108.450. Definitions--authority to issue bonds, form--restrictions.
Definitions--authority to issue bonds, form--restrictions.
108.450. 1. In order to aid in providing an adequate supplyof residential housing for low or moderate income persons orfamilies, the county commission, legislative body of the countyor the combination of counties by sections 108.450 to 108.470 mayissue and sell revenue bonds under the rights conferred bysections 108.450 to 108.470 for the purposes of:
(1) Investing in, purchasing or making commitments topurchase, and taking assignments from mortgage lenders, of notesand mortgages evidencing loans for the construction,rehabilitation or purchase of single-family residential housing;
(2) Making loans to mortgage lenders under terms andconditions requiring the proceeds thereof to be used by suchmortgage lenders for the making of new mortgages forsingle-family residential housing;
(3) Purchasing notes and mortgages evidencing loans on one-and two-family residences from mortgage lenders under terms andconditions requiring the proceeds thereof to be used by suchmortgage lenders for the making of new mortgages forsingle-family residential housing; and
(4) The establishment of such reserve and capitalizedinterest funds to secure such bonds as the county commission, orlegislative body of the county, may provide in its order,resolution, or ordinance directing their issuance.
2. For the purposes of sections 108.450 to 108.470, unlessthe context otherwise requires:
(1) "Low or moderate income persons and families" meanspersons or families of low and moderate income as determined bythe governing body of the county or counties in a mannerconsistent with any applicable federal regulations forsingle-family mortgage revenue bond issues;
(2) "Mortgage" shall include deeds of trust;
(3) "Mortgage lender" means any bank or trust company,Federal National Mortgage Association approved mortgage banker,savings bank, savings and loan association, industrial bank,credit union, national banking association, federal savings andloan association or federal credit union or other financialinstitutions which customarily provide service or otherwise aidin the financing of mortgages on single-family residentialhousing located in the state;
(4) "Revenues" shall mean the amounts paid or required to bepaid from time to time for principal and interest by or on behalfof any mortgagor on and in accordance with the terms andprovisions of any mortgage loan made or purchased pursuant tothis section, including amounts paid on account of accelerationof the due date of such loan or prepayments of all or part ofsuch loan, amounts received from the foreclosure or other sale ordisposition of any mortgaged property or of the mortgage loan,amounts received from the condemnation of any mortgaged propertyor part thereof, amounts received from any insurer of themortgage or any mortgaged property or the amounts paid orrequired to be paid from time to time for principal and interestby or on behalf of any mortgage lender on and in accordance withthe terms and provisions of any loan made pursuant to thissection, including amounts paid on account of acceleration of thedue date of such loan or prepayments of all or part of such loan;
(5) "Single-family residential housing" means any buildingand the land on which it is situated or any condominium dwellingunit, except those condominium dwelling units located in a citynot within a county or in a county of the first class with acharter form of government adjacent to a city not within a countythat are being or have been converted from rental or lease units,having a purchase price not exceeding applicable federalregulations;
(6) "Substantial rehabilitation" means rehabilitation at acost of not less than five thousand dollars provided that theappraised value of the home plus the value of the rehabilitationshall not exceed the maximum purchase price set forth insubdivision (5) of this subsection.
3. The county shall have the power to set and collect thefees and charges that are necessary to pay debt service on bondsissued hereunder and to otherwise implement the purposes ofsections 108.450 to 108.470.
4. The revenue bonds shall be payable, both as to principaland interest, solely from the revenues derived from the mortgagesor loans, as the case may be, with respect to which the bonds areissued.
5. Any bonds issued under the provisions of sections 108.450to 108.470 shall not be deemed to be an indebtedness of the stateof Missouri or of any political subdivision thereof, and shallnot be deemed to be an indebtedness within the meaning of anyconstitutional or statutory limitation upon the incurring ofindebtedness.
6. The proceeds of revenue bonds issued and sold under theprovisions of sections 108.450 to 108.470 shall not be used forrefinancing of any existing loan, unless such refinancingaccompanies the substantial rehabilitation of single-familyresidential housing for which an existing loan is outstanding.
(L. 1980 S.B. 554 § 1, A.L. 1981 S.B. 263, A.L. 1983 S.B. 28)