STATE STATUTES & CODES
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MISSOURI STATUTES AND CODES
249.790. Debt may be incurred, procedure.
249.790. 1. The board of supervisors of a sewer districtorganized under the provisions of sections 249.760 to 249.810may borrow money either through the issuance of bonds or throughother arrangements. In this event the board of supervisorsshall proceed as follows: The board shall adopt a resolutionindicating the reasons for borrowing money, the amount needed,the purpose for which it is to be used, and the arrangements forthe loan or the amount and type of bonds to be issued.
2. The resolution may submit at the election a proposal toborrow money or to issue general obligation bonds, but the boardof supervisors shall not have authority to borrow money or toissue bonds unless the constitutionally required percentage ofthe voters in the district voting on the question vote in theaffirmative.
3. General obligation bonds shall be issued within thelimits imposed by section 26, article VI, of the constitution.Before, or at the time of, issuing general obligation bonds, theboard of supervisors shall provide for the collection of anannual tax, levied on all taxable real property in the district,sufficient to pay the interest on the bonds as it falls due, andalso to constitute a sinking fund for the payment of theprincipal within twenty years from the date of issuance, exceptthat the net income and revenues arising from the operation ofthe sewer system after payment for costs of operation,maintenance, depreciation and necessary extensions andenlargements shall be transferred to the interest and sinkingfund and applicable to the general obligation bonds issued underthe provisions of sections 249.760 to 249.810.
4. All bonds issued under the provisions of this sectionshall be executed by the chairman of the board of supervisors,attested by the secretary of the board, and shall be of suchdenomination, contain such terms and be payable in such mediumas the board of supervisors may determine.
(L. 1961 p. 451 ยง 13, A.L. 1978 H.B. 971, A.L. 1990 H.B. 1621)