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MO HB1008
Bill
Status
7/8/2011
Primary Sponsor
Thomas Long
Click for details
AI Summary
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State highways and transportation commission may enter into binding highway infrastructure improvement agreements to reimburse or repay funds advanced by counties, political subdivisions, or private entities for state road construction or improvement.
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Advanced funds shall be repaid from the state road fund in amounts, time periods, and interest rates agreed upon by the parties.
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Reimbursement or repayment obligations may be assigned to facilitate funding of improvements.
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Commission may condition repayment on projected highway revenues or delay repayment if revenues fall below projections or if repayment would jeopardize receipt of federal highway funds, only if these conditions are explicitly stated in the contract.
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Contract must provide for specific date or dates certain for repayment of advanced funds.
Legislative Description
Allows the Highways and Transportation Commission to enter into infrastructure improvement agreements to reimburse funds advanced for the benefit of a county, political subdivision, or private entity
Last Action
Delivered to Secretary of State (G)
7/8/2011