MO HB204

Political subdivisions with credit ratings of "A" or higher must sell voter-approved general obligation bonds through competitive bidding to the underwriter offering the lowest true interest cost, at not less than 95% of par value with maximum 14% annual interest

Municipalities that retain an independent municipal advisor are exempt from the competitive bidding requirement

Municipal advisors providing services to issuing political corporations must be independent of the underwriter, and financial advisors involved in bond sales are prohibited from underwriting the issue

The State Treasurer is authorized to provide technical assistance to political subdivisions on bond issuance, including advice on structuring and marketing, debt management training, and promotion of sound financial management practices

Refunding general obligation bonds cannot exceed the principal and accrued interest of the original bonds and must mature within 20 years