Missouri § 253.260 - Bonds, denomination, interest rate, contents — negotiable — income exempt from income taxes.
Full text of Missouri Revised Statutes of Missouri § 253.260 — Bonds, denomination, interest rate, contents — negotiable — income exempt from income taxes., with citation guidance and answers to common questions.
§ 253.260. Bonds, denomination, interest rate, contents — negotiable — income exempt from income taxes.
1. Bonds issued pursuant to sections 253.210 to 253.280 shall be of such denomination, shall bear such rate of interest, not to exceed fourteen percent per annum, and shall mature at such time, within forty years from the date of issuance, as the department of natural resources may determine. The bonds may be either serial or term bonds.
2. Serial bonds may be issued with or without the reservation of the right to call them for payment and redemption in advance of their maturity, upon giving such notice, and with or without a covenant requiring the payment of a premium in the event of payment and redemption prior to maturity as the department of natural resources may determine.
3. Term bonds shall contain a reservation of the right to call them for payment and redemption prior to maturity at such time and upon the giving of such notice and upon the payment of such premium, if any, as the department of natural resources may determine.
4. The bonds, when issued, shall be sold at public sale for the best price obtainable after giving such reasonable notice of the sale as the department of natural resources may determine except that no bonds shall be sold for less than ninety-five percent of their par value, and accrued interest.
5. The bonds may be sold to the United States of America or to any of its agencies or instrumentalities, at a price not less than par and accrued interest, without public sale and without the giving of the notice prescribed in this section.
6. The bonds, when issued and sold, shall be negotiable instruments within the meaning of the law merchant and the negotiable instruments law, and the interest thereon shall be exempt from income taxes under the laws of this state.
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(L. 1957 p. 300 § 5, A.L. 1959 H.B. 361, A.L. 1969 3d Ex. Sess. H.B. 28, A.L. 1971 S.B. 163, A.L. 1976 S.B. 778, A.L. 1982 S.B. 696)
---- end of effective 28 Aug 1982 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 253.260
What does Revised Statutes of Missouri § 253.260 cover?
Section 253.260 ("Bonds, denomination, interest rate, contents — negotiable — income exempt from income taxes.") 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 § 253.260?
A common citation format is "Revised Statutes of Missouri § 253.260" (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 § 253.260 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.