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

MISSOURI STATUTES AND CODES

233.345. 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.

233.345. 1. The special road district commissioners ofdistricts so incorporated shall have power to issue road andbridge bonds for and on behalf of their respective districts,payable out of funds derived from taxation of all propertytaxable therein, to an amount, including existing indebtednesspayable out of funds so derived not exceeding five percent ofthe assessed valuation of such property to be ascertained by theassessment next before the last assessment for state and countypurposes. Such bonds to be issued in denominations of onehundred dollars or some multiple thereof, to bear interest atnot exceeding the rate per annum permitted by law, and to becomedue in not exceeding twenty years after the date of such bonds.

2. Whenever the board of special road districtcommissioners of such road district propose to issue such bonds,they shall order the question to be submitted to the voters ofthe district. The notice of election shall state the amount ofbonds to 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 issuebonds in the amount of .... dollars?

5. The board of special road district commissioners shallnot sell the bonds for less then ninety-five percent of the parvalue thereof and the proceeds shall be paid over to thetreasurer of the special road district and disbursed on warrantsdrawn by the president or vice president of the board ofcommissioners and attested by the secretary. The proceeds ofthe sale of such bonds shall be used for the purpose only ofpaying the cost of holding such election, and constructing,repairing and maintaining bridges and culverts within thedistrict, and working, repairing, maintaining and draggingpublic roads within the district.