2005 Missouri Revised Statutes - § 160.322. — Revenue bonds, maximum rate of interest--serial or term bonds --interest on bonds exempt from state income tax.

160.322. 1. Bonds issued pursuant to sections 160.300 to 160.328 shall be of such denomination and shall bear such rate of interest, not to exceed fourteen percent per annum, from the date of issuance, as the department and the authority may determine. The bonds may be either serial or term bonds.

2. Serial bonds may be issued with or without the reservation of the right to call them for payment and redemption in advance of their maturity, upon giving such notice, and with or without a covenant requiring the payment of a premium in the event of payment and redemption prior to maturity as the department and the authority may determine.

3. Term bonds shall contain a reservation of the right to call them for payment and redemption prior to maturity at such time and upon the giving of such notice and upon the payment of such premium, if any, as the department and the authority may determine.

4. The bonds, when issued, shall be sold at public sale for the best price obtainable after giving such reasonable notice of the sale as the department and the authority may determine; except that, no bonds shall be sold for less than ninety-five percent of their par value, and accrued interest.

5. The bonds may be sold to the United States of America or to any of its agencies or instrumentalities, at a price not less than par and accrued interest, without public sale and without the giving of the notice prescribed in this section.

6. The bonds, when issued and sold, shall be negotiable instruments within the meaning of the law merchant and the negotiable instruments law, and the interest thereon shall be exempt from income taxes under the laws of this state.

(L. 1986 H.B. 1335 § 12)

*Expiration date, see section 160.328