108.140. Political subdivisions may refund, extend, unify indebtedness.
Political subdivisions may refund, extend, unify indebtedness.
108.140. 1. The various counties in this state for themselves, aswell as for and on behalf of any township, or other political subdivisionfor which the counties may have issued any general obligation bonds, andthe several cities, school districts or other political corporations orsubdivisions of the state, are hereby authorized to refund, extend, andunify the whole or part of their valid general obligation bondedindebtedness, or judgment indebtedness, and for such purpose may issue,negotiate, sell and deliver refunding general obligation bonds and with theproceeds therefrom pay off, redeem and cancel the bonds to be refunded inadvance of their maturity or redemption or as the same mature or are calledfor redemption, or pay and cancel such judgment indebtedness, or suchrefunding general obligation bonds may be issued and delivered in exchangefor and upon surrender and cancellation of the bonds refunded thereby, orsuch judgment indebtedness. School districts may pay costs and expensesrelated to issuing such refunding general obligation bonds from proceedsfrom the sale of such bonds. In no case shall the refunding generalobligation bonds exceed the amount of the principal of the outstanding bondor judgment indebtedness to be refunded and the interest accrued thereon tothe date of such refunding bonds. No refunding bond issued as provided inthis subsection shall be payable in more than twenty years from the datethereof and such refunding bonds shall bear interest not to exceed the samerate as the bonds refunded, or judgment indebtedness; provided, thatnothing in this section shall be so construed as to prohibit any county,city, school district, or other political corporation or subdivision of thestate from refunding its general obligation bonded indebtedness without thesubmission of the question to a popular vote.
2. The various counties in this state for themselves, as well as forand on behalf of any township, or other political subdivision for which thecounties may have issued any revenue bonds, notes or other obligations, andthe several cities, school districts or other political corporations orsubdivisions of the state, are hereby authorized to refund, extend, andunify the whole or part of their valid outstanding revenue bonds, notes orother obligations, and for such purpose may issue, negotiate, sell anddeliver refunding revenue bonds, notes or other obligations and with theproceeds therefrom pay off, redeem and cancel the obligations to berefunded in advance of their maturity or redemption or as the same matureor are called for redemption, or such refunding revenue bonds, notes orother obligations may be issued and delivered in exchange for and uponsurrender and cancellation of the obligations refunded thereby. In no caseshall the refunding revenue bonds, notes or other obligations exceed theamount determined by the governing body of the issuing politicalcorporation or subdivision to be necessary to pay or provide for thepayment of the principal of the outstanding obligations to be refunded,together with the interest accrued thereon to the date of such refundingobligations and the interest to accrue thereon to the date of maturity orredemption of such obligations to be refunded and any premium which may bedue under the terms of such obligations to be refunded and any amountsnecessary for the payment of costs and expenses related to issuing suchrefunding obligations and to fund a debt service reserve fund for theobligations. All such refunding revenue bonds, notes or other obligationsshall bear interest at such rates as the governing body of the issuingpolitical subdivision shall provide, which rates of interest may exceed therates of interest on the obligations being refunded but shall not exceedthe maximum legal rate established by section 108.170. The refundingrevenue bonds, notes or other obligations may be payable from the samesources as were pledged to the payment of the obligations refunded and, inthe discretion of the governing body of the issuing political subdivision,may be payable from any other source which may be pledged to the payment ofrevenue bonds, notes or other obligations under any provision of lawrelating to the issuance of the obligations refunded. Nothing in thissection shall be so construed as to prohibit any county, city, schooldistrict, or other political corporation or subdivision of the state fromrefunding its revenue bonded indebtedness without the submission of thequestion 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.