☰ Revisor of Missouri


Chapter 165

< > Effective - 28 Aug 1994 bottom

  *165.131.  Tax and revenue anticipation notes — form. — The board of education of any school district in this state, upon a vote of a majority of the members of the board, may borrow funds for the use of the various funds of the district, including the debt service fund, and may issue negotiable notes in evidence thereof, payable out of the revenues derived from school taxes or other school revenues, for the purposes of the funds of any year in which the notes are issued.  The notes may be issued at any time and from time to time in any year.  A separate note shall be issued to evidence the borrowing for the benefit of each fund, and shall bear on its face appropriate reference to or designation of the fund for the use of which the funds evidenced by the note are borrowed.  Beginning with the fiscal year commencing on July 1, 1994, the aggregate outstanding principal amount of the notes issued in any year for the use or benefit of any fund shall not exceed the amount of the school board's estimate of the requirements for the fund for such year.  The notes shall be payable in not to exceed twelve months from date of issuance, and shall not exceed the terms as set forth in section 108.170. The proceeds of the notes shall be placed to the credit of the respective funds for the use and benefit of which the borrowing was made, as evidenced by the notes, and subject to the right to make transfers from and to funds as otherwise permitted by law, the proceeds of the notes shall be used and expended only in payment of the expenses and obligations properly payable from the funds, respectively, and incurred or to be incurred against the funds during the year for the expenses of the year, or in payment of principal and interest on the notes.  The notes may be payable to bearer or to the order of a named payee, and may be in substantially the following form:


TAX AND REVENUE ANTICIPATION NOTE FOR ______ FUND ______ School District of ______ County, State of Missouri No. ______ Date of issue ______ $______
The ______ School District of ______ County, Missouri, will pay on ______ at the office of the Treasurer of said School District, or at the ______ Bank in ______, to (bearer; or ______ or order), the sum of ______ with interest thereon from date of issue at the rate of ______% per annum, payable at maturity, out of funds derived from taxes and other school revenues for school purposes for the ______ fund, for the school year beginning July 1, 20______, upon due and proper endorsement and presentment hereof.
BY ______
Clerk or Secretary



(L. 1963 p. 200 § 6-13, A.L. 1973 H.B. 158, A.L. 1977 H.B. 130, A.L. 1984 H.B. 856 & 1358, A.L. 1994 H.B. 1218)

(Source: RSMo 1959 § 165.070)

*Number "161.131" appears in original rolls.

---- end of effective  28 Aug 1994 ----

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