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2011 Missouri Revised Statutes
TITLE VI COUNTY, TOWNSHIP AND POLITICAL SUBDIVISION GOVERNMENT
Chapter 70 Governmental Units
Section 70.849. Security guaranteeing payments of any bonds or indebtedness to fund project required for qualifying project.
Universal Citation:
MO Rev Stat § 70.849.
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Security guaranteeing payments of any bonds or indebtedness to fund project required for qualifying project.
70.849. No such project shall be deemed a qualifying project for funding unless a user, tenant, lessee or sublessee entitled to revenues or receipts from the project shall secure for the project a letter of credit, policy of insurance, guaranty or other suitable security, issued by a creditworthy financial institution or surety, approved by the director of the state department of economic development, which approval shall not be unreasonably withheld, unconditionally guaranteeing payments of any bonds or other indebtedness issued to fund construction of the project.
(L. 1989 S.B. 295 & 312 27)
Annotation Copyright Missouri Joint Committee on Legislative Research
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