99.954. Financing project costs, issuance of obligations permitted, procedure--immunity from liability for obligations--retiring or refinancing debt, restrictions.
Financing project costs, issuance of obligations permitted,procedure--immunity from liability for obligations--retiringor refinancing debt, restrictions.
99.954. 1. For the purpose of financing development project costs,obligations may be issued by the municipality, or, at the request of themunicipality, by the authority or any other political subdivisionauthorized to issue bonds, but in no event by the state, to pay orreimburse development project costs. Such obligations, when so issued,shall be retired in the manner provided in the ordinance or resolutionauthorizing the issuance of such obligations.
2. Obligations issued pursuant to sections 99.915 to 99.980 may beissued in one or more series bearing interest at such rate or rates as theissuing entity shall determine by ordinance or resolution. Suchobligations shall bear such date or dates, be in such denomination, carrysuch registration privileges, be executed in such manner, be payable insuch medium of payment at such place or places, contain such covenants,terms, and conditions, and be subject to redemption as such ordinance orresolution shall provide. Obligations issued pursuant to sections 99.915to 99.980 may be sold at public or private sale at such price as shall bedetermined by the issuing entity and shall state that obligations issuedpursuant to sections 99.915 to 99.980 are special obligations payablesolely from the funds specifically pledged. No referendum approval of theelectors shall be required as a condition to the issuance of obligationspursuant to sections 99.915 to 99.980.
3. In the event the obligations contain a recital that they areissued pursuant to sections 99.915 to 99.980, such recital shall beconclusive evidence of their validity and of the regularity of theirissuance.
4. Neither the municipality, the authority, or any other entityissuing such obligations, or the members, commissioners, directors, or theofficers of any such entities nor any person executing any obligation shallbe personally liable for such obligation by reason of the issuance thereof.The obligations issued pursuant to sections 99.915 to 99.980 shall not be ageneral obligation of the state, the municipality, or any politicalsubdivision thereof, nor in any event shall such obligation be payable outof any funds or properties other than those specifically pledged assecurity for such obligations. The obligations shall not constituteindebtedness within the meaning of any constitutional, statutory, orcharter debt limitation or restriction.
5. Obligations issued pursuant to sections 99.915 to 99.980 may beissued to refund, in whole or in part, obligations theretofore issued bysuch entity pursuant to the authority of sections 99.915 to 99.980, whetherat or prior to maturity; provided, however, that the last maturity of therefunding obligations shall not be expressed to mature later than the lastmaturity date of the obligations to be refunded.
6. In the event a municipality or authority issues obligations underhome rule powers or other legislative authority, the proceeds of which arepledged to pay for development project costs, the municipality may retiresuch obligations from funds in the special allocation fund in amounts andin such manner as if such obligations had been issued pursuant to theprovisions of sections 99.915 to 99.980.
7. State supplemental downtown development financing shall not beused for retiring or refinancing debt or obligations on a previouslypublicly financed redevelopment project without express approval from thedirector of the department of economic development and the Missouridevelopment finance board. No approval shall be granted unless theapplication for state supplemental downtown development financing containsdevelopment projects that are new projects which were not a part of thedevelopment projects for which there is existing public debt orobligations.
(L. 2003 H.B. 289)Effective 7-07-03