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Effective 27 Feb 1945, see footnote bottom

  VI Section 26(f).  Annual tax to pay and retire obligations within twenty years. — Before incurring any indebtedness every county, city, incorporated town or village, school district, or other political corporation or subdivision of the state shall provide for the collection of an annual tax on all taxable tangible property therein sufficient to pay the interest and principal of the indebtedness as they fall due, and to retire the same within twenty years from the date contracted.

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Source: Const. of 1875, Art. X, §§ 12, 12a.

(1961) The fact that a ballot providing for the approval of the issuance of general obligation bonds for the construction of lateral sewers in the city contained a statement that the city would be reimbursed in due course from assessments against property benefited held entirely within this constitutional provision and not invalid under § 95.125. City of Raytown v. Kemp (Mo.), 349 S.W.2d 363.

(1974) Held that a limited obligation bond which was to be retired by revenue from a convention center and from the proceeds of certain tourism and merchants' and manufacturers' tax only is not subject to the provisions of this section requiring an annual tax on all taxable tangible property. Wunderlich v. City of St. Louis (Mo.), 511 S.W.2d 753.

(1975) Held that language on ballot ". . . these general obligation bonds will be payable first from a citywide sales tax . . ." did not invalidate bonds, but court indicated that in a subsequent case they might hold differently. Northern Trust Co. v. City of Independence (Mo.), 526 S.W.2d 825.

(1996) Art. III, § 38(c) creates an exception to this section for neighborhood improvement districts. Spradlin v. City of Fulton, 924 S.W.2d 259 (Mo. banc).


< end of effective 27 Feb 1945 >

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