State Codes and Statutes
Statutes > Missouri > T21 > C321 > 321_350Election to vote on issuing bonds or creating indebtedness.
321.350. Whenever any board shall, by resolution, determinethat the interest of said district and the public interest ornecessity demand the acquisition, construction, installation orcompletion of any works or other improvements or facilities, orthe making of any contract with the United States or otherpersons or corporations, to carry out the objects or purposes ofsaid district, requiring the creation of an indebtedness in anamount exceeding in any year the income and revenue provided forsuch year plus any unencumbered balances from previous years,said board shall order the submission of the proposition ofissuing such obligations or bonds, or creating otherindebtedness, to the voters of the election. The declaration ofpublic interest or necessity herein required and the provisionfor holding of such election may be included within one and thesame resolution, which resolution, in addition to suchdeclaration of public interest or necessity, shall recite theobjects and purposes for which the indebtedness is proposed to beincurred, the estimated cost of the works or improvements, as thecase may be, the amount of principal of the indebtedness to beincurred therefor, and the maximum rate of interest to be paid onsuch indebtedness. Such resolution shall also fix the date uponwhich such election shall be held.
(L. 1947 V. I p. 432 § 35, A.L. 1969 H.B. 322, A.L. 1978 H.B. 971)
