Missouri Laws 250.130 – Revenue bonds — amount of net revenue pledged to payment of principal and ..
1. Whenever any such city, town or village or sewer district shall authorize and issue revenue bonds pursuant to this chapter an amount sufficient for the purpose of the net revenues of the sewerage system or of the combined system for the benefit of which such bonds are issued shall by operation of this chapter be pledged to the payment of the principal of and the interest on such bonds as the same shall mature and accrue.
2. The term “net revenues” shall be construed to mean all revenues derived from the operation of such system less the actual and necessary expenses of operation and maintenance of the system.
Terms Used In Missouri Laws 250.130
- sewerage system: shall mean and include any or all of the following:
(1) Sewerage systems and sewerage treatment plants, with all appurtenances necessary, useful, and convenient for the collection, treatment, purification and disposal in a sanitary manner of the liquid and solid waste, sewage, and domestic and industrial waste of any such municipality. See Missouri Laws 250.010
3. It shall be the mandatory duty of the officials of any such city, town or village or sewer district charged with the custody and management of the revenues to be derived from the operation of such system to provide for the prompt payment from such revenues of the principal of and the interest on any such revenue bonds as the same shall mature and accrue.