247.140. Issuance of current revenue bonds, when.
Issuance of current revenue bonds, when.
247.140. During the period of time given the board to levy atax on property within the district for incidental expenses asthat term is used in sections 247.010 to 247.220, the board mayissue and sell current revenue bonds to bear interest at not toexceed six percent per annum, to meet the current expenses of thedistrict incurred in advance of the revenue to be derived fromsuch incidental tax levy, and to be paid out of such currentrevenue when accrued. Such bonds may be for six, nine, or twelvemonths and shall not exceed in the aggregate one-half of therevenue for the fiscal year for which they are issued. Thepresident of the board of directors shall execute the bonds onbehalf of the district and which shall be attested by the clerkwith the seal of the district.
(RSMo 1939 § 12637)