State Codes and Statutes
Statutes > Missouri > T07 > C077 > 77_160Payment for property acquired--issuance of bonds.
77.160. The mayor and council of said cities are authorizedto accept gifts and grants and to borrow money and execute, issueand negotiate bonds or other securities, for the purpose ofpaying the cost of acquiring said property or the construction ofsaid buildings or works thereon, and to secure same by mortgagesor deeds of trust on said properties and the income and revenuederived therefrom; which said mortgage or deeds of trust shall bea first lien on all said property and all revenues or incometherefrom and shall be enforceable as provided therein but shallnot be a debt of said city or payable out of any revenue notderived from said property. Said bonds issued under theprovisions of this section and sections 77.150, 77.170 and 77.180shall bear interest at a rate not exceeding six percent perannum, payable annually or semiannually, shall be executed insuch manner and be payable serially in annual installmentsbeginning not later than three years and extending not more thanforty years from the date thereof, and at such place or places asthe mayor and council shall determine. Any income, receipts,collections and profits from any properties on which such amortgage or deed of trust has been so executed, shall be held andkept in the city treasury as a separate fund, and paymentstherefrom shall be made only as provided by said mortgage or deedof trust.
(RSMo 1939 § 7046)CROSS REFERENCE:
Improvements, special tax bills and bonds issued in payment of, RSMo 88.497 to 88.647
