91.250. Waterworks bonds of certain cities may be deposited as securities. - Missouri Statutes

Waterworks bonds of certain cities may be deposited as securities.

91.250. When any city of over twenty thousand inhabitants has purchasedor erected a waterworks system under sections 91.090 to 91.300 and issuedbonds in payment therefor as herein provided, such bonds shall be subject tobe deposited with the director of the department of insurance, financialinstitutions and professional registration of Missouri, as provided by thestatutes relating to the deposit of securities by trust and insurancecompanies, and such bonds may also be deposited with the treasurer of thestate of Missouri, as provided in section 30.270, RSMo, within the discretionof the governor, attorney general and treasurer of the state, as provided insaid section 30.270, RSMo; provided, that at the time that such bonds areoffered for deposit, the waterworks system upon which they are secured has,for a period of five years last past, earned all necessary current runningexpenses, and in addition thereto an amount equal to eight percent per annumon the entire amount of such bonds issued for the payment of said waterworkssystem.

(RSMo 1939 § 7822)

Prior revisions: 1929 § 7677; 1919 § 9115; 1909 § 9940