SECOND REGULAR SESSION
[P E R F E C T E D]
SENATE BILL NO. 992
91ST GENERAL ASSEMBLY
INTRODUCED BY SENATOR JOHNSON.
Read 1st time January 21, 2002, and 1,000 copies ordered printed.
Read 2nd time January 28, 2002, and referred to the Committee on Local Government and Economic Development.
Reported from the Committee February 12, 2002, with recommendation that the bill do pass and be placed on the Consent Calendar.
Taken up February 21, 2002. Read 3rd time and placed upon its final passage; bill passed.
TERRY L. SPIELER, Secretary.
3820S.01P
AN ACT
To repeal section 447.721, RSMo, relating to lost and unclaimed property, and to enact in lieu thereof one new section relating to the same subject.
Section A. Section 447.721, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 447.721, to read as follows:
447.721. 1. There is hereby created in the state treasury the "Contiguous Property Redevelopment Fund", which shall consist of all moneys appropriated to the fund, all moneys required by law to be deposited in the fund, and all gifts, bequests or donations of any kind to the fund. The fund shall be administered by the department of economic development. Subject to appropriation, the fund shall be used solely for the administration of and the purposes described in this section. Notwithstanding the provisions of section 33.080, RSMo, to the contrary, moneys in the fund shall not be transferred to the general revenue fund at the end of the biennium; provided, however, that all moneys in the fund on August 28, 2006, shall be transferred to the general revenue fund and the fund shall be abolished as of that date. All interest and moneys earned on investments from moneys in the fund shall be credited to the fund.
2. The governing body of any city not within a county, any county of the first classification without a charter form of government and a population of more than two hundred seven thousand but less than three hundred thousand, any county of the first classification with a population of more than nine hundred thousand, any county of the first classification without a charter form of government and with a population of more than eighty-five thousand nine hundred but less than eighty-six thousand, any city with a population of more than three hundred fifty thousand that is located in more than one county or any county of the first classification with a charter form of government and a population of more then six hundred thousand but less than nine hundred thousand may apply to the department of economic development for a grant from the contiguous property redevelopment fund. The department of economic development may promulgate the form for such applications in a manner consistent with this section. Grants from the fund may be made to the governing body to assist the body both acquiring multiple contiguous properties within such city and engaging in the initial redeveloping of such properties for future use as private enterprise. For purposes of this section, "initial redeveloping" shall include all allowable costs, as that term is defined in section 447.700, and any other costs involving the improvement of the property to a state in which its redevelopment will be more economically feasible than such property would have been if such improvements had not been made.
3. In awarding grants pursuant to this section, the department shall give preference to those projects which propose the assembly of a greater number of acreage than other projects and to those projects which show that private interest exists for usage of the property once any redevelopment aided by grants pursuant to this section is completed.
4. The department of economic development may promulgate rules for the enforcement of this section. [No rule or portion of a rule promulgated pursuant to this section shall take effect unless it has been promulgated pursuant to chapter 536, RSMo.] Any rule or portion of a rule, as that term is defined in section 536.010, RSMo, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536, RSMo, and, if applicable, section 536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536, RSMo, to review, to delay the effective date or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2002, shall be invalid and void.
5. The provisions of this section shall expire on August 28, 2006.