Missouri § 82.480 - Financing of parking lots, methods.

§ 82.480. Financing of parking lots, methods.

1.  Any such constitutional charter city is empowered to finance and pay for the planning, designing, acquisition, construction, equipment and improvement of property for parking motor vehicles by any one or combination of the following methods:

(1)  General revenue funds, including any proceeds derived from the leasing of the parking facilities;

(2)  General obligation bonds within legal debt limitations;

(3)  Negotiable interest-bearing revenue bonds, the principal and interest of which shall be payable from the revenues derived by such municipality from the leasing of the parking facilities, and when the existing facility is located within five hundred feet of a municipally owned and operated auditorium and convention hall, then the interest and principal of the bonds may be payable from any parking meter receipts or revenues from municipal parking meters located on any streets or facility and designated by ordinance to be used for that purpose, which proceeds or any part thereof may be pledged by the city to the retirement of negotiable interest-bearing bonds, which revenue bonds may be issued and sold by the municipality when authorized by the legislative authority of the city;

(4)  Special benefit assessments, equal to the total cost of land and improvements or only a portion thereof, to be assessed against benefitted property in proportion to the benefit derived, to be paid entirely or in such installments and at such rate of interest as the legislative authority of any such city may prescribe.

2.  The benefit assessments shall be determined in accordance with established local special assessment practice after proper notice and hearing, subject to the approval of the legislative authority of the city.

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(L. 1949 p. 556 § 7411d, A.L. 1967 p. 160)

(1954) Ordinance authorizing bonds under this section was not violative of St. Louis City Charter provision which required assent of the voters for bonded indebtedness because such bonds are not obligations of the taxpaying public. Petition of City of St. Louis, 364 Mo. 700, 266 S.W.2d 753.

(1960) Funds of city derived from onstreet parking meters held properly used as a means of financing offstreet parking facilities. Automobile Club of Missouri v. City of St. Louis (Mo.), 334 S.W.2d 355.

---- end of effective  28 Aug 1967 ----

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