247.560. General obligation bonds--tax levied before issue. - Missouri Statutes

General obligation bonds--tax levied before issue.

247.560. General obligation bonds, within the meaning ofsections 247.230 to 247.670, shall be bonds issued within thelimitations of indebtedness prescribed under section 26 ofarticle VI of the Constitution of Missouri for payment of which,both principal and interest, a direct tax may be levied upon alltaxable tangible property within the district. Before or at thetime of issuing general obligation bonds, the board shall providefor the collection of an annual tax to be levied upon all taxabletangible property within the district sufficient to pay theinterest and principal of the indebtedness as they fall due andto retire the same within twenty years from the date contracted.The net income and revenue arising from the operation of thewater supply system of such district, after providing for costsof operation, maintenance, depreciation and necessary extensionsand enlargements, shall be transferred to and become a part ofthe interest and sinking fund applicable to such generalobligation bonds, unless or until such net revenues are pledgedto the payment of special obligation bonds as herein provided.

(L. 1949 p. 350 § 33)