165.131. Tax and revenue anticipation notes--form. - Missouri Statutes

Tax and revenue anticipation notes--form.

165.131. The board of education of any school district in this state,upon a vote of a majority of the members of the board, may borrow funds forthe use of the various funds of the district, including the debt service fund,and may issue negotiable notes in evidence thereof, payable out of therevenues derived from school taxes or other school revenues, for the purposesof the funds of any year in which the notes are issued. The notes may beissued at any time and from time to time in any year. A separate note shallbe issued to evidence the borrowing for the benefit of each fund, and shallbear on its face appropriate reference to or designation of the fund for theuse of which the funds evidenced by the note are borrowed. Beginning with thefiscal year commencing on July 1, 1994, the aggregate outstanding principalamount of the notes issued in any year for the use or benefit of any fundshall not exceed the amount of the school board's estimate of the requirementsfor the fund for such year. The notes shall be payable in not to exceedtwelve months from date of issuance, and shall not exceed the terms as setforth in section 108.170, RSMo. The proceeds of the notes shall be placed tothe credit of the respective funds for the use and benefit of which theborrowing was made, as evidenced by the notes, and subject to the right tomake transfers from and to funds as otherwise permitted by law, the proceedsof the notes shall be used and expended only in payment of the expenses andobligations properly payable from the funds, respectively, and incurred or tobe incurred against the funds during the year for the expenses of the year, orin payment of principal and interest on the notes. The notes may be payableto bearer or to the order of a named payee, and may be in substantially thefollowing form:

TAX AND REVENUE ANTICIPATION NOTE FOR ...... FUND...... School Districtof ........ County, State of Missouri No. ..... Date of issue ........$......

The ...... School District of ...... County, Missouri, will pay on...... at the office of the Treasurer of said School District, or at the...... Bank in ......, to (bearer; or ...... or order), the sum of ......with interest thereon from date of issue at the rate of ....% per annum,payable at maturity, out of funds derived from taxes and other school revenuesfor school purposes for the ...... fund, for the school year beginning July 1,20.., upon due and proper endorsement and presentment hereof.

THE ...... SCHOOL DISTRICT

BY..........................

President ATTEST:................ Clerk or Secretary

(L. 1963 p. 200 § 6-13, A.L. 1973 H.B. 158, A.L. 1977 H.B. 130, A.L. 1984 H.B. 856 & 1358, A.L. 1994 H.B. 1218)

(Source: RSMo 1959 § 165.070)

*Original rolls show this section as "161.131", an apparent typographical error.