Missouri § 246.070 - Drainage or levee districts may issue tax anticipation warrants, procedure.

§ 246.070. Drainage or levee districts may issue tax anticipation warrants, procedure.

1.  Whenever authorized by the owners of two-thirds of the acreage in any drainage or levee district heretofore or hereafter organized or reorganized under any of the drainage or levee laws of this state at a meeting called for the purpose and in the manner set out in section 246.090, by ballot wherein each acre owner shall be entitled to one vote, the board of supervisors may issue tax anticipation warrants bearing not to exceed six percent interest per annum, which shall be payable from one to not exceeding four years from date of issuance, both interest and principal payable out of the maintenance fund of the district.

^*2.  In addition to the procedure provided in subsection 1 of this section, the board of supervisors of a levee or drainage district in a county which has been declared a disaster area by declaration of the President of the United States during 1993 or 1995, may elect to issue tax anticipation notes following a public meeting for which notice has been given of at least two weeks in a newspaper meeting the requirements of subsection 2 of section 246.090, and after vote of the landowners of the district.  Notwithstanding the provisions of subsection 2 of section 246.090 to the contrary, the board may issue the notes following a vote of at least two-thirds of the votes cast by landowners present at the public meeting in favor of issuing the notes.  The notes may be issued by the board bearing an interest rate not to exceed six percent per annum, which shall be payable from one to not more than four years from the date of issuance.

^*3.  In addition to the procedures provided in subsections 1 and 2 of this section, the board of supervisors of any levee or drainage district in a county in this state which has been declared a disaster area by declaration of the President of the United States during 1993 or 1995, may upon a vote of the majority of the members of the board at a public meeting of which public notice has been given of at least two weeks, borrow funds for the use of the district and may issue negotiable notes in evidence thereof, payable out of anticipated revenues to be derived from assessments, benefits or other levee or drainage district revenues, for any year or immediately following year in which the notes are issued.  The notes may be issued at any time and from time to time, and shall be issued according to law unless otherwise provided in this section.  Notes issued pursuant to this subsection shall be issued by the board bearing an interest rate not to exceed six percent per annum, which shall be payable from one year from the date of issuance.  A separate note shall be issued to evidence the borrowing for the benefit of the district and, if applicable, any funds of the district.  All revenues raised by levee districts or drainage districts shall not be considered as taxes pursuant to the laws of this state.

4.  Notwithstanding the provisions of section 246.080 or other statutory provisions regarding the issuance of tax anticipation notes to the contrary, the aggregate outstanding principal amount of the notes issued under the provisions of subsection 2 or 3 of this section in any period subject to this section for the use of the levee or drainage district may be up to but shall not exceed the amount necessary to repair levees damaged by a natural disaster that occurred in 1993 or 1995, including but not limited to the amount necessary to secure federal matching funds for the levee or drainage district.  No amount of tax anticipation notes issued by a levee or drainage district shall be included in any debt ceiling computation required by current law except that the district may not issue more than the amount necessary to repair levees damaged by a natural disaster that occurred in 1993 or 1995, including but not limited to the amount necessary to secure federal matching funds for the levee or drainage district.

5.  The clerk or secretary of the board, or if none, the presiding officer of the board, shall certify on the back of each note that the note is issued pursuant to authority granted in this section, and list the aggregate principal amount of all prior notes issued against the district which are unpaid at the date of the note's issuance.

6.  Authority to issue notes pursuant to subsection 2 or 3 of this section shall terminate January 1, 1998.

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(RSMo 1939 § 12613, A.L. 1953 p. 541, A.L. 1993 1st Ex. Sess. S.B. 3, A.L. 1996 S.B. 671)

Prior revision: 1929 § 11024

Effective 2-13-96

*Authority to issue notes terminates 1-1-98.

---- end of effective  13 Feb 1996 ----

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