249.953. Separate account created for each project--balance in fund after project paid for, effect--refund to property owner, when--assessment reduced, when.

MISSOURI STATUTES AND CODES

249.953. Separate account created for each project--balance in fund after project paid for, effect--refund to property owner, when--assessment reduced, when.

Separate account created for each project--balance in fund afterproject paid for, effect--refund to property owner, when--assessmentreduced, when.

249.953. A separate fund or account shall be created in the city orcounty treasury for each improvement project and each such fund or accountshall be identified by a suitable title. The proceeds from the sale ofbonds and temporary notes and any other moneys appropriated thereto by thegoverning body of any city with a population of three hundred fiftythousand or more inhabitants which is located in more than one county, orthe governing body of the county of the first classification without acharter form of government that has a population of at least one hundredsixty thousand inhabitants, or the governing body of any county of thefirst classification without a charter form of government containing aportion of a city with a population of at least three hundred fiftythousand inhabitants, or the governing body of any county of the firstclassification without a charter form of government as of August 28, 1995,that has a population of more than one hundred five thousand but less thanone hundred twenty thousand inhabitants, shall be credited to such funds oraccounts. Such funds or accounts shall be used solely to pay the costsincurred in making each respective improvement. Upon completion of animprovement, the balance remaining in the fund or account established forsuch improvement, if any, shall be credited against the amount of theoriginal assessment of each parcel of property, on a pro rata basis basedon the amount of the original assessment, and with respect to propertyowners that have prepaid their assessments in accordance with sections249.941 to 249.945, the amount of each such credit shall be refunded to theappropriate property owner, and with respect to all other property owners,the amount of each such credit shall be transferred and credited to suchcity or county bond and interest fund to be used solely to pay theprincipal of and interest on the bonds or temporary notes and theassessments shall be reduced accordingly by the amount of such credit.