Missouri § 305.540 - Excess revenue, how used.
Full text of Missouri Revised Statutes of Missouri § 305.540 — Excess revenue, how used., with citation guidance and answers to common questions.
§ 305.540. Excess revenue, how used.
Wherever revenue bonds are issued and outstanding under sections 305.530 and 305.535 inclusive, all of the income and revenues received from the operation of the airport or airports, and related facility or facilities, pledged to secure the payment of the interest and principal of such bonds shall be deposited in a separate fund which shall be used only in paying the principal and interest of these revenue bonds and reserves therefor and the cost of rental, maintenance, operation and depreciation of such airport or airports, and related facility or facilities, to such extent and in such order of priority as shall be provided by the respective resolutions authorizing revenue bonds; provided, however, no priority accorded by such a resolution may be impaired by a subsequent resolution authorizing revenue bonds unless specifically so permitted by a covenant of the kind authorized to be included in a resolution by section 305.535. Such income and revenues in excess of requirements for payment of principal of and interest upon these bonds and reserves therefor and for payment of cost of maintenance, operation and depreciation of the airport or airports, and related facility or facilities, may be used for rehabilitation, reconstruction and expansion of existing airports and related facilities, or for the retirement of any outstanding bonds issued for airport purposes. After all such bonds have been paid, such income and revenues may be transferred to the general corporate fund of the authority and be used for maintenance, operation, repair and development of such airport or airports, and related facility or facilities, or for any other corporate purpose.
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(L. 1972 H.B. 1341 § 9)
Effective 2-04-72
---- end of effective 28 Aug 1972 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 305.540
What does Revised Statutes of Missouri § 305.540 cover?
Section 305.540 ("Excess revenue, how used.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 305.540?
A common citation format is "Revised Statutes of Missouri § 305.540" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 305.540 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.