393.760. Election on issuance of bonds--required actions--notice--conduct of election--form of ballot--alternative voting procedures.

MISSOURI STATUTES AND CODES

393.760. Election on issuance of bonds--required actions--notice--conduct of election--form of ballot--alternative voting procedures.

Election on issuance of bonds--required actions--notice--conduct ofelection--form of ballot--alternative voting procedures.

393.760. 1. Each participating municipality shall, in accordancewith the provisions of chapter 115, RSMo, order an election to be heldwhereby the qualified electors in such participating municipality shallapprove or disapprove the issuance of its bonds to finance its individualinterest in the project. The participating municipality may not order suchan election until it has received a report from an independent consultingengineer as defined in section 327.181, RSMo, for the purpose ofdetermining the economic and engineering feasibility of any proposedproject the costs of which are to be financed through the issuance ofbonds. The report of the consulting engineer shall be provided to andapproved by the legislative body and executive of each such participatingmunicipality and such report shall be open to public inspection and shallbe the subject of a public hearing in each participating municipality.Notice of the time and place of each such hearing shall be published in adaily newspaper of general circulation within each such participatingmunicipality. Interested parties may appear and fully participate in suchhearings.

2. Each participating municipality shall notify the electionauthority or authorities responsible for conducting elections within suchparticipating municipality in accordance with chapter 115, RSMo.

3. The question shall be submitted in substantially the followingform:

OFFICIAL BALLOT

Shall (name of participating municipality) issue its (type) revenuebonds in an amount not to exceed $....................... for the purposeof paying its share of the cost of participating in (describe project)?

â ã YES â ã NO

If you are in favor of the resolution, place an "X" in the box opposite"Yes". If you are opposed to the question, place an "X" in the boxopposite "No".

4. If the issuance of the bonds is approved by at least a majority ofthe qualified electors voting thereon in the participating municipality,the participating municipality shall declare the result of the election andcause the bonds to be issued.

5. Each participating municipality shall bear all expenses associatedwith the elections in such participating municipality.

6. In lieu of the public voting procedure set forth in subsections 1to 5 of this section, in the case of purchasing or leasing, constructing,installing, and operating reservoirs, pipelines, wells, check dams, pumpingstations, water purification plants, and other facilities for theproduction, wholesale distribution, and utilization of water, thecommission may provide for a vote by the governing body of each contractingmunicipality. Such vote shall require the approval of three-quarters ofall governing bodies of the contracting municipalities. The commission maynot order such a vote until it has engaged and received a report from anindependent consulting engineer as defined in section 327.181, RSMo, forthe purpose of determining the economic and engineering feasibility of anyproposed project the costs of which are to be financed through the issuanceof bonds. The report of the consulting engineer shall be provided to andapproved by the legislative body and executive of each contractingmunicipality participating in the project and such report shall be open topublic inspection and shall be the subject of a public hearing in eachmunicipality participating in the project. Notice of the time and place ofeach such hearing shall be published in a daily newspaper of generalcirculation within each municipality. Interested parties may appear andfully participate in such hearings. Each contracting municipality shallvote by ordinance or resolution and such ordinance or resolution shallapprove the issuance of revenue bonds by the joint municipal watercommission in an amount not to exceed a specified amount.