Section 247.550

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

Chapter 247

Effective - 28 Aug 1978   

  247.550.  District may borrow money — procedure. — 1.  Any district organized hereunder shall have power to borrow money for any of the purposes provided for in sections 247.230 to 247.670, and to issue bonds therefor.  In such event the board of directors shall proceed substantially as follows:

  (1)  The board shall adopt a resolution reciting the necessity for the borrowing of money, the amount of money necessary to be raised, the purposes thereof, the amount and type or character of bonds to be issued.

  (2)  Such resolution shall also fix the date of an election to be held for the purpose of testing the sense of the voters of the district on the question to borrow money and issue bonds in evidence thereof.

  (3)  Such resolution may submit at such election a proposal to issue general obligation bonds or special revenue obligation bonds, or both.  Districts organized under the provisions of sections 247.230 to 247.670 may issue either general obligation bonds or special revenue obligation bonds provided that the type or character of bonds to be issued shall be determined by the board of directors in advance of calling the bond election and shall be stated in the notice of election as herein provided.

  2.  If the question is to issue general obligation bonds, it must be assented to by two-thirds of the voters of the district voting on the question; if the question is to issue special revenue obligation bonds, it must be assented to by four-sevenths of the voters on the question.

­­--------

(L. 1949 p. 350 § 32, A.L. 1978 H.B. 971)