243.561. County commission to appropriate money to pay principal and interest on bonds--money collected to be deposited in separate fund, purpose. - Missouri Statutes

County commission to appropriate money to pay principal and intereston bonds--money collected to be deposited in separate fund, purpose.

243.561. A sufficient amount of the assessment levied underthe provisions of sections 243.550 to 243.553 shall beappropriated by the county commissioners for the purpose ofpaying the principal and interest of the bonds and the sameshall, when collected, be preserved in a separate fund for thatpurpose and no other. All bonds and coupons not paid at maturityshall bear interest at the rate of six percent per annum frommaturity until paid, or until sufficient funds have beendeposited at the place of payment, and the interest shall beappropriated by the county commission out of the penalties andinterest collected on delinquent assessment or any otheravailable funds of the district. Any expense incurred in payingthe bonds and interest thereon, and a reasonable compensation tothe bank or trust company for paying same, shall be paid out ofother funds of the district collected for the purpose of meetingthe expenses of administration.

(L. 1993 S.B. 56 § 243.560 subsec. 3)