348.080. Duties of authority.

232 words·~1 min read·/mo/chapter-348/348-080

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

348.080. Duties of authority. — The authority shall have the following duties:

(1)To invest any funds not needed for immediate disbursement, including any funds held in reserve, in direct and general obligations of or obligations fully and unconditionally guaranteed by the United States or any agency of the United States, obligations issued by agencies of the United States, obligations of this state, or any obligations or securities which may from time to time be legally purchased by political subdivisions of this state, or unsecured promissory notes of national banking associations having the highest investment rating;

(2)To collect fees and charges, as the authority determines to be reasonable, in connection with its loans, advances, insurance, commitments, and servicing;

(3)To cooperate with and exchange services, personnel, and information with any federal, state, or local governmental agency;

(4)To sell, at public or private sale, with or without public bidding, any loan or other obligation held by the authority; and

(5)To do any act necessary or convenient to the exercise of the powers granted by sections 348.005 to 348.180 or reasonably implied from the provisions of sections 348.005 to 348.180 .

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(L. 1981 H.B. 681 § 17)

CROSS REFERENCES:

Bi-state development agency, bonds of, investment in authorized, 70.377

Multinational banks, securities and obligations of, investment in, when, 409.950

Savings accounts in insured savings and loan associations, investment in authorized, 369.194