246.070. Drainage or levee districts may issue tax anticipation warrants, procedure. - Missouri Statutes

Drainage or levee districts may issue tax anticipation warrants,procedure.

246.070. 1. Whenever authorized by the owners of two-thirds of theacreage in any drainage or levee district heretofore or hereafter organizedor reorganized under any of the drainage or levee laws of this state at ameeting called for the purpose and in the manner set out in section246.090, by ballot wherein each acre owner shall be entitled to one vote,the board of supervisors may issue tax anticipation warrants bearing not toexceed six percent interest per annum, which shall be payable from one tonot exceeding four years from date of issuance, both interest and principalpayable out of the maintenance fund of the district.

*2. In addition to the procedure provided in subsection 1 of thissection, the board of supervisors of a levee or drainage district in acounty which has been declared a disaster area by declaration of thePresident of the United States during 1993 or 1995, may elect to issue taxanticipation notes following a public meeting for which notice has beengiven of at least two weeks in a newspaper meeting the requirements ofsubsection 2 of section 246.090, and after vote of the landowners of thedistrict. Notwithstanding the provisions of subsection 2 of section246.090 to the contrary, the board may issue the notes following a vote ofat least two-thirds of the votes cast by landowners present at the publicmeeting in favor of issuing the notes. The notes may be issued by theboard bearing an interest rate not to exceed six percent per annum, whichshall be payable from one to not more than four years from the date ofissuance.

*3. In addition to the procedures provided in subsections 1 and 2 ofthis section, the board of supervisors of any levee or drainage district ina county in this state which has been declared a disaster area bydeclaration of the President of the United States during 1993 or 1995, mayupon a vote of the majority of the members of the board at a public meetingof which public notice has been given of at least two weeks, borrow fundsfor the use of the district and may issue negotiable notes in evidencethereof, payable out of anticipated revenues to be derived fromassessments, benefits or other levee or drainage district revenues, for anyyear or immediately following year in which the notes are issued. Thenotes may be issued at any time and from time to time, and shall be issuedaccording to law unless otherwise provided in this section. Notes issuedpursuant to this subsection shall be issued by the board bearing aninterest rate not to exceed six percent per annum, which shall be payablefrom one year from the date of issuance. A separate note shall be issuedto evidence the borrowing for the benefit of the district and, ifapplicable, any funds of the district. All revenues raised by leveedistricts or drainage districts shall not be considered as taxes pursuantto the laws of this state.

4. Notwithstanding the provisions of section 246.080 or otherstatutory provisions regarding the issuance of tax anticipation notes tothe contrary, the aggregate outstanding principal amount of the notesissued under the provisions of subsection 2 or 3 of this section in anyperiod subject to this section for the use of the levee or drainagedistrict may be up to but shall not exceed the amount necessary to repairlevees damaged by a natural disaster that occurred in 1993 or 1995,including but not limited to the amount necessary to secure federalmatching funds for the levee or drainage district. No amount of taxanticipation notes issued by a levee or drainage district shall be includedin any debt ceiling computation required by current law except that thedistrict may not issue more than the amount necessary to repair leveesdamaged by a natural disaster that occurred in 1993 or 1995, including butnot limited to the amount necessary to secure federal matching funds forthe levee or drainage district.

5. The clerk or secretary of the board, or if none, the presidingofficer of the board, shall certify on the back of each note that the noteis issued pursuant to authority granted in this section, and list theaggregate principal amount of all prior notes issued against the districtwhich are unpaid at the date of the note's issuance.

6. Authority to issue notes pursuant to subsection 2 or 3 of thissection shall terminate January 1, 1998.

(RSMo 1939 § 12613, A.L. 1953 p. 541, A.L. 1993 1st Ex. Sess. S.B. 3, A.L. 1996 S.B. 671)

Prior revision: 1929 § 11024

Effective 2-13-96

*Authority to issue notes terminates 1-1-98.