100.720. Additional powers of Missouri development finance board — certificates, state credit for.

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100.720. Additional powers of Missouri development finance board — certificates, state credit for. — 1. The Missouri development finance board shall have, in addition to the powers provided to it in sections 100.250 to 100.297 , and with the approval of the department, all the powers necessary to carry out and effectuate the purposes and provisions of sections 100.700 to 100.850 , including, but not limited to, the power to:

(1)Provide and finance economic development projects, pursuant to the provisions of sections 100.700 to 100.850 , and cooperate with eligible industries in order to promote, foster and support economic development within the state;

(2)Conduct hearings and inquiries, in the manner and by the methods as it deems desirable, for the purpose of gathering information with respect to eligible industries and economic development projects, and for the purpose of making any determinations necessary or desirable in the furtherance of sections 100.700 to 100.850 ; and

(3)Negotiate the terms of, including the amount of project costs, and enter into financing agreements with eligible industries, and in connection therewith to acquire, convey, sell, mortgage, finance or otherwise dispose of any property, real or personal, loan bond proceeds, and permit the use of assessments, in connection with an economic development project, and to pay, or cause to be paid, in accordance with the provisions of a financing agreement, the program costs of an economic development project from any funds available therefor.

2. Certificates issued by the board pursuant to the provisions of sections 100.700 to 100.850 shall not constitute an indebtedness or liability of the state of Missouri within the meaning of any state constitutional provision or statutory limitation, shall not constitute a pledge of the faith and credit of the state of Missouri, shall not be guaranteed by the credit of the state, and unless approved by a concurrent resolution of the general assembly, no certificate in default shall be paid by the state of Missouri.

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(L. 1996 H.B. 1237 § 9)