Effective - 28 Aug 1959
95.123. Indebtedness to establish revolving improvement fund, purposes, procedure. — 1. Any city, whether organized under the general laws of this state or by special or constitutional charter, may become indebted and issue bonds in evidence thereof in the manner and to the extent provided in sections 95.115 to 95.170, inclusive, for the purpose of establishing a revolving improvement fund to be used for the purchase of tax bills issued by the city, in payment for public improvements under any law of this state. Such purpose is found and declared to be a city purpose within the meaning of sections 95.115 and 95.120 and Article X, Section 1, and Article VI, Section 26, of the Constitution of the State of Missouri.
2. Any city desiring to establish a revolving improvement fund under this section shall proceed in the manner provided in sections 95.135 to 95.160, inclusive, and the provisions of sections 95.115, 95.120 and 95.135 to 95.170, inclusive, apply to all cities proceeding under this section.
3. The principal proceeds of the sale of any bonds issued under this section shall be deposited by the issuing municipality in a separate fund to be known as the "Revolving Improvement Fund". The issuing municipality may thereafter purchase out of the fund any special tax bills issued by it in payment for public improvements under any law of this state, and may use the fund for no other purpose. The accrued interest and any premium received upon delivery of any such bonds shall be deposited in the interest and sinking fund from which the bonds and the interest thereon are payable.
4. All sums received in payment of principal on the special tax bills so purchased shall be paid into the revolving improvement fund, and shall be reused as provided in subsection 3. So long as any bonds issued under the provisions of this section remain outstanding, all sums received in payment of interest on any special tax bills purchased with the proceeds of the sale of such bonds shall be transferred and credited to the interest and sinking fund from which the bonds and the interest thereon are payable. When all bonds issued hereunder have been fully paid, all interest received on special tax bills purchased from the revolving improvement fund shall be transferred to the revolving improvement fund.
5. When the city purchases any tax bill from a contractor and if said bill is not paid in accordance with the terms thereof the city attorney or city counselor shall forthwith institute suit on said tax bill as is by law provided.
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(L. 1959 H.B. 354 §§ 1 to 5)
Structure Missouri Revised Statutes
Title VII - Cities, Towns and Villages
Chapter 95 - Financial Administration and Indebtedness
Section 95.115 - Cities and towns may incur indebtedness, how.
Section 95.120 - Additional indebtedness of cities by special vote.
Section 95.123 - Indebtedness to establish revolving improvement fund, purposes, procedure.
Section 95.125 - Indebtedness for street improvements.
Section 95.130 - Indebtedness for waterworks, electric or other light plants.
Section 95.150 - Form of ballot.
Section 95.155 - Bonds issued, when, terms.
Section 95.160 - Provisions of sections 95.115 to 95.155, scope of.
Section 95.165 - Treasurer or other officer to register bonds when requested.
Section 95.170 - Form of bonds.
Section 95.280 - Depositary for city funds, how selected.
Section 95.320 - Bonds to issue, when — rate of interest.
Section 95.325 - Not to increase indebtedness.
Section 95.330 - Sinking and interest funds to be provided for.
Section 95.335 - Bonds to be negotiable.
Section 95.340 - Bonds not to be registered with state auditor.
Section 95.345 - May issue bonds for certain purposes.
Section 95.350 - Bonded debt and interest, power to levy tax for — funding outstanding debts.
Section 95.355 - City depositary.
Section 95.360 - Collector to settle monthly with treasury.
Section 95.370 - Bonds may be issued to pay judgments, when — procedure.
Section 95.380 - Tax to be levied for payment of bonds and interest.
Section 95.385 - Election to be held.
Section 95.390 - Form of ballot.
Section 95.395 - Bonds to be registered.
Section 95.400 - Construction of law.
Section 95.405 - Bonds may be issued.
Section 95.410 - Board may levy tax to pay interest on bonds — may issue bonds.
Section 95.415 - May issue bonds for payment of judgment — how sold.
Section 95.420 - Amounts — time to run — rate of interest — where paid.
Section 95.425 - Net income from water and light plants, how applied.
Section 95.430 - Bonds, how sold — proceeds, how applied.
Section 95.435 - Sinking fund to be provided.
Section 95.440 - Question to be submitted to voters.
Section 95.445 - Form of ballot.
Section 95.450 - Bonds issued, when — procedure, limits.
Section 95.455 - Bonds to be registered.
Section 95.460 - Effect of sections 95.415 to 95.455.
Section 95.465 - Mayor and two houses of legislation defined (cities over 100,000).
Section 95.475 - Proceeds from sale of bonds used to pay judgment (cities over 100,000).
Section 95.480 - Sinking fund — annual tax (cities over 100,000).
Section 95.495 - Need not be registered with state auditor (cities over 100,000).
Section 95.500 - Certain laws not repealed — this law not to be impaired (cities over 100,000).
Section 95.505 - Certain municipal officers to pay fees to treasurer (cities over 200,000).
Section 95.515 - Questions to be submitted — amount of bonds to be voted (cities over 400,000).
Section 95.520 - Bonds issued, when (cities over 400,000).
Section 95.525 - United States granted authority to establish parks in state (cities over 400,000).
Section 95.535 - All fees to be deposited in treasury — duty of comptroller (St. Louis City).
Section 95.537 - Officers and employees, salaries paid biweekly (St. Louis City).
Section 95.547 - Employees who may be covered (St. Louis City).
Section 95.549 - Program, how financed — services covered (St. Louis City).
Section 95.551 - Employee defined (St. Louis City).
Section 95.553 - Independent board employees, how handled (St. Louis City).
Section 95.556 - Officers to administer — membership and benefits as compensation.