246.277. Loans authorized for political subdivision located in disaster area of 1993--terms. - Missouri Statutes

Loans authorized for political subdivision located in disaster areaof 1993--terms.

246.277. 1. The governing body of any politicalsubdivision of this state located in a county which has beendeclared a major disaster area as provided in section 140.015,RSMo, may, upon a vote of the majority of the members of thegoverning body, borrow money in anticipation of the collection oftaxes and revenues for the current year or immediately followingyear. The amount of such loans shall at no time exceed theamount of revenue required to meet the estimated revenuerequirements placed on such political subdivision as a result ofthe provisions of section 140.015, RSMo. The governing body ofsuch political subdivision, in accordance with this section,shall determine the amount and terms of such loans and of theterms of the political subdivision's obligation to repay theloan, but the payment of interest on such loan shall not exceedsix percent per annum, and shall be payable within one year fromthe date of issuance.

2. The clerk or secretary of the governing body, or if nonethe presiding officer of the governing body, shall certify on theback of each note that the note is issued pursuant to authoritygranted in this section. All notes issued under this sectionshall be registered, without fee, in the office of the countytreasurer of the county where the political subdivision lies.Upon payment and cancellation, the notes shall be submitted tothe county treasurer who shall record the date of payment andcancellation in the record of registry.

3. The provisions of this section shall not apply topolitical subdivisions which, under the provisions of lawexisting prior to September 30, 1993, are authorized to borrowmoney in anticipation of the collection of taxes and revenues.

(L. 1993 1st Ex. Sess. S.B. 3 § 3)

Effective 9-30-93