State Codes and Statutes
Statutes > Missouri > T15 > C242 > 242_520Districts organized prior to April 8, 1905--limitation onindebtedness.
242.520. 1. In drainage districts so making levelassessments, the board of supervisors thereof may, with theconsent of the owners of not less than three-fifths of the landsembraced in such districts, given at an election held in thedistrict for that purpose, upon a notice, the same as requiredfor the election of supervisors, for the purpose of constructingnew works or of repairing or extending old ones, as well as formaking surveys and acquiring rights-of-way, borrow upon thecredit of the district a sum or sums the principal of which shallat no time exceed six dollars for each acre in the district. Invoting at such an election, or at any election by the landowners,any landowner, not present, may vote by written proxy.
2. Loans negotiated under this section shall not run longerthan twenty years nor bear more than six percent semiannualinterest, nor shall the bonds be sold for less than ninety centson the dollar clear to the district. Upon negotiating any suchloan, it shall be the duty of the board of supervisors to make alevy of such sum, not exceeding fifty cents per acre in any oneyear, as will be sufficient to pay the principal and interest onsuch bonds as they mature.
(RSMo 1939 § 12387)Prior revisions: 1929 § 10806; 1919 § 4436; 1909 § 5536
