198.310. Indebtedness for nursing home--election--ballot--limits--tax to pay. - Missouri Statutes

Indebtedness for nursing home--election--ballot--limits--tax to pay.

198.310. 1. For the purpose of purchasing nursing homedistrict sites, erecting nursing homes and related facilities andfurnishing the same, building additions to and repairing oldbuildings, the board of directors may borrow money and issuebonds for the payment thereof in the manner provided herein. Thequestion of the loan shall be submitted by an order of the boardof directors of the district. Notice of the submission of thequestion, the amount and the purpose of the loan shall be givenas provided in section 198.250.

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

Shall the ......... Nursing Home District borrow money in theamount of ......... dollars for the purpose of ....... and issuebonds in payment thereof?

3. If two-thirds of the votes cast are for the loan, theboard shall, subject to the restrictions of subsection 4, bevested with the power to borrow money in the name of thedistrict, to the amount and for the purposes specified on theballot, and issue the bonds of the district for the paymentthereof.

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 directors toprovide for the collection of an annual tax sufficient to pay theinterest 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.

(L. 1963 p. 368 § 13, A.L. 1978 H.B. 971)