247.150. Bonded indebtedness, how refunded--refunding bonds, conditions imposed. - Missouri Statutes

Bonded indebtedness, how refunded--refunding bonds, conditionsimposed.

247.150. 1. Any public water supply district now orhereafter organized under the laws of this state is herebyauthorized, without an election, to refund all or any part of thebonded indebtedness of such district at the time outstanding,including interest thereon.

2. Where the bonds being refunded consist of generalobligation bonds payable from ad valorem taxes levied upon alltaxable property situated in the district, the refunding bondsissued to refund such general obligation bonds shall be payablefrom ad valorem taxes levied upon all taxable property situatedin the district.

3. When the bonds being refunded consist of specialobligation bonds payable from the net income and revenues arisingfrom operation of the waterworks system of such district, therefunding bonds, issued to refund such special obligation bonds,or any interest thereon, shall likewise constitute specialobligation bonds and shall be payable from such net income andrevenues arising from the operation of the waterworks system ofthe district.

4. All refunding bonds of any public water supply districtshall be negotiable and shall be payable not later than the datefor the final payment of the original former bonds for which suchrefunding bonds are issued and for which refunding bonds aredelivered in exchange, except that the last installment of anyspecial obligation refunding bonds issued for previously issuedspecial obligation bonds shall be payable up to, but not morethan, thirty-five years from the date of such special obligationrefunding bonds. The refunding bonds shall bear such rate ofinterest, not exceeding eight percent per annum, payable annuallyor semiannually, and shall be in such denomination and be payableat such place or places as the board of directors may determine;provided, however, that the interest rate on the refunding bondsshall not exceed the interest rate on the bonds being refundedwhere such bonds are general obligation bonds payable from advalorem taxes, but such interest rate may exceed the interestrate on the bonds being refunded if such bonds are specialobligation or revenue bonds and not payable from ad valoremtaxes. In no case shall the amount of the debt of such districtbe increased or enlarged under the provisions of this section.

(L. 1943 p. 519 § 12638A, A.L. 1972 H.B. 1506)

CROSS REFERENCE:

Bonded debt of counties, townships, etc., may be funded, question to be submitted, how, RSMo 108.140 to 108.160