243.390. 1. The county commission may issue bonds for andon behalf of any drainage district created under this chapter,for the purpose of paying the cost of the completion of theimprovement as located, described and set forth in the report ofthe viewers and engineer, as confirmed by the county commissionand the payment of all duly authorized expenses incident thereto.The aggregate par value of such bonds shall not exceed the taxeslevied to pay the cost of the improvement and the expensesincident thereto as provided in this chapter, exclusive of theten percent for emergencies and the amount added to the tax levyto meet the interest on the bonds of the district.
2. Any bonds issued hereunder shall be in denominations ofone hundred dollars and multiples thereof and shall bear interestat a rate not to exceed six percent per annum, payablesemiannually, shall be payable as to principal and interest atthe office of the county treasurer and shall be signed by thepresiding commissioner of the county commission and attested bythe signature of the county clerk and the official seal of thecounty commission. A substantial amount of the total bondsissued to construct the improvement shall mature each yearbeginning not later than five years from the date of delivery forvalue of the first bonds. None of said bonds shall mature morethan twenty years after date of issue of same.
3. Bonds issued hereunder shall be signed and delivered tothe county treasurer and shall be sold by him, with the consentand approval of the county commission, at not less thanninety-five percent of the par value plus accrued interest. Saidbonds may be prepared, dated and executed at one time and whendelivered for value in accordance with the terms of the contractof purchase shall be held to be the obligations of the districtthough executed by officials other than those in office at thetime of delivery for value; provided, the officials signing themwere such officials at the time the bonds were signed. Saidbonds shall show upon their face the purpose for which they areissued and the principal and interest thereof shall be payablefrom the proceeds of the taxes levied upon the land and otherproperty in the drainage district as provided in this chapter.At the times any bonds are issued, a sufficient amount of thesaid drainage taxes shall be set aside and appropriated to paythe principal and interest of said bonds and it shall be the dutyof the county commission to arrange and determine the annualinstallments of said taxes so as to provide funds in due time forthe payment at maturity of the principal and interest of any bondauthorized and issued hereunder. The proceeds of any taxes soappropriated shall be used for the purpose of paying theprincipal and interest of said bonds and no other.
4. If necessary to promptly pay said bonds and the interestthereon the county commission shall rearrange the schedule ofannual installments made at the time the taxes were levied andshall also make such additional tax levies as are necessary andshall provide for the collection of the same at such times aswill produce the required amounts. Under no circumstances shallthe county commission make any tax levies which will in anymanner, or to any extent, impair the security of the bonds issuedhereunder or the fund available for the payment of the principaland interest of the same. Bonds and coupons not paid at maturityshall bear interest at the rate of six percent per annum untilpaid.
5. If deemed advisable, the county commission may, by itsorder of record, select especial depositary or depositaries forthe proceeds of any bonds issued hereunder as temporary treasureror treasurers to hold and disburse said funds to the countytreasurer as the work progresses, on the order of the countycommission, provided said special depositary shall secure saidfunds by approved collateral or by the bond or bonds of a suretycompany or surety companies authorized to transact business inMissouri, the premium or premiums on which bond or bonds may bepaid out of any funds belonging to the drainage district.
243.390. 1. The county commission may issue bonds for andon behalf of any drainage district created under this chapter,for the purpose of paying the cost of the completion of theimprovement as located, described and set forth in the report ofthe viewers and engineer, as confirmed by the county commissionand the payment of all duly authorized expenses incident thereto.The aggregate par value of such bonds shall not exceed the taxeslevied to pay the cost of the improvement and the expensesincident thereto as provided in this chapter, exclusive of theten percent for emergencies and the amount added to the tax levyto meet the interest on the bonds of the district.
2. Any bonds issued hereunder shall be in denominations ofone hundred dollars and multiples thereof and shall bear interestat a rate not to exceed six percent per annum, payablesemiannually, shall be payable as to principal and interest atthe office of the county treasurer and shall be signed by thepresiding commissioner of the county commission and attested bythe signature of the county clerk and the official seal of thecounty commission. A substantial amount of the total bondsissued to construct the improvement shall mature each yearbeginning not later than five years from the date of delivery forvalue of the first bonds. None of said bonds shall mature morethan twenty years after date of issue of same.
3. Bonds issued hereunder shall be signed and delivered tothe county treasurer and shall be sold by him, with the consentand approval of the county commission, at not less thanninety-five percent of the par value plus accrued interest. Saidbonds may be prepared, dated and executed at one time and whendelivered for value in accordance with the terms of the contractof purchase shall be held to be the obligations of the districtthough executed by officials other than those in office at thetime of delivery for value; provided, the officials signing themwere such officials at the time the bonds were signed. Saidbonds shall show upon their face the purpose for which they areissued and the principal and interest thereof shall be payablefrom the proceeds of the taxes levied upon the land and otherproperty in the drainage district as provided in this chapter.At the times any bonds are issued, a sufficient amount of thesaid drainage taxes shall be set aside and appropriated to paythe principal and interest of said bonds and it shall be the dutyof the county commission to arrange and determine the annualinstallments of said taxes so as to provide funds in due time forthe payment at maturity of the principal and interest of any bondauthorized and issued hereunder. The proceeds of any taxes soappropriated shall be used for the purpose of paying theprincipal and interest of said bonds and no other.
4. If necessary to promptly pay said bonds and the interestthereon the county commission shall rearrange the schedule ofannual installments made at the time the taxes were levied andshall also make such additional tax levies as are necessary andshall provide for the collection of the same at such times aswill produce the required amounts. Under no circumstances shallthe county commission make any tax levies which will in anymanner, or to any extent, impair the security of the bonds issuedhereunder or the fund available for the payment of the principaland interest of the same. Bonds and coupons not paid at maturityshall bear interest at the rate of six percent per annum untilpaid.
5. If deemed advisable, the county commission may, by itsorder of record, select especial depositary or depositaries forthe proceeds of any bonds issued hereunder as temporary treasureror treasurers to hold and disburse said funds to the countytreasurer as the work progresses, on the order of the countycommission, provided said special depositary shall secure saidfunds by approved collateral or by the bond or bonds of a suretycompany or surety companies authorized to transact business inMissouri, the premium or premiums on which bond or bonds may bepaid out of any funds belonging to the drainage district.
243.390. 1. The county commission may issue bonds for andon behalf of any drainage district created under this chapter,for the purpose of paying the cost of the completion of theimprovement as located, described and set forth in the report ofthe viewers and engineer, as confirmed by the county commissionand the payment of all duly authorized expenses incident thereto.The aggregate par value of such bonds shall not exceed the taxeslevied to pay the cost of the improvement and the expensesincident thereto as provided in this chapter, exclusive of theten percent for emergencies and the amount added to the tax levyto meet the interest on the bonds of the district.
2. Any bonds issued hereunder shall be in denominations ofone hundred dollars and multiples thereof and shall bear interestat a rate not to exceed six percent per annum, payablesemiannually, shall be payable as to principal and interest atthe office of the county treasurer and shall be signed by thepresiding commissioner of the county commission and attested bythe signature of the county clerk and the official seal of thecounty commission. A substantial amount of the total bondsissued to construct the improvement shall mature each yearbeginning not later than five years from the date of delivery forvalue of the first bonds. None of said bonds shall mature morethan twenty years after date of issue of same.
3. Bonds issued hereunder shall be signed and delivered tothe county treasurer and shall be sold by him, with the consentand approval of the county commission, at not less thanninety-five percent of the par value plus accrued interest. Saidbonds may be prepared, dated and executed at one time and whendelivered for value in accordance with the terms of the contractof purchase shall be held to be the obligations of the districtthough executed by officials other than those in office at thetime of delivery for value; provided, the officials signing themwere such officials at the time the bonds were signed. Saidbonds shall show upon their face the purpose for which they areissued and the principal and interest thereof shall be payablefrom the proceeds of the taxes levied upon the land and otherproperty in the drainage district as provided in this chapter.At the times any bonds are issued, a sufficient amount of thesaid drainage taxes shall be set aside and appropriated to paythe principal and interest of said bonds and it shall be the dutyof the county commission to arrange and determine the annualinstallments of said taxes so as to provide funds in due time forthe payment at maturity of the principal and interest of any bondauthorized and issued hereunder. The proceeds of any taxes soappropriated shall be used for the purpose of paying theprincipal and interest of said bonds and no other.
4. If necessary to promptly pay said bonds and the interestthereon the county commission shall rearrange the schedule ofannual installments made at the time the taxes were levied andshall also make such additional tax levies as are necessary andshall provide for the collection of the same at such times aswill produce the required amounts. Under no circumstances shallthe county commission make any tax levies which will in anymanner, or to any extent, impair the security of the bonds issuedhereunder or the fund available for the payment of the principaland interest of the same. Bonds and coupons not paid at maturityshall bear interest at the rate of six percent per annum untilpaid.
5. If deemed advisable, the county commission may, by itsorder of record, select especial depositary or depositaries forthe proceeds of any bonds issued hereunder as temporary treasureror treasurers to hold and disburse said funds to the countytreasurer as the work progresses, on the order of the countycommission, provided said special depositary shall secure saidfunds by approved collateral or by the bond or bonds of a suretycompany or surety companies authorized to transact business inMissouri, the premium or premiums on which bond or bonds may bepaid out of any funds belonging to the drainage district.
