PURPOSE: This rule complies with section 536.023, RSMo 1986 which requires each agency to adopt as a rule a description of its operation and the methods by which the public may obtain information or make submissions or requests.

1. (1) The Missouri Agricultural and Small Business Development Authority is authorized to purchase agricultural development loans, small business development loans and small business pollution control facilities originated by lenders, or it may participate with lenders in making those loans and may enter into commitments with lenders for purchase or participation.
2. (2) The authority will authorize the issuance of small business development revenue bonds to fund the purchase of, or participation in, small business development loans to participating borrowers originated by participating lenders; sell bonds to participating lenders as original purchasers of the bonds or through placement agents to investors to fund the small business development loans and to provide for certain issuance expenses; assign the authority’s rights, title and interest in a loan agreement and all revenues and receipts payable under the agreement (other than certain indemnification rights and certain fees and issuance expenses), to the participating lenders who purchased the bonds or to a trustee for the benefit of any other holders of the bonds.

AUTHORITY: section 536.023, RSMo 1986.* Original rule filed Aug. 13, 1991, effective Jan. 13, 1992. *Original authority: 536.023, RSMo 1975, amended 1976, 1997.