182.500. Excluded property subject to taxation for payment of bonded indebtedness--alternative. - Missouri Statutes

Excluded property subject to taxation for payment of bondedindebtedness--alternative.

182.500. All real property excluded from a county librarydistrict as provided in sections 182.130 and 182.480 shallthereafter be subject to the levy of taxes for the payment of anybonded indebtedness of the county library district outstanding atthe time or exclusion and for no other purpose; provided,however, that any buildings and improvements thereafter erectedor constructed on the excluded real property, and all machineryand equipment thereafter installed or placed therein or thereon,and all tangible, personal property thereafter located therein orthereon shall not be subject to the levy of any taxes of thecounty library district. In lieu of the continuing taxation ofthe real property excluded from the county library district, thegoverning body of the city in which the excluded property issituated may pay to the county library district a sum equal tothat portion of the total bonded indebtedness of the countylibrary district that the assessed valuation of the excludedproperty bears to the total assessed value of the county librarydistrict prior to the exclusion, after which payment the excludedproperty shall no longer be subject to any levy of taxes by thecounty library district. The funds paid to the county librarydistrict shall be used for retiring the bonds of the countylibrary district.

(L. 1965 p. 312 § 5, A.L. 1969 p. 290)