1. The commission may from time to time issue its negotiable revenue bonds or notes
in such principal amount, as, in the opinion of the commission, shall be necessary
to provide sufficient funds for achieving its corporate purposes, including the making
of mortgage loans for residential housing to be occupied by low and moderate income
persons; for the rehabilitation of existing structures so occupied; for the construction
of residential housing and appurtenant community facilities as provided in sections 215.010 to 215.250; for establishment of reserves to secure such bonds and notes; and all other expenditures
of the commission incident to and necessary to carry out its corporate purposes and
2. The commission may from time to time issue renewal notes, issue bonds to pay such
notes, and whenever it deems refunding expedient, to refund any bonds by the issuance
of new bonds, whether the bonds to be refunded have or have not matured, and to issue
bonds partly to refund bonds then outstanding and partly for any other purpose. The refunding bonds shall be sold and the proceeds applied to the purchase, redemption
or payment of the bonds to be refunded.
3. The notes and bonds issued under sections 215.010 to 215.250 shall be authorized by resolution of the members of the commission, shall bear such
date or dates, and shall mature at such time or times, in the case of any note, or
any renewal thereof, not exceeding twenty years, from the date of issue of such original
note, and in the case of any bond not exceeding fifty years from the date of issue,
as the resolution may provide. The notes and bonds shall bear interest at such rate, be in such denominations,
be in such form, either coupon or registered, carry such registration privileges,
be executed in such manner, be payable in such medium of payment, at such place or
places and be subject to such terms of redemption as such resolution or resolutions
may provide. The notes and bonds of the commission may be sold by the commission, at public or
private sale, at such price or prices as the commission shall determine.
4. The state shall not be liable on notes or bonds of the commission and such notes
and bonds shall not be a debt of the state, and such notes and bonds shall contain
on the face thereof a statement to such effect.
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