SECOND REGULAR SESSION
SENATE BILL NO. 1017
90TH GENERAL ASSEMBLY
INTRODUCED BY SENATORS MATHEWSON, RUSSELL, SINGLETON, BENTLEY, QUICK, DePASCO,CHILDERS,
SIMS, WESTFALL, STAPLES, EHLMANN, HOWARD, JACOB, FLOTRON, HOUSE, JOHNSON AND STOLL.
Read 1st time February 14, 2000, and 1,000 copies ordered printed.
TERRY L. SPIELER, Secretary.
4430S.03I
AN ACT
To repeal section 226.133, RSMo 1994, relating to bonding for transportation, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 226.133, RSMo 1994, is repealed and one new section enacted in lieu thereof, to be known as section 226.133, to read as follows:
226.133. 1. [The highways and transportation commission may, within the limits set by the general assembly, authorize the contracting of an indebtedness and the issuance of bonds or other evidences of indebtedness for the purpose of providing funds for use in highway and bridge construction and repairs in this state. The general assembly shall by concurrent resolution specify the total amount of the bonds which may be issued on each separate issuance of bonds pursuant to this section, except that the highways and transportation commission may immediately authorize issuance of bonds up to twenty-five million dollars for the purpose of providing funds for use in highway and bridge construction and repairs caused by the 1993 flood. The bonds shall be issued by the highways and transportation commission from time to time and in such amounts as may be necessary to carry out highway and bridge construction and repairs in this state as determined necessary by the highways and transportation commission.] The general assembly may authorize the highways and transportation commission to issue bonds or other evidence of indebtedness in an amount not to exceed two billion dollars from fiscal year 2001 to fiscal year 2005. The principal amount of such bonds shall not exceed five hundred million dollars in any one fiscal year. Proceeds from the issuance of the bonds shall be provided to the department of transportation to pay for the cost of construction. The proceeds from the bonds shall not be used to pay for administrative expenses, including but not limited to planning and design expenses.
2. To obtain authorization for the issuance of bonds, the highways and transportation commission shall annually present to the general assembly, by the tenth legislative day, a proposed plan and an analysis demonstrating the feasibility and appropriateness thereof. By concurrent resolution, the general assembly may reject the plan by simple majority by both houses within thirty calendar days of receipt of the plan.
3. The highways and transportation commission shall offer such bonds at public sale[, and shall provide such method as it may deem necessary for the advertisement of the sale of each issue of bonds before such bonds are sold] or negotiated sale. The bonds shall be [retired serially and by installments within] for a period not to exceed [twenty-five] fifteen years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law.
[2.] 4. The proceeds of the sale or sales of any bonds issued pursuant to this section shall be paid into the state road fund pursuant to the provisions of section 226.220.
[3.] 5. Bonds issued pursuant to this section shall be state road bonds as such term is used in section 30(b) of article IV of the state constitution, and as such, principal and interest payments on such bonds shall be made from the state road fund as provided in section 30(b) of article IV of the state constitution. Bonds issued [under] pursuant to this section shall not be deemed to constitute a debt or liability of the state or a pledge of the full faith and credit of the state, and the principal and interest on such bonds shall be payable solely from the state road fund. Bonds issued [under] pursuant to this section, the interest thereon, or any proceeds from such bonds, shall be exempt from taxation in the state of Missouri for all purposes except for the state estate tax.
[4. No bonds shall be issued under this section unless both of the following conditions are met: (1) prior to the sale of such bonds, the issuer of such bonds shall adopt a marketing plan which provides for the broad distribution of such bonds to investors resident throughout the state of Missouri and (2) the underwriter or underwriters of such bonds agree in writing with the issuer thereof to make a broad distribution of such bonds to investors resident throughout the state of Missouri and to give first priority to all orders for such bonds which are specified for purchase by investors resident within the state of Missouri.]