233.250. Special assessment bonds to be issued.

MISSOURI STATUTES AND CODES

233.250. Special assessment bonds to be issued.

Special assessment bonds to be issued.

233.250. 1. After the expiration of thirty days from thedate of said order, the commissioners of such district shallissue special assessment bonds of the district as follows: If noelection to pay in full the tax so ordered shall have been filedwith the county clerk, as herein provided, said bonds shall befor an amount not exceeding ninety percent of the total amount ofthe tax so ordered; and, if such an election or elections shallhave been so filed, then said bonds shall be for an amount notexceeding ninety percent of the total amount of the tax soordered, after deducting the amount assessed against any and alltracts, the owners of which shall have filed an election to payin one installment as herein provided, said bonds to be indenominations of not less than one hundred dollars, having someconvenient date, and bearing interest from such date at a ratenot to exceed six percent per annum. The interest of such bondsshall be payable on the first day of each April and October aftersaid date, until all of such bonds are paid.

2. Said bonds shall be payable in the same number ofinstallments, which need not be equal, as the special tax soordered; one of which shall become due and payable on the firstday of April after each installment of such tax becomes payable.Both principal and interest shall be payable at some convenientbanking house or trust company's office to be named in saidbonds.

3. Said bonds shall be signed by the president of the roaddistrict and attested by the county clerk, who shall, before thedelivery thereof, register the same in a suitable book for thatpurpose. After such bonds are so registered, they shall bepresented to the state auditor for registration, who shallregister the same as bonds mentioned in sections 108.240 to108.300, RSMo, are required by law to be registered, and theprovisions of said sections shall be applicable to bonds issuedpursuant to sections 233.170 to 233.315, the same as to bondsmentioned in said sections.

4. Such bonds, after being so registered by the stateauditor, shall be deposited with the county treasurer in whosecustody they shall remain until disposed of as authorized bysections 233.170 to 233.315, and such bonds after being soregistered by the state auditor, shall be eligible as good andlawful securities for any and all purposes that bonds issuedunder the provisions of sections 242.010 to 242.690, RSMo, andsections 243.010 to 243.540, RSMo, are made so eligible for bysections 108.240 to 108.300, RSMo, and county commission of thisstate may invest school funds or other trust funds that may beunder their control, in said bonds at their par value.