Missouri Statute | Act | Code |Public Officers And Employees, Bonds And Records| US Code - US Statute | Chapter 108 Bond Issues, Miscellaneous Provisions

Any county in this state, by vote of the constitutionally
required percentage of the voters voting thereon, may become indebted in
an amount exceeding in any year the income and revenue provided for such
year plus any unencumbered balances from previous years. Such
indebtedness shall not exceed five percent of the value of taxable
tangible property therein as shown by the last completed assessment for
state and county purposes. (L. 1945 p. 597 § 3292, A.L. 1978 H.B. 971,
A.L. 1990 H.B. 1621)

Any county in this state, by vote of the constitutionally
required percentage of the voters voting thereon in favor of the
question, may incur an indebtedness for county purposes in addition to
that authorized in section 108.010 not to exceed five percent of the
taxable tangible property shown as provided in that section. (L. 1945 p.
597 § 3293, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)

Before incurring any indebtedness under the provisions of
sections 108.010 and 108.020 the county shall provide for the collection
of an annual tax on all taxable tangible property therein sufficient to
pay the interest and principal of the indebtedness as they fall due, and
to retire the same within twenty years from the date contracted. (L. 1945
p. 597 § 3294)

CROSS REFERENCE: Annual tax to pay and retire obligation within twenty
years, Const. Art. VI § 26(f)

Whenever it may become necessary for any county in this state to
incur an indebtedness as authorized in section 108.010 or 108.020, it
shall be lawful for any number of voters of such county, but not less
than one percent or three hundred, whichever is greater, as determined by
the vote for governor in the county in last election at which a governor
was elected, to present to the county commission of such county a
petition in writing setting forth the object and purpose for which the
indebtedness is desired to be incurred and asking that the question be
submitted to the voters. Upon the presentation of such petition it shall
be the duty of the county commission of such county to order that the
question be submitted to the voters. (RSMo 1939 § 3292, A.L. 1945 p. 597
§ 3295, A.L. 1978 H.B. 971)

Prior revisions: 1929 § 2905; 1919 § 1053; 1909 § 1260

CROSS REFERENCE: Revenue bonds for the erection or extension of
courthouses and other county buildings, RSMo 49.520 to 49.580

The notice shall state the time and purpose of the election and
the amount of indebtedness to be incurred. (RSMo 1939 § 3293, A.L. 1945
p. 597 § 3296, A.L. 1978 H.B. 971)

Prior revisions: 1929 § 2906; 1919 § 1054; 1909 § 1261

1. The question shall be submitted in substantially the
following form:

Shall ....... County issue bonds in the amount of ....... dollars for the
purpose of .....?

2. The election authority shall certify the results to the county
commission. (RSMo 1939 §§ 3294, 3295, A. 1945 p. 597 § 3297, A.L. 1978
H.B. 971)

Prior revisions: 1929 §§ 2907, 2908; 1919 §§ 1055, 1056; 1909 § 1262

If it appears from the results of the examination and casting up
of the returns of the election as certified to the county commission that
the constitutionally required percentage of the voters of such county
voting on the question submitted were in favor of incurring such
indebtedness, the commission shall make an order reciting the submission
of the question and the result thereof, both for and against the
question. If the result of the submission of the question as certified
shall be in favor of the issuing of bonds, the bonds shall be sold at
such time and in such amounts as the commission may from time to time
order and direct. The county commission shall provide for the collection
of an annual tax sufficient to pay the interest on such indebtedness as
it falls due, and also to create a sinking fund for the payment of the
principal thereof within twenty years from the date of contracting the
same. (RSMo 1939 § 3296, A.L. 1945 p. 597 § 3298, A.L. 1978 H.B. 971,
A.L. 1990 H.B. 1621)

Prior revisions: 1929 § 2909; 1919 § 1057; 1909 § 1264

Such bonds shall be issued in denominations of one hundred
dollars or some multiple thereof, shall be payable to bearer, not later
than twenty years from their date, shall bear interest from their date at
a rate not exceeding four percent per annum, payable annually or
semiannually, such interest payments to be evidenced by annexed coupons,
and said bonds shall not be sold for less than ninety-five percent of the
face value thereof. Such bonds shall specify the depositary or place
where interest and principal payments will be made and shall be signed by
the presiding justice of the county commission and attested by the
signature of the clerk of the county commission with the seal of his
office affixed thereto. The interest coupons may be executed by affixing
thereon the facsimile signature of said clerk. (RSMo 1939 § 3297, A.L.
1945 p. 597 § 3299)

Prior revisions: 1929 § 2910; 1919 § 1058; 1909 § 1265

(1968) Held that § 108.170, as enacted in 1965 and providing a six
percent limit on interest, repealed by implication the four percent
interest rate limitation as set out in § 108.080. Edwards v. St. Louis
County (Mo.), 429 S.W.2d 718.

The county treasurer of the county issuing such bonds, under the
direction of the county commission, is hereby authorized to sell and
dispose of all such bonds in the manner provided by law. (RSMo 1939 §
3298, A.L. 1945 p. 597 § 3300, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)

Prior revisions: 1929 § 2911; 1919 § 1059; 1909 § 1267

All bonds issued under sections 108.010 to 108.110 shall be
registered in the office of the county clerk, in a book kept for that
purpose, which registry shall show the number, date, face amount,
interest rate, date of sale, name of purchaser, maturity date, and the
amount for which the bond was sold. (RSMo 1939 § 3299, A.L. 1945 p. 597 §
3300a)

Prior revisions: 1929 § 2912; 1919 § 1060; 1909 § 1268

The moneys derived from the sale of such bonds shall be
deposited in the county treasury, and the county clerk shall charge the
treasurer therewith. And the said moneys shall be drawn from the treasury
upon the order of the commission for the purposes for which the bonds
were issued. (RSMo 1939 § 3300, A.L. 1945 p. 597 § 3300b)

Prior revisions: 1929 § 2913; 1919 § 1061; 1909 § 1269

1. The county commissions of the counties of this state are
hereby authorized to issue bonds for and on behalf of their respective
counties for the construction, reconstruction, improvement, maintenance
and repair of any and all public roads, highways, bridges and culverts
within such county, including the payment of any cost, judgment and
expense for property, or rights in property, acquired by purchase or
eminent domain, as may be provided by law, in such amount and such manner
as may be provided by the general law authorizing the issuance of bonds
by counties.

2. The proceeds of all bonds issued under the provisions of this section
shall be paid into the county treasury where they shall be kept as a
separate fund to be known as "The Road Bond Construction Fund" and such
proceeds shall be used only for the purpose mentioned herein. Such funds
may be used in the construction, reconstruction, improvement, maintenance
and repair of any street, avenue, road or alley in any incorporated city,
town or village if such street, avenue, road or alley or any part thereof
shall form a part of a continuous road, highway, bridge or culvert of
said county leading into or through such city, town or village. (RSMo
1939 § 8606, A.L. 1945 p. 1477)

Prior revisions: 1929 § 7957; 1919 § 10744

The several counties and municipalities of this state are hereby
authorized to fund any judgment indebtedness of such county or
municipality and to issue bonds therefor as provided by the general law
governing the issuance of bonds by counties and municipalities,
respectively. The issuance of such funding bonds under this section shall
be deemed and held by all courts in this state, to all intents and
purposes, the incurring of a new indebtedness; and thereafter no question
shall ever be raised in any court as to the validity of such
indebtedness, except questions of constitutional limitation of
indebtedness. Such funding bonds shall not be exchanged or delivered in
payment of such judgment indebtedness nor any part thereof. The
provisions of this section shall not be deemed to be repugnant to nor
inconsistent with section 108.140; but the power and authority hereby
conferred shall be deemed to be cumulative thereof. (RSMo 1939 § 3308,
A.L. 1945 p. 601)

Prior revisions: 1929 § 2922; 1919 § 1070

1. The various counties in this state for themselves, as well as
for and on behalf of any township, or other political subdivision for
which the counties may have issued any general obligation bonds, and the
several cities, school districts or other political corporations or
subdivisions of the state, are hereby authorized to refund, extend, and
unify the whole or part of their valid general obligation bonded
indebtedness, or judgment indebtedness, and for such purpose may issue,
negotiate, sell and deliver refunding general obligation bonds and with
the proceeds therefrom pay off, redeem and cancel the bonds to be
refunded in advance of their maturity or redemption or as the same mature
or are called for redemption, or pay and cancel such judgment
indebtedness, or such refunding general obligation bonds may be issued
and delivered in exchange for and upon surrender and cancellation of the
bonds refunded thereby, or such judgment indebtedness. School districts
may pay costs and expenses related to issuing such refunding general
obligation bonds from proceeds from the sale of such bonds. In no case
shall the refunding general obligation bonds exceed the amount of the
principal of the outstanding bond or judgment indebtedness to be refunded
and the interest accrued thereon to the date of such refunding bonds. No
refunding bond issued as provided in this subsection shall be payable in
more than twenty years from the date thereof and such refunding bonds
shall bear interest not to exceed the same rate as the bonds refunded, or
judgment indebtedness; provided, that nothing in this section shall be so
construed as to prohibit any county, city, school district, or other
political corporation or subdivision of the state from refunding its
general obligation bonded indebtedness without the submission of the
question to a popular vote.

2. The various counties in this state for themselves, as well as for and
on behalf of any township, or other political subdivision for which the
counties may have issued any revenue bonds, notes or other obligations,
and the several cities, school districts or other political corporations
or subdivisions of the state, are hereby authorized to refund, extend,
and unify the whole or part of their valid outstanding revenue bonds,
notes or other obligations, and for such purpose may issue, negotiate,
sell and deliver refunding revenue bonds, notes or other obligations and
with the proceeds therefrom pay off, redeem and cancel the obligations to
be refunded in advance of their maturity or redemption or as the same
mature or are called for redemption, or such refunding revenue bonds,
notes or other obligations may be issued and delivered in exchange for
and upon surrender and cancellation of the obligations refunded thereby.
In no case shall the refunding revenue bonds, notes or other obligations
exceed the amount determined by the governing body of the issuing
political corporation or subdivision to be necessary to pay or provide
for the payment of the principal of the outstanding obligations to be
refunded, together with the interest accrued thereon to the date of such
refunding obligations and the interest to accrue thereon to the date of
maturity or redemption of such obligations to be refunded and any premium
which may be due under the terms of such obligations to be refunded and
any amounts necessary for the payment of costs and expenses related to
issuing such refunding obligations and to fund a debt service reserve
fund for the obligations. All such refunding revenue bonds, notes or
other obligations shall bear interest at such rates as the governing body
of the issuing political subdivision shall provide, which rates of
interest may exceed the rates of interest on the obligations being
refunded but shall not exceed the maximum legal rate established by
section 108.170. The refunding revenue bonds, notes or other obligations
may be payable from the same sources as were pledged to the payment of
the obligations refunded and, in the discretion of the governing body of
the issuing political subdivision, may be payable from any other source
which may be pledged to the payment of revenue bonds, notes or other
obligations under any provision of law relating to the issuance of the
obligations refunded. Nothing in this section shall be so construed as to
prohibit any county, city, school district, or other political
corporation or subdivision of the state from refunding its revenue bonded
indebtedness without the submission of the question to a popular vote.
(RSMo 1939 § 3279, A.L. 1945 p. 595, A.L. 1947 V.I p. 223, A.L. 1983 S.B.
181, A.L. 1993 H.B. 685, A.L. 2002 H.B. 1711)

Prior revisions: 1929 § 2892; 1919 § 1042; 1909 § 1249

*Revisor's note:

Invalidity of section 82.293 shall not affect the validity of this
section, RSMo 82.293.

Any county, city, school district, or other political
corporation or subdivision of the state, issuing its bonds for the
purposes aforesaid shall, at the time of issuing the same, provide for
the payment of the interest on and the principal of such refunding bonds,
in the same manner as was provided for the payment of interest on and
principal of the bonds refunded thereby. (RSMo 1939 § 3282, A.L. 1945 p.
595 § 3280)

Prior revisions: 1929 § 2895; 1919 § 1045; 1909 § 1252

All bonds and their coupons, paid off, redeemed, or judgments
for which such refunding bonds shall be exchanged, shall be extinguished
by such payment, redemption, or exchange, and such bond and all interest
coupons pertinent thereto shall be canceled by perforation in such manner
as to prevent any further negotiation thereof. A record of such
redemption and cancellation, with the date thereof, shall be made by the
clerk of such county, city, school district, political corporation or
subdivision of the state, or, when there is no such clerk, then the clerk
of the county commission of such county, and such canceled bonds and
coupons shall then be deposited with the treasurer of such county, city,
school district, or other political corporation or subdivision of the
state, who shall make a like record of such redemption and cancellation.
(RSMo 1939 § 3286, A.L. 1945 p. 595 § 3281, A.L. 1947 V. I p. 223)

Prior revisions: 1929 § 2899; 1919 § 1047; 1909 § 1254

1. Notwithstanding any other provisions of any law or charter to
the contrary, any issue of bonds, notes, or other evidences of
indebtedness, including bonds, notes, or other evidences of indebtedness
payable solely from revenues derived from any revenue-producing facility,
hereafter issued under any law of this state by any county, city, town,
village, school district, educational institution, drainage district,
levee district, nursing home district, hospital district, library
district, road district, fire protection district, water supply district,
sewer district, housing authority, land clearance for redevelopment
authority, special authority created under section 64.920, RSMo,
authority created pursuant to the provisions of chapter 238, RSMo, or
other municipality, political subdivision or district of this state shall
be negotiable, may be issued in bearer form or registered form with or
without coupons to evidence interest payable thereon, may be issued in
any denomination, and may bear interest at a rate not exceeding ten
percent per annum, and may be sold, at any sale, at the best price
obtainable, not less than ninety-five percent of the par value thereof,
anything in any proceedings heretofore had authorizing such bonds, notes,
or other evidence of indebtedness, or in any law of this state or charter
provision to the contrary notwithstanding. Such issue of bonds, notes, or
other evidence of indebtedness may bear interest at a rate not exceeding
fourteen percent per annum if sold at public sale after giving reasonable
notice of such sale, at the best price obtainable, not less than
ninety-five percent of the par value thereof; provided, that such bonds,
notes, or other evidence of indebtedness may be sold to any agency or
corporate or other instrumentality of the state of Missouri or of the
federal government at private sale at a rate not exceeding fourteen
percent per annum.

2. Notwithstanding the provisions of subsection 1 of this section to the
contrary, the sale of bonds, notes, or other evidence of indebtedness
issued by the state board of public buildings created under section
8.010, RSMo, the state board of fund commissioners created under section
33.300, RSMo, any port authority created under section 68.010, RSMo, the
bi-state metropolitan development district authorized under section
70.370, RSMo, any special business district created under section 71.790,
RSMo, any county, as defined in section 108.465, exercising the powers
granted by sections 108.450 to 108.470, the industrial development board
created under section 100.265, RSMo, any planned industrial expansion
authority created under section 100.320, RSMo, the higher education loan
authority created under section 173.360, RSMo, the Missouri housing
development commission created under section 215.020, RSMo, the state
environmental improvement and energy resources authority created under
section 260.010, RSMo, the agricultural and small business development
authority created under section 348.020, RSMo, any industrial development
corporation created under section 349.035, RSMo, or the health and
educational facilities authority created under section 360.020, RSMo,
shall, with respect to the sales price, manner of sale and interest rate,
be governed by the specific sections applicable to each of these entities.

3. Notwithstanding other provisions of this section or other law, the
sale of bonds, notes or other evidence of indebtedness issued by any
housing authority created under section 99.040, RSMo, may be sold at any
sale, at the best price obtainable, not less than ninety-five percent of
the par value thereof, and may bear interest at a rate not exceeding
fourteen percent per annum. The sale shall be a public sale unless the
issuing jurisdiction adopts a resolution setting forth clear
justification why the sale should be a private sale except that private
activity bonds may be sold either at public or private sale.

4. Notwithstanding other provisions of this section or law, industrial
development revenue bonds may be sold at private sale and bear interest
at a rate not exceeding fourteen percent per annum at the best price
obtainable, not less than ninety-five percent of the par value thereof.

5. Notwithstanding other provisions in subsection 1 of this section to
the contrary, revenue bonds issued for airport purposes by any
constitutional charter city in this state which now has or may hereafter
acquire a population of more than three hundred thousand but less than
six hundred thousand inhabitants, according to the last federal decennial
census, may bear interest at a rate not exceeding fourteen percent per
annum if sold at public sale after giving reasonable notice, at the best
price obtainable, not less than ninety-five percent of the par value
thereof.

6. For purposes of the interest rate limitations set forth in this
section, the interest rate on bonds, notes or other evidence of
indebtedness described in this section means the rate at which the
present value of the debt service payments on an issue of bonds, notes or
other evidence of indebtedness, discounted to the date of issuance,
equals the original price at which such bonds, notes or other evidence of
indebtedness are sold by the issuer. Interest on bonds, notes or other
evidence of indebtedness may be paid periodically at such times as shall
be determined by the governing body of the issuer and may be compounded
in accordance with section 408.080, RSMo. (L. 1939 § 3311, A.L. 1965 p.
232, A.L. 1969 1st Ex. Sess. H.B. 2, A.L. 1969 3rd Ex. Sess. H.B. 26,
A.L. 1969 4th Ex. Sess. S.B. 8, A.L. 1976 S.B. 778, A.L. 1980 H.B. 1582 &
1277, A.L. 1983 S.B. 181, A.L. 1985 S.B. 140, A.L. 1993 H.B. 685, A.L.
1993 H.B. 566)

1. All other provisions of law to the contrary notwithstanding,
whenever under any statute, or under any charter of any municipal
corporation or county in this state, any bond, note or other evidence of
indebtedness is issued by any county, city, town, village, school
district, educational institution, drainage district, levee district,
nursing home district, hospital district, library district, road
district, fire protection district, water supply district, sewer
district, housing authority, land clearance for redevelopment authority,
special authority created under section 64.920, RSMo, authority created
pursuant to the provisions of chapter 238, RSMo, or other municipality,
political subdivision or district of this state, the seal of such issuer
may be impressed thereon or affixed thereto or imprinted or otherwise
reproduced thereon, and if such bond, note or other evidence of
indebtedness shall be authenticated by a bank or trust company having its
principal office in the state of Missouri by the manual signature of a
duly authorized officer or employee thereof, the duly authorized officers
of such issuer executing and attesting such bond, note or other evidence
of indebtedness may all do so by facsimile signature provided such
signatures have been duly filed as provided in the uniform facsimile
signature of public officials law, and only a bank or trust company
having its principal office in the state of Missouri, when duly
authorized by ordinance or resolution of such issuer, may act for and on
behalf of any such issuer as the transfer agent, registrar, paying agent,
authenticating agent or other agent with respect to such bond note or
other evidence of indebtedness, except that nothing herein shall be
construed to prohibit a bank or trust company having its principal office
outside the state of Missouri from serving as a copaying agent with
respect to such bond, note or other evidence of indebtedness.

2. All other provisions of law to the contrary notwithstanding, whenever
under any statute, or under any charter of any municipal corporation or
county in this state, any bond, note or other evidence of indebtedness is
authorized to bear a facsimile signature or signatures, such bond, note
or other evidence of indebtedness may bear the facsimile signature of the
person or persons holding the office or offices of said issuer authorized
to execute or attest the same on the date of the original issuance
thereof regardless of the fact that said office or offices may be held by
other persons on the date of any exchange, sale or transfer of such bond,
note or other evidence of indebtedness. (L. 1983 S.B. 181)

Effective 7-1-83

When any bonds shall have been issued by any county, city,
incorporated town or village, school district, or other political
corporation or subdivision of the state, as provided under the
constitution and laws of this state for the incurring of indebtedness, or
for refunding, extending, unifying the whole or any part of their valid
bonded indebtedness, the proceeds from the sale thereof and all moneys
derived by tax levy, or otherwise, for interest and sinking fund provided
for the payment of such bonds, shall be kept separate and apart from all
other funds of such governmental unit, so that there shall be no
commingling of such funds with any other funds of such county, city,
incorporated town or village, school district, or other political
corporation or subdivision of the state; provided, that in no case shall
the proceeds derived from the sale of any such bonds be used for any
purpose other than that for which such bonds were issued, nor shall such
interest and sinking fund be used for any purpose other than to meet the
interest and principal of such bonds; provided further, that any bonds or
money remaining in the interest and sinking fund of any such county,
city, incorporated town or village, school district, or other political
corporation or subdivision of the state, after the extinction of the
indebtedness for which such bonds were issued, shall be paid into the
general revenue fund of such county, city, incorporated town or village,
or other political corporation or subdivision, and into the capital
projects fund of such school district. (RSMo 1939 § 3283, A.L. 1945 p.
1389 § 1, A.L. 1993 S.B. 380, A.L. 1994 S.B. 676)

Prior revision: 1929 § 2896

Effective 7-12-94

CROSS REFERENCE: Application of funds derived from public debt, Const.
Art. VI § 29

The county commission or the governing authorities of any city,
incorporated town or village, school district, or other political
corporation or subdivision of the state, or any comptroller, collector or
treasurer of any such county, city, incorporated town or village, or
other political corporation or subdivision of the state, who shall fail
to carry out the provisions of section 108.180, or violate any of the
provisions thereof, shall be guilty of a misdemeanor, and upon conviction
shall be punished by a fine of not less than five hundred dollars nor
more than one thousand dollars or by imprisonment in the county jail not
to exceed one year, or by both such fine and imprisonment. (RSMo 1939 §
3284, A.L. 1945 p. 1389 § 2)

Prior revision: 1929 § 2897

Whenever there may be in the interest and sinking fund of any
county, city, incorporated town or village, school district, or other
political corporation or subdivision of the state, a sufficient amount of
money belonging to any interest and sinking fund, which cannot be
properly applied to the payment of existing bonds for the payment and
redemption of which said fund has been levied and collected, to purchase
one or more general obligation bonds, notes, or certificates of the state
of Missouri or of the United States, or of any county, city, or school
district in this state, the county commission of such county or the
governing authority of such city, incorporated town or village, school
district, or other political corporation or subdivision of the state may
order their treasurer to purchase such bond, note, or certificate of the
state of Missouri, or of the United States, or of any county, city or
school district in this state, limiting him as to kind, terms and
conditions of such purchase; provided, that no such bond or securities
shall be ordered to be purchased, and maturity date of which shall extend
beyond the maturity date of the bonds for which such sinking fund is
provided and intended to pay; provided further, that other bonds, notes,
certificates and securities than those herein mentioned may be purchased
when so expressly authorized by law. (L. 1945 p. 1389 § 3)

Whenever the county commission or the governing authorities of
any county, city, incorporated town or village, school district, or other
political corporation or subdivision of the state shall deem it to be for
the best interest of such county, city, incorporated town or village,
school district, or other political corporation or subdivision of the
state, to sell any bond, note, certificate, or security, so held by it,
and to invest the proceeds derived therefrom in other bonds, notes,
certificates, or securities authorized by law, they may order their
treasurer to make such sale and collect the proceeds therefrom and to
invest the same, within the limitations authorized by law, upon such
terms and conditions as said county commission or said governing
authorities may authorize; provided, that such sale may be ordered
without ordering the purchase of any other bonds, notes, certificates or
securities. (RSMo 1939 § 3288, A.L. 1945 p. 1389 § 4)

Prior revisions: 1929 § 2901; 1919 § 1049; 1909 § 1256

Whenever it shall appear to the state board of fund
commissioners of the state of Missouri, or to the administrative or
governing authority of any county, city, town, township, school district,
road district, drainage district, levee district, or other political
corporation or subdivision of this state, that any bond or bonds, or any
interest coupon or interest coupons, theretofore issued by or on behalf
of said state or by or on behalf of any such political corporation or
subdivision, has or have not been presented for payment and redemption
within a period of ten years from and after the due date thereof, such
board or administrative or governing authority may transfer to any other
fund or funds of the state, county, city, town, township, district or
other political corporation or subdivision, as the case may be, any sum
or sums then held for the payment and redemption of any such bond or
bonds, coupon or coupons; provided, however, that nothing contained in
this section shall be deemed or construed to abridge, limit or destroy
any right of action now or hereafter existing in law or in equity for
recovery upon any such bond or coupon. (RSMo 1939 § 3317)

All money collected and all securities purchased or held
belonging to the interest and sinking fund of any county, city,
incorporated town or village, school district, or other political
corporation or subdivision of the state shall be exempt from attachment
and execution. Such money and securities shall be exempt from being
levied upon, taken, sequestered, or applied toward paying the debts of
any such county, city, incorporated town or village, school district, or
other political corporation or subdivision of the state, other than for
payment of the indebtedness for which such funds and securities were
provided. The money and securities so held shall be deemed to be an
inviolable sinking fund for the purpose of extinguishing the indebtedness
for which such fund had been levied and collected. (L. 1945 p. 1389 § 5)

1. Before any general obligation bearer bond or general
obligation registered bond, hereafter issued by any county, township,
city, town, village or school district or special road district or fire
protection district or by virtue of the provisions of chapters 243, 245,
248, and sections 242.010 to 242.690, RSMo, for any purpose whatever,
shall obtain validity or be negotiated:

(1) If such bonds are in bearer form, such bonds shall first be presented
to the state auditor, who, other provisions of law notwithstanding, shall
certify by manual or facsimile endorsement of such bonds that all
conditions of the laws have been complied with in its issue, if that be
the case, and also that the conditions of the contract, under which they
were ordered to be issued, have also been complied with and the evidence
of that fact shall be filed and preserved by the auditor. The state
auditor may endorse bearer bonds with the auditor's facsimile signature
in lieu of manual signature after filing the auditor's manual signature,
certified by the auditor under oath, with the secretary of state; and

(2) If such bonds are in registered form, the proceedings relating to the
issuance of such registered bonds shall first be presented to the state
auditor, who shall examine the same and shall issue a certificate that
such proceedings comply with all conditions of the laws, if that be the
case, and also that the conditions of the contract, under which they were
ordered to be issued, have also been complied with, and the evidence of
these facts shall be filed and preserved by the auditor. The state
auditor shall also maintain the following information: the name of the
issuer of the bonds; the amount thereof; the maturity dates thereof; the
interest rates thereon; and the provisions with respect to prepayment, if
any.

2. Such bearer bonds after receiving the said certificate of the auditor
as herein provided and such registered bonds after the issuance of the
said certificate as herein provided shall thereafter be held in every
action, suit or proceeding in which their validity is, or may be, brought
into question, prima facie, valid and binding obligations, and in every
action brought to enforce collection of such bonds, the certificate of
such auditor, or a duly certified copy thereof, shall be admitted and
received in evidence of the validity of such bonds, together with the
coupons thereto attached if any; provided, the only defense which can be
offered against the validity of such bonds shall be for forgery or fraud.
But this section shall not be construed to give validity to any such
bonds as may be issued in excess of the limit fixed by the constitution,
or contrary to its provisions, but all such bonds shall, to the extent of
such excess, be held void; and provided further, that the remedy of
injunction shall also lie at the instance of any taxpayer of the
respective county, city, town, village, township or school district or
special road district or fire protection district or drainage district or
levy district to prevent the registration of any bonds, alleged to be
illegally issued or funded. (RSMo 1939 § 3306, A.L. 1977 S.B. 357, A.L.
1983 S.B. 181, A.L. 2002 S.B. 1143)

Prior revisions: 1929 § 2920; 1919 § 1068; 1909 § 1275

(1971) The submission of a bond issue with a portion to be spent for
hospital expansion and a portion to be spent for nursing home facilities
on the hospital grounds as a single submission forms one proposition and
does not constitute "doubleness". State ex rel. Phelps County v. Holman
(Mo.), 461 S.W.2d 689.

(1975) Held that language on ballot ". . . these general obligation bonds
will be payable first from a city-wide sales tax . . . " did not
invalidate bonds, but court indicated that in a subsequent case they
might hold differently. Northern Trust Co. v. City of Independence (Mo.),
526 S.W.2d 825.

The state auditor shall be paid for registering bonds the sum of
ten cents for each one hundred dollars of the face value of the bonds
registered; provided, that the fee for registering any issue of bonds
shall in no case be less than twenty-five cents. The amount of any fee so
collected shall be promptly transmitted to the state director of revenue.
(RSMo 1939 § 3302, A.L. 1947 V. I p. 222)

Prior revisions: 1929 § 2916; 1919 § 1064; 1909 § 1276

1. It shall be the duty of the clerk, secretary, auditor or
comptroller of any county, city, village or school district, on the first
day of July, A.D. 1897, to furnish the state auditor a statement verified
by his oath, of all the bonds and coupons of such county, city, town,
village or school district theretofore registered by the state auditor
and then outstanding, with all the details as to date of issue and
maturity, rate of interest, place of redemption and purpose for which
issued and the said officer shall, annually thereafter, on or about the
first day of January, make a statement of the bonds and coupons retired
by his county, city, town, village or school district since the last
report.

2. The state auditor shall make entry of the bonds so reported as
retired, and where bonds registered by the state auditor have been or
shall be issued subject to call before maturity, and where such call
shall be made, it shall be the duty of the clerk, secretary, auditor or
comptroller, thirty days before the same are payable, to notify the state
auditor of the intention of such county, city, town, village or school
district to pay off such bonds called and such other description as to
fully identify the same. And any such clerk, secretary, auditor or
comptroller of any such county, city, town, village or school district
who shall fail to make any statement required by this section shall be
guilty of a misdemeanor, and shall, on conviction thereof, be punished by
a fine of not less than ten nor more than one hundred dollars. (RSMo 1939
§ 3301)

Prior revisions: 1929 § 2914; 1919 § 1062; 1909 § 1274

The state auditor shall, annually, on or about the first day of
July, certify to the several county commissions, city councils, boards of
aldermen, boards of trustees, school boards, boards of supervisors or
boards of commissioners the amount required during the next fiscal year
to pay maturing interest coupons, together with ordinary costs to the
state of collection and disbursement of the same, which amount shall
thereupon be levied as a special tax upon all property in such county,
city, village, township, school district, special or common road
district, drainage district or levee district, and shall be collected
with the state revenue and paid over to the treasurer of the county,
city, village, township, school district, drainage district or levee
district, special or common road district, having issued such outstanding
registered bonds, which shall be deposited by such treasurer to the
credit of his respective county, city, village, township, school
district, drainage district, special or common road district, or levee
district, in the bank or banks at which the same are made payable;
provided, that this special tax may be paid in coupons, registered under
sections 108.240 to 108.300, overdue or maturing during the current
fiscal year. (RSMo 1939 § 3303)

Prior revisions: 1929 § 2917; 1919 § 1065; 1909 § 1277

Nothing contained in sections 108.240 to 108.300 shall prevent
any county commission, city council, board of aldermen, board of trustees
of any incorporated village, board of directors of any school district,
board of supervisors of any drainage or levee district, or board of
commissioners of any special road district, or other authority from
levying a larger tax for the payment of maturing bonds, or from applying
other means to such purpose. It shall be the duty of the treasurer of
such county, city, village, township, school district, drainage district
or levee district, special or common road district, to certify, at least
once in every fiscal year, to the state auditor the several amounts and
numbers of bonds and coupons by him or through him redeemed, of his
respective county, city, village, township, school district, drainage
district, levee district, common or special road district, as the case
may be, and he shall return such bonds and coupons, properly canceled, to
prevent their reissue, to the maker thereof, and the state shall not be
deemed in any manner liable on account of any such bonds or coupons.
(RSMo 1939 § 3304)

Prior revisions: 1929 § 2918; 1919 § 1066; 1909 § 1278

Any and all bonds registered by the state auditor under the
provisions of the laws of this state, and any and all bonds that have
been or may be duly issued by any county or city or school district
having a population of over three hundred thousand inhabitants, whereon
there is no default in payment of principal or interest, may be accepted
as good and lawful security for the investment of the capital stock,
surplus and reserve funds of any insurance or fraternal benefit society
incorporated in or authorized to transact business in this state, or
trust company authorized to transact business in this state. The state
director of the department of insurance is hereby authorized to accept
such bonds as security or pledge in all cases where such pledge or
security is required by the laws of this state. Such bonds may be
accepted by the state treasurer as security for the deposit of any and
all state funds, and by county and city treasurers as security for the
deposit of any and all county and city funds. They shall also be eligible
for the investment of any funds in the possession of any administrator,
executor, guardian, curator, trustee and all other persons sustaining
fiduciary relations. Such investments may be made without an order of
court first had and obtained, and without incurring liability for loss,
except in case of inexcusable negligence. (RSMo 1939 § 3307, A.L. 1951 p.
798)

Prior revisions: 1929 § 2921; 1919 § 1069

Nothing in the provisions of sections 108.240 to 108.300
relating to the registration of bonds shall be so construed as to include
any bonds that have been or may be issued by any county of the first
classification or city or school district having a population of over
sixty-five thousand inhabitants, as established by the last United States
census. (RSMo 1939 § 3305, A.L. 1945 p. 595, A.L. 1951 p. 798, A.L. 1993
S.B. 339)

Prior revisions: 1929 § 2919; 1919 § 1067; 1909 § 1279

Whenever the state of Missouri, or any county, township, school
district or municipality shall have issued bonds under and by authority
of any provision of the Constitution of the state of Missouri, or any law
enacted in pursuance thereof, the state, county, township, school
district or municipality issuing said bonds may file in the circuit court
of the county having jurisdiction of the subject matter a petition
praying for a pro forma decree of the court authorizing the issuance of
such bonds. The petition for such pro forma decree shall succinctly set
forth all the historical facts relating to and concerning the issuance of
said bonds, and shall be accompanied by a certified copy of all records,
notices, publications, orders, resolutions and other documents pertaining
thereto, and shall pray for an order and judgment of such court declaring
the validity of the proposed bond issue. (RSMo 1939 § 3312)

Prior revision: 1929 § 2926

(1959) Pro forma decree adjudicating validity of city bond issue upheld
against charge petition was in nature of ex parte proceeding and there
was no justiciable controversy where appellants had appeared personally
and filed intervening petition alleging invalidity of bond issue. Boggess
v. Pence (Mo.), 321 S.W.2d 667.

1. The state, county, township, school district or municipality,
or the legal representative thereof, shall cause a notice to be published
stating the time and place when said petition will be presented, which
notice shall set forth the general objects and purposes of the petition
and shall be published in at least two issues of some daily or weekly
newspaper printed and published in the county where the suit is brought,
the last insertion of which shall be not less than three nor more than
seven days before the presentation of said petition.

2. Any taxpaying citizen may in person or by legal representative file an
intervening petition contesting the validity of such bonds, and in case
an intervening petition is filed on or before the day set for the
presentation of such petition, the court shall set a definite time for
the hearing of said cause at which time the court shall hear and
determine all the evidence and see all proofs offered concerning the
legality or illegality of such issue. (RSMo 1939 § 3313)

Prior revision: 1929 § 2927

(1959) Use of name "City of Liberty" throughout proceedings for issuance
of bonds did not invalidate bond issue, although incorporating act
provided actions should be prosecuted in name of "Mayor, Councilmen and
Citizens of the City of Liberty" where both names were used
interchangeably throughout act and city had proceeded under former name
for many years. Boggess v. Pence (Mo.), 321 S.W.2d 667.

Upon hearing, whether an answer has been filed or not, the court
shall carefully investigate the record concerning such bond issue,
together with all evidence and proofs submitted at such hearing, and if
the court be of the opinion that said bonds are legal and that the laws
of the state have been fully complied with, then such court shall make an
order and decree adjudging such bonds to be a valid and binding
obligation upon such state, county, township, school district or
municipality issuing the same; which said decree, if not appealed
therefrom, shall be final, conclusive and binding upon the state,
subdivision or municipality issuing the same, and the legality of such
bond when so issued shall not thereafter be subject to being questioned
by any other court, and the holder thereof shall be conclusively deemed
to be a holder in due course, for values and without notice of defect or
infirmity. (RSMo 1939 § 3314)

Prior revision: 1929 § 2928

Any person or persons aggrieved by the judgment and decree of
the court may appeal in like manner as appeals are taken in other civil
cases. (RSMo 1939 § 3315)

Prior revision: 1929 § 2929

Whenever any cause has been appealed the appellate court shall,
without delay, hear and determine the same without regard to the judgment
of the circuit court and render such judgment as should have been
rendered by the circuit court. (RSMo 1939 § 3316)

Prior revision: 1929 § 2930

Any county of the first class having a charter form of
government and containing the greater part of a city with a population of
four hundred fifty thousand inhabitants or more having outstanding its
general obligation bonds payable in whole or in part from ad valorem
taxation, may from time to time, without an election, issue its general
obligation refunding bonds pursuant to the provisions of sections 108.400
to 108.410 to refund any previous issue or part thereof of its
outstanding general obligation bonds. The principal amount of the
refunding bonds shall not exceed the principal amount of bonds being
refunded, together with any matured and unpaid interest thereon to the
date of the refunding. (L. 1975 H.B. 721 § 1)

The refunding bonds may be sold or exchanged for the bonds being
refunded, either as a whole or in installments, at any time or times,
either at, before, or after the maturity of the bonds being refunded.
However, if the refunding bonds are sold, the bonds being refunded
pursuant to the provisions of sections 108.400 to 108.410 shall have been
outstanding for not less than one year and the bonds shall become due or
shall be subject to redemption and payment in accordance with their terms
within ten years from the date of issuance of the refunding bonds. If the
refunding bonds are sold more than one year prior to the maturity or
redemption date of the bonds being refunded, the maturity of the
refunding bonds shall not extend beyond the last maturity date of the
bonds being refunded, and, upon such sale, the proceeds derived from the
sale of the refunding bonds shall be placed in escrow with a bank or
trust company having full trust powers and which shall be a member of the
Federal Deposit Insurance Corporation. The proceeds shall be invested
promptly in direct obligations of the United States of America or of its
agencies or instrumentalities or in obligations the principal of and the
interest on which are unconditionally guaranteed by the United States of
America, which obligations shall mature or be subject to redemption by
the holder thereof not later than the respective dates when the proceeds
of the obligations, together with the interest accruing thereon, and any
other moneys or investments held in escrow, will be required for the
purposes intended. (L. 1975 H.B. 721 § 2)

Refunding bonds issued under the provisions of sections 108.400
to 108.410 shall make reference to sections 108.400 to 108.410 and,
except as otherwise provided by sections 108.400 to 108.410, may become
due in not to exceed twenty years from the date thereof. The bonds shall
be in such denomination, bear such rate or rates of interest, not
exceeding the average rate borne by the bonds being refunded, be payable
at such place or places, and contain such redemption privileges as may be
specified in the ordinance, order, or resolution authorizing the bonds.
(L. 1975 H.B. 721 § 3)

1. In order to aid in providing an adequate supply of
residential housing for low or moderate income persons or families, the
county commission, legislative body of the county or the combination of
counties by sections 108.450 to 108.470 may issue and sell revenue bonds
under the rights conferred by sections 108.450 to 108.470 for the
purposes of:

(1) Investing in, purchasing or making commitments to purchase, and
taking assignments from mortgage lenders, of notes and mortgages
evidencing loans for the construction, rehabilitation or purchase of
single-family residential housing;

(2) Making loans to mortgage lenders under terms and conditions requiring
the proceeds thereof to be used by such mortgage lenders for the making
of new mortgages for single-family residential housing;

(3) Purchasing notes and mortgages evidencing loans on one- and
two-family residences from mortgage lenders under terms and conditions
requiring the proceeds thereof to be used by such mortgage lenders for
the making of new mortgages for single-family residential housing; and

(4) The establishment of such reserve and capitalized interest funds to
secure such bonds as the county commission, or legislative body of the
county, may provide in its order, resolution, or ordinance directing
their issuance.

2. For the purposes of sections 108.450 to 108.470, unless the context
otherwise requires:

(1) "Low or moderate income persons and families" means persons or
families of low and moderate income as determined by the governing body
of the county or counties in a manner consistent with any applicable
federal regulations for single-family mortgage revenue bond issues;

(2) "Mortgage" shall include deeds of trust;

(3) "Mortgage lender" means any bank or trust company, Federal National
Mortgage Association approved mortgage banker, savings bank, savings and
loan association, industrial bank, credit union, national banking
association, federal savings and loan association or federal credit union
or other financial institutions which customarily provide service or
otherwise aid in the financing of mortgages on single-family residential
housing located in the state;

(4) "Revenues" shall mean the amounts paid or required to be paid from
time to time for principal and interest by or on behalf of any mortgagor
on and in accordance with the terms and provisions of any mortgage loan
made or purchased pursuant to this section, including amounts paid on
account of acceleration of the due date of such loan or prepayments of
all or part of such loan, amounts received from the foreclosure or other
sale or disposition of any mortgaged property or of the mortgage loan,
amounts received from the condemnation of any mortgaged property or part
thereof, amounts received from any insurer of the mortgage or any
mortgaged property or the amounts paid or required to be paid from time
to time for principal and interest by or on behalf of any mortgage lender
on and in accordance with the terms and provisions of any loan made
pursuant to this section, including amounts paid on account of
acceleration of the due date of such loan or prepayments of all or part
of such loan;

(5) "Single-family residential housing" means any building and the land
on which it is situated or any condominium dwelling unit, except those
condominium dwelling units located in a city not within a county or in a
county of the first class with a charter form of government adjacent to a
city not within a county that are being or have been converted from
rental or lease units, having a purchase price not exceeding applicable
federal regulations;

(6) "Substantial rehabilitation" means rehabilitation at a cost of not
less than five thousand dollars provided that the appraised value of the
home plus the value of the rehabilitation shall not exceed the maximum
purchase price set forth in subdivision (5) of this subsection.

3. The county shall have the power to set and collect the fees and
charges that are necessary to pay debt service on bonds issued hereunder
and to otherwise implement the purposes of sections 108.450 to 108.470.

4. The revenue bonds shall be payable, both as to principal and interest,
solely from the revenues derived from the mortgages or loans, as the case
may be, with respect to which the bonds are issued.

5. Any bonds issued under the provisions of sections 108.450 to 108.470
shall not be deemed to be an indebtedness of the state of Missouri or of
any political subdivision thereof, and shall not be deemed to be an
indebtedness within the meaning of any constitutional or statutory
limitation upon the incurring of indebtedness.

6. The proceeds of revenue bonds issued and sold under the provisions of
sections 108.450 to 108.470 shall not be used for refinancing of any
existing loan, unless such refinancing accompanies the substantial
rehabilitation of single-family residential housing for which an existing
loan is outstanding. (L. 1980 S.B. 554 § 1, A.L. 1981 S.B. 263, A.L. 1983
S.B. 28)

1. Revenue bonds issued pursuant to the provisions of sections
108.450 to 108.470 shall be of such denomination, shall bear such rate or
rates of interest not to exceed fourteen percent per annum, and shall
mature at such time or times, not exceeding thirty-five years from their
date of issue, as determined by the county commission, or the legislative
body of the county, in its order, resolution or ordinance directing the
issuance of the bonds. The bonds may be either serial bonds or term bonds
and may be issued with or without reservation of the right to call them
for payment or redemption in advance of their maturity, upon the giving
of notice, and with or without a covenant requiring the payment of a
premium in the event of a call for redemption prior to maturity. The
bonds may be sold at such price or prices as the issuing county shall
determine, but at not less than ninety-four percent of the principal
amount thereof. Such bonds shall be sold at public sale or at private
sale if the applicable county commission or applicable legislative body
of the county determines it is in the best interest of the issuing county
or counties to sell such bonds at private sale. The reason or reasons
that private sale is in the best interest of the issuing county or
counties shall be set forth in the ordinance, order or resolution
authorizing the private sale. The decision of the applicable county
commission or applicable county legislative body shall be conclusive.

2. The bonds when issued and sold shall be negotiable instruments within
the meaning of chapter 400, RSMo, and the interest thereon shall be
exempt from any state or local income taxes under the laws of the state
of Missouri. The provisions of section 409.402, RSMo, to the contrary
notwithstanding, the bonds issued pursuant to the provisions of sections
108.450 to 108.470 shall be subject to the provisions of sections 409.101
to 409.418, RSMo, the Missouri uniform securities act. (L. 1980 S.B. 554
§ 2, A.L. 1981 S.B. 263)

Effective 7-9-81

1. The county commission, county legislative body or combination
of counties issuing bonds under the provisions of sections 108.450 to
108.470 shall prescribe the form, details and incidents of the bonds, and
shall make such covenants as in its judgment are advisable or necessary
to properly secure the payment thereof; but the form, details, incidents,
and covenants shall not be inconsistent with any of the provisions of
sections 108.450 to 108.470. The county commission, county legislative
body or combination of counties may prescribe more restrictive or
additional criteria for mortgages qualifying for the purposes specified
in section 108.450, and the restrictions and criteria established in the
Internal Revenue Code of 1954, as amended, as presently existing or as
hereafter amended, for qualification under section 103 of the Internal
Revenue Code of 1954, as amended, or other applicable provision thereof
for the exemption from federal income taxes of interest paid on revenue
bonds issued pursuant to sections 108.450 to 108.470 shall apply to all
bonds issued pursuant to sections 108.450 to 108.470.

2. The county commission, legislative body of the county or combination
of counties, may prescribe in any order or resolution directing the
issuance of bonds hereunder the terms and conditions under which the
holder, or any specified percentage of all holders, of any such bonds or
of any coupons representing interest accrued thereon may, by civil
action, compel the county commission or county legislative body issuing
such bonds to perform all duties imposed upon it by the provisions of
sections 108.450 to 108.470 and to enforce the performance of any and all
of the covenants made by the county commission, or county legislative
body, in the issuance of the bonds.

3. The provisions of sections 108.450 to 108.470 shall not be exclusive
of other legal methods of financing single-family residential housing,
but shall furnish an alternative method of finance. (L. 1980 S.B. 554 § 3)

As used in sections 108.450 to 108.470, the word "county"
includes the city of St. Louis and any city having adopted an industrial
development plan under the provisions of sections 100.010 to 100.200,
RSMo. (L. 1980 S.B. 554 § 4)

It shall be unlawful for any revenue bond authority, or any
agent thereof, to deny a residential real estate loan to a person because
of the specific geographic location of the residential real estate or to
discriminate on the basis of race, color, religion, national origin,
handicap, age, marital status, or sex, of the applicant for a residential
real estate loan or the race, religion or national origin of persons
living in the vicinity of the residential real estate. (L. 1980 S.B. 554
§ 5)

As used in sections 108.500 to 108.532, the following terms mean:

(1) "Code", the Internal Revenue Code of 1986;

(2) "Director", director of the department of economic development or his
designee;

(3) "Issuers", state agencies, cities, counties and other entities having
authority to issue private activity bonds;

(4) "Private activity bonds", private activity bonds within the meaning
of Sections 141, 146(g) and 146(i) of the Code;

(5) "State ceiling", the aggregate amount of private activity bonds, the
interest on which is excludable from federal gross income pursuant to
Section 103(a) of the Code, which may be issued within the state of
Missouri during any calendar year commencing after 1987 in accordance
with Section 146 of the Code. (L. 1985 S.B. 140 § 2, A.L. 1987 S.B. 351)

Effective 1-1-88

The allocation system provided in Section 146 of the Code with
respect to all issuers, whether local or state, is hereby revoked for
calendar years after December 31, 1987. The state ceiling shall be
allocated among issuers, whether local or state, by the director in
accordance with the terms and conditions of sections 108.500 to 108.532.
(L. 1987 S.B. 351 § 108.503)

Effective 1-1-88

The dollar amount of the state ceiling for the state of Missouri
for each calendar year commencing January 1, 1988, shall be determined by
the director on or before the beginning of each such calendar year in
accordance with Section 146 of the Code. (L. 1987 S.B. 351 § 108.505,
A.L. 1990 S.B. 632)

Effective 5-25-90

1. Prior to any issuance of any private activity bonds, all
issuers, whether state or local, shall first make a request for an
allocation by filing a signed application for each project with the
director in the form prescribed by the director. Such applications for
allocations shall be considered by the director in accordance with the
provisions of sections 108.500 to 108.532 and, in making such
allocations, the director shall consider the economic development
objectives of the state, including:

(1) The mobility of the project for which the allocation is being sought,
including the ability of the prospective beneficiary of the allocation to
locate the project in a state other than Missouri;

(2) The potential impact of the project upon existing businesses in the
local market;

(3) The type of project or financing for which the allocation is sought;

(4) The number of persons, families or businesses which would benefit
from the proposed project or financing.

The director may in his discretion, promulgate rules or regulations to be
followed in considering such applications for allocations of the state
ceiling.

2. No rule or portion of a rule promulgated under the authority of
sections 108.500 to 108.532 shall become effective unless it has been
promulgated pursuant to the provisions of section 536.024, RSMo. (L. 1987
S.B. 351 § 108.507, A.L. 1993 S.B. 52, A.L. 1995 S.B. 3)

1. Within ten business days after receipt of an application, the
director shall notify the issuer (by first class mail) that:

(1) The application has been approved and the amount of the approved
allocation;

(2) The application has been denied; or

(3) The application has been placed on hold pending receipt of additional
information with respect to the application or pending a review of the
effect of approving the application on the state ceiling for such year.

2. Unless an extension is approved by the director as provided in
subsection 1 of section 108.518 or a carry-forward election is approved
by the director pursuant to section 108.522, such approved allocation
shall expire on the earliest of:

(1) 11:59 p.m. central standard time on the date which is sixty days from
the date the approved allocation is mailed to the issuer or such other
date as has been specified by the director in his notification of such
approved allocation;

(2) The date upon which such approved allocation is voluntarily
surrendered to the director by the issuer; or

(3) 11:59 p.m. central standard time on December eighteenth of each year.
(L. 1987 S.B. 351 § 108.509)

Effective 1-1-88

1. For good cause shown, an issuer may request an extension of
the expiration date of an approved allocation by filing a written notice
for extension with the director, which request must be received by the
director not less than five days prior to the expiration of the initial
period specified by the director pursuant to section 108.512. In such
instances, the director may, in his discretion, approve an extension for
a period ending on the earliest of:

(1) 11:59 p.m. central standard time on the date which is thirty days
beyond the initial expiration date specified by the director pursuant to
section 108.512 hereof;

(2) The date upon which such approved allocation is voluntarily
surrendered to the director by the issuer; or

(3) 11:59 p.m. central standard time on December eighteenth of such year.

The director shall notify the issuer within five business days after
receipt if the request for extension has been approved or denied. In the
event the bonds are not issued on or before the last day of the
applicable extension period pursuant to the immediately preceding
sentence, the approved allocation shall expire unless a carry-forward
election is approved by the director pursuant to section 108.522.

2. Notwithstanding any other provision of sections 108.500 to 108.532, if
an approved allocation or extension thereof expires on December
eighteenth of such year in accordance with the provisions of section
108.512 or subsection 1 of this section, the director, in his discretion,
may grant an extension or further extension for a period ending not later
than 11:59 p.m. central standard time on December thirty-first of such
year. (L. 1987 S.B. 351 §§ 108.511, 108.513)

Effective 1-1-88

The director shall provide to the issuer on or prior to the date
of issuance of any bonds for which an approved allocation has not expired
a certification, in substantially the form required by Section 149 of the
Code, that such bonds meet the requirements of Section 146 of the Code.
(L. 1987 S.B. 351 § 108.515)

Effective 1-1-88

On or after December fifteenth of each year, the director may,
in his discretion, approve a carry-forward election with respect to an
approved allocation or any extension thereof if the issuer, in writing,
requests such action and indicates that the bonds for which the approved
application was granted cannot be issued in the calendar year in which
such allocation was granted. Such approved carry-forward election shall
be made by the issuer by means of a statement, signed by a duly
authorized official of such issuer. Such statement shall be filed with
the director and with the Internal Revenue Service prior to the end of
such calendar year in accordance with section 146(f) of the Code and the
regulations promulgated thereunder. An issuer may elect to carry forward
such issuing authority only for qualified mortgage bonds, exempt facility
bonds, industrial revenue bonds, mortgage credit certificates, qualified
student loan bonds, qualified redevelopment bonds, as such terms are
defined in sections 142, 143 and 144 of the Code, or for bonds to finance
a project described in section 141(d)(1)(A) of the Code. In no event
shall such carry-forward be effective for a period longer than permitted
by section 146(f) of the Code and the regulations promulgated thereunder.
The director shall not approve an allocation for private activity bonds
to be issued for the purpose of financing a project described in section
1317(3)(F)(ii) of the federal Tax Reform Act of 1986 unless such bonds
are to be issued after December 31, 1989.

(L. 1987 S.B. 351 § 108.517, A.L. 1989 S.B. 295 & 312, A.L. 1991 S.B. 145)

In the event an approved allocation expires as provided in
section 108.512 or 108.518, the issuer may resubmit an application for an
allocation for the same project. Such resubmitted application shall be
reviewed in the order of date received with no preference or priority
being given as a result of the prior application for the same project or
financing. (L. 1987 S.B. 351 § 108.519)

Effective 1-1-88

All issuers, whether state or local, are hereby required to
report the amount of all private activity bonds issued pursuant to an
approved allocation in accordance with sections 108.500 to 108.532 to the
director by telephone no later than the next business day after the date
of issuance of said bonds, which notice shall be confirmed in writing by
overnight delivery service approved by the director, or by certified
mail, return receipt requested, postmarked no later than five calendar
days after the issuance of such bonds, such notice to be in the form
prescribed by the director. (L. 1987 S.B. 351 § 108.521)

Effective 1-1-88

Failure by an issuer to report in accordance with the provisions
of section 108.526, or otherwise to abide by the terms of sections
108.500 to 108.532, may, at the discretion of the director, result in the
forfeiture of future allocations for private activity bonds. (L. 1987
S.B. 351 § 108.523)

Effective 1-1-88

The director, from time to time, shall review and evaluate the
use and demand for private activity bonds in proportion to the unused or
uncommitted portion of the state ceiling. If, in the discretion of the
director, it appears that the allocation of the state ceiling pursuant to
the provisions hereof should be revised, then, the director shall
recommend to the governor and the general assembly an alternative method
by which to utilize the unused or uncommitted portion of the state
ceiling. (L. 1987 S.B. 351 § 108.525)

Effective 1-1-88

Sections 108.500 to 108.532 shall govern the allocation of the
state ceiling for each calendar year commencing after December 31, 1987.
(L. 1987 S.B. 351 § 108.527)

Effective 1-1-88

1. For the purpose of providing funds for improvements of state
buildings and property, including state parks, including but not limited
to repairing, remodeling, or rebuilding buildings and properties of the
state, providing additions thereto or additional buildings where
necessary and for planning, furnishing, equipping and landscaping such
improvements and for expenditures for state parks as specified in section
253.040, RSMo, and for grants administered pursuant to sections 644.031,
RSMo, 192.600 to 192.620, RSMo, 68.010 to 68.070, RSMo, and 278.080,
RSMo, and for construction and improvement of rail and highway access
within this state, as authorized by and to implement section 37(d) of
article III of the Constitution of the State of Missouri, the board of
fund commissioners of the state of Missouri is hereby empowered to
borrow, on the credit of the state, the sum of seventy-five million
dollars in the manner provided in sections 108.900 to 108.914. The bonds
shall be issued by the state board of fund commissioners as necessary to
carry on the program of financing, planning, and constructing the
improvements specified in this section as determined by the general
assembly.

2. For the purpose of providing additional funds for the purposes
described in subsection 1 of this section, as authorized by section 37(d)
of article III of the Constitution of the State of Missouri, the board of
fund commissioners is hereby empowered to borrow, on the credit of the
state, fifty million dollars in the manner provided in sections 108.900
to 108.914. This amount shall be in addition to the seventy-five million
dollars authorized by subsection 1 of this section.

3. For the purpose of providing additional funds for the purposes
described in subsection 1 of this section, as authorized by section 37(d)
of article III of the Constitution of the State of Missouri, the board of
fund commissioners is hereby empowered to borrow, on the credit of the
state, seventy-five million dollars in the manner provided in sections
108.900 to 108.914. This amount shall be in addition to the amounts
authorized by subsections 1 and 2 of this section.

4. For the purpose of providing additional funds for the purposes
described in subsection 1 of this section, as authorized by section 37(d)
of article III of the Constitution of the State of Missouri, the board of
fund commissioners is hereby empowered to borrow, on the credit of the
state, four hundred million dollars in the manner provided in sections
108.900 to 108.914. This amount shall be in addition to the amounts
authorized by subsections 1, 2 and 3 of this section. Funds allocated for
economic development purposes from the moneys derived under this
subsection need not be subject to any matching contribution requirements
imposed by section 68.035, RSMo. (L. 1982 2nd Ex. Sess. S.B. 1 § 1, A.L.
1983 1st Ex. Sess. H.B. 1, A.L. 1984 H.B. 1017, A.L. 1985 S.B. 187)

As evidence of the indebtedness authorized by sections 108.900
to 108.914, there shall be issued, from time to time as occasion may
require, bonds of the state of Missouri in the form of coupon bonds,
which may be registrable as to principal or interest or both, or fully
registrable bonds without coupons. They shall be issued in denominations
of one thousand dollars each, or multiples thereof, and shall bear dates
to be fixed by the board of fund commissioners. They shall bear such rate
or rates of interest as may be determined by the board of fund
commissioners. The interest thereon may be made payable as determined by
the board of fund commissioners. The bonds shall be retired serially and
by installments within a period not to exceed twenty-five years from
their date of issue. Both principal of and interest on the bonds may be
made payable at such place or places, in or out of the state of Missouri,
as the board of fund commissioners may designate, and if made payable at
any place other than the office of the state treasurer at Jefferson City,
Missouri, the state treasurer is authorized and directed to pay all
expenses incident thereto. Each separate issue of the bonds shall be
given a series designation, either alphabetical or numerical as may be
determined by the board of fund commissioners. For the prompt payment of
principal of the bonds at maturity and the interest thereon as it falls
due, the full faith, credit and resources of the state of Missouri are
hereby and herein irrevocably pledged. All bonds issued under and by
virtue of sections 108.900 to 108.914, shall be in such form as may be
prescribed by the board of fund commissioners. The bonds may, in the
discretion of the board of fund commissioners, be executed by the
facsimile signature of the governor attested by the great seal of the
state of Missouri, and the facsimile signature of the secretary of state
and countersigned with the facsimile signature of the state treasurer,
but all such bonds shall be executed by the genuine signature of at least
one of the members of the board of fund commissioners. Any coupons
attached to the bonds, evidencing the interest payments to be made
thereon, shall be executed by affixing thereon the facsimile signature of
the state treasurer. When directed so to do by the board of fund
commissioners, the state auditor shall provide the bonds to be issued and
lodge them with the state treasurer in whose custody and charge they
shall remain until delivered to the purchaser thereof. The board shall,
by resolution, provide a method for registering any of the bonds as the
title thereto may be transferred, and for paying the interest thereon as
it falls due, and the board shall exchange registered bonds or bonds
payable to bearer whenever requested by the holders thereof. The bonds,
signed, countersigned, endorsed and sealed, as provided in sections
108.900 to 108.914, when sold, shall be and constitute valid and binding
obligations of the state of Missouri, although the sale thereof may be
made at a date or dates after any officer whose signature is affixed
thereto shall have ceased to be the incumbent of his office. (L. 1982 2nd
Ex. Sess. S.B. 1 § 2)

Effective 12-20-82

When the bonds shall have been issued, they shall be registered
in the office of the state auditor in a book to be provided by him for
that purpose, and he shall endorse on each bond his certificate that in
the issuance thereof all of the conditions of the law have been complied
with, and shall sign such certificate and authenticate the same with the
seal of his office. (L. 1982 2nd Ex. Sess. S.B. 1 § 3)

Effective 12-20-82

The board of fund commissioners shall offer such bonds at public
sale, and shall provide such method as it may deem necessary for the
advertisement of the sale of each issue of the bonds before the same are
sold, and shall require a deposit of such sum with each bid as will in
its judgment be sufficient to guarantee the fulfillment thereof and
generally shall conduct the sale or sales under such rules and
regulations as shall to it seem advisable, provided the same are
consistent with sections 108.900 to 108.914. The board may reserve the
right to reject any and all bids. The proceeds thereof shall be paid into
the state treasury as herein provided. All expenses incurred by the board
of fund commissioners in issuing the bonds, or any part thereof, and
attending the placing of the bonds on the market in a marketable
condition, shall be paid by the state treasurer out of the proceeds of
the sale of the bonds upon warrants drawn by the commissioner of
administration to persons entitled thereto. (L. 1982 2nd Ex. Sess. S.B. 1
§ 4)

Effective 12-20-82

The moneys realized from the sale of bonds under the provisions
of sections 108.900 to 108.914 shall be paid into the state treasury, to
the credit of the "Third State Building Fund", and shall be appropriated
by the general assembly for the purposes for which the bonds are
authorized to be issued and for the payment of all necessary expenses
incidental thereto. In making direct purchases of commodities and
expending funds from the third state building fund for commodities, the
commissioner of administration shall give preference to all commodities
manufactured, mined, produced or grown within the state of Missouri and
to all firms, corporations or individuals doing business as Missouri
firms, corporations or individuals, when quality is equal or better and
delivered price is the same or less. (L. 1982 2nd Ex. Sess. S.B. 1 § 5)

Effective 12-20-82

The general assembly may appropriate in any year such amount
from the third state building fund as it determines to be necessary for
the purposes specified herein. Any amount so appropriated in any year
shall be distributed according to the following guidelines:

(1) A minimum of 20% of the total amount of appropriations from the third
state building fund in any year shall be used for the repair, replacement
and maintenance of state buildings and facilities as determined by the
general assembly;

(2) 15% of the total amount of appropriations from the third state
building fund in any year shall be allocated for the purpose of
stimulating economic development in this state and shall be distributed
as follows:

(a) 20% of the appropriations under this subdivision shall be
appropriated to the department of transportation for highway purposes;

(b) 20% of the appropriations under this subdivision shall be
appropriated to the office of the governor or a department so designated
by the governor for transportation purposes other than highways and for
capital improvement expenditures as they relate to projects relating to
chapter 68, RSMo;

(c) 20% of the appropriations under this subdivision shall be
appropriated to fund grants administered pursuant to section 644.031,
RSMo;

(d) 26.6% of the appropriations under this subdivision shall be
appropriated to fund grants administered pursuant to section 278.080,
RSMo;

(e) 13.4% of the appropriations under this subdivision shall be
appropriated to fund grants administered pursuant to sections 192.600 to
192.620, RSMo;

(3) A maximum of 65% of the total amount appropriated from the third
state building fund in any year shall be distributed among the following
departments and agencies of state government as follows:

(a) 2.7% of the appropriations under this subdivision shall be
appropriated to the department of agriculture;

(b) .2% of the appropriations under this subdivision shall be
appropriated to the department of elementary and secondary education;

(c) 36.3% of the appropriations under this subdivision shall be
appropriated to the department of higher education;

(d) 17.0% of the appropriations under this subdivision shall be
appropriated to the department of mental health;

(e) 15.5% of the appropriations under this subdivision shall be
appropriated to the department of natural resources for state parks and
historic preservation;

(f) 1.9% of the appropriations under this subdivision shall be
appropriated to the department of public safety;

(g) 18.4% of the appropriations under this subdivision shall be
appropriated to the department of corrections and human resources;

(h) 3.4% of the appropriations under this subdivision shall be
appropriated to the department of social services;

(i) 5.0% of the appropriations under this subdivision shall be
appropriated to the board of public buildings for planning for capital
improvement projects to be funded from the third state building fund. (L.
1982 2nd Ex. Sess. S.B. 1 § 6)

Effective 12-20-82

With the exception of those projects involving the repair,
replacement or maintenance of state buildings or facilities for which at
least twenty percent of any year's appropriations from the fund are
reserved as provided in section 108.905, no project proposed to be funded
from the third state building fund shall be commenced unless the general
assembly shall first have specifically authorized such undertaking by
passage of legislation apart from its ordinary appropriation process. (L.
1982 2nd Ex. Sess. S.B. 1 § 7)

Effective 12-20-82

The state treasurer, with the approval of said board of fund
commissioners, is authorized to deposit all of the money in the third
state building fund in the manner now or hereafter provided in section
30.260, RSMo. Any interest received on such deposits shall be credited to
the third state building fund. (L. 1982 2nd Ex. Sess. S.B. 1 § 8)

Effective 12-20-82

There is hereby created in and for the state treasury of the
state of Missouri a fund to be known and designated as "The Third State
Building Bond Interest and Sinking Fund". Upon the issuance of the bonds
or any portion thereof, the state board of fund commissioners shall
notify the commissioner of administration of the amount of money
required, in the remaining portion of the fiscal year during which the
bonds are issued, for the payment of interest on the bonds, and of the
amount of money required for the payment of interest on the bonds in the
next succeeding fiscal year, and to pay the bonds as they mature.
Thereafter, within thirty days after the beginning of each fiscal year,
the state board of fund commissioners shall notify the commissioner of
administration of the amount of money required for the payment of
interest on the bonds in the next succeeding fiscal year, and to pay the
bonds as they mature. Thereafter, within thirty days after the beginning
of each fiscal year, the state board of fund commissioners shall notify
the commissioner of administration of the amount of money required for
the payment of interest on the bonds in the next succeeding fiscal year
and to pay the bonds maturing in such next succeeding fiscal year. The
commissioner of administration shall transfer, at least monthly, from the
state revenue fund, after deducting therefrom the proportionate part
thereof appropriated for the support of the free public schools, and to
the credit of the third state building bond interest and sinking fund
such sum as may be necessary from time to time until there is transferred
to the fund the amount so certified to him by the state board of fund
commissioners, as hereinabove provided. (L. 1982 2nd Ex. Sess. S.B. 1 § 9)

Effective 12-20-82

The state treasurer, with the approval of the board of fund
commissioners, is authorized to deposit all of the moneys in the third
state building bond interest and sinking fund in the manner now or
hereafter provided in section 30.260, RSMo. Interest received on such
deposits shall be credited to the third state building bond interest and
sinking fund. (L. 1982 2nd Ex. Sess. S.B. 1 § 10)

Effective 12-20-82

If at any time after the issuance of any of the bonds it becomes
apparent to the commissioner of administration that the funds available
in the state revenue fund will not be sufficient for the payment of
principal and interest on outstanding obligations of the state, and for
the purpose of public education, and the principal and interest maturing
and accruing on the bonds issued hereunder during the next succeeding
fiscal year, a direct tax shall be levied upon all taxable tangible
property in the state for the payment of the bonds and the interest that
will accrue thereon. In such event, the commissioner of administration
shall annually, on or before the first day of July, determine the rate of
taxation necessary to be levied upon all taxable tangible property within
the state to raise the amount of money needed to pay the principal and
interest on such bonds maturing and accruing in the next succeeding
fiscal year, taking into consideration available funds, delinquencies and
costs of collection. The commissioner of administration shall annually
certify the rate of taxation so determined to the county clerk of each
county and to the comptroller or other officer in the city of St. Louis
whose duty it is to make up and certify the tax books wherein are
extended the ad valorem state taxes. The clerks and the comptroller, or
other proper officer in the city of St. Louis, shall extend upon the tax
books the taxes to be collected and shall certify the same to the
collectors of the revenue of their respective counties and of the city of
St. Louis, who shall collect such taxes at the same time and in the same
manner and by the same means as are now or may hereafter be provided by
law for the collection of state and county taxes, and pay the same into
the state treasury for the credit of the third state building bond
interest and sinking fund. (L. 1982 2nd Ex. Sess. S.B. 1 § 11)

Effective 12-20-82

All funds paid into the third state building bond interest and
sinking fund shall be and stand appropriated without legislative action
to the payment of principal and interest of the bonds, there to remain
until paid out in discharge of the principal of the bonds and interest
accruing thereon, and no part of such funds shall be used for any other
purpose so long as any of the principal of the bonds and the interest
thereon shall be unpaid. (L. 1982 2nd Ex. Sess. S.B. 1 § 12)

Effective 12-20-82

All bonds herein authorized to be issued shall be paid at
maturity and all interest accruing thereon shall be paid when it falls
due by the state treasurer, at a place designated in the bonds and
coupons, if any, attached. Thirty days before any of the bonds mature and
any of the interest thereon falls due, it shall be the duty of the board
of fund commissioners to draw its requisition for the amount necessary to
pay such interest on the bonds and the principal of maturing bonds and
the necessary expenses to be incurred in transmitting such moneys. The
commissioner of administration shall certify the amount and shall issue
his warrant upon the state treasury therefor in favor of the president of
the board of fund commissioners, payable out of the third state building
bond interest and sinking fund. The warrant shall be delivered to the
state treasurer who shall transmit the amount of money therein specified
to the paying agents named in the bonds with instructions to place such
money to the credit of the board of fund commissioners for the payment of
interest or principal of such bonds. Whenever in the opinion of the board
of fund commissioners it is advisable to do so, and there are sufficient
funds therefor, the board may redeem any of the bonds before maturity if
the holders thereof agree thereto, and may also purchase any of the bonds
in the open market whenever funds are available and in the opinion of the
board it is to the advantage of the state to do so. (L. 1982 2nd Ex.
Sess. S.B. 1 § 13)

Effective 12-20-82

The state treasurer shall furnish to the general assembly, from
time to time, a detailed statement of the total amount of bonds and the
total amount of the proceeds thereof, the expense of collection and the
amounts used to carry out the provisions of sections 108.900 to 108.914.
(L. 1982 2nd Ex. Sess. S.B. 1 § 14)

Effective 12-20-82

Bonds herein provided for shall be issued by the board of fund
commissioners from time to time as funds are required to meet
expenditures under appropriations made by the general assembly for the
purposes for which the bonds are authorized to be issued. Any action
taken or proceedings had by the board of fund commissioners with
reference to the issuance of the bonds or any part thereof shall be by
resolution adopted by a majority of all the members of the board, but no
bonds shall be authorized to be sold under the provisions of sections
108.900 to 108.914 without the written consent of the governor of this
state. (L. 1982 2nd Ex. Sess. S.B. 1 § 15)

Effective 12-20-82

For the purpose of providing funds for rebuilding buildings of
institutions of higher education, including public community colleges,
the department of corrections and the division of youth services,
providing additions thereto or additional buildings where necessary, for
land acquisition, for construction or purchase of buildings, and for
planning, furnishing, equipping and landscaping such improvements and
buildings, as authorized by and to implement section 37(f) of article III
of the Constitution of the State of Missouri, the board of fund
commissioners of the state of Missouri is hereby authorized to borrow, on
the credit of the state, the sum of two hundred and fifty million dollars
subject to the provisions of section 37(f) of article III and sections
108.925 to 108.933. Bonds herein provided for shall be issued by the
board of fund commissioners from time to time as funds are required to
meet expenditures under appropriations made by the general assembly for
the purposes for which the bonds are authorized to be issued. The payment
of such bonds and the interest thereon shall be secured by a pledge of
the full faith, credit and resources of the state of Missouri. (L. 1995
S.B. 21)

Effective 2-9-95

As evidence of the indebtedness authorized by section 108.925,
there shall be issued, from time to time as occasion may require, bonds
of the state of Missouri in bearer form, which may be registrable as to
principal or interest or both, or in fully registered form. Such bonds
may be issued as serial bonds, term bonds, or a combination of both
types. They shall be issued in denominations of one thousand dollars
each, or multiples thereof, and shall bear dates to be fixed by the board
of fund commissioners. They shall bear such rate or rates of interest and
may bear conversion privileges as may be determined by the board of fund
commissioners. The bonds shall mature in such annual installment or
installments as may be determined by the board of fund commissioners,
provided that no bonds shall become due later than twenty-five years from
their date of issue. Both principal of and interest on the bonds may be
made payable at such place or places, in or out of the state of Missouri,
as determined by the board of fund commissioners, and if made payable at
any place other than the office of the state treasurer at Jefferson City,
Missouri, the state treasurer is authorized and directed to pay all
expenses incident thereto. Each separate issue of the bonds shall be
given a series designation, either alphabetical or numerical as may be
determined by the board of fund commissioners. The board may prescribe
the form, details and incidents of the bonds, but they shall not be
inconsistent with any of the provisions of sections 108.925 to 108.933.
Such bonds may have the great seal of the state of Missouri impressed
thereon or affixed thereto or imprinted or otherwise reproduced thereon.
The bonds may, in the discretion of the board of fund commissioners, be
executed by the facsimile signature of the governor attested by the great
seal of the state of Missouri, and the facsimile signature of the
secretary of state and countersigned with the facsimile signature of the
state treasurer, but all such bonds shall be executed by the genuine
signature of at least one of such officers; provided that if such bonds
are to be authenticated by the bank or trust company acting as registrar
for such bonds by the manual signature of a duly authorized officer or
employee of such bank or trust company, the governor, secretary of state,
and state treasurer executing and attesting such bonds may all do so by
facsimile signature, provided that such signatures have been duly filed
as provided in sections 105.273 to 105.278, RSMo, when duly authorized by
resolution of the board. The provisions of section 108.175 shall not
apply to such bonds. Any coupons attached to the bonds, evidencing the
interest payments to be made thereon, shall be executed by affixing
thereon the facsimile signature of the state treasurer. When directed so
to do by the board of fund commissioners, the state auditor shall provide
the bonds to be issued and lodge them with the state treasurer in whose
custody and charge they shall remain until delivered to the purchaser
thereof. The board shall, by resolution, provide a method for registering
any of the bonds as the title thereto may be transferred, and for paying
the interest thereon as it falls due, and the board shall exchange
registered bonds or bonds payable to bearer whenever requested by the
holders thereof. The bonds, signed, countersigned, endorsed and sealed,
as provided in sections 108.925 to 108.933, when sold, shall be and
constitute valid and binding obligations of the state of Missouri,
although the sale thereof may be made at a date or dates after any
officer whose signature is affixed thereto shall have ceased to be the
incumbent of his office. (L. 1995 S.B. 21)

Effective 2-9-95

When the bonds shall have been issued, they shall be registered
in the office of the state auditor in a book to be provided by him for
that purpose, and he shall endorse on each bond his certificate that in
the issuance thereof all of the conditions of the law have been complied
with, and shall sign such certificate and authenticate the same with the
seal of his office. (L. 1995 S.B. 21)

Effective 2-9-95

The board of fund commissioners shall offer such bonds at public
sale and shall require a deposit of such sum with each bid as will in its
judgment be sufficient to guarantee the fulfillment thereof and generally
shall conduct the sale or sales under such rules and regulations as shall
to it seem advisable, provided the same are consistent with sections
108.925 to 108.933. The board may reserve the right to reject any and all
bids. All expenses incurred by the board of fund commissioners in issuing
the bonds, or any part thereof, and attending the placing of the bonds on
the market in a marketable condition, shall be paid by the state
treasurer out of the proceeds of the sale of bonds upon warrants drawn by
the commissioner of administration to persons entitled thereto. (L. 1995
S.B. 21)

Effective 2-9-95

The moneys realized from the sale of bonds under the provisions
of sections 108.925 to 108.933 shall be paid into the state treasury, to
the credit of the "Fourth State Building Fund", and shall be expended in
accordance with appropriations made by the general assembly for the
purposes for which the bonds are authorized to be issued and for the
payment of all necessary expenses incidental thereto. (L. 1995 S.B. 21)

Effective 2-9-95

1. The state treasurer, with the approval of said board of fund
commissioners, is authorized to deposit or invest all of the moneys in
the fourth state building fund in the manner now or hereafter provided in
section 30.260, RSMo. Any interest received on such deposits shall be
credited to the fourth state building fund.

2. The state treasurer, with the approval of the board of fund
commissioners, is authorized to deposit or invest all of the moneys in
the fourth state building bond and interest fund in the manner now or
hereafter provided in section 30.260, RSMo. Interest received on such
deposits shall be credited to the fourth state building bond and interest
fund. (L. 1995 S.B. 21)

Effective 2-9-95

All bonds herein authorized to be issued shall be paid at
maturity and all interest accruing thereon shall be paid when it falls
due by the state treasurer, at a place designated in the bonds and
coupons, if any, attached. It shall be the duty of the board of fund
commissioners to draw its requisition for the amount necessary to pay
such interest on the bonds and the principal of maturing bonds and the
necessary expenses to be incurred in transmitting such moneys. The
commissioner of administration shall certify the amount and shall issue
his warrant upon the state treasury payable out of the fourth state
building bond and interest fund. The warrant shall be delivered to the
state treasurer who shall transmit the amount of money therein specified
to the paying agents named in the bonds with instructions to place such
money to the credit of the board of fund commissioners for the payment of
interest or principal of such bonds. Whenever in the opinion of the board
of fund commissioners it is advisable to do so, and there are sufficient
funds therefor, the board may redeem any of the bonds before maturity if
the holders thereof agree thereto, and may also purchase any of the bonds
in the open market whenever funds are available and in the opinion of the
board it is to the advantage of the state to do so. Any action taken or
proceedings had by the board of fund commissioners with reference to the
issuance of the bonds or any part hereof shall be by resolution adopted
by a majority of all the members of the board, but no bonds shall be
authorized to be sold under the provisions of sections 108.925 to 108.933
without the written consent of the governor of this state. (L. 1995 S.B.
21)

Effective 2-9-95

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