233.390. Special assessment bonds to be issued.
Special assessment bonds to be issued.
233.390. 1. The commissioners of the special road district,after such order is made, shall issue special assessment bonds ofthe district for an amount not exceeding ninety percent of thetotal amount of the tax so ordered, in denominations of not lessthan one hundred dollars, having some convenient date, andbearing interest from such date at a rate not to exceed sixpercent per annum. The interest on such bonds shall be payableon the first days of each April and October after said date,until all of said bonds are paid. Said bonds shall be payable inthe same number of installments, which need not be equal, as thespecial tax so ordered, one of which shall become due and payableon the first day of April after each installment of such taxbecomes payable. Both principal and interest shall be payable atsome convenient banking house or trust company's office to benamed in said bonds.
2. Said bonds shall be signed by the president of the roaddistrict and attested by the county clerk, who shall, before thedelivery thereof register the same in a suitable book for thatpurpose. After such bonds are so registered, they shall bepresented to the state auditor for registration, who shallregister the same as bonds are required by law to be registered.Such bonds after being so registered by the state auditor, shallbe deposited with the district treasurer in whose custody theyshall remain until disposed of as authorized by sections 233.320to 233.445; and such bonds after being so registered by the stateauditor, shall be eligible as good and lawful securities for anyand all purposes that bonds issued under the provisions ofsections 242.010 to 242.690, and sections 243.010 to 243.540,RSMo, are made so eligible and by sections 108.240 to 108.300,RSMo, and county commissions of this state may invest schoolfunds or other trust funds that may be under their control insaid bonds at their par value.
(RSMo 1939 § 8848)Prior revisions: 1929 § 8188; 1919 § 10949