Section 26(f). Before incurring any indebtedness every county, city, incorporated town or village, school district, or other political corporation or subdivision of the state shall provide for the collection of an annual tax on all taxable tangible property therein sufficient to pay the interest and principal of the indebtedness as they fall due, and to retire the same within twenty years from the date contracted.
Source: Const. of 1875, Art. X, §§ 12, 12a.
(1996) Art. III, Sec. 38(c) creates an exception to this section for neighborhood improvement districts. Spradlin v. City of Fulton, 924 S.W.2d 259 (Mo. banc 1996). Top