249.1109. Combining of original districts after consolidation approved. - Missouri Statutes

Combining of original districts after consolidation approved.

249.1109. At the time of the effective date of the consolidation, allthe property of the original districts shall be combined and administeredas one unit, which shall be subject to the liens, liabilities andobligations of the original districts, provided that if any districtincluded in the consolidated district has issued general obligation bondswhich are outstanding at the time of the consolidation, any taxes to belevied to pay the bonds and interest thereon shall be levied only upon theproperty within the original district issuing the bonds as it existed onthe date of such issuance. All special obligation or revenue bonds issuedby any district included in the consolidated district shall be paid inaccordance with the terms thereof, without preference, from the revenuereceived by the consolidated district.

(L. 2001 H.B. 501)