204.632. Revenue bonds, net revenues to be pledged. - Missouri Statutes

Revenue bonds, net revenues to be pledged.

204.632. 1. Whenever any reorganized common sewer districtauthorizes and issues revenue bonds under sections 204.600 to 204.640, anamount sufficient for the purpose of the net revenues of the seweragesystem for the benefit of which the bonds are issued shall, by operation ofsections 204.600 to 204.640, be pledged to the payment of the principal ofand the interest on the bonds as the same shall mature and accrue.

2. The term "net revenues" means all income and revenues derived fromthe ownership and operation of the system less the actual and necessaryexpenses of operation and maintenance of the system.

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

(L. 2007 S.B. 22)