2005 Missouri Revised Statutes - § 160.320. — Revenue bonds may be issued, when, requirements--bonds not an indebtedness of the state.

160.320. 1. In the event general revenue appropriations are not available to fund sections 160.300 to 160.328, the department and the authority shall have the power to issue and sell revenue bonds in an amount not to exceed the estimated cost of the projects including costs necessarily incidental thereto.

2. No revenue bonds shall be issued and sold unless, at the time of issuance, the department and the authority shall first obtain the approval of the governor and general assembly and:

(1) Pledge the semiannual payments received under the provisions of section 160.306 to the payment of the bonds, both principal and interest;

(2) Provide and maintain an interest and sinking fund in an amount adequate to promptly pay the principal of an interest on the bonds;

(3) Provide a reasonable reserve fund;

(4) Provide a reasonable fund for depreciation.

3. The proceeds of the sale of any bonds issued under sections 160.300 to 160.328 shall be paid into the state treasury to the credit of the energy set-aside program fund established in section 160.310.

4. The revenue bonds may be issued pursuant to a resolution issued by the department and the authority after proper authorization through an appropriation authorizing expenditures out of the proceeds of the sale of the bonds which appropriation shall be chargeable to the energy set-aside program fund.

5. Bonds issued pursuant to sections 160.300 to 160.328 are not an indebtedness of the state of Missouri, or the department and the authority or its employees and are not an indebtedness within the meaning of any constitutional or statutory limitation on the incurring of indebtedness. Such bonds shall bear on the face thereof the following: "This is a revenue bond and not a general obligation bond".

(L. 1986 H.B. 1335 § 11)

*Expiration date, see section 160.328