257.350. Organization tax--pledge of anticipated revenues.

MISSOURI STATUTES AND CODES

257.350. Organization tax--pledge of anticipated revenues.

Organization tax--pledge of anticipated revenues.

257.350. 1. As soon as any district is organized under thischapter, and a board of trustees is selected and qualified, alltangible property in the district may be taxed not to exceed onemill on each dollar of the assessed valuation thereof per annumfor a period not to exceed three years. The tax moneys shall beused for paying expenses of organization, for preliminary surveysand plans, and for other incidental expenses which may benecessary to the proper establishment of the district. Suchorganization tax shall be certified by the board of trustees tothe various county commissions of the various counties and bythem extended upon the tax books and certified to the respectivecollectors of revenue of their counties. If the items of expensehave already been paid in whole or in part from other sources,they may be repaid from the receipts of the levy. The collectionof the tax levy shall conform in all matters to the collection oftaxes and assessments for the district outlined in this chapterand the same provisions concerning the nonpayment of taxes shallapply.

2. In order to facilitate the preliminary work andestablishment of the district, the board of trustees may borrowmoney, authorized by a resolution therefor, at a rate of interestnot exceeding six percent per annum, may issue and sell or pay tocontractors or others, negotiable evidence of debt (herein calledwarrants) therefor signed by the president and secretary of theboard of trustees and may pledge (after it has been levied) theorganization tax of not exceeding one mill on each one dollar ofassessed valuation per annum for the repayment thereof. If anywarrant issued by the board of trustees is presented for paymentand is not paid for want of funds in the treasury that fact withthe date of refusal shall be endorsed on the back of the warrantand the warrant shall thereafter draw interest at the rate of sixpercent until such time as there is money on hand sufficient topay the amount of the warrant with interest.