91.660. Bond issues--authorization, approval. - Missouri Statutes

Bond issues--authorization, approval.

91.660. The acquisition, construction, reconstruction,improvement, betterment or extension of any undertaking and theissuance in anticipation of the collection of the revenues ofsuch undertaking of bonds to provide funds to pay the costthereof may be authorized under this law by ordinance orresolution of the governing body which may be adopted at aregular or special meeting by a vote of a majority of the memberselected to the governing body. Unless otherwise providedtherein, such ordinance or resolution shall take effectimmediately and need not be laid over or published or posted.The governing body, in determining such cost, may include allcosts and estimated costs of the issuance of said bonds, allengineering, inspection, fiscal and legal expenses, and interestwhich it is estimated will accrue during the construction periodand for six months thereafter on money borrowed or which it isestimated will be borrowed pursuant to this law. The approval ofthe voters of such municipality shall be required and on suchapproval such bonds may be so issued and sold, notwithstandingany provisions of any law of the state of Missouri or thecharter, bylaws or other regulations of any municipality, or anylimitations upon the incurring of bonded indebtedness prescribedby law of the state of Missouri or the charter, bylaws or otherregulations of such municipality. A four-sevenths majority ofthe voters voting for the proposition shall constitute anapproval as herein provided; except that, if the bonds are to beissued for any of the purposes set out in article VI, section 27of the Constitution of Missouri, a simple majority shallconstitute approval.

(L. 1941 p. 493 § 3, A. 1949 H.B. 2039, A.L. 1975 H.B. 947, A.L. 1978 H.B. 971)