Mo. Rev. Stat. § 393.918: Securities law not to apply, when.

The provisions of the securities law of this state shall not apply to any note, bond or other evidence of indebtedness issued by any nonprofit water company transacting business in this state pursuant to sections 393.900 to 393.951 to the United States of America or to any agency or instrumentality of the United States of America, or to any mortgage or deed of trust executed to secure such indebtedness. The provisions of the securities law of this state shall not apply to the issuance of membership certificates by any nonprofit water company.