227.645. Financing terms and conditions--private partner may issue bonds, requirements--contract to issue bonds and loan proceeds.
Financing terms and conditions--private partner may issue bonds,requirements--contract to issue bonds and loan proceeds.
227.645. 1. Any financing of the project may be in such amounts andupon such terms and conditions as may be determined by the commission andthe private partner in the interim or comprehensive agreement. Thecommission and the private partner may use any and all revenues that may beavailable to them and may, to the fullest extent permitted by applicablelaw, issue debt, equity, or other securities or obligations.
2. The private partner may issue corporate bonds, private activitybonds, refunding bonds, notes, and other obligations, and may secure any ofsuch obligations by mortgage, pledge, or deed of trust of any or all of theproperty and income of the private partner. The commission may contractwith the private partner to assist in issuing bonds, notes, and otherobligations under this subsection. The private partner shall not mortgage,pledge, or give a deed of trust on any real property or interests obtainedby eminent domain acquired from the state of Missouri or any agency orpolitical subdivision of the state. Bonds, notes, and other obligationsissued under this subsection shall exclusively be the responsibility of theprivate partner payable solely out of private partner moneys and propertyand shall not constitute debt or liability of the commission, the state ofMissouri, or any other agency or political subdivision of the state. Theprivate partner and the commission shall not be obligated to pay suchbonds, notes, or other obligations with any moneys other than thosespecifically pledged to repayment. Any such bonds, notes, or otherobligations issued by the private partner or the commission shall state onthe face that they are not obligations of the state of Missouri or anyagency or political subdivision of the state. Any private partner bondsissued under this subsection, the interest thereon, and any proceeds fromsuch bonds shall be exempt from taxation by the state of Missouri for allpurposes except the state estate tax.
3. The private partner may also contract with the commission for thecommission to issue state road bonds for the project and to loan theproceeds thereof to the private partner.
(L. 2006 H.B. 1380)