257.370. General obligation bonds authorized, limits, terms, form--election required--vote required--levy and collection of tax to pay.
General obligation bonds authorized, limits, terms, form--electionrequired--vote required--levy and collection of tax to pay.
257.370. 1. The board of trustees of any river basinconservancy district may issue general obligation bonds for andon behalf of the district for the purpose of providing funds tocarry out the official plan or plans of the district. The bondsshall not exceed, including existing indebtedness of thedistrict, an amount equal to five percent of the assessedvaluation of taxable tangible property in the district, to beascertained by the last completed assessment for state andcounty purposes made previous to the incurring of theindebtedness. The bonds shall be issued in the denomination ofone hundred dollars each, or some multiple thereof, to bearinterest at a rate not exceeding six percent per annum, payablesemiannually, and to become due and payable at the times theboard of trustees determines by order of record, not exceedingtwenty years from date of issue. All bonds shall be signed bythe president of the board, and attested by the signature of thesecretary of the board, with the seal of the district affixed;and all interest coupons shall be executed by the lithographedfacsimile signatures of the officers.
2. Whenever a conservancy district proposes to issue bondsas aforesaid, it shall submit the question to the voters of thedistrict. The notice of election shall state the amount andpurpose of bonds to be issued, the polling place at which theelection is to be held.
3. The results of the submission of the question shall beentered upon the records of the board of trustees.
4. If it appears that the constitutionally requiredpercentage of the voters voting on the question have voted infavor of the issuance of the bonds, the board of trustees shallorder and direct the execution of the bonds for and on behalf ofthe district and shall provide for the levy and collection of adirect annual tax upon all the taxable property in the districtsufficient to provide for the payment of the principal andinterest of the bonds so authorized as they respectively becomedue.
5. It shall be the duty of the secretary of the board, onor before the first day of May in each year, or the stateauditor immediately thereafter, in case the secretary of theboard fails or neglects so to do, to certify to the respectivecounty clerks of the counties within the district the amount ofmoney that will be required during the next succeeding year topay interest falling due on bonds issued and the principal ofbonds maturing during such year. Upon receipt of thecertificate, it shall be the duty of the county clerks to levyand extend upon the tax books such a rate of taxation upon alltaxable tangible property in the district as will raise the sumof money required for the purposes aforesaid.
6. All of the laws, rights and remedies of the state ofMissouri for the collection of state, county, school and othertaxes shall be applicable to the collection of taxes hereinauthorized to be collected.
(L. 1959 S.B. 199 § 37, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)