Missouri Laws 249.795 – Refunding bonds, how issued
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1. Any sewer district organized under the provisions of sections 249.760 to 249.810 is authorized to refund all or any part of the outstanding bonded indebtedness of the district including interest, without an election.
2. When the bonds being refunded are general obligation bonds, payable from ad valorem taxes, the refunding bonds shall also be payable from ad valorem taxes levied upon all the taxable real property in the district.
Terms Used In Missouri Laws 249.795
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
3. All refunding bonds of a sewer district shall be negotiable and may be issued and exchanged for existing bonds or coupons. The refunding bonds shall contain such terms and be in denominations and payable at the place or places designated by the board of supervisors.