Missouri Laws 260.045 – Notes issued when, how sold
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Terms Used In Missouri Laws 260.045
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
The authority may issue notes payable from the proceeds of bonds to be issued in the future or from such other sources as the authority may specify as in the case of bonds. Such notes shall mature in not more than five years and shall be sold at public or private sale as the authority may specify at not less than ninety-five percent of the principal amount thereof and at such interest rate as the authority shall determine. The other details with respect to such notes shall be determined by the authority as in the case of bonds.