Revenue bonds, issuance--effect on fees and charges.
249.797. 1. A sewer district organized under the provisionsof sections 249.760 to 249.810 may in the manner hereinafterprovided authorize and issue sewerage system revenue bonds of thedistrict. The bonds shall be payable solely from the revenuesderived and to be derived from the operation of the district'ssanitary sewerage system or any part thereof including incomefrom extensions and improvements to the system thereafter made oracquired. The bonds shall not constitute an indebtedness of thedistrict and no taxes shall be levied to pay the bonds or theinterest thereon.
2. Revenue bonds issued under the provisions of sections249.760 to 249.810 shall be signed by the chairman of the boardof supervisors of the district, and the seal of the districtshall be affixed, attested by the secretary of the board. Thebonds shall be payable at such bank or trust company as the boardmay select. The bonds shall be registered in the office of thesecretary of the sewer district and when so registered and issuedshall import absolute verity and shall be conclusive in favor ofall persons purchasing the bonds that all proceedings andconditions precedent have been had and performed to authorize theissuance thereof, and the bonds shall be negotiable.
3. It is the mandatory duty of any sewer district issuingrevenue bonds under sections 249.760 to 249.810 to fix andmaintain rates and make and collect charges for the use andservices of the district's sewerage system for the benefit ofwhich the revenue bonds were issued, sufficient to pay the costof maintenance and operation thereof, to pay the principal of andthe interest on all revenue bonds or any other obligations issuedby the district and chargeable to the revenues of the system asand when the same become due, provide an adequate depreciationand replacement fund, and to create reasonable reserves therefor,and to provide funds ample to meet all valid and reasonablerequirements of the resolution authorizing the revenue bonds.The fees, rates or charges shall be sufficient to allow formiscellaneous and emergency or unforeseen expenses and the ratesshall from time to time be revised so as fully to meet therequirements of sections 249.760 to 249.810.
4. The resolution authorizing the issuance of revenue bondshereunder may establish limitations upon the issuance ofadditional revenue bonds payable from the revenues of thedistrict's sewerage system and may provide that additionalrevenue bonds shall stand on a parity as to the revenues of thesewer district and in all other respects with revenue bondspreviously issued on such conditions as may be specified in theresolution. The resolution may include other agreements,covenants or restrictions deemed advisable by the board to effectthe efficient operation of the system and to safeguard theinterest of the holders of the revenue bonds and to secure thepayment of the bonds and the interest thereon promptly when due.
5. Whenever a district authorizes and issues revenue bondsunder sections 249.760 to 249.810, an amount of the net revenuesof the sewerage system of the district sufficient for the purposeshall, by operation of sections 249.760 to 249.810, be pledged tothe payment of the principal of and the interest on the bonds asthe same shall become due.
Revenue bonds, issuance--effect on fees and charges.
249.797. 1. A sewer district organized under the provisionsof sections 249.760 to 249.810 may in the manner hereinafterprovided authorize and issue sewerage system revenue bonds of thedistrict. The bonds shall be payable solely from the revenuesderived and to be derived from the operation of the district'ssanitary sewerage system or any part thereof including incomefrom extensions and improvements to the system thereafter made oracquired. The bonds shall not constitute an indebtedness of thedistrict and no taxes shall be levied to pay the bonds or theinterest thereon.
2. Revenue bonds issued under the provisions of sections249.760 to 249.810 shall be signed by the chairman of the boardof supervisors of the district, and the seal of the districtshall be affixed, attested by the secretary of the board. Thebonds shall be payable at such bank or trust company as the boardmay select. The bonds shall be registered in the office of thesecretary of the sewer district and when so registered and issuedshall import absolute verity and shall be conclusive in favor ofall persons purchasing the bonds that all proceedings andconditions precedent have been had and performed to authorize theissuance thereof, and the bonds shall be negotiable.
3. It is the mandatory duty of any sewer district issuingrevenue bonds under sections 249.760 to 249.810 to fix andmaintain rates and make and collect charges for the use andservices of the district's sewerage system for the benefit ofwhich the revenue bonds were issued, sufficient to pay the costof maintenance and operation thereof, to pay the principal of andthe interest on all revenue bonds or any other obligations issuedby the district and chargeable to the revenues of the system asand when the same become due, provide an adequate depreciationand replacement fund, and to create reasonable reserves therefor,and to provide funds ample to meet all valid and reasonablerequirements of the resolution authorizing the revenue bonds.The fees, rates or charges shall be sufficient to allow formiscellaneous and emergency or unforeseen expenses and the ratesshall from time to time be revised so as fully to meet therequirements of sections 249.760 to 249.810.
4. The resolution authorizing the issuance of revenue bondshereunder may establish limitations upon the issuance ofadditional revenue bonds payable from the revenues of thedistrict's sewerage system and may provide that additionalrevenue bonds shall stand on a parity as to the revenues of thesewer district and in all other respects with revenue bondspreviously issued on such conditions as may be specified in theresolution. The resolution may include other agreements,covenants or restrictions deemed advisable by the board to effectthe efficient operation of the system and to safeguard theinterest of the holders of the revenue bonds and to secure thepayment of the bonds and the interest thereon promptly when due.
5. Whenever a district authorizes and issues revenue bondsunder sections 249.760 to 249.810, an amount of the net revenuesof the sewerage system of the district sufficient for the purposeshall, by operation of sections 249.760 to 249.810, be pledged tothe payment of the principal of and the interest on the bonds asthe same shall become due.
Revenue bonds, issuance--effect on fees and charges.
249.797. 1. A sewer district organized under the provisionsof sections 249.760 to 249.810 may in the manner hereinafterprovided authorize and issue sewerage system revenue bonds of thedistrict. The bonds shall be payable solely from the revenuesderived and to be derived from the operation of the district'ssanitary sewerage system or any part thereof including incomefrom extensions and improvements to the system thereafter made oracquired. The bonds shall not constitute an indebtedness of thedistrict and no taxes shall be levied to pay the bonds or theinterest thereon.
2. Revenue bonds issued under the provisions of sections249.760 to 249.810 shall be signed by the chairman of the boardof supervisors of the district, and the seal of the districtshall be affixed, attested by the secretary of the board. Thebonds shall be payable at such bank or trust company as the boardmay select. The bonds shall be registered in the office of thesecretary of the sewer district and when so registered and issuedshall import absolute verity and shall be conclusive in favor ofall persons purchasing the bonds that all proceedings andconditions precedent have been had and performed to authorize theissuance thereof, and the bonds shall be negotiable.
3. It is the mandatory duty of any sewer district issuingrevenue bonds under sections 249.760 to 249.810 to fix andmaintain rates and make and collect charges for the use andservices of the district's sewerage system for the benefit ofwhich the revenue bonds were issued, sufficient to pay the costof maintenance and operation thereof, to pay the principal of andthe interest on all revenue bonds or any other obligations issuedby the district and chargeable to the revenues of the system asand when the same become due, provide an adequate depreciationand replacement fund, and to create reasonable reserves therefor,and to provide funds ample to meet all valid and reasonablerequirements of the resolution authorizing the revenue bonds.The fees, rates or charges shall be sufficient to allow formiscellaneous and emergency or unforeseen expenses and the ratesshall from time to time be revised so as fully to meet therequirements of sections 249.760 to 249.810.
4. The resolution authorizing the issuance of revenue bondshereunder may establish limitations upon the issuance ofadditional revenue bonds payable from the revenues of thedistrict's sewerage system and may provide that additionalrevenue bonds shall stand on a parity as to the revenues of thesewer district and in all other respects with revenue bondspreviously issued on such conditions as may be specified in theresolution. The resolution may include other agreements,covenants or restrictions deemed advisable by the board to effectthe efficient operation of the system and to safeguard theinterest of the holders of the revenue bonds and to secure thepayment of the bonds and the interest thereon promptly when due.
5. Whenever a district authorizes and issues revenue bondsunder sections 249.760 to 249.810, an amount of the net revenuesof the sewerage system of the district sufficient for the purposeshall, by operation of sections 249.760 to 249.810, be pledged tothe payment of the principal of and the interest on the bonds asthe same shall become due.
