Missouri § 245.490 Board may borrow money.

Missouri Statutes

§ 245.490 — Board may borrow money.

Missouri § 245.490

Title XVLANDS, LEVEES, DRAINAGE, SEWERS AND PUBLIC WATER SUPPLY

Ch. 245Levee Districts

This text of Missouri § 245.490 (Board may borrow money.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 245.490 (2026).

Text

The directors may borrow money, not exceeding in amount the assessments or annual installments unpaid at the time of borrowing, for the construction of any work which they may be authorized to construct, or for the payment of any indebtedness that they may have lawfully incurred under the provisions of sections 245.285 to 245.545 , and may secure the same by notes or bonds bearing interest at not exceeding eight percent per annum, and not running longer than one year beyond the date of the payment of the assessment, or the last annual installment thereof, on account of which the money is borrowed; which notes or bonds shall not be held to make the directors personally liable for the money borrowed, but shall constitute a lien upon the assessments, or annual installments thereof, for the re

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The directors may borrow money, not exceeding in amount the assessments or annual installments unpaid at the time of borrowing, for the construction of any work which they may be authorized to construct, or for the payment of any indebtedness that they may have lawfully incurred under the provisions of sections 245.285 to 245.545 , and may secure the same by notes or bonds bearing interest at not exceeding eight percent per annum, and not running longer than one year beyond the date of the payment of the assessment, or the last annual installment thereof, on account of which the money is borrowed; which notes or bonds shall not be held to make the directors personally liable for the money borrowed, but shall constitute a lien upon the assessments, or annual installments thereof, for the repayment of the principal and interest of said notes and bonds.

Legislative History

(RSMo 1939 § 12567) Prior revisions: 1929 § 10977; 1919 § 4669; 1909 § 5732 Bond issues, proceeds of and moneys for interest and sinking funds to be kept separate, 108.180 to 108.230 Refunding bonds authorized, payment of, 108.140 to 108.160