2005 Missouri Revised Statutes - § 160.306. — Repayment of loan to be from energy cost savings--interest rate --renegotiation of payment period--default on loan, consequences --payments placed in fund.
160.306. 1. Each school district to which a loan has been made under sections 160.300 to 160.328 shall repay such loan, with interest, in semiannual payments. The rate of interest shall be the rate required by the funding source. The number, amounts and timing of the semiannual payments shall be as determined by the department.
2. Any school district which receives a loan through the provisions of sections 160.300 to 160.328 shall annually budget an amount which is at least sufficient to make the semiannual payments required under this section.
3. The district shall not raise the funds needed to make the semiannual loan payment by the levy of additional taxes and shall not provide for such payment by a charge against any established district fund or account. The semiannual loan payments shall be derived solely from energy cost savings resulting from the implementation of the project. In the event that energy cost savings resulting from the project fail to equal or exceed the amount of the semiannual payment, the district and the department shall renegotiate the repayment period in such a manner as to assure that the semiannual payment amount does not exceed the actual energy cost savings resulting from the project.
4. If a school district fails to remit a semiannual payment to the department in accordance with subsection 5 of this section within sixty days of the due date of such payment, the department of natural resources shall notify the department of elementary and secondary education to deduct such payment amount from the next regular apportionment of state funds to that district. That amount shall then immediately be deposited in the energy set-aside loan fund.
5. All districts having received loans pursuant to sections 160.300 to 160.328 shall remit the semiannual payments required by subsection 1 of this section to the department. The department shall immediately deposit such payments in the energy set-aside loan fund.
(L. 1986 H.B. 1335 § 4)*Expiration date, see section 160.328
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