88.816. Tax bills payable in annual installments, how--interest--effect of default on installment.
Tax bills payable in annual installments, how--interest--effectof default on installment.
88.816. The total cost of constructing and repairingsidewalks and sidewalk curbing, and for sewers, and for grading,paving, excavating, macadamizing, curbing and guttering of anystreet, avenue, alley, square, or other highway, or part thereof,and repairing the same, or for any other improvement whatsoeverauthorized by sections 88.497 to 88.663, and sections 88.667 to88.773, and sections 80.090 to 80.560, RSMo, and sections 88.777to 88.797, and sections 88.811 to 88.861, wherein a special taxbill shall issue therefor, may be paid in ten annualinstallments. In such case the tax bills shall be payable inannual installments as follows: One-tenth in one year, one-tenthin two years, one-tenth in three years, one-tenth in four years,one-tenth in five years, one-tenth in six years, one-tenth inseven years, one-tenth in eight years, one-tenth in nine yearsand one-tenth in ten years after the date of their issue, and taxbills may bear interest not to exceed the rate on ten-year UnitedStates treasury notes as established at the most recent auction,payable annually, from sixty days after the date of issue untilpaid, and shall provide that if any annual installment, or theinterest thereon, is not paid when due, then all of the remaininginstallments shall, at the option of the holder of the tax bill,become immediately due and payable; provided, that the owner ofproperty charged with the payment of the tax bill, or the ownerof any interest therein, shall have the privilege of paying thewhole of any tax bill in full at any time, or on any annualinstallment payment date of paying in full one or more of theremaining installments not of maturity date.
(L. 1959 S.B. 344 § 5, A.L. 1984 S.B. 613, A.L. 1985 H.B. 676)Effective 6-18-85