§ 349.070 — Resolutions authorizing issuance of bonds or notes, provisions authorized in.

Missouri § 349.070

• Jurisdiction: Missouri
• Title XXIII: CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
• Ch. 349: Industrial Development Corporations

Text

Any resolution authorizing any notes or bonds may contain such provisions, covenants and agreements subject to any provisions, covenants and agreements with the holders of bonds or notes then outstanding as the corporation determines necessary, such provisions, covenants and agreements may include but shall not be limited to:

(1)  Pledging, assigning, mortgaging, or granting a security interest in all or any part of the property and revenues of the corporation or any part thereof, to secure the payment of the notes or bonds or of any issue thereof;

(2)  The use and disposition of the property or revenues of the corporation or any part thereof;

(3)  The fixing of rents, fees and other charges and the pledging of the same and of the revenues of the corporation so that the same will be sufficient to pay the cost of operation, maintenance and repair of any project and the principal of and interest on notes or bonds secured by the pledge of such revenues;

(4)  Establishing reasonable reserves to secure the payment of such notes and bonds;

(5)  Limitations on the issuance of additional notes or bonds and the terms upon which the same may be issued and secured.

Legislative History

(L. 1977 S.B. 267 § 13, A.L. 1980 H.B. 1582 & 1277)