Missouri Statute | Act | Code |Education And Libraries| US Code - US Statute | Chapter 176 Revenue Bonds Of State Educational Institutions--higher Education

The following words and phrases as used in sections 176.010 to
176.080, unless a different meaning is plainly required by the context,
shall have the following meanings:

(1) "Governing body" shall mean:

(a) The board of curators of the University of the State of Missouri;

(b) The board of curators of Lincoln University of Missouri;

(c) The board of governors for the Truman State University;

(d) The board of governors for the Central Missouri State University;

(e) The board of regents for the Southeast Missouri State University;

(f) The board of governors for the Missouri State University;

(g) The board of regents for the Northwest Missouri State University;

(h) The board of governors for the Missouri Western State University;

(i) The board of governors for the Missouri Southern State University;

(j) The board of regents for Harris-Stowe State University;

(k) The board of trustees of any junior college district formed under
sections 178.770 to 178.890, RSMo;

(l) The board of regents of Linn State Technical College, provided the
conditions of section 178.631, RSMo, are met;

(2) "Net income and revenues" shall mean the income arising from the
operation of a project remaining after providing for the costs of
operation of such project and the costs of maintenance thereof;

(3) "Project" shall mean one or more dormitory buildings with or without
dining room facilities as an integral part thereof, or dining room
facilities alone, or one or more social and recreational buildings, or
any other revenue-producing facilities of state educational institutions,
or any combination of such facilities;

(4) "Revenue bonds" shall mean bonds issued hereunder for the purposes
herein authorized and payable, both as to principal and interest, solely
and only out of the net income and revenues arising from the operation of
the project for which such bonds are issued after providing for the costs
of operation and maintenance of such project, and, in addition thereto,
in the discretion of the governing body, out of either one or both of the
following sources:

(a) The proceeds of any grant in aid of such project which may be
received from any source; and

(b) The net income and revenues arising from the operation of another
project, as herein defined, already owned and operated by any such state
educational institution.

Such bonds shall not be deemed to be an indebtedness of the state of
Missouri, the educational institution issuing them, the governing body of
such educational institution, or the individual members of such governing
body;

(5) "State educational institutions" shall mean and shall include:

(a) The State University of Missouri, incorporated as a body politic
under the name of "The Curators of the University of Missouri", together
with the departments of said state university especially established by
law as the "College of Agriculture at Columbia" and the "University of
Missouri-Rolla";

(b) "Lincoln University" at Jefferson City;

(c) "Truman State University" at Kirksville, Missouri;

(d) "Missouri State University" at Springfield;

(e) The several regional universities, to wit:

"Central Missouri State University" at Warrensburg, Missouri;

"Southeast Missouri State University" at Cape Girardeau, Missouri;

"Northwest Missouri State University" at Maryville, Missouri;

"Missouri Western State University" at St. Joseph, Missouri;

"Missouri Southern State University" at Joplin, Missouri;

"Harris-Stowe State University" at St. Louis, Missouri;

(f) Junior college districts formed under sections 178.770 to 178.890,
RSMo;

(g) The several state colleges, to wit:

"Linn State Technical College" in Osage County, Missouri, provided the
conditions of section 178.631, RSMo, are met. (L. 1945 p. 1715 § 1, A.L.
1965 2d Ex. Sess. p. 896, A.L. 1979 S.B. 2, A.L. 1988 H.B. 1456, A.L.
1995 S.B. 101 merged with S.B. 340, A.L. 2005 S.B. 98)

CROSS REFERENCE: Board of regents of Central Missouri State University
and Southwest Missouri State University abolished and board of governors
appointed, when, RSMo 174.450

1. Any state educational institution of the state of Missouri,
as herein defined, shall have the power, acting through its governing
body, to acquire, construct, erect, equip, furnish, operate, control,
manage and regulate a project, as herein defined, as in the judgment of
such governing body shall be necessary, advisable, and suitable for the
use of students attending such educational institution.

2. Such state educational institutions shall have the further power to
use real property now or hereafter belonging to such educational
institution as a site for any such project, or to acquire by purchase,
lease, gift or otherwise such real or personal property as in the
judgment of the governing body of such educational institution shall be
necessary, advisable and suitable for such purpose.

3. In acquiring such property such educational institution shall have the
power to condemn any and all rights or property, either public or
private, of every kind and character, necessary for the purposes
aforesaid, and in the exercise of such power of condemnation, it shall
follow the procedure which is now or may hereafter be provided by law for
the appropriation of land or other property taken for telegraph,
telephone or railroad rights-of-way. (L. 1945 p. 1715 § 2)

For the purpose of providing funds for the acquisition,
construction, erection, equipment and furnishing of any such project, and
for providing a site therefor, as herein provided, the governing body of
such educational institution shall have the power to issue and sell
revenue bonds, as herein defined, in an amount not to exceed the
estimated cost of such project, including costs necessarily incidental
thereto. Provided, however, that no such bonds shall be issued and sold
unless, at the time of the issuance thereof, the governing body of the
educational institution so issuing them, shall pledge the net income and
revenues of such project to the payment of such bonds, both principal and
interest, and shall covenant to fix, maintain and collect such reasonable
rates and charges for the use of such project as in the judgment of such
governing body will provide revenues sufficient to pay the reasonable
cost of operating and maintaining such project; to provide and maintain
an interest and sinking fund in an amount adequate promptly to pay the
principal of and interest on such bonds; to provide a reasonable reserve
fund; and to provide a reasonable fund for depreciation. In addition to
pledging such net income and revenues as herein provided, such governing
body, in its discretion, may pledge to the payment of such bonds, both
principal and interest, either one or both of the following:

(1) The proceeds of any grant in aid of such project which may be
received from any source; and

(2) The net income and revenues arising from the operation of another
project, as herein defined, already owned and operated by any such state
educational institution. (L. 1945 p. 1715 § 3)

If more than one series of bonds shall be issued under sections
176.010 to 176.080 payable from the net income and revenues of any
project or projects, priority of lien thereof on such net income and
revenues shall depend on the provisions of the proceedings authorizing
the issuance of such bonds, it being within the discretion of the
governing body, at the time it authorizes any such series, to provide
that subsequent series of bonds payable from such net income and revenues
may not be issued, that subsequent series of bonds shall be subordinate
as to lien, or that subsequent series of bonds shall enjoy parity of lien
if such conditions and restrictions as may be specified in such
proceedings can be met. (L. 1959 H.B. 367)

Any bonds issued under and pursuant to sections 176.010 to
176.080 shall not be deemed to be an indebtedness of the state of
Missouri or of any such educational institution, or of the governing body
thereof, or of the individual members of such governing body, and shall
not be deemed to be an indebtedness within the meaning of any
constitutional or statutory limitation upon the incurring of
indebtedness. (L. 1945 p. 1715 § 4)

1. Bonds issued under and pursuant to the provisions of sections
176.010 to 176.080 shall be of such denomination or denominations, shall
bear such rate or rates of interest, and shall mature at such time or
times within forty years from the date thereof, as the governing body of
such educational institution may determine. Such 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 governing body may determine.

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 governing body may determine.

4. Such 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 governing body of the educational institution
issuing such bonds, 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. Such 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. (L. 1945 p. 1715 § 5, A.L. 1955 p. 540,
A.L. 1965 2d Ex. Sess. p. 896)

Notwithstanding any other provision of law, in any resolution
authorizing bonds under sections 176.010 to 176.080, including refunding
bonds, the governing body may provide for the initial issuance of one or
more bonds (in this section called "bond") and may make such provision
for installment payments of the principal amount of any such bond as it
may consider desirable and may provide for the making of any such bond
registrable as to principal or as to both principal and interest, and
where interest accruing thereon is not represented by interest coupons,
for the endorsing of payments of interest on such bond. The governing
body may further make provision in any such resolution for the manner and
circumstances in and under which any such bond may in the future, at the
request of the holder thereof, be converted into bonds of smaller
denominations, which bonds of smaller denominations may in turn be either
coupon bonds or bonds registrable as to principal or principal and
interest. (L. 1959 H.B. 367)

1. The revenue bonds issued pursuant to the provisions of
sections 176.010 to 176.080 may be refunded, in whole or in part, in any
of the following circumstances, to wit:

(1) When any such bonds have by their terms become due and payable and
there are not sufficient funds in the interest and sinking fund provided
for their payment, to pay such bonds and the interest thereon.

(2) When any such bonds are by their terms callable for payment and
redemption in advance of their date of maturity and shall have been duly
called for payment and redemption.

(3) When any such bonds are voluntarily surrendered by the holder or
holders thereof for exchange for refunding bonds.

2. For the purpose of refunding any bonds issued hereunder, including
refunding bonds, the governing body of any state educational institution
may make and issue refunding bonds in such amount as may be necessary to
pay off and redeem the bonds to be refunded together with unpaid and past
due interest thereon and any premium which may be due under the terms of
such bonds, together also with the cost of issuing such refunding bonds,
and may sell the same in like manner as is herein provided for the sale
of revenue bonds, and with the proceeds thereof pay off, redeem and
cancel such old bonds and coupons as may have matured, or such bonds as
may have been called for payment and redemption, together with the past
due interest and the premium, if any, due thereon, or such bonds may be
issued and delivered in exchange for a like par value amount of bonds to
refund which the refunding bonds were issued; provided, however, that no
refunding bonds issued pursuant to the provisions of sections 176.010 to
176.080 shall be payable in more than forty years from the date thereof
or shall bear interest at a rate in excess of six percent per annum.

3. Such refunding bonds shall be payable from the same sources as were
pledged to the payment of the bonds refunded thereby and, in the
discretion of the governing body, may be payable from any other sources
which under sections 176.010 to 176.080 may be pledged to the payment of
revenue bonds issued hereunder. Bonds of two or more issues of any state
educational institution may be refunded by a single issue of refunding
bonds. (L. 1945 p. 1715 § 6, A.L. 1955 Ex. Sess. p. 30)

The governing body of any state educational institution issuing
bonds under the provisions of sections 176.010 to 176.080 is hereby
authorized to prescribe the form, details and incidents of such bonds,
and to make such covenants as in its judgment may be advisable or
necessary properly to secure the payment thereof; provided, that such
form, details, incidents and covenants shall not be inconsistent with any
of the provisions of sections 176.010 to 176.080. The holder or holders
of any bond or bonds issued hereunder or of any coupons representing
interest accrued thereon may, by proper civil action either at law or in
equity, compel the governing body of the state educational institution
issuing such bonds to perform all duties imposed upon it by the
provisions of sections 176.010 to 176.080, including the making and
collecting of sufficient rates and charges for the use of the project for
which such bonds were issued, and also to enforce the performance of any
and all other covenants made by such governing body in the issuance of
such bonds. (L. 1945 p. 1715 § 7)

Bonds may be issued under the provisions of sections 176.010 to
176.080 pursuant to a resolution adopted by the affirmative vote of
two-thirds of the members of the governing body of any state educational
institution as herein defined, and no other proceedings shall be required
therefor. (L. 1945 p. 1715 § 8)

The governing body of any state educational institution may
cooperate with the Missouri health and educational facilities authority
as a participating educational institution as provided in and permitted
by sections 360.010 to 360.140, RSMo. The state educational institution
shall apply amounts appropriated by the general assembly for design or
construction and related costs of a structure, building or fixture to the
payment of bonds issued by the authority to finance or refinance that
structure, building or fixture and related costs; provided, however, that
any such bonds issued by the authority must be approved in the same
manner as private activity bonds are approved under federal law. (L. 1988
H.B. 1456)

Notwithstanding any direct or implied prohibitions in chapter
375 or 379, RSMo, a group of two or more private associations,
corporations, or institutions not operated for private or corporate
profit authorized by law to provide or operate educational facilities and
to provide a program of education beyond the high school level in the
state of Missouri, and which meet the standards for accreditation as
determined by the North Central Association of Colleges and Secondary
Schools or the Coordinating Board for Higher Education, may form an
association for the purpose of pooling funds in order to share the types
of risks described in section 176.510. (L. 1986 H.B. 1387 § 1)

Any group of two or more qualifying institutions establishing an
association under the provisions of sections 176.500 to 176.540 shall,
through an attorney in fact selected by such institutions, file with the
director of insurance a copy of its articles of association or
declaration of trust. Such articles of association or declaration of
trust shall include the names of the institutions initially associated,
the method by which other institutions may be admitted to the association
as members of the association, the purposes of the association including
the types of risks shared, the amount of initial assessment which has
been paid into the association by each member, the method of assessment
of each member thereafter, and the maximum amount of any assessment which
the association may make against any of its members. The articles of
association or declaration of trust shall provide for bylaws and for the
amendment of the articles of association or declaration of trust and
bylaws. (L. 1986 H.B. 1387 § 2)

1. Any association organized under the provisions of sections
176.500 to 176.540 may provide for the sharing of the following risks of
loss:

(1) All risks of physical loss or damage to a member of the association's
real or personal property of every kind and description wherever located;

(2) All loss or damage to automobiles, wherever located, owned by a
member of the association or on which a member of the association has an
obligation to provide adequate insurance against all risk of direct
physical loss, including collision of the automobile with another object;

(3) All sums which a member of the association shall be obligated to pay
by reason of the liability imposed upon the member of the association by
law, or assumed by the member of the association under contract or
agreement, for losses or damages, direct or consequential, including but
not limited to bodily injury, property damage, errors and omissions and
personal injury, and expenses;

(4) Employee health and disability benefit programs;

(5) All loss caused by reason of theft, burglary, robbery, kidnapping,
disappearance or destruction of any money or securities of any member of
the association which may at any time be, or believed by the member of
the association to be, in or upon any premise occupied or used by the
member or by any bank, trust company, or safe deposit company, or while
in transit or in the custody of the member of the association's officers
or employees;

(6) Any other risk for which a member of the association may otherwise
procure insurance, excepting that of life insurance and dealing in
annuities.

2. Any association organized under the provisions of sections 176.500 to
176.540 may cause itself to be wholly or partially reinsured against any
loss arising from any risk which it may have undertaken, on such terms
and to such extent as it may deem proper from time to time.

3. Membership in any association organized under the provisions of
sections 176.500 to 176.540 shall be available to, and the coverage of
any losses by such association shall be extended to, only those
institutions qualifying under section 176.500. (L. 1986 H.B. 1387 § 3)

Any association organized under the provisions of sections
176.500 to 176.540 may include among the types of risks shared liability
imposed by chapter 287, RSMo, relating to workers' compensation
liability. To the extent workers' compensation liability is covered, the
association shall be subject to the requirements of chapter 287, RSMo,
and shall maintain a separate account therefor. Funds allocated to the
workers' compensation account shall not be used to pay claims arising out
of other types of risks undertaken by the association; provided, however,
that nothing contained in this section shall prevent the commingling of
funds for the purposes of investment or the allocation of expenses
between the workers' compensation account and other accounts of the
association. (L. 1986 H.B. 1387 § 4)

Any association organized under the provisions of sections
176.500 to 176.540 shall be exempt from all provisions of other insurance
laws of this state, not only in governmental relations but for every
other purpose. (L. 1986 H.B. 1387 § 5)

Any association organized under the provisions of sections
176.500 to 176.540 may make, establish and put into execution such bylaws
and resolutions, not inconsistent with any other provision of sections
176.500 to 176.540, as may seem necessary or convenient for its
regulation and government, and for the arrangement of its affairs, and do
and execute all such acts and things as may be necessary to carry into
full effect the purposes intended by the provisions of sections 176.500
to 176.540. (L. 1986 H.B. 1387 § 6)

Any association organized under the provisions of sections
176.500 to 176.540 shall file with the director of insurance of this
state an annual audit report of the operations of such association,
compiled by an independent auditor in accordance with generally accepted
auditing standards. (L. 1986 H.B. 1387 § 7)

Concurrently with the filing of the documents provided for by
the terms of section 176.505, the attorney in fact shall file with the
director of insurance an instrument in writing, executed by him,
providing for service of process on such attorney in fact in all suits
instituted by any member or members of the association against such
association. (L. 1986 H.B. 1387 § 8)

Every association or organization, which is not a corporation or
trust organized under the laws of this state, or any other state, which
accepts membership dues or fees shall be subject to service of process
against it and each of its members, collectively or individually, in any
action arising out of or in respect to the member's participation in or
on behalf of such association or organization, by delivering a copy of
the summons with a copy of the petition attached to the secretary of
state at his office, or in his absence to the chief clerk of the
secretary of state at his office, and such service shall be sufficient
service upon such association. A copy of the summons and petition shall
be delivered by registered mail by the chief clerk of the secretary of
state to the last known address of the association if the address is a
matter of record with the secretary of state or, otherwise, to an officer
of the association. (L. 1986 H.B. 1387 § 9)

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