St. Louis City Charter Article XXIV Improvement Bonds and Funds
St. Louis City Charter has been converted to electronic format by the staff of the St. Louis Public Library. This electronic version has been done for the interest and convenience of the user. These are unofficial versions and should be used as unofficial copies.
Official printed copies of St. Louis Missouri City Charter may be obtained from the Register's Office at the St. Louis City Hall.
Improvement Bonds and Funds
Section 1 Issuance; source of payment; provisions to be supplied by ordinance.
The board of aldermen, by ordinance recommended by the board of public service, in anticipation of the collection of a special assessment for any public work or improvement, may provide for the issuance of improvement bonds to be delivered to the contractor in payment for so much of the work or improvement as is payable by such special assessment or to be sold by the city and the proceeds paid to the contractor in full for such work and improvement; provided, the city shall not be liable either to pay such bonds or to pay for such part of the work or improvement, but the bonds shall be paid only out of the particular special assessment in anticipation of which they were issued, and no such issue shall be in excess of the cost and expenses or estimated cost and expenses of the work and improvement and the interest on the bonds, which may be treated as a part of such cost, and all proceeds of said bonds shall be applied in payment of the cost and expenses of such work and improvement.
If the special assessment in anticipation of which such bonds are issued shall be payable in equal annual installments the particular bonds shall be payable serially, each series maturing with approximate regard to the several maturities of such installments; and all such special assessments shall be collected promptly by the city at its expense and applied, whenever sufficient thereto after paying accrued interest on all such issue of bonds, to the redemption of any one or more of such bonds in numerical order at maturity.
The form and denomination of such bonds; the date of maturity or maturities thereof, not to exceed eleven years in any instance; the rate of interest thereon and the date and place of its payment; the price at which they shall be sold, if to be sold; by what officers and in what manner they shall be executed and attested; and the place and method of payment, save only the fund out of which payment shall be made, together with other provisions and regulations concerning such bonds and not inconsistent herewith, shall be prescribed by the ordinance authorizing the particular issue.
37.193--37.209 Improvement Bonds
Section 2 Appropriations for payment from general revenue.
The board of aldermen, by ordinance recommended by the board of public service, may appropriate out of the general revenue sufficient money to pay, or to provide a fund in advance to pay, such part of any improvement bond issue as the proceeds of special assessments securing same may prove insufficient to pay as they become due, not exceeding ten per centum of the amount of such bond issue, and provide for reimbursement, if possible, out of the proceeds of such special assessments after all such bonds and interest have been fully paid.
City Counselor Ops.: 8106
Section 3 Local improvement fund authorized.
The board of aldermen may, by ordinance recommended by the board of public service, provide for the creation of a local improvement fund out of which the city shall pay in cash, to contractors or otherwise, the cost and expense of local improvements, and for the levy, assessment and collection of special assessments to cover cost and expenses, the proceeds of which assessments shall be paid into such fund or funds.
A municipal auditorium is not a local improvement. City of St. Louis v. Pope, 126 S.W. 2d 1201, 344 Mo. 479 (1938).
Section 4 Appropriation of fund for payment as work progresses.
For the purpose of anticipating the levy and collection of any special assessment for any public work or improvement, the board of aldermen may, by ordinance recommended by the board of public service, appropriate a fund to pay for the work or improvement as it progresses, and reimburse the city either by the issue and sale of local improvement bonds, as in this article provided, or by the collection of such special assessments.
Under this section the city may issue special tax bills payable to itself and property owners still retain the right to defend against the tax bills. City of St. Louis v. Nicolai, 13 S.W. 2d 36, 321 Mo. 830 (1928).
Section 5 Special tax bills issued under provisions of this article.
All special assessments contemplated by this article shall be evidenced by special tax bills in accordance with the provisions of article XXIII, so far as applicable, such bills to be made payable to the city, which shall be deemed the owner thereof, at the office of the collector, to whom the comptroller shall deliver the same and take his receipts therefor. The marshal shall serve the notice of the issuance of such bills and make return of such service without receiving any fees therefor.
Return to Top of Charter, Code, and Ordinances.
Return to Charter Table of Contents.