Missouri Code of State Regulations
Title 15 - ELECTED OFFICIALS
Division 30 - Secretary of State
Chapter 52 - Registration of Securities
Section 15 CSR 30-52.340 - Mortgage Revenue Bonds
Universal Citation: 15 MO Code of State Regs 30-52.340
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This rule specifies the securities registration requirements created by sections 108.450-108.470, RSMo which require certain mortgage revenue bonds to comply with Chapter 409, RSMo. It details the information which issuers must submit and limits the method to registration by qualification. It also provides a new form to be used for this type of registration .
(1) Mortgage revenue bonds issued pursuant to authority contained in sections 108.450-108.470, RSMo must be registered by qualification.
(A) The information listed for registration
statements by qualification under section
409.3-304(b),
RSMo is required, modified or omitted as follows for the purpose of registering
mortgage revenue bonds authorized by sections 108.450-108.470, RSMo. (Note: The
numbers without brackets listed in this rule correspond to the bracketed
numbers in section
409.3-304(b),
RSMo):
1. The issuer's name, address and form
and date of organization (Other items from this subsection should be
omitted);
2. With respect to every
elected official performing legislative functions for the issuer, the chief
executive officer of the issuer and the chief appointed fiscal officer of the
issuer; his/her name, address and position; a description of any material
interest held by any such person in any material transaction with the issuer or
any of its agencies effected within the past three (3) years or proposed to be
effected (Other items from this subsection should be omitted);
3. (Information from this subsection should
be omitted);
4. (Information from
this subsection should be omitted);
5. (Information from this subsection should
be omitted);
6. (Information from
this subsection should be omitted);
7. (Information from this subsection should
be omitted);
8. The kind and amount
of securities to be offered; the proposed offering price or the method by which
it is to be computed; any variations therefrom at which any proportion of the
offering is to be made to any person or class or persons other than
underwriters, with a specification of any such person or class; the basis upon
which the offering is to be made if otherwise than for cash; the estimated
aggregate underwriting and selling discounts or commissions and finder's fees
(including, listed separately, cash, securities, contracts or anything else of
value to accrue to the underwriters or finders in connection with the offering)
or, if the selling discounts or commissions are variable, the basis for
determining them and their maximum and minimum amounts; the estimated amounts
of other selling expenses, including legal, engineering and accounting charges;
the name and address of every underwriter and every recipient of a finder's
fee; a copy of any underwriting or selling group agreement pursuant to which
the distribution is to be made or the proposed form of any such agreement whose
terms may not yet have been determined; and a description of the plan of
distribution of any securities which are to be offered otherwise than through
an underwriter;
9. The estimated
cash proceeds to be received by the issuer from the offering; the purposes for
which the proceeds are to be used by the issuer; the amounts to be used for
each purpose; the order or priority in which the proceeds will be used for the
purposes stated; the amounts of any funds to be raised from other sources to
achieve the purposes stated; and the sources of any such funds (Other items
from this subsection should be omitted);
10. (Information from this subsection should
be omitted);
11. (Information from
this subsection should be omitted);
12. (Information from this subsection should
be omitted);
13. A copy of any
preliminary official statement, prospectus, pamphlet, circular, form letter,
advertisement or other sales literature intended as of the effective date to be
used in connection with the offering;
14. A specimen or copy of the security being
registered and a copy of any indenture or other instrument covering the
security to be registered (Other items from this subsection should be
omitted);
15. A copy of the form of
an opinion of counsel which will be executed upon delivery of the bonds to the
underwriter or other purchaser and which opines as to the legality of the bonds
being registered, whether the bonds when, if and as delivered, will be legally
issued and whether the bonds will be binding obligations of the issuer (Other
items from this subsection should be omitted);
16. The written consent of any accountant,
engineer, appraiser or other person whose profession gives authority to a
statement made by him/her, if any such person is named as having prepared or
certified a report or valuation (other than a public and official document or
statement) which is used in connection with the registration
statement;
17. (Information from
this subsection should be omitted); and
18. The following additional information:
A. A description of the trustee;
B. A description of the terms and conditions
of any indenture covering the bonds (which may be included in the official
statement);
C. A description of the
mortgage pool insurance and any other insurance policies relating to the
mortgage loans or loans to mortgage lenders;
D. A general description of terms and
conditions of the purchase of, investment in, or assignment of mortgage loans
from mortgage lenders or loans made to mortgage lenders, provisions for the
security of the loans and provisions requiring the proceeds of the loans to be
used by those mortgage lenders for the making of new mortgages for single
family residential housing; provisions for securing new mortgages; and a
general description of the terms and conditions of new mortgage loans including
origination, service and administration of the new mortgage loans;
E. The plans covering the events of default
and remedies;
F. A copy of the
ordinance or court order authorizing issuance of the bond;
G. Statement indicating the provisions made
by the political subdivision to secure the payment of the bonds including the
creation of reserve and capitalized interest funds; action taken by the
political subdivision with respect to the setting and collection of fees and
charges deemed necessary to pay the debt service on the bonds; statement
indicating whether there are provisions permitting or restricting the issuance
of additional securities, the release or substitution of assets securing the
issue, the modification of terms of the security; statement indicating the
terms and conditions, if any, under which the holders, or any specified
percentage of the holders, of the bonds or any coupons representing interest
accrued on the bonds or coupons may, by civil action, compel the issuer to
perform all duties imposed upon it by statute (that is, sections
108.450-108.470, RSMo) and to enforce the performance of any and all of the
covenants made by the issuer with respect to the issuance of the bonds; and
statement of the provisions relating to maturity, redemption, amortization,
sinking fund or retirement;
H.
Statement indicating whether there is litigation of any nature pending or
threatened against the issuer, as of the date of the registration statement, to
restrain or enjoin the issuance, sale, execution or delivery of the bond or in
any way contesting or affecting the validity of the bonds or the security of
the bonds, or contesting the validity of any proceedings of the issuer taken
with respect to the issuance or sale; and form of certificate to be signed at
time of closing; and
I. Statement
of factual assumptions that were made by the issuer that must occur to enable
it to make full and timely payments of principal, or premiums, if any, and
interest on the bonds, service fees, insurance premiums, trustee's fees and the
paying agent's fees.
(2) An issuer must submit form SR-5, Application for Registration of Single Family Mortgage Revenue Bonds, which is hereby adopted and approved for filing with the Securities Division (the Securities Division will provide a copy of this form upon request).
*Original authority: 409.3-304, RSMo 2003; 409.3-307, RSMo 2003; 409.6-605, RSMo 2003.
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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