Effective - 18 Jun 1985
88.815. Assessment notes may be issued by certain cities for improvements — content — how paid and secured — sales procedure. — 1. Any city authorized to make assessments and issue special tax bills under section 88.812 may issue assessment notes secured by a special fund into which the city has deposited the special tax bills, and the proceeds of any assessment notes issued to fund a reserve, and other funds to provide additional security for the noteholders as shall be available for such purposes. A city issuing such assessment notes shall assign to the special fund for the benefit of the holders or registered owners of the assessment notes, or to a trustee for the holders or registered owners of such notes, the special tax bills evidencing the tax liens provided for in section 88.103. Proceeds from the special tax bills so deposited shall be used only for the payment of the assessment notes issued for the particular improvement.
2. Assessment notes issued under authority of sections 88.811 to 88.815 shall be payable solely from the assessments derived or to be derived from the special tax bills issued for the particular improvement and from such other funds as deposited in the special fund. No assessment notes issued pursuant to sections 88.811 to 88.815 shall constitute an indebtedness of the city, town or village within the meaning of any constitutional, statutory or charter restriction, limitation or provision. The face of each assessment note shall state in substance that the note has been issued under the provisions of sections 88.811 to 88.815, that the general taxing power of the city, town or village issuing the note is not pledged to the payment thereof either as to principal or interest and that the note and the interest thereon are payable solely from the special fund as established pursuant to subsection 1 of this section.
3. Any city, town or village issuing assessment notes is authorized to covenant* with the holders of such notes that it will diligently and faithfully enforce and collect all the special assessments and interest and penalties thereon arising from the special tax bills and tax liens deposited into the special fund for the particular improvement; to foreclose such tax liens so assigned to such special fund or represented by the special tax bills deposited in the special fund, after such tax liens have become delinquent, and deposit the proceeds derived from such foreclosure, including interest and penalties, in such special funds; and to make any other covenants** deemed necessary or advisable in order to properly secure the holders of such assessment notes.
4. (1) Notwithstanding the provisions of section 108.170, all such assessment notes shall be sold at public sale as provided in subdivision (2) of this section or shall be sold at negotiated sale if the governing body of the issuer shall determine a negotiated sale is in the best interest of the issuer. If the governing body determines it is in the best interest of the issuer to sell such assessment notes at negotiated sale, the specific reasons for concluding a negotiated sale is in the best interest of the issuer shall be recited in the ordinance or resolution authorizing the negotiated sale.
(2) Notice of the public sale of assessment notes shall contain the following:
(a) The name of the issuer;
(b) The issue date, maturity dates, amounts to mature on each maturity date, and interest payment dates;
(c) The time, date and place where bids will be received;
(d) The name, address and telephone number of a person from whom additional information may be obtained; and may contain additional information.
(3) Notice of the public sale of assessment notes shall be given by publication in at least one newspaper of general circulation within the bounds of the issuer of the assessment notes. Such notice shall be published not more than twenty-five days nor*** less than ten days prior to the date of assessment note sale. The issuer may provide such additional notice of the assessment note sale as it deems desirable.
(4) The governing body of an issuer may reject any and all bids received for assessment notes offered at public sale. If the governing body rejects such bids, the assessment notes offered may be sold at negotiated sale at any time within thirty days after the date advertised for the receipt of bids provided the negotiated sale results in a lower net interest cost in dollars over the life of the issue to the issuer than the best bid received at the public sale.
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(L. 1984 S.B. 613 §§ 1 to 4, A.L. 1985 H.B. 676)
Effective 6-18-85
*Word "convenant" appears in original rolls.
**Word "convenants" appears in original rolls.
***Word "or" appears in original rolls.
Structure Missouri Revised Statutes
Title VII - Cities, Towns and Villages
Chapter 88 - Public Works and Special Assessments — Condemnation
Section 88.010 - Condemnation of private property.
Section 88.013 - Condemnation of property — petition for appointment of commissioners.
Section 88.017 - Condemnation of property — party defendant.
Section 88.020 - Condemnation of property — summons, how served.
Section 88.023 - Condemnation of property — appointment of commissioners.
Section 88.027 - Condemnation of property — assessment of damages, duties of commissioners.
Section 88.030 - Condemnation of property — commissioners' report.
Section 88.033 - Condemnation of property — filing of exceptions to commissioners' report.
Section 88.037 - Condemnation of property — assessment by jury.
Section 88.040 - Condemnation of property — appeals from judgment.
Section 88.043 - Condemnation of property — payment of assessed damages.
Section 88.047 - Condemnation of property — report of damages.
Section 88.050 - Condemnation of property — confirmation or rejection of report.
Section 88.053 - Condemnation of property — commissioners' compensation, how paid.
Section 88.057 - Condemnation of property — judgment rendered for city.
Section 88.060 - Condemnation of property — assessments a lien — special executions.
Section 88.063 - Condemnation of property — right to take possession after payment of damages.
Section 88.067 - Condemnation of property — change of venue.
Section 88.070 - Condemnation of property — duty of court.
Section 88.073 - Condemnation of property — right to condemn lands.
Section 88.077 - Condemnation of property — condemnation outside city limits.
Section 88.080 - Street grading — assessment of damages, procedure.
Section 88.087 - Street grading — report of commissioners, contents.
Section 88.090 - Street grading — review of commissioners' report.
Section 88.093 - Street grading — cost of proceedings.
Section 88.097 - Street grading — payment of damages.
Section 88.100 - Public improvement — assessment against railroad real property.
Section 88.103 - Tax bill as lien against property, how released.
Section 88.107 - Assessment adjudged invalid — reassessment.
Section 88.110 - Proposed reassessment — hearing of objections.
Section 88.113 - Proposed reassessment — contents of ordinance.
Section 88.117 - New assessment not to exceed old.
Section 88.120 - Ordinance — conclusive.
Section 88.123 - New tax bills issued.
Section 88.127 - Construction of law — limit on frequency of assessment.
Section 88.130 - Expiration of time limit.
Section 88.497 - Condemnation of private property.
Section 88.500 - City tax bills.
Section 88.503 - Appropriation of private property — records of ordinances and proceedings.
Section 88.510 - Assessment of public property — street improvements, how paid — special tax bills.
Section 88.520 - Declaration of necessity for improvement to be published — protests.
Section 88.523 - Certain street improvements — protest, how heard and determined.
Section 88.530 - Improvements, costs — limitations — payment.
Section 88.533 - Condemnation of sidewalks.
Section 88.613 - Lighting of streets.
Section 88.617 - White way system defined.
Section 88.620 - White way system — powers of city council.
Section 88.623 - White way system — further powers of council.
Section 88.627 - White way system — costs, how paid.
Section 88.630 - Public works, governing statutes.
Section 88.633 - Water supply.
Section 88.637 - May open, vacate and improve streets.
Section 88.640 - Sprinkling and cleaning of streets — cost, how assessed.
Section 88.647 - Opening, extending or widening county roads — duty of council as to benefits.
Section 88.653 - Declaration of necessity for improvement.
Section 88.657 - Owners to have thirty days to make improvements.
Section 88.660 - Cost to be assessed proportionally.
Section 88.663 - Special tax bills shall be assignable and collectible.
Section 88.667 - Condemnation of private property.
Section 88.670 - Public improvements — powers.
Section 88.673 - Board may open and vacate streets.
Section 88.677 - Public improvements — cost, how paid.
Section 88.680 - Street improvements — cost, how paid.
Section 88.683 - Street crossing improvements — special assessment.
Section 88.700 - Street improvements — declaration of necessity — taxpayers' protests.
Section 88.703 - Street repairs — cost, how paid.
Section 88.707 - Certain street improvements — protest, how heard and determined.
Section 88.710 - Sidewalk improvements — cost, how paid.
Section 88.713 - Condemnation of sidewalks.
Section 88.743 - County property subject to city ordinances.
Section 88.747 - Improvements, county property — duty of county commission.
Section 88.750 - Procedure upon failure of county commission to make improvements.
Section 88.767 - Sewage reduction device — assessment.
Section 88.773 - Water supply — contracts.
Section 88.777 - Public improvement powers (cities, under 30,000).
Section 88.790 - Assessment of public property — street repairs (cities, under 30,000).
Section 88.797 - Sprinkling and oiling of streets (cities, under 30,000).
Section 88.801 - General sewer system (cities, 10,000 to 30,000).
Section 88.804 - Council may require owners to build or repair sidewalks (cities, under 10,000).
Section 88.806 - Sidewalk improvement (cities, under 10,000).
Section 88.808 - Sidewalk improvement — notice (cities, under 10,000).
Section 88.811 - Limited street improvement costs — special tax bills.
Section 88.818 - Record of tax bills — payment to owner or city — procedure on payment to city.
Section 88.822 - Apportionment of costs of improvement and issuance of tax bills — contents.
Section 88.824 - Costs of improvement to be estimated — contracts not to exceed estimate.
Section 88.826 - Construction of street and sidewalk improvements by city, when — special tax bills.
Section 88.828 - Cost of bringing street to grade included in special assessment for surfacing.
Section 88.832 - General sewer system may be established — special public sewer tax.
Section 88.834 - District sewers — sewers constructed, when — changes.
Section 88.836 - Apportionment of costs of district sewer — levy of tax — tax bills.
Section 88.838 - Joint district sewers, costs, how paid.
Section 88.844 - City may condemn property for sewers.
Section 88.846 - Special tax bills for sewers, validity, how collected.
Section 88.848 - When no bids received, city may construct sewer, tax bills.
Section 88.854 - Special tax bills, how collected — evidence.
Section 88.856 - Action on tax bills, how tried.
Section 88.861 - Special judgment on tax bill, effect — interest rate — parties only bound.
Section 88.863 - Sidewalks — power of city council.
Section 88.870 - Council may regulate building of sidewalks and parkways.
Section 88.873 - Condemnation of sidewalks.
Section 88.877 - Sidewalk maintenance by owner.
Section 88.880 - Sidewalk construction.
Section 88.883 - Sidewalk maintenance by city.
Section 88.887 - Sidewalk districts.
Section 88.890 - Sidewalk improvement — assessments.
Section 88.893 - Sidewalk maintenance — tax bills.
Section 88.897 - Sidewalk improvement — certain tax bills a lien.
Section 88.900 - Sidewalk improvements — assessment of government property.
Section 88.903 - Special tax bills prima facie evidence.
Section 88.907 - Certification of tax bills.
Section 88.910 - Recording of tax bills.
Section 88.913 - Suit to enforce collection of special tax bill.
Section 88.917 - Street grading (cities, 300,000 or over).
Section 88.920 - Street grading — damages and benefits (cities, 300,000 or over).
Section 88.923 - Notice of suit on special tax bills (cities, 300,000 or over).
Section 88.927 - Limiting lien on special tax bills (cities, 300,000 or over).
Section 88.930 - Condemnation of property (cities, 150,000 to 500,000).
Section 88.940 - City improvements — contracts.
Section 88.950 - Special benefit parking districts — condemnation, procedure.