242.504. Supervisors may issue bonds, limitation on. — 1. The board of supervisors may, if in their judgment it seems best, issue bonds which, when added to the bonded indebtedness then outstanding, do not exceed ninety percent of the total amount of taxes levied pursuant to section 242.502. The funds derived from the sale of said bonds shall be used to pay the costs of drainage works and improvements as shown in the supplemental plan for reclamation adopted by the board of supervisors pursuant to section 242.230 and to refund outstanding protested warrants.
2. The bonds shall be issued pursuant to and in accordance with the provisions of section 242.480.
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(L. 1977 S.B. 2)
---- end of effective 28 Aug 1977 ----
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