245.490. Board may borrow money. - Missouri Statutes

Board may borrow money.

245.490. The directors may borrow money, not exceeding inamount the assessments or annual installments unpaid at the timeof borrowing, for the construction of any work which they may beauthorized to construct, or for the payment of any indebtednessthat they may have lawfully incurred under the provisions ofsections 245.285 to 245.545, and may secure the same by notes orbonds bearing interest at not exceeding eight percent per annum,and not running longer than one year beyond the date of thepayment of the assessment, or the last annual installmentthereof, on account of which the money is borrowed; which notesor bonds shall not be held to make the directors personallyliable for the money borrowed, but shall constitute a lien uponthe assessments, or annual installments thereof, for therepayment of the principal and interest of said notes and bonds.

(RSMo 1939 § 12567)

Prior revisions: 1929 § 10977; 1919 § 4669; 1909 § 5732

CROSS REFERENCES:

Bond issues, proceeds of and moneys for interest and sinking funds to be kept separate, RSMo 108.180 to 108.230

Refunding bonds authorized, payment of, RSMo 108.140 to 108.160