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

56 THE FISCAL PROBLEM IN MISSOURI sold at not less than 959, of par! The only exception is that bonds issued by school districts in cities having a popu- lation of 75,000 to 500,000 must be sold at a price to yield net proceeds? equal to 90%, of par. The purpose of that part of the statute which refers to the sales price of the bonds is to give the interest rate restriction a degree of effectiveness. A restriction of the coupon rate of interest would be mean- ingless if it were possible to dispose of bonds at a very large discount. Certain local governments in Missouri are given specific authority to issue tax anticipation notes. For example, counties and cities having a population of 200,000 to 600,000 are permitted to issue such notes in an amount not to exceed in any one month 109, of the estimated revenue for the year. The maximum issues must not exceed 909% of the estimated revenue of a county and 30%, of the estimated revenue of a city, and the notes must be payable in one year or less. The indebtedness of drainage districts is limited? to 909%, of their revenue as authorized by statute, and such districts are given specific authority® to issue refunding notes and bonds. Indebtedness of a somewhat unusual nature may be in- curred by special road districts. According to a law® enacted in 1921, such a district may issue warrants in payment of its expenses and obligations. They do not bear interest until after they have been presented for payment and pay- ment has been refused because of lack of funds. If funds are available when they are presented, they are retired at par. However, if no funds are available the warrants bear interest at 6% from the date of presentation until such time as funds are available.” 1Session Laws, 1921, p. 170, as amended by Session Laws, first extra session, 1921, pp. 38-39. % Gross receipts less expenses and commissions. 3 Session Laws, 1925, p. 169. A similar statute authorizes counties of 70,000 to 90,000 to issue tax anticipation notes. The provisions concerning amounts that may be issued are slightly different in the latter. ¢R. 8. 1919, Section 4418. 8 Session Laws, 1927, p. 177. 8 Session Laws, first extra session, 1921, pp. 170-171. 7 The foregoing examples are intended to indicate the scope of the statutory pro- visions concerning local indebtedness. It is not assumed that the examples given

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