The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. State and local indebtedness

Collection:: Economics Books

STATE AND LOCAL INDEBTEDNESS 53 l. No municipality is permitted to become indebted in any one year to an amount exceeding the income and revenue provided for that year without. the consent of two thirds of the voters voting on such a proposition. 2. In cases requiring the assent of the electorate, the in- debtedness incurred, including existing indebtedness, must not exceed 5%, of the value of the taxable property’ in the jurisdiction concerned, except that the limit 1s placed at 109, in the case of cities with a population of 75,000 or more. The provisos referred to above may be summarized as follows: 1. With the assent of two thirds of the voters voting, any county may become indebted to a larger amount for the erection of a courthouse or jail or for the construction and maintenance of improved roads and bridges. 2. Any municipality incurring indebtedness that requires the assent of the voters is required to provide for the col- lection of a tax sufficient for interest and redemption pur- poses. The indebtedness must be retired within twenty years from the date of contraction. 3. St. Louis City is given authority to issue bonds matur- ing within thirty years in the amount of $5 million and bear- ing interest at a rate not to exceed 49, the proceeds to be paid to the corporation organized for the celebration of the Louisiana Purchase Centennial in said city, to be used by the corporation for that celebration, holding a world’s fair or exposition in the city. No bonds were to be issued under this provision unless a majority of the voters in St. Louis voting on this amendment approved it. 4. Another provision permits St. Louis City to exclude certain bonds assumed and outstanding prior to its separa- tion from St. Louis County and bonds issued for the con- struction of waterworks, to be serviced from the revenues of the waterworks, in computing its existing bonded indebted- ness under the 109, limitation. 5. Cities having or attaining a population of 75,000 or more are authorized to issue public utility bonds for the purpose of acquiring or constructing certain utilities prop- 1 Determined by the assessment next before the last assessment for state and county purposes.

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