95.350. Bonded debt and interest, power to levy tax for--funding outstanding debts. - Missouri Statutes

Bonded debt and interest, power to levy tax for--funding outstandingdebts.

95.350. The council shall have the power to levy, annually,taxes upon all taxable property within the city, in addition toother taxes, and in sufficient amount for the purpose of payingthe interest and coupons as they become due on all bonds nowissued and outstanding, and such taxes shall be collected in thesame manner and time as other taxes. The mayor and council shallalso have the power, by ordinance, to issue bonds, payable in oneyear, to an amount not exceeding half the current revenue for thefiscal year, and also to issue bonds in renewal of other bonds ofthe city maturing for the requisite amount, and which the cityhas no fund to pay; provided, however, that such renewal bondsshall not bear any greater rate of interest than did the originalbonds, and shall not run for a longer time than ten years. Themayor and council shall also have power by ordinance to issuebonds for the purpose of funding the floating indebtedness of thecity existing at the time of its incorporation as a city of thethird class; provided, however, that such bonds shall not drawany greater rate of interest than six percent per annum, payablesemiannually, and shall not run for a longer time than ten years.

(RSMo 1939 § 6934)

Prior revisions: 1929 § 6788; 1919 § 8275; 1909 § 9212