Indebtedness to establish revolving improvement fund, purposes,procedure.
95.123. 1. Any city, whether organized under the generallaws of this state or by special or constitutional charter, maybecome indebted and issue bonds in evidence thereof in the mannerand to the extent provided in sections 95.115 to 95.170,inclusive, for the purpose of establishing a revolvingimprovement fund to be used for the purchase of tax bills issuedby the city, in payment for public improvements under any law ofthis state. Such purpose is found and declared to be a citypurpose within the meaning of sections 95.115 and 95.120 andarticle X, section 1, and article VI, section 26, of theConstitution of the State of Missouri.
2. Any city desiring to establish a revolving improvementfund under this section shall proceed in the manner provided insections 95.135 to 95.160, inclusive, and the provisions ofsections 95.115, 95.120 and 95.135 to 95.170, inclusive, apply toall cities proceeding under this section.
3. The principal proceeds of the sale of any bonds issuedunder this section shall be deposited by the issuing municipalityin a separate fund to be known as the "Revolving ImprovementFund". The issuing municipality may thereafter purchase out ofthe fund any special tax bills issued by it in payment for publicimprovements under any law of this state, and may use the fundfor no other purpose. The accrued interest and any premiumreceived upon delivery of any such bonds shall be deposited inthe interest and sinking fund from which the bonds and theinterest thereon are payable.
4. All sums received in payment of principal on the specialtax bills so purchased shall be paid into the revolvingimprovement fund, and shall be reused as provided in subsection3. So long as any bonds issued under the provisions of thissection remain outstanding, all sums received in payment ofinterest on any special tax bills purchased with the proceeds ofthe sale of such bonds shall be transferred and credited to theinterest and sinking fund from which the bonds and the interestthereon are payable. When all bonds issued hereunder have beenfully paid, all interest received on special tax bills purchasedfrom the revolving improvement fund shall be transferred to therevolving improvement fund.
5. When the city purchases any tax bill from a contractorand if said bill is not paid in accordance with the terms thereofthe city attorney or city counselor shall forthwith institutesuit on said tax bill as is by law provided.
Indebtedness to establish revolving improvement fund, purposes,procedure.
95.123. 1. Any city, whether organized under the generallaws of this state or by special or constitutional charter, maybecome indebted and issue bonds in evidence thereof in the mannerand to the extent provided in sections 95.115 to 95.170,inclusive, for the purpose of establishing a revolvingimprovement fund to be used for the purchase of tax bills issuedby the city, in payment for public improvements under any law ofthis state. Such purpose is found and declared to be a citypurpose within the meaning of sections 95.115 and 95.120 andarticle X, section 1, and article VI, section 26, of theConstitution of the State of Missouri.
2. Any city desiring to establish a revolving improvementfund under this section shall proceed in the manner provided insections 95.135 to 95.160, inclusive, and the provisions ofsections 95.115, 95.120 and 95.135 to 95.170, inclusive, apply toall cities proceeding under this section.
3. The principal proceeds of the sale of any bonds issuedunder this section shall be deposited by the issuing municipalityin a separate fund to be known as the "Revolving ImprovementFund". The issuing municipality may thereafter purchase out ofthe fund any special tax bills issued by it in payment for publicimprovements under any law of this state, and may use the fundfor no other purpose. The accrued interest and any premiumreceived upon delivery of any such bonds shall be deposited inthe interest and sinking fund from which the bonds and theinterest thereon are payable.
4. All sums received in payment of principal on the specialtax bills so purchased shall be paid into the revolvingimprovement fund, and shall be reused as provided in subsection3. So long as any bonds issued under the provisions of thissection remain outstanding, all sums received in payment ofinterest on any special tax bills purchased with the proceeds ofthe sale of such bonds shall be transferred and credited to theinterest and sinking fund from which the bonds and the interestthereon are payable. When all bonds issued hereunder have beenfully paid, all interest received on special tax bills purchasedfrom the revolving improvement fund shall be transferred to therevolving improvement fund.
5. When the city purchases any tax bill from a contractorand if said bill is not paid in accordance with the terms thereofthe city attorney or city counselor shall forthwith institutesuit on said tax bill as is by law provided.
Indebtedness to establish revolving improvement fund, purposes,procedure.
95.123. 1. Any city, whether organized under the generallaws of this state or by special or constitutional charter, maybecome indebted and issue bonds in evidence thereof in the mannerand to the extent provided in sections 95.115 to 95.170,inclusive, for the purpose of establishing a revolvingimprovement fund to be used for the purchase of tax bills issuedby the city, in payment for public improvements under any law ofthis state. Such purpose is found and declared to be a citypurpose within the meaning of sections 95.115 and 95.120 andarticle X, section 1, and article VI, section 26, of theConstitution of the State of Missouri.
2. Any city desiring to establish a revolving improvementfund under this section shall proceed in the manner provided insections 95.135 to 95.160, inclusive, and the provisions ofsections 95.115, 95.120 and 95.135 to 95.170, inclusive, apply toall cities proceeding under this section.
3. The principal proceeds of the sale of any bonds issuedunder this section shall be deposited by the issuing municipalityin a separate fund to be known as the "Revolving ImprovementFund". The issuing municipality may thereafter purchase out ofthe fund any special tax bills issued by it in payment for publicimprovements under any law of this state, and may use the fundfor no other purpose. The accrued interest and any premiumreceived upon delivery of any such bonds shall be deposited inthe interest and sinking fund from which the bonds and theinterest thereon are payable.
4. All sums received in payment of principal on the specialtax bills so purchased shall be paid into the revolvingimprovement fund, and shall be reused as provided in subsection3. So long as any bonds issued under the provisions of thissection remain outstanding, all sums received in payment ofinterest on any special tax bills purchased with the proceeds ofthe sale of such bonds shall be transferred and credited to theinterest and sinking fund from which the bonds and the interestthereon are payable. When all bonds issued hereunder have beenfully paid, all interest received on special tax bills purchasedfrom the revolving improvement fund shall be transferred to therevolving improvement fund.
5. When the city purchases any tax bill from a contractorand if said bill is not paid in accordance with the terms thereofthe city attorney or city counselor shall forthwith institutesuit on said tax bill as is by law provided.
