243.560. Bond issues authorized, amount--rate--payable when--county treasurer to sell--cost, not obligation of county.
Bond issues authorized, amount--rate--payable when--county treasurerto sell--cost, not obligation of county.
243.560. 1. The county commission may, on behalf of thedistrict, issue bonds not to exceed ninety percent of the totalamount of the assessments levied under the provisions of sections243.550 to 243.553, in denominations of not less than one hundreddollars, bearing interest from date at a rate not to exceed sixpercent per annum, payable semiannually, to mature at annualintervals within twenty years, commencing after a period ofyears, not later than five years, to be determined by the countycommission, both principal and interest payable at someconvenient banking hours or trust company's office to be named inthe bonds, which bonds shall be signed by the presidingcommissioner, attested by the signature of the county clerk.
2. All of said bonds shall be executed and delivered to thecounty treasurer, who shall sell the same in such quantities andat such dates as the county commission may deem necessary to meetthe payments for the works and improvements in the district. Thebonds shall not be sold for less than ninety-five cents on thedollar, with accrued interest, shall show on their face thepurpose for which they are issued, and shall be payable out ofmoney derived from the assessment levied under the provisions ofsections 243.550 to 243.553. The bonds shall not be payable outof funds of the county and are not obligations of the county.
(L. 1993 S.B. 56 § 243.560 subsecs. 1, 2)