Mo. Rev. Stat. § 348.005
Law, how cited
Sections 348.005 to 348.180 shall be known and may be cited as the "Missouri Agricultural and Small Business Development Loan Act".
Revised Statutes of Missouri Chapter 348 — Authorities and Corporations for Economic and Technological Development — Small Businesses
Missouri · statute · Mo. Rev. Stat. ch. 348 · 100 active provisions
Mo. Rev. Stat. § 348.010
Purposes
1. It is hereby found and declared that: (1) The high and increasing cost of agricultural land, improvements, and equipment creates an urgent demand for financing which is not available in the amounts needed and at reasonable interest rates in the present market, and the inability on the part of persons engaged in agri…
Mo. Rev. Stat. § 348.015
Definitions
As used in sections 348.005 to 348.225, the following terms shall mean: (1) "Agricultural development loan", a loan for the acquisition, construction, improvement, or rehabilitation of agricultural property; (2) "Agricultural property", any land and easements and real and personal property, including, but not limited t…
Mo. Rev. Stat. § 348.020
Authority created — powers to vest in commission — commissioners, number, appointment, qualifications
There is hereby created, with such duties and powers as are set forth in sections 348.005 to 348.415 to carry out the provisions hereof, a body politic and corporate, an independent instrumentality exercising essential public functions, to be known as the "Missouri Agricultural and Small Business Development Authority"…
Mo. Rev. Stat. § 348.025
Commission members, who may serve
Notwithstanding the provisions of any other law to the contrary: (1) No officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the authority or his service thereto; (2) It shall not constitute a conflict of interest for…
Mo. Rev. Stat. § 348.030
Commissioners' terms
The commissioners shall serve five-year terms, with each term beginning July first and ending on June thirtieth; except, that of the commissioners first appointed, one shall be appointed for a term of two years, two shall be appointed for a term of three years, two shall be appointed for a term of four years, and two s…
Mo. Rev. Stat. § 348.035
Bond required for commissioners, executive director and employees, cost
Before entering into his duties, each commissioner of the authority shall execute a surety bond in the penal sum of fifty thousand dollars, and the executive director shall execute a surety bond in the penal sum of one hundred thousand dollars or, in lieu thereof, the chairman of the authority shall execute a blanket b…
Mo. Rev. Stat. § 348.040
Removal of commissioners from office, procedure
A commissioner shall be removed from office by the governor for misfeasance, malfeasance, or willful neglect of duty or other cause after notice and public hearing, unless such notice or hearing shall be expressly waived in writing.
Mo. Rev. Stat. § 348.045
Officers, terms
The commissioners shall annually elect from among their number a chairman and a vice chairman, and such other officers as they may deem necessary.
Mo. Rev. Stat. § 348.050
Meetings, quorum — actions by resolution, requirements
Meetings shall be held at the call of the chairman or whenever two commissioners so request. Four commissioners of the authority shall constitute a quorum, and any action taken by the authority under the provisions of sections 348.005 to 348.180 may be authorized by resolution approved by a majority, but not less than…
Mo. Rev. Stat. § 348.055
Expenses of commission, no compensation to be paid
Commissioners shall receive no compensation for the performance of their duties under sections 348.005 to 348.180, but each commissioner shall be reimbursed from the funds of the authority for his actual and necessary expenses incurred in carrying out his official duties under sections 348.005 to 348.180.
Mo. Rev. Stat. § 348.060
Employees, appointment, qualifications, compensation — executive director to be secretary
The commissioners shall employ an executive director. The executive director shall be the secretary of the authority and shall administer, manage, and direct the affairs and business of the authority, subject to the policies, control, and direction of the commissioners. The commissioners may employ technical experts an…
Mo. Rev. Stat. § 348.065
Secretary's duties
The secretary shall keep a record of the proceedings of the authority and shall be custodian of all books, documents, and papers filed with the authority and of its minute book and seal. He shall have the authority to cause to be made copies of all minutes and other records and documents of the authority and to give ce…
Mo. Rev. Stat. § 348.070
Powers of authority
1. The authority shall have all of the powers necessary and convenient to carry out and effectuate the purposes and provisions of sections 348.005 to 348.180, including, but not limited to, the power to: (1) Sue and be sued in its own name; (2) Have an official seal and alter the same at pleasure; (3) Have perpetual su…
Mo. Rev. Stat. § 348.075
Rules and regulations, promulgation, procedure
The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of sections 348.005 to 348.180. Any rule or portion of a rule promulgated under the authority of sections 348.005 to 348.180 shall become effective only if it has been promulgated in compliance with th…
Mo. Rev. Stat. § 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 agenc…
Mo. Rev. Stat. § 348.085
Cooperation with federal and state agencies
The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of sections 348.005 to 348.180, to enter into agreements or other transactions with, and accept grants and the cooperation of, the United States or any agency or instrumentality thereof or of this stat…
Mo. Rev. Stat. § 348.090
Additional powers of authority
The authority shall have the power, as necessary or convenient to carry out and effectuate the purposes and provisions of sections 348.005 to 348.180, to: (1) Make contracts with the state or any governmental agency or political subdivision thereof, the federal government, public corporations or bodies, and private cor…
Mo. Rev. Stat. § 348.095
Termination of authority, rights and property to vest in state — exceptions
Upon termination or dissolution, all rights and properties of the authority shall pass to and be vested in the state of Missouri, subject to the rights of noteholders, bondholders, and other creditors.
Mo. Rev. Stat. § 348.100
Loans, authority may purchase or participate, requirements
The authority may purchase agricultural development loans, small business development loans, and small business pollution control facilities loans originated by lenders, or may participate with lenders in making such loans, and may enter into commitments to lenders for such purchase or participation, provided that, as…
Mo. Rev. Stat. § 348.110
Bond issues and notes authorized
The authority may issue from time to time its negotiable notes and bonds in such principal amount as it shall determine to be necessary to provide sufficient funds for achieving its corporate purposes, including the payment of interest on notes and bonds of the authority, establishment of reserves to secure such notes…
Mo. Rev. Stat. § 348.115
Obligations not debt of the state or political subdivision — payable only from revenues or assets of authority
Obligations issued under the provisions of sections 348.005 to 348.180 shall not constitute a debt, liability, or obligation of this state or of any political subdivision of this state, nor shall any such obligation be a pledge of the faith and credit of this state or of any political subdivision of this state, but sha…
Mo. Rev. Stat. § 348.120
Note issue and renewal — bond issues and refunding authorized
1. The authority shall have the power, from time to time, to issue notes to renew notes and bonds to pay notes, including the interest thereon, 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 part…
Mo. Rev. Stat. § 348.125
Notes and bond issues to be authorized by resolution containing terms
The notes and bonds shall be authorized by resolution of the authority, shall bear such date or dates and shall mature at such time or times as such resolution may provide; except, that no bond shall mature more than fifty years from the date of its issue. The bonds may be issued as serial bonds payable in annual insta…
Mo. Rev. Stat. § 348.130
Pledges of authority to be liens on all authority assets
Any pledge made by the authority shall be valid and binding from the time when the pledge is made. The revenues, moneys, or property so pledged and thereafter received by the authority shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such…
Page 1 of 4Next →