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MO HJR9
Joint Resolution
Status
1/18/2011
Primary Sponsor
Michael Corcoran
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AI Summary
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Submits to Missouri voters a constitutional amendment to create the "Fifth State Building Fund" for issuance of state bonds not exceeding $800 million aggregate.
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Authorizes bond proceeds for construction of state buildings and facilities for higher education (with at least 15% allocated to public community colleges) and non-higher education purposes (capped at $250 million).
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Establishes the State Board of Fund Commissioners to issue and sell bonds serially, with principal and interest repaid within 25 years and secured by the full faith and credit of the state.
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Requires the Commissioner of Administration to transfer monthly funds from the state general revenue fund to the Fifth State Building Fund to cover bond payments, with authorization for a direct property tax if general revenue is insufficient.
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Mandates development of minority business participation and employment opportunity plans by the governor in consultation with the State Board of Fund Commissioners.
Legislative Description
Proposes a constitutional amendment authorizing the General Assembly to issue bonds to fund higher education facility improvements, construction, landscaping, and land or building purchases
Last Action
Public Hearing Completed (H)
3/29/2011