164.161. Restrictions on loans. - Missouri Statutes

Restrictions on loans.

164.161. The loans authorized by sections 164.121 to 164.141 shallnot be contracted for a longer period than twenty years, and the entireamount of the loans shall at no time exceed, including the presentindebtedness of the district, the maximum aggregate percentage, as setforth in article VI, section 26(b) of the Missouri Constitution, of thevalue of taxable tangible property therein as shown by the last completedassessment for state and county purposes. The rate of interest upon thebonds shall, in no case, exceed the highest legal rate allowed by contract.Before or at the time of issuing the bonds, the board of directors shallprovide for the collection of an annual tax sufficient to pay the interestand principal of the bonds as they fall due, and to retire them withintwenty years from date contracted.

(L. 1963 p. 200 § 5-16, A.L. 1999 S.B. 386)

(Source: RSMo 1959 §§ 165.050, 165.500, 165.507)