North Pemiscot Co. R-I
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R 3330 Bonded Indebtedness
The Missouri State law guidelines shall serve to direct the Board's bonds issue. Guidelines currently include the following provisions:
- A two-thirds vote is required to approve the issuance of bonds if the issue is not submitted at a general, primary or municipal election.
- A four-sevenths vote is required before bonds may be issued if the proposal is submitted at a general, primary or municipal election.
- Revenues from taxes levied for the purpose of satisfying bonded indebtedness, including principal and interest, will be recorded in the debt service fund.
- Twenty years is the maximum number of years for which bonded indebtedness may be obligated.
- Bonds shall be issued in denominations of one thousand dollars or multiples thereof.
- The limit for District bonded indebtedness is 15% of the value of taxable tangible property as documented by the last completed assessment for state and county purposes.
Date Modified: January 2003