243.400. County commission authorized to pledge bonds--manner. - Missouri Statutes

County commission authorized to pledge bonds--manner.

243.400. 1. Bonds issued under the authority of section243.390 or refunding bonds issued to refund any or all such bondsmay be pledged by the county commission to any corporation,commission or agency created or authorized by congress or thestate of Missouri to accept a pledge of such bonds, and thecounty commission is authorized to pledge the bonds of anydrainage district created under this chapter in a manner toconform to the requirements, rules and/or regulations of any suchcorporation, commission or agency.

2. Upon a pledge of any such bonds as by this sectionauthorized, funds shall be provided to redeem said bonds andinterest thereon from the terms of such pledge in the same manneras if said bonds had been sold, and the lien of pledged bonds andinterest thereon shall be enforced in the same manner as providedin this chapter for bonds sold.

3. Funds derived from a pledge of any such bonds shall bedeposited, accounted for and expended in the same manner as ifsuch bonds had been sold or as may be provided by therequirements, rules and/or regulations of the corporation,commission or agency accepting a pledge of such bonds andadvancing funds thereon.

(RSMo 1939 § 12419)