Effective - 28 Aug 1939
243.390. Drainage district bonds — provisions for issuance. — 1. The county commission may issue bonds for and on behalf of any drainage district created under this chapter, for the purpose of paying the cost of the completion of the improvement as located, described and set forth in the report of the viewers and engineer, as confirmed by the county commission and the payment of all duly authorized expenses incident thereto. The aggregate par value of such bonds shall not exceed the taxes levied to pay the cost of the improvement and the expenses incident thereto as provided in this chapter, exclusive of the ten percent for emergencies and the amount added to the tax levy to meet the interest on the bonds of the district.
2. Any bonds issued hereunder shall be in denominations of one hundred dollars and multiples thereof and shall bear interest at a rate not to exceed six percent per annum, payable semiannually, shall be payable as to principal and interest at the office of the county treasurer and shall be signed by the presiding commissioner of the county commission and attested by the signature of the county clerk and the official seal of the county commission. A substantial amount of the total bonds issued to construct the improvement shall mature each year beginning not later than five years from the date of delivery for value of the first bonds. None of said bonds shall mature more than twenty years after date of issue of same.
3. Bonds issued hereunder shall be signed and delivered to the county treasurer and shall be sold by him, with the consent and approval of the county commission, at not less than ninety-five percent of the par value plus accrued interest. Said bonds may be prepared, dated and executed at one time and when delivered for value in accordance with the terms of the contract of purchase shall be held to be the obligations of the district though executed by officials other than those in office at the time of delivery for value; provided, the officials signing them were such officials at the time the bonds were signed. Said bonds shall show upon their face the purpose for which they are issued and the principal and interest thereof shall be payable from the proceeds of the taxes levied upon the land and other property in the drainage district as provided in this chapter. At the times any bonds are issued, a sufficient amount of the said drainage taxes shall be set aside and appropriated to pay the principal and interest of said bonds and it shall be the duty of the county commission to arrange and determine the annual installments of said taxes so as to provide funds in due time for the payment at maturity of the principal and interest of any bond authorized and issued hereunder. The proceeds of any taxes so appropriated shall be used for the purpose of paying the principal and interest of said bonds and no other.
4. If necessary to promptly pay said bonds and the interest thereon the county commission shall rearrange the schedule of annual installments made at the time the taxes were levied and shall also make such additional tax levies as are necessary and shall provide for the collection of the same at such times as will produce the required amounts. Under no circumstances shall the county commission make any tax levies which will in any manner, or to any extent, impair the security of the bonds issued hereunder or the fund available for the payment of the principal and interest of the same. Bonds and coupons not paid at maturity shall bear interest at the rate of six percent per annum until paid.
5. If deemed advisable, the county commission may, by its order of record, select especial depositary or depositaries for the proceeds of any bonds issued hereunder as temporary treasurer or treasurers to hold and disburse said funds to the county treasurer as the work progresses, on the order of the county commission, provided said special depositary shall secure said funds by approved collateral or by the bond or bonds of a surety company or surety companies authorized to transact business in Missouri, the premium or premiums on which bond or bonds may be paid out of any funds belonging to the drainage district.
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(RSMo 1939 § 12418)
Prior revisions: 1929 § 10829; 1919 § 4497; 1909 § 5603
CROSS REFERENCES:
Bond issues, proceeds and moneys for interest and sinking fund to be kept separate, 108.180 to 108.210, 108.230
Refunding bonded indebtedness, procedure, 108.140 to 108.160
Structure Missouri Revised Statutes
Title XV - Lands, Levees, Drainage, Sewers and Public Water Supply
Chapter 243 - Drainage Districts Organized in County Commission
Section 243.010 - Definitions.
Section 243.020 - County commission authorized to organize drainage districts.
Section 243.030 - Petition to be filed — bond required.
Section 243.040 - County commission to appoint counsel.
Section 243.050 - County commission to appoint engineer and viewers — qualifications and duties.
Section 243.060 - Time of hearing to be published — form of notice.
Section 243.070 - Remonstrance may be filed — judgment, effect.
Section 243.075 - Dissolution of district, when, how.
Section 243.080 - Location of improvement — report to contain data as to cost.
Section 243.090 - Report to be filed, when — landowners may be heard — vacancies, how filled.
Section 243.100 - Limitations for assessment of benefits.
Section 243.110 - Notice of filing of report to be published — form.
Section 243.130 - Condemnation of additional land.
Section 243.140 - Lands lying outside district may be annexed, when — proceedings.
Section 243.150 - Taxes to be levied against county-owned swamplands, how paid.
Section 243.160 - Authority to complete improvements in county commission — powers of procedure.
Section 243.170 - District engineer to be appointed — duties — bond required.
Section 243.210 - Provisions of this chapter applicable to old channels or sloughs.
Section 243.230 - County commission procedure after hearing.
Section 243.240 - County commissions to maintain efficiency and have management and control.
Section 243.250 - Lateral ditches — drains — may be connected — provisions — penalty for violation.
Section 243.260 - Districts may contract with other districts for outlets — costs determined, how.
Section 243.270 - Drainage district may contract to furnish drainage for cities and towns.
Section 243.280 - Equipment may be leased or rented — provisions.
Section 243.290 - County commission to levy tax to pay preliminary expense.
Section 243.310 - Permanent drainage tax record shall be kept — method — additional levies.
Section 243.320 - Public roads and railroads to pay benefits.
Section 243.340 - Privilege to pay drainage tax in full.
Section 243.350 - Apportionment of annual installments — drainage tax book, form — taxes due, when.
Section 243.360 - Drainage tax — collector to furnish bond.
Section 243.380 - Surplus funds, how used.
Section 243.390 - Drainage district bonds — provisions for issuance.
Section 243.400 - County commission authorized to pledge bonds — manner.
Section 243.410 - County treasurer to be custodian of district funds — duties.
Section 243.420 - Fees for services.
Section 243.430 - Claims for fees, how paid.
Section 243.440 - Drainage proceedings to be recorded — method.
Section 243.460 - Notice to be published — form — jurisdiction of circuit court.
Section 243.470 - Objections to petition for consolidation may be filed — proceedings.
Section 243.480 - Failure or refusal of official to perform duty — penalty.
Section 243.490 - County collector liable, when — penalty.
Section 243.500 - Validity of bonds issued unquestionable.
Section 243.510 - Suits to be brought in name of state.
Section 243.520 - Appeals — procedure.
Section 243.530 - Chapter declared remedial in character and purpose.
Section 243.540 - Penalty for violation of provisions of chapter.