644.505. Bonds, when issued--denominations--interest, how set--form of bonds--treasurer's duties--auditor's duties.
Bonds, when issued--denominations--interest, how set--form ofbonds--treasurer's duties--auditor's duties.
644.505. As evidence of the indebtedness authorized bysections 644.500 to 644.561, there shall be issued, from time totime as occasion may require, negotiable bonds of the state ofMissouri, in bearer form, which may be registrable as toprincipal or interest or both, or in fully registered form. Suchbonds may be issued as serial bonds, term bonds, or a combinationof both types. They shall be issued in denominations of onethousand dollars each, or multiples thereof, and shall bear datesto be fixed by the board of fund commissioners. They shall bearsuch rate or rates of interest and may bear such conversionprivileges as may be determined by the board of fundcommissioners. The interest thereon may be made payable, asdetermined by the board of fund commissioners. The bonds shallmature in such annual installment or installments as may bedetermined by the board of fund commissioners, provided that nobonds shall become due later than twenty-five years from the datesuch bonds bear. Both principal of and interest on the bonds maybe made payable at such place or places, in or out of the stateof Missouri, as the board of fund commissioners may designate,and if made payable at any place other than the office of thestate treasurer at Jefferson City, Missouri, the state treasureris authorized and directed to pay all expenses incident thereto.Each separate issue of the bonds shall be given a seriesdesignation, either alphabetical or numerical as may bedetermined by the board of fund commissioners. For the promptpayment of principal of the bonds at maturity and the interestthereon as it falls due, the full faith, credit and resources ofthe state of Missouri are hereby and herein irrevocably pledged.The board may prescribe the form, details and incidents of thebonds, but they shall not be inconsistent with any of theprovisions of sections 644.500 to 644.651. Such bonds may havethe great seal of the state of Missouri impressed thereon oraffixed thereto or imprinted or otherwise reproduced thereon.The bonds may, in the discretion of the board of fundcommissioners, be executed by the facsimile signature of thegovernor attested by the great seal of the state of Missouri, andthe facsimile signature of the secretary of state andcountersigned with the facsimile signature of the statetreasurer, but all such bonds shall be executed by the genuinesignature of at least one of such officers; provided that if suchbonds are to be authenticated by the bank or trust company actingas registrar for such bonds by the manual signature of a dulyauthorized officer or employee of such bank or trust company, thegovernor, secretary of state, and state treasurer executing andattesting such bonds may all do so by facsimile signature,provided that such signatures have been duly filed as provided insections 105.273 to 105.278, RSMo, when duly authorized byresolution of the board. The provisions of section 108.175,RSMo, shall not apply to such bonds. Any coupons attached to thebonds, evidencing the interest payments to be made thereon, shallbe executed by affixing thereon the facsimile signature of thestate treasurer. When directed so to do by the board of fundcommissioners, the state auditor shall provide the bonds to beissued and lodge them with the state treasurer in whose custodyand charge they shall remain until delivered to the purchaserthereof. The board shall, by resolution, provide a method forregistering any of the bonds as the title thereto may betransferred, and for paying the interest thereon as it falls due,and the board shall exchange registered bonds or bonds payable tobearer whenever requested by the holders thereof. The bonds,signed, countersigned, endorsed and sealed, as provided insections 644.500 to 644.561, when sold, shall be and constitutevalid and binding obligations of the state of Missouri, althoughthe sale thereof may be made at a date or dates after any officerwhose signature is affixed thereto shall have ceased to be theincumbent of his office.
(L. 1972 S.B. 596 § 2, A.L. 1982 2nd Ex. Sess. S.B. 4, A.L. 1991 S.B. 185)Effective 6-18-91
*Transferred 1986; formerly 204.505