190.296. Board may borrow money and issue bonds--ballot language--duration of loans, rate of interest (Warren County).

MISSOURI STATUTES AND CODES

190.296. Board may borrow money and issue bonds--ballot language--duration of loans, rate of interest (Warren County).

Board may borrow money and issue bonds--ballot language--durationof loans, rate of interest (Warren County).

190.296. 1. For the purpose of purchasing any property or equipmentnecessary or incidental to the operation of central dispatching ofemergency services, the board may borrow money and issue bonds for thepayment thereof in the manner provided herein. The question of the loanshall be decided by the submission of the question to the eligible votersof the county at the first municipal election held in a calendar year.

2. The question shall be submitted in substantially the followingform:

Shall the ........... emergency services board borrow money in theamount of ............ dollars for the purpose of ........ and issue bondsfor the payment thereof?

3. If the constitutionally required percentage of the votes cast arefor the loan, the board shall, subject to the restrictions of subsection 4of this section, be vested with the power to borrow money in the name ofthe board, to the amount and for the purposes specified on the ballot, andissue the bonds of the board for the payment thereof.

4. The loans authorized by this section shall not be contracted for aperiod longer than twenty years, and the entire amount of the loan shall atno time exceed, including the existing indebtedness of the board, in theaggregate, ten percent of the value of taxable tangible property therein,as shown by the last completed assessment for state and county purposes,the rate of interest to be agreed upon by the parties, but in no case toexceed the highest legal rate allowed by contract; when effected, it shallbe the duty of the directors to direct a portion of the tax collectedpursuant to section 190.292 in an amount sufficient to pay the interest onthe indebtedness as it falls due, and also to constitute a sinking fund forthe payment of the principal thereof within the time the principal becomesdue.

5. This section shall only apply to any county of the thirdclassification without a township form of government and with more thantwenty-four thousand five hundred but less than twenty-four thousand sixhundred inhabitants.