190.065. Bonds, issuance of--election, form of ballot.

MISSOURI STATUTES AND CODES

190.065. Bonds, issuance of--election, form of ballot.

Bonds, issuance of--election, form of ballot.

190.065. 1. For the purpose of purchasing any property orequipment necessary or incidental to the operation of anambulance service, the board of directors may borrow money andissue bonds for the payment thereof in the manner providedherein. The question of the loan shall be decided by thesubmission of the question ordered by the board of directors ofthe district.

2. The question shall be submitted in substantially thefollowing form:

Shall the ..... ambulance district borrow money in theamount of ..... dollars for the purpose of ..... and issue bondsfor the payment thereof?

3. If the constitutionally required percentage of the votescast are for the loan, the board shall, subject to therestrictions of subsection 4, be vested with the power to borrowmoney in the name of the district, to the amount and for thepurposes specified on the ballot, and issue the bonds of thedistrict for the payment thereof.

4. The loans authorized by this section shall not becontracted for a period longer than twenty years, and the entireamount of the loan shall at no time exceed, including theexisting indebtedness of the district, in the aggregate, tenpercent of the value of taxable tangible property therein, asshown by the last completed assessment for state and countypurposes, the rate of interest to be agreed upon by the parties,but in no case to exceed the highest legal rate allowed bycontract; when effected, it shall be the duty of the directorsto provide for the collection of an annual tax sufficient to paythe interest on the indebtedness as it falls due, and also toconstitute a sinking fund for the payment of the principalthereof within the time the principal becomes due.