Political subdivision, with sponsor's plan approved, submit to votersballot to incur debt, issue bonds, levy and collect taxes--bonds,procedure to issue--rate of tax--how calculated--collection.
256.445. 1. Any political subdivision which containsa sponsor which has submitted a plan which has been approvedby the director pursuant to sections 256.435 to 256.445 maysubmit to the qualified voters of the political subdivisionthe following question:
Shall the political subdivision of ...............(name of political subdivision) incur indebtedness and issuegeneral obligation bonds to pay for all or part of the costsof establishing and maintaining a water resource projectwith the political subdivision, the cost of all indebtednessso incurred to be assessed by the governing body of................ (name of political subdivision) onproperty within the political subdivision?
â ã Yes â ã No
2. If it appears that the required percentage of thevoters of such political subdivision voting on theproposition of incurring indebtedness submitted at theelection were in favor of incurring such indebtedness, theelection authority shall make an order reciting the holdingof such election and the results thereof, both for andagainst the proposition, and if the result of the electionas certified shall be in favor of incurring the indebtednessand issuing the bonds, then the governing body of thepolitical subdivision shall direct the issuance thereof tothe amount of the debt authorized to be incurred, or anyportion thereof, and shall either before or at the time ofdoing so provide for the collection of an annual ad valoremtax upon all of the taxable property within the politicalsubdivision, which tax shall be sufficient to pay theinterest on such indebtedness as it falls due and also tocreate a sinking fund for the payment of the principalthereof within twenty years from the date of contracting thesame, such tax to be levied and collected as provided for inchapter 137, RSMo.
3. The governing body of the political subdivisionshall have no power to levy or collect any taxes for thepayment of any indebtedness incurred by the politicalsubdivision pursuant to this section unless and until thevoters of the political subdivision shall have authorizedthe incurring of indebtedness at an election, but all suchexpenses and indebtedness incurred by the politicalsubdivision may be paid out of funds which may be receivedby the political subdivision from the sale of bondsauthorized by the voters at any such election.
4. Such bonds shall be issued in denominations of onehundred dollars or some multiple thereof; shall be payableto bearer, not later than twenty years from their date;shall bear interest from their date at a rate not exceedingsix percent per annum, payable annually or semiannually;such interest payments to be evidenced by annexed coupons,and such bonds shall not be sold for less than ninety-fivepercent of the face value thereof and together with existingindebtedness of the political subdivision, if any, shall notexceed in the aggregate five percent of the value of all ofthe taxable property in the political subdivision to beascertained by the assessment next before the lastassessment for state and county purposes previous to theincurring of such indebtedness.
5. Such bonds shall be signed by the presiding officerof the governing body of the political subdivision attestedby the signature of the secretary of the governing body withthe seal of the political subdivision affixed thereto. Thebonds may be sold under the same conditions as are providedfor the sale of county road bonds.
6. All bonds issued under this section shall beregistered in the office of the state auditor as provided bylaw for the registration of bonds of cities and in theoffice of the governing body of the political subdivision ina book kept for that purpose for registry, shall show thenumber, date, amount, date of sale, name of the purchaserand the amount for which the bond was sold.
7. The governing body of the political subdivisionwherein such project is situate shall certify the amount ofmoney that will be required during the next succeeding yearto pay interest falling due on bonds issued and theprincipal of bonds maturing in such year, and the amountnecessary to cover the estimated expenses of maintainingsuch project in good condition. The governing body shall,at the time it makes the levy for other taxes, by ordermade, levy such a rate of taxes upon all the taxableproperty in the political subdivision as will produce a sumof money sufficient for the purposes of the water resourceproject; provided, that the governing body shall have noauthority to levy such tax until the voters of the politicalsubdivision shall have voted to incur an indebtedness underthe provisions of this section.
8. On such order being made it shall be the duty ofthe governing body to cause such rate of taxation to beextended upon the tax books against all the taxable propertyin the political subdivision and the same shall be collectedand remitted to the governing board of the water project bythe collector of the revenue of the political subdivision atthe time, in the manner, and by the same means as state,county, school and other taxes are collected and remitted.All of the laws, rights and remedies provided by the laws ofthis state for the collection of state, county, school andother taxes shall be applicable to the collection of taxesherein authorized to be collected.
9. All taxes levied pursuant to this section shall bebased upon the assessed valuation of lands and otherproperty in the political subdivision in accordance with thecurrent record of the assessed valuations of all taxableproperty within the political subdivision as may bedetermined by the records in the assessor's office of thepolitical subdivision and such tax shall be prorated and anequal amount levied upon each one hundred dollars assessedvaluation.
Political subdivision, with sponsor's plan approved, submit to votersballot to incur debt, issue bonds, levy and collect taxes--bonds,procedure to issue--rate of tax--how calculated--collection.
256.445. 1. Any political subdivision which containsa sponsor which has submitted a plan which has been approvedby the director pursuant to sections 256.435 to 256.445 maysubmit to the qualified voters of the political subdivisionthe following question:
Shall the political subdivision of ...............(name of political subdivision) incur indebtedness and issuegeneral obligation bonds to pay for all or part of the costsof establishing and maintaining a water resource projectwith the political subdivision, the cost of all indebtednessso incurred to be assessed by the governing body of................ (name of political subdivision) onproperty within the political subdivision?
â ã Yes â ã No
2. If it appears that the required percentage of thevoters of such political subdivision voting on theproposition of incurring indebtedness submitted at theelection were in favor of incurring such indebtedness, theelection authority shall make an order reciting the holdingof such election and the results thereof, both for andagainst the proposition, and if the result of the electionas certified shall be in favor of incurring the indebtednessand issuing the bonds, then the governing body of thepolitical subdivision shall direct the issuance thereof tothe amount of the debt authorized to be incurred, or anyportion thereof, and shall either before or at the time ofdoing so provide for the collection of an annual ad valoremtax upon all of the taxable property within the politicalsubdivision, which tax shall be sufficient to pay theinterest on such indebtedness as it falls due and also tocreate a sinking fund for the payment of the principalthereof within twenty years from the date of contracting thesame, such tax to be levied and collected as provided for inchapter 137, RSMo.
3. The governing body of the political subdivisionshall have no power to levy or collect any taxes for thepayment of any indebtedness incurred by the politicalsubdivision pursuant to this section unless and until thevoters of the political subdivision shall have authorizedthe incurring of indebtedness at an election, but all suchexpenses and indebtedness incurred by the politicalsubdivision may be paid out of funds which may be receivedby the political subdivision from the sale of bondsauthorized by the voters at any such election.
4. Such bonds shall be issued in denominations of onehundred dollars or some multiple thereof; shall be payableto bearer, not later than twenty years from their date;shall bear interest from their date at a rate not exceedingsix percent per annum, payable annually or semiannually;such interest payments to be evidenced by annexed coupons,and such bonds shall not be sold for less than ninety-fivepercent of the face value thereof and together with existingindebtedness of the political subdivision, if any, shall notexceed in the aggregate five percent of the value of all ofthe taxable property in the political subdivision to beascertained by the assessment next before the lastassessment for state and county purposes previous to theincurring of such indebtedness.
5. Such bonds shall be signed by the presiding officerof the governing body of the political subdivision attestedby the signature of the secretary of the governing body withthe seal of the political subdivision affixed thereto. Thebonds may be sold under the same conditions as are providedfor the sale of county road bonds.
6. All bonds issued under this section shall beregistered in the office of the state auditor as provided bylaw for the registration of bonds of cities and in theoffice of the governing body of the political subdivision ina book kept for that purpose for registry, shall show thenumber, date, amount, date of sale, name of the purchaserand the amount for which the bond was sold.
7. The governing body of the political subdivisionwherein such project is situate shall certify the amount ofmoney that will be required during the next succeeding yearto pay interest falling due on bonds issued and theprincipal of bonds maturing in such year, and the amountnecessary to cover the estimated expenses of maintainingsuch project in good condition. The governing body shall,at the time it makes the levy for other taxes, by ordermade, levy such a rate of taxes upon all the taxableproperty in the political subdivision as will produce a sumof money sufficient for the purposes of the water resourceproject; provided, that the governing body shall have noauthority to levy such tax until the voters of the politicalsubdivision shall have voted to incur an indebtedness underthe provisions of this section.
8. On such order being made it shall be the duty ofthe governing body to cause such rate of taxation to beextended upon the tax books against all the taxable propertyin the political subdivision and the same shall be collectedand remitted to the governing board of the water project bythe collector of the revenue of the political subdivision atthe time, in the manner, and by the same means as state,county, school and other taxes are collected and remitted.All of the laws, rights and remedies provided by the laws ofthis state for the collection of state, county, school andother taxes shall be applicable to the collection of taxesherein authorized to be collected.
9. All taxes levied pursuant to this section shall bebased upon the assessed valuation of lands and otherproperty in the political subdivision in accordance with thecurrent record of the assessed valuations of all taxableproperty within the political subdivision as may bedetermined by the records in the assessor's office of thepolitical subdivision and such tax shall be prorated and anequal amount levied upon each one hundred dollars assessedvaluation.
Political subdivision, with sponsor's plan approved, submit to votersballot to incur debt, issue bonds, levy and collect taxes--bonds,procedure to issue--rate of tax--how calculated--collection.
256.445. 1. Any political subdivision which containsa sponsor which has submitted a plan which has been approvedby the director pursuant to sections 256.435 to 256.445 maysubmit to the qualified voters of the political subdivisionthe following question:
Shall the political subdivision of ...............(name of political subdivision) incur indebtedness and issuegeneral obligation bonds to pay for all or part of the costsof establishing and maintaining a water resource projectwith the political subdivision, the cost of all indebtednessso incurred to be assessed by the governing body of................ (name of political subdivision) onproperty within the political subdivision?
â ã Yes â ã No
2. If it appears that the required percentage of thevoters of such political subdivision voting on theproposition of incurring indebtedness submitted at theelection were in favor of incurring such indebtedness, theelection authority shall make an order reciting the holdingof such election and the results thereof, both for andagainst the proposition, and if the result of the electionas certified shall be in favor of incurring the indebtednessand issuing the bonds, then the governing body of thepolitical subdivision shall direct the issuance thereof tothe amount of the debt authorized to be incurred, or anyportion thereof, and shall either before or at the time ofdoing so provide for the collection of an annual ad valoremtax upon all of the taxable property within the politicalsubdivision, which tax shall be sufficient to pay theinterest on such indebtedness as it falls due and also tocreate a sinking fund for the payment of the principalthereof within twenty years from the date of contracting thesame, such tax to be levied and collected as provided for inchapter 137, RSMo.
3. The governing body of the political subdivisionshall have no power to levy or collect any taxes for thepayment of any indebtedness incurred by the politicalsubdivision pursuant to this section unless and until thevoters of the political subdivision shall have authorizedthe incurring of indebtedness at an election, but all suchexpenses and indebtedness incurred by the politicalsubdivision may be paid out of funds which may be receivedby the political subdivision from the sale of bondsauthorized by the voters at any such election.
4. Such bonds shall be issued in denominations of onehundred dollars or some multiple thereof; shall be payableto bearer, not later than twenty years from their date;shall bear interest from their date at a rate not exceedingsix percent per annum, payable annually or semiannually;such interest payments to be evidenced by annexed coupons,and such bonds shall not be sold for less than ninety-fivepercent of the face value thereof and together with existingindebtedness of the political subdivision, if any, shall notexceed in the aggregate five percent of the value of all ofthe taxable property in the political subdivision to beascertained by the assessment next before the lastassessment for state and county purposes previous to theincurring of such indebtedness.
5. Such bonds shall be signed by the presiding officerof the governing body of the political subdivision attestedby the signature of the secretary of the governing body withthe seal of the political subdivision affixed thereto. Thebonds may be sold under the same conditions as are providedfor the sale of county road bonds.
6. All bonds issued under this section shall beregistered in the office of the state auditor as provided bylaw for the registration of bonds of cities and in theoffice of the governing body of the political subdivision ina book kept for that purpose for registry, shall show thenumber, date, amount, date of sale, name of the purchaserand the amount for which the bond was sold.
7. The governing body of the political subdivisionwherein such project is situate shall certify the amount ofmoney that will be required during the next succeeding yearto pay interest falling due on bonds issued and theprincipal of bonds maturing in such year, and the amountnecessary to cover the estimated expenses of maintainingsuch project in good condition. The governing body shall,at the time it makes the levy for other taxes, by ordermade, levy such a rate of taxes upon all the taxableproperty in the political subdivision as will produce a sumof money sufficient for the purposes of the water resourceproject; provided, that the governing body shall have noauthority to levy such tax until the voters of the politicalsubdivision shall have voted to incur an indebtedness underthe provisions of this section.
8. On such order being made it shall be the duty ofthe governing body to cause such rate of taxation to beextended upon the tax books against all the taxable propertyin the political subdivision and the same shall be collectedand remitted to the governing board of the water project bythe collector of the revenue of the political subdivision atthe time, in the manner, and by the same means as state,county, school and other taxes are collected and remitted.All of the laws, rights and remedies provided by the laws ofthis state for the collection of state, county, school andother taxes shall be applicable to the collection of taxesherein authorized to be collected.
9. All taxes levied pursuant to this section shall bebased upon the assessed valuation of lands and otherproperty in the political subdivision in accordance with thecurrent record of the assessed valuations of all taxableproperty within the political subdivision as may bedetermined by the records in the assessor's office of thepolitical subdivision and such tax shall be prorated and anequal amount levied upon each one hundred dollars assessedvaluation.
