Section 246.277

Title XV LANDS, LEVEES, DRAINAGE, SEWERS AND PUBLIC WATER SUPPLY

Chapter 246

Effective - 30 Sep 1993, see footnote   

  246.277.  Loans authorized for political subdivision located in disaster area of 1993 — terms. — 1.  The governing body of any political subdivision of this state located in a county which has been declared a major disaster area as provided in section 140.015 may, upon a vote of the majority of the members of the governing body, borrow money in anticipation of the collection of taxes and revenues for the current year or immediately following year.  The amount of such loans shall at no time exceed the amount of revenue required to meet the estimated revenue requirements placed on such political subdivision as a result of the provisions of section 140.015.  The governing body of such political subdivision, in accordance with this section, shall determine the amount and terms of such loans and of the terms of the political subdivision's obligation to repay the loan, but the payment of interest on such loan shall not exceed six percent per annum, and shall be payable within one year from the date of issuance.

  2.  The clerk or secretary of the governing body, or if none the presiding officer of the governing body, shall certify on the back of each note that the note is issued pursuant to authority granted in this section.  All notes issued under this section shall be registered, without fee, in the office of the county treasurer of the county where the political subdivision lies.  Upon payment and cancellation, the notes shall be submitted to the county treasurer who shall record the date of payment and cancellation in the record of registry.

  3.  The provisions of this section shall not apply to political subdivisions which, under the provisions of law existing prior to September 30, 1993, are authorized to borrow money in anticipation of the collection of taxes and revenues.

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(L. 1993 1st Ex. Sess. S.B. 3 § 3)

Effective 9-30-93