215.160. Indebtedness limited, exception.
Indebtedness limited, exception.
215.160. The commission shall not have outstanding at anyone time bonds and notes for any of its purposes in an aggregateprincipal amount exceeding two hundred million dollars, excludingbonds and notes issued to refund outstanding bonds and notes;provided, however, that the limitation contained in this sectionshall not apply to any bonds or notes of the commission which aresecured, directly or indirectly, by first mortgage loans whichhave been insured or guaranteed by an agency or instrumentalityof the United States, or any bonds or notes of the commissionwhich at the time of issuance are rated not lower than "Aa" byMoody's Investors Service, Inc., in the case of long-termobligations or rated Moody's "Investment Grade I" by Moody'sInvestors Service, Inc., in the case of short-term obligations;or rated not lower than "AA" by Standard & Poor's Corporation inthe case of long-term obligations or rated "SP-1+" by Standard &Poor's Corporation in the case of short-term obligations, or theequivalent ratings by Moody's Investors Service, Inc., orStandard & Poor's Corporation in the event the ratings describedin this section are changed.
(L. 1969 H.B. 130 § 24, A.L. 1974 H.B. 1190, A.L. 1985 H.B. 484)