249.090. Trustees--bonds issued--tax for interest and sinking fund. - Missouri Statutes

Trustees--bonds issued--tax for interest and sinking fund.

249.090. The three candidates for office of trustee whoshall receive the highest number of votes shall be declaredelected trustees with terms as provided in section 249.140. Ifit appears that the constitutionally required percentage of thevoters of such district voting on the proposition of incurringindebtedness submitted at the election were in favor ofincurring such indebtedness, the election authority shall makean order reciting the holding of such election and the resultsthereof, both for and against the proposition, and if the resultof the election as certified shall be in favor of incurring theindebtedness and issuing the bonds, then the board of trusteesfor the district shall direct the issuance thereof to the amountof the debt authorized to be incurred, or any portion thereof,and shall either before or at the time of doing so provide forthe collection of an annual ad valorem tax upon all of thetaxable property within the district, which tax shall besufficient to pay the interest on such indebtedness as it fallsdue and also to create a sinking fund for the payment of theprincipal thereof within twenty years from the date ofcontracting the same, such tax to be levied and collected asprovided for in section 249.130.

(RSMo 1939 § 12645, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)