Assessment notes may be issued by certain cities forimprovements--content--how paid and secured--sales procedure.
88.815. 1. Any city authorized to make assessments and issue specialtax bills under section 88.812 may issue assessment notes secured by a specialfund into which the city has deposited the special tax bills, and the proceedsof any assessment notes issued to fund a reserve, and other funds to provideadditional security for the noteholders as shall be available for suchpurposes. A city issuing such assessment notes shall assign to the specialfund for the benefit of the holders or registered owners of the assessmentnotes, or to a trustee for the holders or registered owners of such notes, thespecial 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 thepayment of the assessment notes issued for the particular improvement.
2. Assessment notes issued under authority of sections 88.811 to 88.815shall be payable solely from the assessments derived or to be derived from thespecial tax bills issued for the particular improvement and from such otherfunds as deposited in the special fund. No assessment notes issued pursuantto sections 88.811 to 88.815 shall constitute an indebtedness of the city,town or village within the meaning of any constitutional, statutory or charterrestriction, limitation or provision. The face of each assessment note shallstate in substance that the note has been issued under the provisions ofsections 88.811 to 88.815, that the general taxing power of the city, town orvillage issuing the note is not pledged to the payment thereof either as toprincipal or interest and that the note and the interest thereon are payablesolely from the special fund as established pursuant to subsection 1 of thissection.
3. Any city, town or village issuing assessment notes is authorized tocovenant* with the holders of such notes that it will diligently andfaithfully enforce and collect all the special assessments and interest andpenalties thereon arising from the special tax bills and tax liens depositedinto the special fund for the particular improvement; to foreclose such taxliens so assigned to such special fund or represented by the special tax billsdeposited in the special fund, after such tax liens have become delinquent,and deposit the proceeds derived from such foreclosure, including interest andpenalties, in such special funds; and to make any other covenants** deemednecessary or advisable in order to properly secure the holders of suchassessment notes.
4. (1) Notwithstanding the provisions of section 108.170, RSMo, allsuch 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 bodyof the issuer shall determine a negotiated sale is in the best interest of theissuer. If the governing body determines it is in the best interest of theissuer to sell such assessment notes at negotiated sale, the specific reasonsfor concluding a negotiated sale is in the best interest of the issuer shallbe recited in the ordinance or resolution authorizing the negotiated sale.
(2) Notice of the public sale of assessment notes shall contain thefollowing:
(a) The name of the issuer;
(b) The issue date, maturity dates, amounts to mature on each maturitydate, 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 whomadditional information may be obtained; and may contain additionalinformation.
(3) Notice of the public sale of assessment notes shall be given bypublication in at least one newspaper of general circulation within the boundsof the issuer of the assessment notes. Such notice shall be published notmore than twenty-five days nor*** less than ten days prior to the date ofassessment note sale. The issuer may provide such additional notice of theassessment note sale as it deems desirable.
(4) The governing body of an issuer may reject any and all bids receivedfor assessment notes offered at public sale. If the governing body rejectssuch bids, the assessment notes offered may be sold at negotiated sale at anytime within thirty days after the date advertised for the receipt of bidsprovided the negotiated sale results in a lower net interest cost in dollarsover the life of the issue to the issuer than the best bid received at thepublic sale.
Assessment notes may be issued by certain cities forimprovements--content--how paid and secured--sales procedure.
88.815. 1. Any city authorized to make assessments and issue specialtax bills under section 88.812 may issue assessment notes secured by a specialfund into which the city has deposited the special tax bills, and the proceedsof any assessment notes issued to fund a reserve, and other funds to provideadditional security for the noteholders as shall be available for suchpurposes. A city issuing such assessment notes shall assign to the specialfund for the benefit of the holders or registered owners of the assessmentnotes, or to a trustee for the holders or registered owners of such notes, thespecial 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 thepayment of the assessment notes issued for the particular improvement.
2. Assessment notes issued under authority of sections 88.811 to 88.815shall be payable solely from the assessments derived or to be derived from thespecial tax bills issued for the particular improvement and from such otherfunds as deposited in the special fund. No assessment notes issued pursuantto sections 88.811 to 88.815 shall constitute an indebtedness of the city,town or village within the meaning of any constitutional, statutory or charterrestriction, limitation or provision. The face of each assessment note shallstate in substance that the note has been issued under the provisions ofsections 88.811 to 88.815, that the general taxing power of the city, town orvillage issuing the note is not pledged to the payment thereof either as toprincipal or interest and that the note and the interest thereon are payablesolely from the special fund as established pursuant to subsection 1 of thissection.
3. Any city, town or village issuing assessment notes is authorized tocovenant* with the holders of such notes that it will diligently andfaithfully enforce and collect all the special assessments and interest andpenalties thereon arising from the special tax bills and tax liens depositedinto the special fund for the particular improvement; to foreclose such taxliens so assigned to such special fund or represented by the special tax billsdeposited in the special fund, after such tax liens have become delinquent,and deposit the proceeds derived from such foreclosure, including interest andpenalties, in such special funds; and to make any other covenants** deemednecessary or advisable in order to properly secure the holders of suchassessment notes.
4. (1) Notwithstanding the provisions of section 108.170, RSMo, allsuch 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 bodyof the issuer shall determine a negotiated sale is in the best interest of theissuer. If the governing body determines it is in the best interest of theissuer to sell such assessment notes at negotiated sale, the specific reasonsfor concluding a negotiated sale is in the best interest of the issuer shallbe recited in the ordinance or resolution authorizing the negotiated sale.
(2) Notice of the public sale of assessment notes shall contain thefollowing:
(a) The name of the issuer;
(b) The issue date, maturity dates, amounts to mature on each maturitydate, 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 whomadditional information may be obtained; and may contain additionalinformation.
(3) Notice of the public sale of assessment notes shall be given bypublication in at least one newspaper of general circulation within the boundsof the issuer of the assessment notes. Such notice shall be published notmore than twenty-five days nor*** less than ten days prior to the date ofassessment note sale. The issuer may provide such additional notice of theassessment note sale as it deems desirable.
(4) The governing body of an issuer may reject any and all bids receivedfor assessment notes offered at public sale. If the governing body rejectssuch bids, the assessment notes offered may be sold at negotiated sale at anytime within thirty days after the date advertised for the receipt of bidsprovided the negotiated sale results in a lower net interest cost in dollarsover the life of the issue to the issuer than the best bid received at thepublic sale.
Assessment notes may be issued by certain cities forimprovements--content--how paid and secured--sales procedure.
88.815. 1. Any city authorized to make assessments and issue specialtax bills under section 88.812 may issue assessment notes secured by a specialfund into which the city has deposited the special tax bills, and the proceedsof any assessment notes issued to fund a reserve, and other funds to provideadditional security for the noteholders as shall be available for suchpurposes. A city issuing such assessment notes shall assign to the specialfund for the benefit of the holders or registered owners of the assessmentnotes, or to a trustee for the holders or registered owners of such notes, thespecial 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 thepayment of the assessment notes issued for the particular improvement.
2. Assessment notes issued under authority of sections 88.811 to 88.815shall be payable solely from the assessments derived or to be derived from thespecial tax bills issued for the particular improvement and from such otherfunds as deposited in the special fund. No assessment notes issued pursuantto sections 88.811 to 88.815 shall constitute an indebtedness of the city,town or village within the meaning of any constitutional, statutory or charterrestriction, limitation or provision. The face of each assessment note shallstate in substance that the note has been issued under the provisions ofsections 88.811 to 88.815, that the general taxing power of the city, town orvillage issuing the note is not pledged to the payment thereof either as toprincipal or interest and that the note and the interest thereon are payablesolely from the special fund as established pursuant to subsection 1 of thissection.
3. Any city, town or village issuing assessment notes is authorized tocovenant* with the holders of such notes that it will diligently andfaithfully enforce and collect all the special assessments and interest andpenalties thereon arising from the special tax bills and tax liens depositedinto the special fund for the particular improvement; to foreclose such taxliens so assigned to such special fund or represented by the special tax billsdeposited in the special fund, after such tax liens have become delinquent,and deposit the proceeds derived from such foreclosure, including interest andpenalties, in such special funds; and to make any other covenants** deemednecessary or advisable in order to properly secure the holders of suchassessment notes.
4. (1) Notwithstanding the provisions of section 108.170, RSMo, allsuch 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 bodyof the issuer shall determine a negotiated sale is in the best interest of theissuer. If the governing body determines it is in the best interest of theissuer to sell such assessment notes at negotiated sale, the specific reasonsfor concluding a negotiated sale is in the best interest of the issuer shallbe recited in the ordinance or resolution authorizing the negotiated sale.
(2) Notice of the public sale of assessment notes shall contain thefollowing:
(a) The name of the issuer;
(b) The issue date, maturity dates, amounts to mature on each maturitydate, 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 whomadditional information may be obtained; and may contain additionalinformation.
(3) Notice of the public sale of assessment notes shall be given bypublication in at least one newspaper of general circulation within the boundsof the issuer of the assessment notes. Such notice shall be published notmore than twenty-five days nor*** less than ten days prior to the date ofassessment note sale. The issuer may provide such additional notice of theassessment note sale as it deems desirable.
(4) The governing body of an issuer may reject any and all bids receivedfor assessment notes offered at public sale. If the governing body rejectssuch bids, the assessment notes offered may be sold at negotiated sale at anytime within thirty days after the date advertised for the receipt of bidsprovided the negotiated sale results in a lower net interest cost in dollarsover the life of the issue to the issuer than the best bid received at thepublic sale.
