Section 360.047

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 360

Effective - 28 Aug 1999   

  360.047.  Power of authority in issuance of bonds, notes or indebtedness — authority to conduct public hearings, when. — 1.  The authority shall have the power to assist, coordinate and participate with governmental authorities and issuers of states other than the state of Missouri (out-of-state issuers) in connection with issuance of bonds, notes or other evidence of indebtedness by such out-of-state issuers for educational facilities and health facilities located within the state of Missouri.

  2.  In connection with such financing by out-of-state issuers, the authority is designated as the only entity in the state of Missouri which may conduct the public hearing of the applicable governmental unit required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and the governor of the state of Missouri is designated as the only person or entity in the state of Missouri who may serve as the elected representative which must give approval on behalf of the applicable governmental unit pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended.

  3.  Following such hearing, the authority shall determine whether the financing should proceed with respect to educational facilities or health facilities located within the state of Missouri by an out-of-state issuer.  If the authority determines that the financing should not proceed, the financing shall not proceed relative to the Missouri facilities.

­­--------

(L. 1998 H.B. 971, A.L. 1999 S.B. 276)