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BULLET St. Louis City Charter Article XVII City Bonds*

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Official printed copies of St. Louis Missouri City Charter may be obtained from the Register's Office at the St. Louis City Hall.


 

Article XVII
City Bonds*

* Constitution:

Article 6 26(a) et seq. Limitations on indebtedness of local governments

V.A.M.S.:

95.115 et seq. Financial administration--indebtedness

City Counselor Ops.: 8080

McQuillin:

Ch. 43 Municipal Bonds

Section 1 Purposes for which bonds may be issued.

Some of the purposes, hereby specifically authorized, for which the bonds of the city may be issued and given, sold, pledged or disposed of on the credit of the city or solely upon the credit of specific property owned by the city or solely upon the credit of income derived from any property used in connection with any public utility owned or operated by the city or upon any two or more such credits, are the following: For the acquiring of land; for the purchase, construction, reconstruction or extension of water works, public sewers, buildings for the fire department, bridges and viaducts, subways, tunnels, railroads, street railroads, terminals, ferries, docks, wharves, warehouses, gas or electric light works, power plants, telephone and telegraph systems, or any other public utility; for hospitals, insane asylums, orphan asylums, poorhouses, industrial schools, jails, workhouses, and other charitable, corrective and penal institutions; for court houses, and other public buildings, public parks, parkways, boulevards, grounds, squares, river and other public improvements which the city may be authorized or permitted to make; for paying, refunding or renewing any bonded indebtedness of the city, and for the establishment of a local improvement fund to be used for the purpose of paying in cash for local improvements, such fund to be replenished from time to time by the payment into it of the proceeds of special assessments made on account of such local improvements. The foregoing enumeration shall not be construed to limit any general provision of this charter authorizing the city to borrow money or issue and dispose of bonds, and such general provisions shall be construed according to the full force and effect of their language as if no specific purposes had been mentioned; and the authority to issue bonds for any of the purposes aforesaid is cumulative and shall not be construed to impair any authority to make any public improvements under any provisions of this charter or of any law.

City Counselor Ops.: 7686, 8023, 8207

Cases:

Bonds may be issued for the public purposes of building a civic auditorium. Halbruegger v. City of St. Louis, 262 S.W. 379, 302 Mo. 573 (1924).

Bonds may be issued for the public purpose of building a municipal airport. Dysart v. City of St. Louis, 11 S.W. 2d 1045, 321 Mo. 514 (1928).

The city may issue bonds to provide welfare to able-bodied men unable to obtain jobs due to economic conditions. Jennings v. City of St. Louis, 58 S.W. 2d 979, 332 Mo. 173 (1933).

The enumeration made in this section does not impair the ability to make other improvements. Petition of City of St. Louis, 266 S.W. 2d 753, 364 Mo. 700 (1954).

History:

Submission Ordinance No. 35368

Submission Ordinance Approved November 24, 1926.

Amendment Substance: amending Section 1 relating to general obligation or revenue bonds, purposes and uses.

Voter Adoption Date: April 5, 1927.

Section 2 How payment to be made.

Bonds may be so issued as to be payable serially or subject to call.

City Counselor Ops.: 8207, 8830

Section 3 Elections authorizing issues.

No bonds of the city, except bonds for paying, refunding or renewing bonded indebtedness, and except bonds payable only from proceeds of special assessments for local improvements, shall be issued without the assent of two-thirds of the voters of the city voting at an election to be held for that purpose. All forms, proceedings and other matters with respect to any such election and the amounts, purposes, issue and disposition of bonds may be prescribed by ordinance recommended by the board of estimate and apportionment.

It shall not be necessary in the ordinance calling the election, in the notice of election, in the question submitted, or on the ballot, or in any of the matters preceding the said election, to state the amount of bonds proposed to be issued for each purpose, but it shall be sufficient if the ordinance and notice of election state the total amount of bonds proposed to be voted upon at the said election and in general language the purpose or purposes for which such total amount of bonds is to be issued, and if two-thirds of the voters of the city voting at such lection assent to the issuance of such amount of bonds, then such amount may be issued and such bonds or the proceeds thereof may from time to time, by ordinance recommended by the board of estimate and apportionment, be appropriated in any amount or amounts to the purpose or purposes for which total amount was voted.

V.A.M.S.:

95.145 Election--Notice to be published

City Counselor Ops.: 8207, 8834, 9365, 9451

Cases:

"Appropriate" means to allot or assign, to set apart, or apply to a particular use or purpose. Jennings v. Kinsey, 271 S.W. 786, 308 Mo. 265 (1925).

When revenue from the improvement will be used to pay the indebtedness on the bonds, an election is not required. Petition of City of St. Louis, 266 S.W. 2d 753, 264 Mo. 700 (1954).

History:

Submission Ordinance No. 66330

Submission Ordinance Approved July 23, 2004.

Amendment Substance: restructures city finance offices and functions.

Voter Rejection Date: November 2, 2004.

Section 4 Annual tax levy; sinking fund.

The board of aldermen shall annually levy a tax which will yield not less than one million two hundred thousand dollars to be used exclusively for the payment of the bonded indebtedness of the city existing on the seventh day of April, 1890, and renewals thereof and interest thereon. That portion of each such annual tax levy not required for the payment of the interest maturing during the year on said bonded indebtedness and renewal shall be credited to and shall constitute a sinking fund to be used exclusively for the payment of said bonded indebtedness and renewals. Such levy need not be made except for such interest after the amount in such sinking fund is sufficient to pay all such bonded indebtedness and renewals at maturity. The board of aldermen shall annually levy taxes sufficient to meet the sinking fund and interest requirements of each bond issue.

Section 5 Payment of "St. Louis Water Bonds."

In addition to the foregoing, until there is a sufficient sum in a sinking fund or funds to pay the "St. Louis Water Bonds" and renewals thereof and applicable thereto, the whole net income from the waterworks in excess of what may be necessary for (1) the ordinary construction, reconstruction, extension, operation and repair of the waterworks and facilities, (2) the interest on said water bonds, and (3) the running expenses of the water division shall be credited to, and with the sinking funds heretofore created therefor constitute, a sinking fund to be used exclusively for the payment of said "St. Louis Water Bonds" and renewals.

Section 6 Administration of sinking funds.

The board of estimate and apportionment shall administer all sinking funds and in the course thereof may purchase with any sinking fund, as an investment therefor, bonds of the city, state or United States, preferably city bonds, and may provide for the payment of maturing bonds out of the sinking fund created therefor, and to that end sell bonds held in such sinking fund; provided, that all bonds purchased with the particular sinking fund created therefor shall not be regarded as an investment or be reissued, but shall be canceled. Bonds forming part of any sinking fund and not required to be canceled shall be deposited in a safe deposit vault in the city to which access can be had only by at least two members of the board of estimate and apportionment jointly, one of whom shall be the comptroller. All interest earned on investments or deposits belonging to any sinking fund shall belong to such fund. Whenever the amount in any sinking fund exceeds an amount sufficient to pay all the bonds for which such fund is created, the board of estimate and apportionment may transfer the excess to other sinking funds.

City Counselor Ops.: 10489

History:

Submission Ordinance No. 66330

Submission Ordinance Approved July 23, 2004.

Amendment Substance: restructures city finance offices and functions.

Voter Rejection Date: November 2, 2004.

Section 7 Warrants for payment of bonded indebtedness.

All warrants for the payment of bonded indebtedness or for disbursements out of any sinking fund shall be approved by the mayor and president of the board of aldermen.

City Counselor Ops.: 9769, 10489


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