182.717. Bonds issued by district, limitation, purposes, rate--approval by voters required--form and content--sale--amount of bond.

MISSOURI STATUTES AND CODES

182.717. Bonds issued by district, limitation, purposes, rate--approval by voters required--form and content--sale--amount of bond.

Bonds issued by district, limitation, purposes, rate--approval byvoters required--form and content--sale--amount of bond.

182.717. 1. The board of trustees of an urban publiclibrary district may provide for the purchase of ground and forthe erection of public library buildings, and for the improvementof existing buildings, and for the furnishing of the buildingsand may provide for the payment of the same by the issue of bondsor otherwise, subject to the conditions and limitations set forthin this section.

2. No bonds of the public library district shall be issuedin an amount in excess of the constitutional limitations of thevalue of taxable, tangible property in an urban public librarydistrict, as shown by the last completed assessment for state andcounty purposes, nor shall such indebtedness be incurred unlessit has been approved by the vote of the constitutionally requiredpercentage of the voters of an urban public library districtvoting on the question at an election. The ballot for approvalshall state in boldfaced type the tax rate necessary to retirethe bonds as nearly accurate as may be.

3. The board of trustees shall provide for the collection ofan annual tax on all taxable, tangible property in an urbanpublic library district sufficient to pay the interest andprincipal of the indebtedness as they shall fall due and toretire the same within twenty years from the date contracted.

4. If, upon the returns from the election, which shall becertified to the board of trustees, it appears that the questionto incur indebtedness has been assented to by theconstitutionally required percentage of the voters voting on thequestion, the board of trustees shall enter of record a briefrecital of the returns and shall declare that the urban publiclibrary district board of trustees may issue bonds of the urbanpublic library district in a total amount not in excess of thatauthorized by the voters. The board of trustees shall offer suchbonds at public sale and shall provide such method as it may deemnecessary for the advertisement of the sale of each issue of saidbonds 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 fact 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 urban public library district.