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MO HB135
Bill
Status
1/10/2011
Primary Sponsor
Michael Corcoran
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AI Summary
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Extends the maximum maturity period for credit instruments issued by the Board of Unemployment Fund Financing from 10 years to 20 years after issuance.
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Allows the board to issue bonds, commercial lines of credit, tax anticipation notes, and similar borrowing instruments to fund unemployment compensation benefits or maintain adequate fund balances as an alternative to federal advances.
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Extends the maximum outstanding obligation period for financial agreements between the board and lenders from 10 years to 20 years.
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Maintains that credit instruments and financial agreements are not state debts and do not pledge the state's full faith and credit, with repayment only from unemployment compensation surcharges and related revenues.
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Board composition includes the governor (chair), lieutenant governor (vice chair), attorney general, director of the Department of Labor and Industrial Relations, and commissioner of administration (secretary), with no compensation for members but reimbursement of necessary expenses.
Legislative Description
Extends from no later than 10 years to no later than 20 years the time period in which bonds and other similar instruments which have been authorized to fund the Unemployment Compensation Fund must mature
Last Action
Referred: Workforce Development and Workplace Safety (H)
1/27/2011