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 55 StaTuTOoRY Provisions CONCERNING STATE AND Local INDEBTEDNESS In the preceding section it was shown that the constitu- tional restrictions on state indebtedness are of such a nature that the government of the state can incur indebtedness of any considerable amount only as authorized by constitu- tional amendments. It follows, then, that the statutory provisions can only supplement the constitutional provisions with respect to certain details of bond issues approved by a referendum vote. The legislation that is approved subse- quent to the favorable decision of the voters is in the nature of enabling statutes. That is, the legislature passes certain statutes that clearly set forth the maximum rate of interest, the manner in which the bonds shall be issued, the methods by which funds for meeting interest and principal payments shall be raised, and such other provisions as are deemed necessary. All of the statutes thus enacted must, of course, be in harmony with the constitutional provisions, especially with the amendment or amendments as approved. Detailed examination of the many provisions of the statutes relating to state indebtedness does not come within the scope of this study. The statutes concerning local indebtedness are of the same general nature as those relating to state indebtedness. The reason for this is found in the fact that all general re- strictions are a part of the fundamental law, and the legis- lature accordingly can only enact such laws as will be within the limits established by the constitution. The constitu- tional restrictions have been considered, and it remains only to indicate the nature of the statutes relating to the subject. Special road districts are given authority to incur in- debtedness up to 5% of the assessed valuation® of the prop- erty in the district. The bonds must bear interest at a rate not to exceed 6%, and their maximum maturity mav not exceed 20 years. Bonds issued by any local government, with one exception, may bear interest at a rate not to exceed 6%, and must be en Laws, 1923, p. 345. The previous limit was 10%. R.S. 1919, Section 10747.

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