Missouri Revised Statutes













Chapter 360

Missouri Health and Educational Facilities Act

←360.100

Section 360.105.1

360.106→

August 28, 2015

Financing by purchase of securities of participating institution authorized--such securities to be secured, how.

360.105. 1. Any other provision of sections 360.010 to 360.140 to the

contrary notwithstanding, the authority may finance the cost of a health or

educational facility or of health or educational facilities or refund

outstanding indebtedness incurred prior to or after September 28, 1975, for

the construction or acquisition of a health or educational facility or of

health or educational facilities by issuing its bonds for the purpose of

purchasing the securities of a participating health institution or a

participating educational institution. Any such securities shall have the

same principal amounts, maturities, and interest rate or rates as the bonds

so being issued, shall be secured by a first mortgage lien on the health or

educational facility or facilities so being financed, subject to such

exceptions as the authority may approve, and created by a mortgage instrument

satisfactory to the authority, and may be insured or guaranteed by others.

Any such bonds shall be secured by a pledge of the securities under the trust

indenture or mortgage and deed of trust creating such bonds, shall be payable

solely out of the payments to be made on the securities, and shall not exceed

in principal amount the cost of the health or educational facility or

facilities as determined by the participating health institution or the

participating educational institution, as the case may be, and approved by the

authority. In other respects any such bonds shall be subject to the

provisions of section 360.060 and the trust indenture or mortgage and deed of

trust creating such bonds may contain such of the provisions set forth in

section 360.075 as the authority may deem appropriate.



2. In the event that a health or educational facility is financed

pursuant to this section, the title to the facility shall remain in the

participating health institution or the participating educational institution

owning the same, subject to the lien of the mortgage securing the securities

then being purchased, and there shall be no lease of the facility between the

authority and the institution.



3. The provisions of section 360.100 shall not apply to any health

facility or educational facility financed pursuant to this section, but the

authority shall return the securities purchased through the issuance of bonds

hereunder to the participating health institution or the participating

educational institution, as the case may be, issuing the securities when such

bonds shall have been fully paid and retired or when adequate provision shall

have been made to pay and retire the same fully, and all other conditions of

the trust agreement or indenture creating such bonds shall have been

satisfied and the lien thereof shall have been released in accordance with

the provisions thereof.



(L. 1975 H.B. 70 § 19)







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