Title XXIII — CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

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". ­­-------- (L. 1981 H.B. 681 § 1)

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 mar…

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 easeme…

*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…

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 aut…

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 o…

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 i…

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…

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. ­­-------- (L. 1981 H.B. 681 § 9)

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 provision…

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…

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 busi…

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 m…

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) Hav…

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 secti…

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 Unite…

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 an…

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 subdivis…

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 c…

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 maki…

[Repealed or reserved.]

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 politica…

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 bond…

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 shal…

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 subje…

348.135. Facsimile signatures, validity. — In case any of the commissioners, executive director, or officers of the authority whose signatures or facsimile signatures appear on any notes, bonds, or coupons shall cease to be such commissioners, executive director, or officers befo…

348.140. Redemption of notes and bonds — powers — price. — The authority, subject to such agreement with noteholders or bondholders as may then exist, shall have the power, out of any funds available therefor, to purchase notes or bonds of the authority, which shall thereupon be …

348.145. Issuance of refunding obligations — terms, how determined. — The authority may provide for the issuance of refunding obligations for the purpose of refunding any obligations then outstanding which have been issued under the provisions of sections 348.005 to 348.180, incl…

348.150. Sale or exchange of refunding obligation, proceeds, purposes and investments authorized. — Refunding obligations issued as provided in section 348.145 may be sold or exchanged for outstanding obligations issued under sections 348.005 to 348.180 and, if sold, the proceeds…

348.155. Compliance with other state laws regulating bonds, notes, obligations, not required. — The issuance of bonds, notes, and other obligations and refunding bonds under the provisions of sections 348.005 to 348.180 need not comply with the requirements of any other state law…

348.160. Alteration or impairment of terms, rights and remedies by state, prohibited — face of instruments to contain state pledge. — The state does hereby pledge to and agree with the holders of any notes or bonds issued under sections 348.005 to 348.180 that the state shall not…

348.165. Official person executing bonds and notes, no personal liability. — Neither the commissioners, the executive director of the authority, nor any other person executing the notes or bonds of the authority shall be subject to any personal liability or accountability by reas…

348.170. Bonds and notes of authority deemed negotiable instruments, subject to registration. — 1. Whether or not the notes and bonds are of such form and character as to be negotiable instruments under the terms of the Missouri uniform commercial code, the notes and bonds are he…

348.175. Investment powers and limitations 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, and subject to any agreement with bondholders or noteholders, to inves…

348.180. Annual report — audit. — The authority shall, following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and the general assembly. Each report shall set forth a complete operating and financial statement for …

348.181. Records of Missouri agricultural and small business development authority to be closed, when. — Records and documents submitted by program applicants and lenders to the Missouri agricultural and small business development authority relating to financial investments in a …

348.185. Statement of purpose. — In recognition of the role of agriculture in the economic well-being of this state and in recognition that opportunities to succeed in agriculture should not be limited by the economic means of persons engaged in agriculture, the general assembly …

348.190. Loan guarantee program — rules, regulations, promulgation, procedure. — In addition to the duties and powers established in sections 348.005 to 348.180, the Missouri agricultural and small business development authority shall develop and implement a single-purpose animal…

348.195. Certificate of guaranty may be issued, conditions — eligible lender, defined — participation fee, amount — limitation of amount. — 1. The authority may issue certificates of guaranty covering a first loss guarantee up to but not more than fifty percent of the loan on a d…

348.200. Single-purpose animal facilities loan guarantee fund established — administration. — 1. There is hereby established in the state treasury the "Single-Purpose Animal Facilities Loan Guarantee Fund". The fund shall consist of money appropriated to it by the general assembl…

348.205. Money not needed may be invested. — Moneys in the fund, both unobligated and obligated as a reserve, which in the judgment of the authority are not currently needed for payments of defaults of guaranteed loans, may be invested by the state treasurer, and any income there…

348.210. Eligibility for guarantees for loans — rules — terms, conditions. — 1. Persons eligible for guarantees for loans under the provisions of sections 348.185 to 348.225 are individuals engaged in farming operations as defined in section 348.015, who intend to use the proceed…

348.215. Policy of collection and recovery. — The authority, by rules and regulations, shall determine the policy of collections and recovery of loans, including the use of private collection agencies. The authority may institute action to recover any amount due the state in any …

348.220. Animal waste facilities loan program guarantees — priorities, limitations. — If the Missouri clean water commission makes available to the authority any funds for implementation of the authority's animal waste facilities loan program, loans made pursuant to that program …

348.225. Single-purpose animal facilities loan program fund created — purpose. — There is hereby created in the state treasury the "Single-Purpose Animal Facilities Loan Program Fund". The fund shall consist of money collected and deposited pursuant to subsection 3 of section 348…

348.230. Linked deposit loans for dairy cows, first year of interest to be paid by authority — fee authorized. — 1. The Missouri agricultural and small business development authority, subject to appropriation, shall pay for the first full year of charged interest on any applicabl…

348.235. Dairy business planning grants authorized — application procedure, fee — limit on grant — rulemaking authority. — 1. The Missouri agricultural and small business development authority, subject to appropriation not to exceed fifty thousand dollars, shall develop and imple…

348.250. Citation. — Sections 348.250 to 348.275 shall be known and may be cited as the "Missouri Science and Innovation Reinvestment Act". ­­-------- (L. 2011 1st Ex. Sess. S.B. 7) Contingent effective date, see § 348.280 (2013) Provisions of S.B. 7 from First Extraordinary Sess…

*348.251. Missouri technology corporation, established — definitions — public hearing, notice. — 1. As used in sections 348.251 to 348.266, the following terms mean: (1) "Applicable percentage", six percent for the fiscal year beginning July 1, 2012, and the next fourteen consecu…

*348.253. Contracts with not-for-profit organizations, objectives. — 1. The Missouri technology corporation may contract with not-for-profit organizations to carry out the provisions of sections 348.251 to 348.275. By entering into such contracts, the corporation shall attempt to…