204.410. Net revenues defined, how expended. - Missouri Statutes

Net revenues defined, how expended.

204.410. 1. Whenever any common sewer district authorizesand issues revenue bonds pursuant to sections 204.250 to 204.470,an amount sufficient for the purpose of the net revenues of thesewerage system for the benefit of which the bonds are issuedshall, by operation of sections 204.250 to 204.470, be pledged tothe payment of the principal of and the interest on the bonds asthe same shall mature and accrue.

2. The term "net revenues" shall be construed to mean allincome and revenues derived from the ownership and operation ofthe system less the actual and necessary expenses of operationand maintenance of the system.

3. It shall be the mandatory duty of the treasurer of thecommon sewer district to provide for the prompt payment of theprincipal and interest on any revenue bonds as they mature andaccrue.

(L. 1967 p. 310 § 22, A.L. 1975 H.B. 723, A.L. 1983 H.B. 371, A.L. 1992 H.B. 948)

Effective 2-18-92