233.255. Sale of bonds--payment--application of proceeds of bonds and special tax bills.

MISSOURI STATUTES AND CODES

233.255. Sale of bonds--payment--application of proceeds of bonds and special tax bills.

Sale of bonds--payment--application of proceeds of bonds andspecial tax bills.

233.255. 1. The commissioners of the district may sell anyof said bonds, at public or at private sale, for not less thanninety-five percent of their face value.

2. Such bonds shall be payable and collectible only out ofmoneys derived from such special tax bills and from the sale ofsuch bonds, and interest that may accrue on funds so derivedwhile on deposit with any county depositary, and the countytreasurer shall hold in reserve, for payment of interest on suchbonds, a sufficient amount of the money so derived that may comeinto his hands in excess of the amount then necessary to pay allbonds and interest then past due, to pay all interest that willbecome payable before the next installment of such special taxbecomes payable, and three percent of the principal amount of thebonds not then due, and the county treasurer shall, whenever anyof said bonds or interest thereon become due, apply such money asmay be in his custody and applicable thereto, or that maythereafter come into his custody and be applicable thereto, topayment of such bonds and interest as may be due and unpaid.

3. All money derived from such special tax bills shall beused in paying said bonds and the interest thereon, except thatmoney that may be collected on such tax bills in excess of theamount necessary to pay all bonds then past due and such bondsand interest as will become payable before another installment ofsuch special tax becomes payable, may, less an amount equal tothree percent of the principal amount of the bonds not then duebe used for other purposes as herein authorized.

4. The county treasurer shall, as such bonds are sold,deliver them to the purchaser thereof upon being ordered to do soby the commissioners, and being paid the price therefor, and assuch bonds are paid shall cancel them and deliver them to theclerk of the county commission.

5. All money derived from the sale of said bonds, exceptsuch portion thereof as is required to be reserved to meetinterest payments, and all money collected on such special taxbills that may, as by this section authorized, be used forpurposes other than the payment of such bonds and interestthereon, and all interest that may accrue on moneys so derivedwhile deposited with any county depositary and not required to beused in paying said bonds or interest thereon, shall be used, andwarrants drawn on the treasurer therefor, for the followingpurposes only: To pay the cost and expenses incurred by thespecial road district commissioners, as found by the countycommission, in the preparation of said plans, specifications,estimate, map and profile, and said list of lands, and areasonable attorney's fee, as found by the county commission, forsuch petitioners, and to pay the cost of improving said publicroad or part of a public road in accordance with the plans andspecifications so filed with the clerk of the county commission,and such working, administrative and incidental expenses, nototherwise provided by law, as may be incurred in making suchimprovements, and the balance, if any, shall be used in payingexpense of maintaining such improvement.