82.480. Financing of parking lots, methods. - Missouri Statutes

Financing of parking lots, methods.

82.480. 1. Any such constitutional charter city isempowered to finance and pay for the planning, designing,acquisition, construction, equipment and improvement of propertyfor parking motor vehicles by any one or combination of thefollowing methods:

(1) General revenue funds, including any proceeds derivedfrom the leasing of the parking facilities;

(2) General obligation bonds within legal debt limitations;

(3) Negotiable interest-bearing revenue bonds, the principaland interest of which shall be payable from the revenues derivedby such municipality from the leasing of the parking facilities,and when the existing facility is located within five hundredfeet of a municipally owned and operated auditorium andconvention hall, then the interest and principal of the bonds maybe payable from any parking meter receipts or revenues frommunicipal parking meters located on any streets or facility anddesignated by ordinance to be used for that purpose, whichproceeds or any part thereof may be pledged by the city to theretirement of negotiable interest-bearing bonds, which revenuebonds may be issued and sold by the municipality when authorizedby the legislative authority of the city;

(4) Special benefit assessments, equal to the total cost ofland and improvements or only a portion thereof, to be assessedagainst benefited property in proportion to the benefit derived,to be paid entirely or in such installments and at such rate ofinterest as the legislative authority of any such city mayprescribe.

2. The benefit assessments shall be determined in accordancewith established local special assessment practice after propernotice and hearing, subject to the approval of the legislativeauthority of the city.

(L. 1949 p. 556 § 7411d, A.L. 1967 p. 160)