, libraries, classrooms, places for athletic activities, places
of learning, laboratories, places in which to provide health care, places
in which to house maintenance equipment and supplies, storage places,
places in which to locate utilities, administration facilities, student
union facilities, communication or technological facilities, as well as
other structures or appurtenances related thereto required or useful for
the instruction or training of students and related research and
activities, and also for the cost of all or any portion of student,
teacher, counselor, employee, administrator, or other individual's school
transportation, and salaries and other benefits and costs of teachers,
counselors, employees, administrators or other individuals, and all
related costs of such financings, including, but not limited to, all
costs, charges, fees and expenses of underwriters, attorneys,
consultants, accountants and the authority.

2. The authority shall have the power to cooperate with and assist the
state of Missouri or its agencies, departments or boards in providing the
financing described herein. In connection with any financing pursuant to
the power granted in this section, the authority shall have all powers as
set forth elsewhere in sections 360.010 to 360.040. (L. 1988 H.B. 1456)

1. Neither sections 360.010 to 360.140 nor anything in sections
360.010 to 360.140 shall be construed as a restriction or limitation upon
any powers which the authority might otherwise have under any laws of
this state, but shall be construed as cumulative of any such powers.
Nothing in sections 360.010 to 360.140 shall be construed to deprive the
state and its governmental subdivisions of their respective police powers
over properties of the authority or to impair any power thereover of any
official or agency of the state and its governmental subdivisions which
otherwise may be provided by law.

2. All facilities shall be subject to the planning, zoning, sanitary, and
building laws, ordinances, and regulations applicable to the locality in
which any such facilities are situated or are to be situated.

3. The powers conferred by sections 360.010 to 360.140 shall be in
addition and supplementary to, and the limitations imposed by sections
360.010 to 360.140 shall not affect the powers conferred by any other
law. Facilities may be acquired, purchased, constructed, reconstructed,
improved, bettered, and extended, and bonds may be issued under sections
360.010 to 360.140 for said purposes notwithstanding the fact that any
other law may provide for the acquisition, purchase, construction,
reconstruction, improvement, betterment, and extension of like facilities
or the issuance of bonds for like purposes, without regard to the
requirements, restrictions, limitations, or other provisions contained in
any other law. (L. 1975 H.B. 70 §§ 20, 21, 26)

Any school district or public community junior college which is
not a participating district, as defined in section 360.106, with respect
to a particular issue of its bonds, notes or other financial obligations
may participate with the authority in a direct deposit agreement with
respect to such issue of bonds, notes or other financial obligations. A
direct deposit agreement under sections 360.111 to 360.118 shall satisfy
all requirements of subsection 6 of section 360.106 with regard to
funding agreements of participating districts, and such school district
shall be subject to all requirements applicable to participating
districts under subsections 6 and 9 of section 360.106 and shall have all
powers granted to participating districts under subsection 6 of section
360.106. A direct deposit agreement under sections 360.111 to 360.118
shall include a complete waiver by the school district or public
community junior college of all powers, rights and privileges conferred
upon the school district or public community junior college to institute
any action authorized by any act of the Congress of the United States
relating to bankruptcy on the part of the school district or public
community junior college. No school district or public community junior
college shall be precluded from participation with the authority pursuant
to section 360.106 with respect to any particular issue of bonds, notes
or other financial obligations on the basis of the district's or
college's participation with the authority in a direct deposit agreement
pursuant to sections 360.111 to 360.118 with respect to any other issue
of bonds, notes or other financial obligations. (L. 1995 S.B. 301 §
360.111 subsec. 1, A.L. 2002 H.B. 1477, et al. merged with S.B. 947)

The authority shall serve as administrator for any issuance
pursuant to sections 360.111 to 360.118. The authority, the commissioner
of education and the state treasurer shall be authorized to take all
actions with regard to a school district or public community junior
college which has a direct deposit agreement under sections 360.111 to
360.118 as such persons are authorized to take such actions with respect
to a participating district under subsection 6 of section 360.106. (L.
1995 S.B. 301 § 360.111 subsec. 2, A.L. 2002 H.B. 1477, et al. merged
with S.B. 947)

1. Any school district which has a direct deposit agreement with
the authority pursuant to sections 360.111 to 360.118 shall be eligible
to receive a one-time grant for each issue based upon the par amount of
general obligation bonds issued for the purpose of financing construction
or renovation projects approved by voters after January 1, 1995, or
refinancing construction or renovation projects or for refinance of lease
purchase obligations with general obligation bonds.

2. Until July 1, 1997, the grant amount for a school district under
subsection 1 of this section shall be the lesser of two percent of the
par amount of the bonds issued or the actual costs of issuance as
determined by the authority. (L. 1995 S.B. 301 § 360.111 subsecs. 3, 4)

Effective 6-27-95

1. On or before July 1, 1997, and every two years thereafter,
the authority shall determine the weighted average, actual cost of
issuance percentage for issuances under section 360.106 during the two
years immediately preceding the date such determination is required.

2. On and after July 1, 1997, the grant amount for a school district
under subsection 1 of section 360.113 shall be the lesser of the most
recent weighted average, actual cost of issuance percentage, as
determined by the authority pursuant to subsection 1 of this section,
times the par amount of the bonds issued or the actual costs of issuance
as determined by the authority.

3. Transfers made pursuant to a school district's participation in a
direct deposit agreement under sections 360.111 to 360.118 shall be made
at no cost to the school district. (L. 1995 S.B. 301 § 360.111 subsecs.
5, 6, 7)

Effective 6-27-95

The proceeds of all bonds issued by the authority and of all
fees permitted to be charged by the authority under sections 360.010 to
360.140 shall not be considered to be part of the revenue of the state
within the meaning of article III, section 36, of the Constitution of
Missouri, shall not be required to be deposited into the state treasury,
and shall not be subject to appropriation by the general assembly. The
proceeds and fees shall remain under the exclusive control and management
of the authority to be used as required pursuant to sections 360.010 to
360.140. (L. 1975 H.B. 70 § 22)

1. Payment of grants under sections 360.111 to 360.118 shall be
made from funds appropriated for such purpose under section 164.303,
RSMo. Payment shall be authorized by the commissioner of education upon
receipt of the closing legal opinion for the bonds by the commissioner of
education and a certification by the school district that the funds will
be used for costs relating to projects approved under and satisfying the
qualifications and requirements of subsection 1 of section 360.113.

2. Any refunding or refinancing of existing bonds of a school district
under sections 360.111 to 360.118 shall have a net present value savings
of at least one and one-half percent of the par amount of the refunded
bonds. (L. 1995 S.B. 301 § 360.111 subsecs. 8, 9)

Effective 6-27-95

If the amount of funding available for grants under sections
360.111 to 360.118 is less than the total amount of grants distributable
under sections 360.111 to 360.118 for qualifying issues, first priority
for funding of grants shall be given to qualifying issues for financing
of construction or renovation projects. (L. 1995 S.B. 301 § 360.111
subsec. 10)

Effective 6-27-95

1. The authority may invest any funds held pursuant to powers
granted under sections 360.111 to 360.118, which are not required for
immediate disbursement, in any investment approved by the authority;
provided, however, that each school district shall receive the earnings,
or a credit for such earnings, for any such amounts invested which are
attributable to the district.

2. Nothing in sections 360.106 and 360.111 to 360.118 shall be construed
to apply to obligations issued to finance new lease purchase agreements.
(L. 1995 S.B. 301 § 360.111 subsec. 11 & § 1)

Effective 6-27-95

1. The authority may invest any of its funds in:

(1) Bonds, notes, certificates of indebtedness, treasury bills, or other
securities constituting direct obligations of, or obligations the
principal of and interest on which are fully guaranteed by, the United
States, including evidences of a direct ownership interest in future
interests or principal payments on obligations issued or guaranteed by
the United States, or securities which represent an undivided interest in
such obligations, which obligations are held in a custody account by a
custodian satisfactory to the authority;

(2) Bonds, notes or other obligations of any state of the United States
or of any political subdivision of any state, which at the time of their
purchase rated in either of the two highest rating categories by a
nationally recognized rating service;

(3) Certificates of deposit or time deposits constituting direct
obligations of any bank, bank holding company, savings and loan
association, trust company, financial institution or other credit
provider, except that investments may be made only in certificates of
deposit or time deposits which are:

(a) Insured by the Federal Deposit Insurance Corporation or the Federal
Savings and Loan Credit Corporation, if then in existence;

(b) Continuously and fully secured by securities described in
subdivisions (1) and (2) of this subsection, which have a market value,
exclusive of accrued interest, at all times at least equal to the
principal amount of such certificates of deposit or time deposits; or

(c) Issued by a bank, bank holding company, savings and loan association,
trust company, financial institution or other credit provider whose
outstanding unsecured long-term debt is rated at the time of issuance in
either of the two highest rating categories by a nationally recognized
rating service;

(4) Repurchase agreements with any bank, bank holding company, savings
and loan association, trust company, financial institution or other
credit provider organized under the laws of the United States or any
state, which are secured by any one or more of the securities described
in subdivision (1) or (2) of this subsection and which have a market
value, exclusive of accrued interest, at all times at least equal to the
principal amount of such repurchase agreement;

(5) Investment agreements constituting an obligation of a bank, bank
holding company, savings and loan association, trust company, financial
institution or other credit provider whose outstanding unsecured
long-term debt is rated at the time of such agreement in either of the
two highest rating categories by a nationally recognized rating service;
or

(6) Short-term discount obligations of the Federal National Mortgage
Association and Government National Mortgage Association.

All such securities so purchased shall mature or be redeemable at the
option of the holder on a date or dates prior to the time when, in the
judgment of the authority, the funds so invested will be required for
expenditure. The express judgment of the authority as to the time when
any funds will be required for expenditure or be redeemable shall be
final and conclusive.

2. The provisions of this section shall not apply to the investment of
proceeds of any revenue bonds issued by the authority which proceeds are
held by a trustee or escrow agent under a trust indenture, escrow
agreement or similar agreement in a construction fund, acquisition fund,
project fund or other similar such fund for disbursement to or on behalf
of an identified educational institution or health institution pursuant
to a loan agreement with the authority or in a debt service reserve fund
or escrow fund established with such proceeds. (L. 1975 H.B. 70 § 23,
A.L. 1985 H.B. 691, A.L. 1988 H.B. 1456)

All banks, bankers, trust companies, savings banks and
institutions, building and loan associations, savings and loan
associations, investment companies, insurance companies and associations,
and all executors, administrators, guardians, trustees, and other
fiduciaries legally may invest any sinking funds, moneys or other funds
belonging to them or within their control in any bonds issued pursuant to
sections 360.010 to 360.140. (L. 1975 H.B. 70 § 24)

Facilities shall not be considered to be public buildings,
structures, grounds, works, or improvements and shall not be subject to
any requirements relating to public buildings, structures, grounds,
works, or improvements imposed by the laws of this state or any other
similar requirements which lawfully may be waived by this section, and
any requirements of competitive bidding or other restriction imposed on
the procedure for award of contracts for such purpose or the lease, sale,
or other disposition of property of the authority is not applicable to
any action taken pursuant to sections 360.010 to 360.140. (L. 1975 H.B.
70 § 25)

The authority is hereby declared to be performing a public
function in behalf of the state and to be a public instrumentality of the
state. Accordingly, the authority shall not be required to pay any taxes
or assessments upon or in respect of a project or any property acquired
or used by such authority under the provisions of sections 360.010 to
360.140, or upon the income therefrom, and the bonds issued under the
provisions of this chapter, the interest thereon, the proceeds received
by a holder from the sale of the bonds to the extent of the holder's cost
of acquisition, or proceeds received upon redemption prior to maturity or
proceeds received at maturity, and the receipt of such interest and
proceeds shall be exempt from taxation in the state of Missouri for all
purposes except the state estate tax. (L. 1975 H.B. 70 § 28)

The health and educational facilities authority is assigned to
the office of administration. The authority shall annually, on or before
February first of each year, file with the office of administration a
report of its previous year's income, expenditures and revenue bonds
issued and outstanding. (L. 1975 H.B. 70 § 29, A.L. 1986 S.B. 426)

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