§ 140.994 RSMo — Bonds, receipt of funds from — requirements

1. A land bank agency shall have power to receive funds from bonds issued by the county or municipality that created the land bank agency, for any of its corporate purposes. The bonds shall be special, limited obligations of the county or municipality that created the land bank agency, the principal of and interest on which shall be payable solely from the income and revenue derived from the sale, or other disposition of the assets of the land bank agency, or such portion thereof as may be designated in the resolution, indenture, or other financing documents relating to the issuance of the bonds.

2. Bonds issued pursuant to this section shall not be deemed to be an indebtedness within the meaning of any constitutional or statutory limitation upon the incurring of indebtedness. The bonds shall not constitute a debt, liability, or obligation of the state or a pledge of the full faith and credit or the taxing power of the state and the bonds shall contain a recital to that effect. Neither the members of the board nor any person executing the bonds shall be liable personally on the bonds by reason of the issuance thereof.

3. Bonds issued pursuant to this section shall be authorized by resolution of the governing body of the county or municipality establishing the land bank agency, shall be issued in such form, shall be in such denominations, shall bear interest at such rate or rates, shall mature on such dates and in such manner, shall be subject to redemption at such times and on such terms, and shall be executed by one or more members of the governing body of the county or municipality establishing the land bank agency, as provided in the resolution authorizing the issuance thereof or as set out in the indenture or other financing document authorized and approved by such resolution. The governing body of the county or municipality establishing the land bank agency may sell such bonds in such manner, either at public or at private sale, and for such price as the governing body of the county or municipality establishing the land bank agency may determine to be in the best interests of the land bank agency.

4. A governing body of the county or municipality establishing the land bank agency may from time to time, as authorized by resolution of the governing body, issue refunding bonds for the purpose of refunding, extending, and unifying all or any part of its valid outstanding bonds. Such refunding bonds may be payable from any of the sources identified in subsection 1 of this section and from the investment of any of the proceeds of the refunding bonds.

5. The bonds issued by the governing body of the county or municipality establishing the land bank agency shall be negotiable instruments under chapter 400 .

6. Bonds issued under this section and all income or interest thereon shall be exempt from all state taxes.

7. The governing body of the county or municipality establishing the land bank agency shall have the power to issue temporary notes upon the same terms and subject to all provisions and restrictions applicable to bonds under this section. Such notes issued by the governing body may be refunded by notes or bonds authorized under this section.