Section 49.535

Title VI COUNTY, TOWNSHIP AND POLITICAL SUBDIVISION GOVERNMENT

Chapter 49

Effective - 28 Aug 1975   

  49.535.  Bonds negotiable and tax free — method of sale — payable from revenue only. — 1.  Any bonds shall have all of the qualities of negotiable instruments under the law, and shall not be subject to taxation in any manner.  In case any of the officers whose signatures or countersignatures appear on the bonds or coupons shall cease to be such officers before delivery of the bonds, the signatures or countersignatures shall nevertheless be valid and sufficient, for all purposes, the same as if they had remained in office until the delivery.

  2.  The bonds shall be sold in the manner and upon such terms as the governing body of the county deems for the best interest of the county, at public sale, to the highest and best bidder, upon sealed bid, after publication of notice of the public sale at least three times in a newspaper of general circulation in the county, the last insertion of the notice to be at least ten days before the last day for filing and public opening of the sealed bids.

  3.  The bonds, when issued, shall be payable from the revenue derived from the buildings as provided in section 49.560.  It shall be plainly stated on the face of each bond that the same has been issued under the provisions of sections 49.520 to 49.580 and that it does not constitute an indebtedness of the county, or the state of Missouri, within the meaning of any constitutional provisions or limitations.

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(L. 1961 p. 278 § 4, A.L. 1975 H.B. 510)