Section 100.750

Title VII CITIES, TOWNS AND VILLAGES

Chapter 100

Effective - 28 Aug 1996   

  100.750.  Financing agreement, contents. — The financing agreement shall provide in substance that:

  (1)  It may be assigned by the eligible industry only upon the prior written consent of the board following the adoption of a resolution by the board to such effect; and

  (2)  Upon default by the eligible industry in any obligations under the financing agreement or other documents evidencing, securing or related to the eligible industry's obligations, the board shall have the right, at its option, to:

  (a)  Declare the financing agreement or other such documents in default;

  (b)  Accelerate and declare the total of all such payments due by the eligible industry and sell the economic development project at public, private, or judicial sale;

  (c)  Pursue any remedy provided under the financing agreement or other such documents;

  (d)  Be entitled to the appointment of a receiver by the circuit court wherein any part of the economic development project is located; and

  (e)  Pursue any other applicable legal remedy.

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(L. 1996 H.B. 1237 § 12)