182.655. Board may purchase land and erect buildings--bonds issued, when--election.

MISSOURI STATUTES AND CODES

182.655. Board may purchase land and erect buildings--bonds issued, when--election.

Board may purchase land and erect buildings--bonds issued,when--election.

182.655. 1. The board of trustees of the consolidatedpublic library district may provide for the purchase of groundand for the erection of public library buildings, and for theimprovement of existing buildings, and for the furnishing of saidbuildings and may provide for the payment of the same by theissue of bonds or otherwise, subject to the conditions andlimitations set forth in this section.

2. No bonds shall be issued in an amount in excess of theconstitutional limitations of the value of taxable, tangibleproperty in the consolidated public library district, as shown bythe last completed assessment for state and county purposes, norshall such indebtedness be incurred unless it has been approvedby the vote of the constitutionally required percentage of thevoters of the consolidated public library district voting on thequestion at a municipal election. The ballot for approval shallstate in boldfaced type the tax rate necessary to retire thebonds as nearly accurate as may be.

3. The boards of trustees shall provide for the collectionof an annual tax on all taxable, tangible property in theconsolidated public library district sufficient to pay theinterest and principal of the indebtedness as they shall fall dueand to retire the same within twenty years from the datecontracted.

4. If, upon the returns from the election, which shall becertified to the board of trustees of the district, it appearsthat the question to incur indebtedness has been assented to bythe constitutionally required percentage of the voters voting onthe question, the board of trustees shall enter of record a briefrecital of the returns and shall declare that the consolidatedpublic library district board of trustees may issue bonds of theconsolidated public library district in a total amount not inexcess of that authorized by the voters. The board shall offersuch bonds at public sale and shall provide such method as it maydeem necessary for the advertisement of the sale of each issue ofsaid bonds before the same are sold. The bonds shall be issued,payable to bearer and in denominations of not less than onehundred dollars, or some multiple thereof, payable in not morethan twenty years from the date they bear, bearing interest fromdate at a rate not exceeding the rate allowable by law, payablesemiannually, and with interest coupons attached to conform tothe face thereof. All bonds shall be signed by the president ofthe board of trustees, attested by the signature of thetreasurer, and each bond shall have impressed thereon thecorporate seal of the consolidated public library district.