Mo. Rev. Stat. § 246.070
1. Whenever authorized by the owners of two-thirds of the acreage in any drainage or levee district heretofore or hereafter organized or reorganized under any of the drainage or levee laws of this state at a meeting called for the purpose and in the manner set out in section 246.090, by ballot wherein each acre owner shall be entitled to one vote, the board of supervisors may issue tax anticipation warrants bearing not to exceed six percent interest per annum, which shall be payable from one to not exceeding four years from date of issuance, both interest and principal payable out of the maintenance fund of the district.
*2. In addition to the procedure provided in subsection 1 of this section, the board of supervisors of a levee or drainage district in a county which has been declared a disaster area by declaration of the President of the United States during 1993 or 1995, may elect to issue tax anticipation notes following a public meeting for which notice has been given of at least two weeks in a newspaper meeting the requirements of subsection 2 of section 246.090, and after vote of the landowners of the district. Notwithstanding the provisions of subsection 2 of section 246.090 to the contrary, the board may issue the notes following a vote of at least two-thirds of the votes cast by landowners present at the public meeting in favor of issuing the notes. The notes may be issued by the board bearing an interest rate not to exceed six percent per annum, which shall be payable from one to not more than four years from the date of issuance.
*3. In addition to the procedures provided in subsections 1 and 2 of this section, the board of supervisors of any levee or drainage district in a county in this state which has been declared a disaster area by declaration of the President of the United States during 1993 or 1995, may upon a vote of the majority of the members of the board at a public meeting of which public notice has been given of at least two weeks, borrow funds for the use of the district and may issue negotiable notes in evidence thereof, payable out of anticipated revenues to be derived from assessments, benefits or other levee or drainage district revenues, for any year or immediately following year in which the notes are issued. The notes may be issued at any time and from time to time, and shall be issued according to law unless otherwise provided in this section. Notes issued pursuant to this subsection shall be issued by the board bearing an interest rate not to exceed six percent per annum, which shall be payable from one year from the date of issuance. A separate note shall be issued to evidence the borrowing for the benefit of the district and, if applicable, any funds of the district. All revenues raised by levee districts or drainage districts shall not be considered as taxes pursuant to the laws of this state.
(RSMo 1939 § 12613, A.L. 1953 p. 541, A.L. 1993 1st Ex. Sess. S.B. 3, A.L. 1996 S.B. 671)
Prior revision: 1929 § 11024
Effective 2-13-96
*Authority to issue notes terminates 1-1-98.