253.230. Revenue bonds--conditions of issue, approval, sources of payment--department of natural resources building fund.
Revenue bonds--conditions of issue, approval, sources ofpayment--department of natural resources building fund.
253.230. 1. For the purpose of providing funds for theacquisition, construction, erection, equipment, and furnishing aproject and providing a site therefor, as herein provided, thedepartment of natural resources has the power to issue and sellto the extent of the appropriations made therefor revenue bondsin an amount not to exceed the estimated cost of the projectincluding costs necessarily incidental thereto.
2. No revenue bonds shall be issued and sold unless, at thetime of issuance, the department of natural resources shall firstobtain the approval of the governor and general assembly and
(1) Pledge the net income and revenues of the project to thepayment of the bonds, both principal and interest, and, in thediscretion of the department of natural resources, any one ormore of the following:
(a) The proceeds of any grant in aid of the project whichmay be received from any source;
(b) The net income and revenues arising from the operationof the park in which the project is located;
(c) The net income and revenues arising from the operationof one or more other projects, as herein defined, owned andoperated by the department of natural resources; or
(d) The net income and revenues received from contractsentered into for the management of any state park or for theexercise of any concession, privilege, facility or conveniencewithin any state park;
(2) Covenant to fix, maintain and collect such reasonablerates and charges for the use of the projects as in the judgmentof the department will provide revenues sufficient to pay thereasonable cost of operating and maintaining the project;
(3) Provide and maintain an interest and sinking fund in anamount adequate promptly to pay the principal of and interest onthe bonds;
(4) Provide a reasonable reserve fund;
(5) Provide a reasonable fund for depreciation.
3. The department of natural resources is authorized in itsdiscretion to use any unencumbered available funds on handreceived from the net income and revenues arising from theoperation of any project, as herein defined, owned and operatedby the department of natural resources, or received fromcontracts entered into for the management of any state park orfor the exercise of any concession, privilege, facility orconvenience within the state park, not to exceed fifty percent ofthe preceding fiscal year's deposits to the department of naturalresources earnings fund, to pay the principal of or the intereston any revenue bonds issued by the department of naturalresources for the purpose of providing funds for the acquisition,construction, erection, equipment and furnishing a project andproviding a site therefor, or to establish any interest andsinking fund or reserve fund for the benefit of any such revenuebonds.
4. No revenue bonds shall be issued and sold if privatefacilities are adequate in the given park area.
5. The proceeds of the sale of any bonds issued hereundershall be paid into the state treasury to the credit of a fund tobe known as the "Department of Natural Resources Building Fund"which is hereby created.
(L. 1957 p. 300 § 3, A.L. 1961 p. 231)CROSS REFERENCE:
Department of natural resources building fund abolished subject to exemption, RSMo 33.571