243.563. Proceeds of assessment insufficient to pay principal and interest on bonds, procedure--funds derived from bond sale, purpose. - Missouri Statutes

Proceeds of assessment insufficient to pay principal and interest onbonds, procedure--funds derived from bond sale, purpose.

243.563. 1. It shall be the duty of the county commissionin making assessments, as provided in this chapter, to take intoaccount the maturing bonds and interest on all bonds, and to makeample provisions in advance for the payment thereof. In case theproceeds of the assessment made under the provisions of sections243.550 to 243.553 are not sufficient to pay the principal andinterest of all bonds issued, then the county commission shallmake such additional levy or levies upon benefits assessed as arenecessary for this purpose, and under no circumstances shall anyassessment be made that will in any manner or to any extentimpair the security of the bonds or the fund available for thepayment of the principal and interest of the same.

2. The funds derived from the sale of the bonds or any ofthem shall be used for the purpose of paying the cost of thedrainage works and improvements and such costs, expenses, feesand salaries as may be authorized by law and used for no otherpurpose.

(L. 1993 S.B. 56 § 243.560 subsecs. 4, 5)