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

MISSOURI STATUTES AND CODES

233.395. 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.

233.395. 1. The commissioners of the special road districtmay sell any of said bonds, at public or private sale, for notless than ninety-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 derived,while on deposit with any depositary, and the district treasurershall hold in reserve, for payment of interest on such bonds, asufficient amount of money so derived that may come into hishands in excess of the amount then necessary to pay all bonds andinterest then past due, to pay all interest that will becomepayable before the next installment of such special tax becomespayable, and three percent of the principal amount of the bondsnot then due, and the district treasurer shall, whenever any ofsaid 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 may be collected on such tax bills, in excess of the amountnecessary to pay all bonds then past due, and such bonds andinterest 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 due,be used for other purposes as herein authorized.

4. The district 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 depositary and not required to be usedin paying said bonds or interest thereon, shall be used, andwarrants drawn on the treasurer therefor, for the followingpurposes only: To pay the cost and expense incurred by thespecial road district commissioners, as found by the countycommission, in the preparation of such plans, specifications,estimate, map and profile, and said list of lands, and areasonable attorney's fee, as found by the commission, for suchpetitioners, and to pay the cost of improving said public road orpart of public road in accordance with plans and specificationsso filed with the clerk of the county commission, and suchworking, administrative and incidental expenses, not otherwiseprovided by law, as may be incurred in making such improvement,and the balance, if any, shall be used in paying expenses ofmaintaining such improvement.