233.513. Bonds, road and bridge, authorized--procedures--special tax bills, purpose--sale of bonds, requirements.
Bonds, road and bridge, authorized--procedures--special tax bills,purpose--sale of bonds, requirements.
233.513. 1. The commissioners of such subdistricts soincorporated shall have power to issue road and bridge bonds forand on behalf of their respective subdistricts, payable out offunds derived from taxation of all property taxable therein to anamount including existing indebtedness payable out of funds soderived not exceeding five percent of the assessed valuation ofsuch property to be ascertained by the assessment next before thelast assessment for state and county purposes. Such bonds shallbe issued in denominations of one hundred dollars, or somemultiple thereof, and the provisions of section 108.180, RSMo, tothe contrary notwithstanding, such bonds may bear interest at arate determined by the special road subdistrict commissioners,payable semiannually, and to become due in not exceeding twentyyears after the date of the bonds. Whenever the board ofcommissioners of any such special road subdistrict propose toissue such bonds, they shall submit the question to the voters inthe subdistrict.
2. The notice of election shall state the amount of bondsto be issued.
3. The question shall be submitted substantially in thefollowing form:
Shall the ................. Special Road Subdistrict of......... County issue road and bridge bonds in the amount of........... dollars?
â ã Yes â ã No
4. The result of the submission of the question shall beentered upon the records of the subdistrict. If it shall appearthat four-sevenths of the voters voting on the question shallhave voted in favor of the issue of the bonds, the commissionersshall order and direct the execution of the bonds for and onbehalf of such subdistrict.
5. The board of commissioners shall not sell such bonds forless than ninety-five percent of the par value thereof, and theproceeds shall be paid over to the county treasurer, anddisbursed on warrants drawn by the president or vice president ofthe board of commissioners and attested by the secretary. Theproceeds of the sale of such bonds shall be used for the purposeonly of paying the cost of holding such election, andconstructing, repairing and maintaining bridges and culvertswithin the subdistrict, paving and surfacing of new roads withinthe subdistrict, and working, repairing, maintaining and draggingpublic roads within the subdistrict.
6. Such bonds shall be payable and collectible only out ofmoneys derived from special tax bills and from the sale of suchbonds, and interest that may accrue on funds so derived while ondeposit with any county depositary, and the county treasurershall hold in reserve, for payment of interest on such bonds, asufficient amount of the money so derived that may come into hishands in excess of the amount then necessary to pay all bonds andinterest then past due, to pay all interest that will becomepayable before the next installment of such special tax becomespayable, and three percent of the principal amount of the bondsnot then due, and the county treasurer shall, whenever any of thebonds or interest thereon become due, apply such money as may bein his custody and applicable thereto, or that may thereaftercome into his custody and be applicable thereto, to payment ofsuch bonds and interest as may be due and unpaid.
7. All money derived from special tax bills shall be usedin paying the bonds and the interest thereon, except that themoney that may be collected on such tax bills in excess of theamount necessary to pay all bonds then past due and such bondsand interest as will become payable before another installment ofsuch special tax becomes payable may, less an amount equal tothree percent of the principal amount of the bonds not then due,be used for other purposes as herein authorized.
8. The county treasurer shall, as such bonds are sold,deliver them to the purchaser thereof upon being ordered to do soby the commissioners, and being paid the price therefor, and assuch bonds are paid shall cancel them and deliver them to theclerk of the county commission.
9. All money derived from the sale of such bonds, exceptsuch portion thereof as is required to be reserved to meetinterest payments, and all money collected on special tax bills,and all interest that may accrue on moneys so derived whiledeposited with any county depositary and not required to be usedin paying such bonds or interest thereon, shall be used, andwarrants drawn on the treasurer therefor, for the followingpurposes only: To pay the cost and expenses incurred by thespecial road subdistrict commissioners, as found by the countycommission, in the preparation of such plans, specifications,estimate, map and profile, and such list of lands, and areasonable attorneys fee, as found by the county commission, forsuch petitioners, and to pay the cost of improving such publicroad or part of a public road in accordance with the plans andspecifications so filed with the clerk of the county commission,and such working, administrative and incidental expenses, nototherwise provided by law, as may be incurred in making suchimprovements, and the balance, if any, shall be used in payingthe expense of maintaining such improvement.
(L. 1990 S.B. 479 & 649 § 6)Effective 5-30-90