233.200. Commissioners of special road district may issue bonds--election required--limitations--form of ballot.

MISSOURI STATUTES AND CODES

233.200. Commissioners of special road district may issue bonds--election required--limitations--form of ballot.

Commissioners of special road district may issue bonds--electionrequired--limitations--form of ballot.

233.200. 1. The commissioners of such districts soincorporated shall have power to issue road and bridge bonds forand on behalf of their respective districts, payable out offunds derived from taxation of all property taxable therein toan amount including existing indebtedness payable out of fundsso derived not exceeding five percent of the assessed valuationof such property to be ascertained by the assessment next beforethe last assessment for state and county purposes. Such bondsto be issued in denominations of one hundred dollars, or somemultiple thereof, to bear interest at not exceeding the rate perannum permitted by law, and to become due in not exceedingtwenty years after the date of such bonds. Whenever the boardof commissioners of any such road district propose to issue suchbonds, they shall submit the question to the voters in thedistrict.

2. The notice of election shall state the amount of bondsto be issued.

3. The result of the submission of the question shall beentered upon the records of the district. If it shall appearthat the constitutionally required percentage of the votersvoting on the question shall have voted in favor of the issue ofthe bonds, the commissioners shall order and direct theexecution of the bonds for and on behalf of such district andprovide for the levy and collection of a direct annual tax uponall the taxable property in the district sufficient to providefor the payment of the principal and interest of the bonds soauthorized as they respectively become due.

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

Shall the ..... special road district of ..... County issueroad and bridge bonds in the amount of .... dollars?

5. The board of commissioners shall not sell the bonds forless than ninety-five percent of the par value thereof, and theproceeds shall be paid over to the county treasurer, anddisbursed on warrants drawn by the president or vice presidentof the board of commissioners and attested by the secretary.The proceeds of the sale of such bonds shall be used for thepurpose only of paying the cost of holding such election, andconstructing, repairing and maintaining bridges and culvertswithin the district, and working, repairing, maintaining anddragging public roads within the district.