360.116. Payment of grants, procedure — refunding or refinancing existing bonds, net present value savings amount.
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/mo/chapter-360/360-116A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
360.116. Payment of grants, procedure — refunding or refinancing existing bonds, net present value savings amount. — 1. Payment of grants under sections 360.111 to 360.118 shall be made from funds appropriated for such purpose under section 164.303 . Payment shall be authorized by the commissioner of education upon receipt of the closing legal opinion for the bonds by the commissioner of education and a certification by the school district that the funds will be used for costs relating to projects approved under and satisfying the qualifications and requirements of subsection 1 of section 360.113 .
2. Any refunding or refinancing of existing bonds of a school district under sections 360.111 to 360.118 shall have a net present value savings of at least one and one-half percent of the par amount of the refunded bonds.
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(L. 1995 S.B. 301 § 360.111 subsecs. 8, 9)
Effective 6-27-95