204.252. Election to incur indebtedness, certification of results--issuance of bonds, ad valorem tax--sinking fund. - Missouri Statutes

Election to incur indebtedness, certification of results--issuance ofbonds, ad valorem tax--sinking fund.

204.252. If it appears that the required percentage of thevoters of the subdistrict voting on the proposition of incurringindebtedness submitted at an election pursuant to subsections 3to 7 of section 204.250 were in favor of incurring suchindebtedness, the election authority shall make an order recitingthe holding of such election and the results thereof, both forand against the proposition, and if the result of the election ascertified shall be in favor of incurring the indebtedness andissuing the bonds, or if the required percentage of the voters ofthe common sewer district have, prior to the creation of thesubdistrict, voted in favor of incurring indebtedness and theamount of bonds issued under such authority does not exceed theamount approved by the voters at such election, then the board oftrustees for the common sewer district may direct the issuance ofsuch bonds to the amount of the debt authorized to be incurred,or any portion thereof, and shall either before or at the time ofdoing so provide for the collection of an annual ad valorem taxupon all of the taxable property within the subdistrict, whichtax shall be sufficient to pay the interest on such indebtednessas it falls due, and also create a sinking fund for the paymentof the principal thereof within twenty years from the date ofcontracting the same, such tax to be levied and collected asprovided for in section 249.130, RSMo.

(L. 1992 H.B. 1803 § 2, A.L. 1993 S.B. 80, et al.)