204.630. Revenue bonds, duties of district. - Missouri Statutes

Revenue bonds, duties of district.

204.630. It shall be the mandatory duty of any reorganized commonsewer district issuing any general or special revenue bonds under sections204.600 to 204.640 to:

(1) Fix and maintain rates and make and collect charges for the useand services of the system, for the benefit of which revenue bonds wereissued, sufficient to pay the cost of maintenance and operation;

(2) Pay the principal of and the interest on all revenue bonds issuedby the reorganized common sewer district chargeable to the revenues of thesystem; and

(3) Provide funds ample to meet all valid and reasonable requirementsof the resolution by which the revenue bonds have been issued.

From time to time, the rates shall be revised to meet fully therequirements of sections 204.600 to 204.640. As long as any bond issued orthe interest thereon shall remain outstanding and unpaid, rates and chargessufficient to meet the requirements of this section shall be maintained andcollected by the reorganized common sewer district that issued the bonds.

(L. 2007 S.B. 22)