Missouri Revised Statutes Title XV. Lands, Levees, Drainage, Sewers and Public Water Supply § 248.130. Issuance of bonds--sinking fund--appeal

1. If, in the judgment of the board of trustees, the construction of the whole or any part of the general plan adopted is an urgent sanitary measure, and the means provided under section 248.120 are insufficient to do the work as rapidly as may, in the judgment of said board, be necessary, the said board may apply to the county commission or commissions having jurisdiction for an order of said county commission or commissions, authorizing the issue of bonds for the purpose of anticipating the revenue of the sanitary district. The application shall state the purpose, amount and all conditions of the proposed issue of bonds.

2. Said county commission shall have the power, in its discretion, to authorize the issue of such bonds, provided that the total amount outstanding shall, at no time, exceed the anticipated revenue of the sanitary district for the ten years next ensuing, computed on the basis of a levy of one-half of one percent annually, upon the valuation for the year in which the authority for issue is given. Bonds issued under the authority of this chapter shall not run for a term exceeding twenty years, nor bear a higher rate of interest than six percent per annum.

3. When bonds are so issued and sold, the special fund before described, arising from tax collections, shall each year first be charged with the interest falling due that year, and with a proportion of the total amount of outstanding bonds, ascertained by dividing said total amount by the number of years the bonds have to run, and the amount so ascertained shall be set apart as a sinking fund to provide for the payment of interest, and for the payment or purchase of said bonds.

4. The bonds issued under the authority of this chapter shall have a copy of this section and of the order of the county commission printed on their back, and shall be registered in the office of the secretary of state of the state of Missouri.

5. The sinking fund above provided for shall each year be paid into the treasury of the state, and payments therefrom for interest and principal shall be made as provided in the case of bonds payable by the state of Missouri.

6. The proceeds of bonds issued under the authority of this chapter shall be deposited with the treasurer of the city, and shall be a special fund, and be used for no purpose except the payment of vouchers for work done or materials furnished for the construction of channels, drains and sewers.

7. In case of appeal from the action of the court applied to as above provided, the appeal shall be heard and determined as a privileged case by the supreme court of the state of Missouri.