Section 233.390

Title XIV ROADS AND WATERWAYS

Chapter 233

Effective - 28 Aug 1939   

  233.390.  Special assessment bonds to be issued. — 1.  The commissioners of the special road district, after such order is made, shall issue special assessment bonds of the district for an amount not exceeding ninety percent of the total amount of the tax so ordered, in denominations of not less than one hundred dollars, having some convenient date, and bearing interest from such date at a rate not to exceed six percent per annum.  The interest on such bonds shall be payable on the first days of each April and October after said date, until all of said bonds are paid.  Said bonds shall be payable in the same number of installments, which need not be equal, as the special tax so ordered, one of which shall become due and payable on the first day of April after each installment of such tax becomes payable.  Both principal and interest shall be payable at some convenient banking house or trust company's office to be named in said bonds.

  2.  Said bonds shall be signed by the president of the road district and attested by the county clerk, who shall, before the delivery thereof register the same in a suitable book for that purpose.  After such bonds are so registered, they shall be presented to the state auditor for registration, who shall register the same as bonds are required by law to be registered.  Such bonds after being so registered by the state auditor shall be deposited with the district treasurer in whose custody they shall remain until disposed of as authorized by sections 233.320 to 233.445; and such bonds after being so registered by the state auditor shall be eligible as good and lawful securities for any and all purposes that bonds issued under the provisions of sections 242.010 to 242.690, and sections 243.010 to 243.540, are made so eligible and by sections 108.240 to 108.300, and county commissions of this state may invest school funds or other trust funds that may be under their control in said bonds at their par value.

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(RSMo 1939 § 8848)

Prior revisions: 1929 § 8188; 1919 § 10949