JOINT RESOLUTION

Submitting to the qualified voters of Missouri, an amendment repealing section 37(e) of article III of the Constitution of Missouri relating to powers of the legislature by adding thereto three new sections relating to the issuance of bonds for water pollution control.

BE IT RESOLVED BY THE SENATE, THE HOUSE OF REPRESENTATIVES

CONCURRING THEREIN:

     That at the next general election to be held in the state of Missouri, on Tuesday next following the first Monday in November, 1998, or at a special election to be called by the governor for that purpose, there is hereby submitted to the qualified voters of this state, for adoption or rejection, the following amendment to article III of the Constitution of the State of Missouri:

     Section A. Section 37(e), article III, Constitution of Missouri, is repealed and three new sections adopted in lieu thereof, to be known as sections 37(e), 37(g) and 37(h), to read as follows:

     Section 37(e). 1. The general assembly may authorize the contracting of an indebtedness on behalf of the state of Missouri and the issuance of bonds or other evidences of indebtedness not exceeding in the aggregate the sum of two hundred seventy-five million dollars for the purpose of providing funds for use in this state for the control of water pollution and improvements to drinking water systems, including the establishment of water supply hook-ups from unincorporated areas of any county to water supplies, whether or not a particular county as a whole is classified as rural, and for storm water control, through grants and loans administered by the clean water commission and the department of natural resources pursuant to law. The repeal and reenactment of this section shall not be construed to increase the aggregate amount of indebtedness which may be authorized pursuant to this section above the amount authorized pursuant to this section immediately prior to such repeal and reenactment. The bonds shall be issued by the state board of fund commissioners from time to time and in such amounts as may be necessary to carry on the program of the clean water commission and the department of natural resources as determined by the general assembly for the planning, financing and constructing of these improvements by any county, municipality, sewer district, water district, or any combination of the same and for program administration. The board of fund commissioners 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. The proceeds of the sale or sales of any bonds issued hereunder shall be paid into the state treasury and be credited to a fund to be designated the water pollution control fund. The bonds shall be retired serially and by installments within a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law. The proceeds of the sale of the bonds herein authorized shall be expended for the purposes for which the bonds are hereinabove authorized to be issued.

     2. The bonds and the interest thereon shall be paid out of the "Water Pollution Control Bond and Interest Fund", which is hereby created, and the payment of such bonds and the interest thereon shall be secured by a pledge of the full faith, credit and resources of the state of Missouri. Upon the issuance of such bonds, or any portion thereof, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required, in the remaining portion of the fiscal year during which such bonds shall have been issued, for the payment of interest on the bonds, and of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year, and to pay such bonds as they mature. Thereafter, within thirty days after the beginning of each fiscal year, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year and to pay such bonds maturing in the next succeeding fiscal year.

     3. It shall be the duty of the commissioner of administration to transfer at least monthly, from the state general revenue fund, after deducting therefrom the proportionate part thereof appropriated for the support of the free public schools, and to credit to the water pollution control bonds and interest fund such sum as may be necessary from time to time until there shall have been transferred to such fund the amount so certified to him by the state board of fund commissioners, as provided in this section.

     4. If at any time after the issuance of any of the bonds, it shall become apparent to the commissioner of administration that the funds available in the state general revenue fund will not be sufficient for the payment of the sinking fund and interest on outstanding obligations of the state and for the purpose of public education and the principal and interest maturing and accruing on the bonds during the next succeeding fiscal year, a direct tax shall be levied upon all taxable tangible property in the state for the payment of such bonds and the interest that will accrue thereon. In such event, it shall be the duty of the commissioner of administration annually, on or before the first day of July, to determine the rate of taxation necessary to be levied upon all taxable tangible property within the state to raise the amount of money needed to pay the principal of and interest on such bonds maturing and accruing in the next succeeding fiscal year, taking into consideration available funds, delinquencies and costs of collection. The commissioner of administration shall annually certify the rate of taxation so determined to the county clerk of each county to the comptroller or other officer in the city of St. Louis whose duty it shall be to make up and certify the tax books wherein are extended the ad valorem state taxes. It shall be the duty of such clerks and the comptroller or other proper officer in the city of St. Louis to extend upon the tax books the taxes to be collected and to certify the same to the collectors of the revenue of their respective counties and of the city of St. Louis, who shall collect such taxes at the same time and in the same manner and by the means as are now or may hereafter be provided by law for the collection of state and county taxes, and to pay the same into the state treasury for the credit of the water pollution control bond and interest fund.

     5. All funds paid into the water pollution control bond and interest fund shall be and stand appropriated without legislative action to the payment of principal and interest of the bonds, there to remain until paid out in discharge of the principal of such bonds and the interest accruing thereon, and no part of such fund shall be used for any other purpose so long as any of the principal of such bonds and the interest thereon shall be unpaid. The general assembly may appropriate in any year such amount from the water pollution control fund as it determines to be necessary for the purposes specified herein. However, such appropriations may not exceed [twenty-five] fifty million dollars, in the aggregate, for the purpose of providing rural water and sewer grants, including grants for the establishment of water supply hook-ups from unincorporated areas of any county to water supplies, whether or not a particular county as a whole is classified as rural, administered by the department of natural resources pursuant to law, and may not exceed twenty-five million dollars, in the aggregate, for the purpose of storm water control. The general assembly may enact such laws as may be necessary to carry this amendment into effect.

     Section 37(g). 1. In addition to any other indebtedness authorized under this constitution or the laws of this state, the general assembly may authorize the contracting of an indebtedness on behalf of the state of Missouri and the issuance of bonds or other evidences of indebtedness not exceeding in the aggregate the sum of two hundred million dollars for the purpose of providing funds for use in this state for stormwater control projects in first class counties and in any city not within a county, through grants and loans administered by the clean water commission and the department of natural resources pursuant to law. The bonds shall be issued by the state board of fund commissioners from time to time and in such amounts as may be necessary to carry on the program of the clean water commission and the department of natural resources as determined by the general assembly for the planning, financing and constructing of these improvements by any county, municipality, sewer district, water district, or any combination of the same located in a first class charter county and for program administration. The board of fund commissioners 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. The proceeds of the sale or sales of any bonds issued hereunder shall be paid into the state treasury and be credited to a fund to be designated the stormwater control fund. The bonds shall be retired serially and by installments within a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law. The proceeds of the sale of the bonds herein authorized shall be expended for the purposes for which the bonds are hereinabove authorized to be issued.

     2. The bonds and the interest thereon shall be paid out of the "Stormwater Control Bond and Interest Fund", which is hereby created, and the payment of such bonds and the interest thereon shall be secured by a pledge of the full faith, credit and resources of the state of Missouri. Upon the issuance of such bonds, or any portion thereof, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required, in the remaining portion of the fiscal year during which such bonds shall have been issued, for the payment of interest on the bonds, and of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year, and to pay such bonds as they mature. Thereafter, within thirty days after the beginning of each fiscal year, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year and to pay such bonds maturing in the next succeeding fiscal year.

     3. It shall be the duty of the commissioner of administration to transfer at least monthly, from the state general revenue fund, after deducting therefrom the proportionate part thereof appropriated for the support of the free public schools, and to credit to the stormwater control bond and interest fund such sum as may be necessary from time to time until there shall have been transferred to such fund the amount so certified to him by the state board of fund commissioners, as provided in this section.

     4. If at any time after the issuance of any of the bonds, it shall become apparent to the commissioner of administration that the funds available in the state general revenue fund will not be sufficient for the payment of the sinking fund and interest on outstanding obligations of the state and for the purpose of public education and the principal and interest maturing and accruing on the bonds during the next succeeding fiscal year, a direct tax shall be levied upon all taxable tangible property in the state for the payment of such bonds and the interest that will accrue thereon. In such event, it shall be the duty of the commissioner of administration annually, on or before the first day of July, to determine the rate of taxation necessary to be levied upon all taxable tangible property within the state to raise the amount of money needed to pay the principal of and interest on such bonds maturing and accruing in the next succeeding fiscal year, taking into consideration available funds, delinquencies and costs of collection. The commissioner of administration shall annually certify the rate of taxation so determined to the county clerk of each county to the comptroller or other officer in the city of St. Louis whose duty it shall be to make up and certify the tax books wherein are extended the ad valorem state taxes. It shall be the duty of such clerks and the comptroller or other proper officer in the city of St. Louis to extend upon the tax books the taxes to be collected and to certify the same to the collectors of the revenue of their respective counties and of the city of St. Louis, who shall collect such taxes at the same time and in the same manner and by the means as are now or may hereafter be provided by law for the collection of state and county taxes, and to pay the same into the state treasury for the credit of the stormwater control bond and interest fund.

     5. All funds paid into the stormwater control bond and interest fund shall be and stand appropriated without legislative action to the payment of principal and interest of the bonds, there to remain until paid out in discharge of the principal of such bonds and the interest accruing thereon, and no part of such fund shall be used for any other purpose so long as any of the principal of such bonds and the interest thereon shall be unpaid. The general assembly may appropriate in any year such amount from the stormwater control fund as it determines to be necessary for the purposes specified herein; provided that such appropriations may not exceed twenty-five million dollars, in the aggregate, per year.

     6. There is hereby created in the state treasury for use of the commission and the department a fund to be known as "The Stormwater Revolving Fund". All monies received by the department for activities authorized herein shall be deposited in this perpetual fund. Loans provided by the department shall be at or below market rates and may include administrative fees. Grants may be provided if appropriated but may not exceed twenty million dollars in the aggregate, shall not exceed ten percent of the project cost, and shall be provided in accord with affordability criteria developed by the commission.

     7. The general assembly may enact such laws as may be necessary to carry this amendment into effect.

     Section 37(h). 1. In addition to any other indebtedness authorized under this constitution or the laws of this state, the general assembly may authorize the contracting of an indebtedness on behalf of the state of Missouri and the issuance of bonds or other evidences of indebtedness not exceeding in the aggregate the sum of one hundred million dollars for the purpose of providing funds for use in this state for the establishment and funding of a Missouri environmental infrastructure bank to be established, operated and administered by the environmental improvement and energy resources authority within the department of natural resources pursuant to law. The bonds shall be issued by the state board of fund commissioners from time to time and in such amounts as may be necessary to carry on the program of the environmental infrastucture bank as determined by the general assembly for the planning, financing and constructing of environmental infrastructure improvements by any county, municipality, other political subdivision or other entity making such improvements or any combination of the same and for administration of the bank. Environmental infrastructure improvements shall include environmental projects directly related to traditional governmental responsibilities of municipalities and other political subdivisions and shall include environmental projects directly related to commercial development or economic development. The board of fund commissioners 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. The proceeds of the sale or sales of any bonds issued hereunder shall be paid into the state treasury and be credited to a fund to be designated the environmental infrastructure bank fund. The bonds shall be retired serially and by installments within a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law. The proceeds of the sale of the bonds herein authorized shall be expended for the purposes for which the bonds are hereinabove authorized to be issued.

     2. The bonds and the interest thereon shall be paid out of the "Environmental Infrastructure Bank Bond and Interest Fund", which is hereby created, and the payment of such bonds and the interest thereon shall be secured by a pledge of the full faith, credit and resources of the state of Missouri. Upon the issuance of such bonds, or any portion thereof, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required, in the remaining portion of the fiscal year during which such bonds shall have been issued, for the payment of interest on the bonds, and of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year, and to pay such bonds as they mature. Thereafter, within thirty days after the beginning of each fiscal year, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year and to pay such bonds maturing in the next succeeding fiscal year.

     3. It shall be the duty of the commissioner of administration to transfer at least monthly, from the state general revenue fund, after deducting therefrom the proportionate part thereof appropriated for the support of the free public schools, and to credit to the environmental infrastructure bank bond and interest fund such sum as may be necessary from time to time until there shall have been transferred to such fund the amount so certified to him by the state board of fund commissioners, as provided in this section.

     4. If at any time after the issuance of any of the bonds, it shall become apparent to the commissioner of administration that the funds available in the state general revenue fund will not be sufficient for the payment of the sinking fund and interest on outstanding obligations of the state and for the purpose of public education and the principal and interest maturing and accruing on the bonds during the next succeeding fiscal year, a direct tax shall be levied upon all taxable tangible property in the state for the payment of such bonds and the interest that will accrue thereon. In such event, it shall be the duty of the commissioner of administration annually, on or before the first day of July, to determine the rate of taxation necessary to be levied upon all taxable tangible property within the state to raise the amount of money needed to pay the principal of and interest on such bonds maturing and accruing in the next succeeding fiscal year, taking into consideration available funds, delinquencies and costs of collection. The commissioner of administration shall annually certify the rate of taxation so determined to the county clerk of each county to the comptroller or other officer in the city of St. Louis whose duty it shall be to make up and certify the tax books wherein are extended the ad valorem state taxes. It shall be the duty of such clerks and the comptroller or other proper officer in the city of St. Louis to extend upon the tax books the taxes to be collected and to certify the same to the collectors of the revenue of their respective counties and of the city of St. Louis, who shall collect such taxes at the same time and in the same manner and by the means as are now or may hereafter be provided by law for the collection of state and county taxes, and to pay the same into the state treasury for the credit of the environmental infrastructure bank bond and interest fund.

     5. All funds paid into the environmental infrastructure bank bond and interest fund shall be and stand appropriated without legislative action to the payment of principal and interest of the bonds, there to remain until paid out in discharge of the principal of such bonds and the interest accruing thereon, and no part of such fund shall be used for any other purpose so long as any of the principal of such bonds and the interest thereon shall be unpaid. The general assembly may appropriate in any year such amount from the environmental infrastructure bank fund as it determines to be necessary for the purposes specified herein.

     6. All monies received by the environmental infrastructure bank for activities authorized herein shall be deposited in the environmental infrastructure bank revolving fund. Environmental infrastructure projects financed through the environmental infrastructure bank shall be at or below market rates and may include administrative fees.

     7. The general assembly may enact such laws as may be necessary to carry this amendment into effect.