94.820. Bonds, retirement of--procedures (Branson). - Missouri Statutes

Bonds, retirement of--procedures (Branson).

94.820. 1. If a debt retirement account is established pursuant tosubsection 3 of section 94.815, then a portion of seventy-five percent ofthe revenues received by a municipality from a tourism tax authorized bysection 94.802 or section 94.805 which is required to be set aside for debtretirement purposes by any sinking fund or other requirement in connectionwith any bonds or indebtedness, or which is required by ordinance to be setaside for debt retirement purposes and to establish reserves and additionalsecurity, or which is otherwise required to be set aside so as to makescheduled payments upon and otherwise secure any outstanding bonds orindebtedness shall be deposited in a debt retirement account within thetourism tax trust fund provided for in section 94.815 and shall be usedsolely to retire and otherwise secure any outstanding bonds orindebtedness. Any remaining portion of the seventy-five percent of therevenues not deposited in the debt retirement account pursuant to thissubsection shall be deposited in the infrastructure account provided for insection 94.815.

2. Once all the bonds and indebtedness for which the debt retirementaccount was established have been retired, all funds remaining in suchaccount shall be transferred to the infrastructure account provided for insection 94.815.

(L. 1993 H.B. 345 § 8, A.L. 1997 2d Ex. Sess. H.B. 3)

Effective 9-15-97