242.504. Supervisors may issue bonds, limitation on. - Missouri Statutes

Supervisors may issue bonds, limitation on.

242.504. 1. The board of supervisors may, if in theirjudgment it seems best, issue bonds which, when added to thebonded indebtedness then outstanding, do not exceed ninetypercent of the total amount of taxes levied pursuant to section242.502. The funds derived from the sale of said bonds shall beused to pay the costs of drainage works and improvements as shownin the supplemental plan for reclamation adopted by the board ofsupervisors pursuant to section 242.230 and to refund outstandingprotested warrants.

2. The bonds shall be issued pursuant to and in accordancewith the provisions of section 242.480.

(L. 1977 S.B. 2)