Missouri § 257.370 - General obligation bonds authorized, limits, terms, form — election required — vote required — levy and collection of tax to pay.

§ 257.370. General obligation bonds authorized, limits, terms, form — election required — vote required — levy and collection of tax to pay.

1.  The board of trustees of any river basin conservancy district may issue general obligation bonds for and on behalf of the district for the purpose of providing funds to carry out the official plan or plans of the district.  The bonds shall not exceed, including existing indebtedness of the district, an amount equal to five percent of the assessed valuation of taxable tangible property in the district, to be ascertained by the last completed assessment for state and county purposes made previous to the incurring of the indebtedness.  The bonds shall be issued in the denomination of one hundred dollars each, or some multiple thereof, to bear interest at a rate not exceeding six percent per annum, payable semiannually, and to become due and payable at the times the board of trustees determines by order of record, not exceeding twenty years from date of issue.  All bonds shall be signed by the president of the board, and attested by the signature of the secretary of the board, with the seal of the district affixed; and all interest coupons shall be executed by the lithographed facsimile signatures of the officers.

2.  Whenever a conservancy district proposes to issue bonds as aforesaid, it shall submit the question to the voters of the district.  The notice of election shall state the amount and purpose of bonds to be issued, the polling place at which the election is to be held.

3.  The results of the submission of the question shall be entered upon the records of the board of trustees.

4.  If it appears that the constitutionally required percentage of the voters voting on the question have voted in favor of the issuance of the bonds, the board of trustees shall order and direct the execution of the bonds for and on behalf of the district and shall provide for the levy and collection of a direct annual tax upon all the taxable property in the district sufficient to provide for the payment of the principal and interest of the bonds so authorized as they respectively become due.

5.  It shall be the duty of the secretary of the board, on or before the first day of May in each year, or the state auditor immediately thereafter, in case the secretary of the board fails or neglects so to do, to certify to the respective county clerks of the counties within the district the amount of money that will be required during the next succeeding year to pay interest falling due on bonds issued and the principal of bonds maturing during such year.  Upon receipt of the certificate, it shall be the duty of the county clerks to levy and extend upon the tax books such a rate of taxation upon all taxable tangible property in the district as will raise the sum of money required for the purposes aforesaid.

6.  All of the laws, rights and remedies of the state of Missouri for the collection of state, county, school and other taxes shall be applicable to the collection of taxes herein authorized to be collected.

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(L. 1959 S.B. 199 § 37, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)

---- end of effective  28 Aug 1990 ----

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