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

54 THE FISCAL PROBLEM IN MISSOURI erty. Such bonds are limited to 209% of the value of the taxable property in the city, and the principal may not constitute an obligation enforcible out of the funds raised by taxation. However, there is nothing to prevent the issue of city bonds other than public utility bonds for the purpose of obtaining such public utilities, provided the 10%, and other requirements are met. Although it is provided that the principal and interest on public utility bonds shall be paid out of the earnings or the sale of the utilities, a city may provide by ordinance for the payment of the interest or principal falling due in any year out of the revenue raised by means of general taxation. Section 12a of Article X provides that, by a two thirds referendum vote, cities having a population of not more than 30,000 inhabitants may become indebted to an amount not exceeding an additional 10%, of the taxable valuation for the purpose of purchasing or constructing certain utility plants, to be owned exclusively by the city. The usual provision concerning arrangement for the necessary receipts from taxation for debt services is included. Bonds issued under this section must also be retired within twenty years. Section 13 of Article X provides that “private property shall not be taken or sold for the payment of the corporate debt of a. municipal corporation.” This section, while not significant from the standpoint of debt limitation, is impor- tant in that clear recognition is given to the fact that in- debtedness of a governmental entity is dependent on the taxing power for interest and principal payments and is not to be construed in any circumstances as a direct obligation of property owners within the debt-incurring jurisdiction. Two sections® of Article 14, which were the result of amendments approved in November, 1924, refer specifically to the indebtedness of Kansas City. These amendments gave Kansas City the power to issue serial bonds for public improvements and to assume the cost of several sewer proj- ects and to refund the special assessments that had been made or might later be made. 1Sections 14 and 15.

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