MO HB1859

Defines "conduit bond" as a bond issued to make proceeds available to a for-profit entity for non-traditional governmental purposes (factory construction, equipment purchases, or operating capital).

Requires voter approval of the political subdivision before issuing a conduit bond for a for-profit entity.

Mandates the for-profit entity provide proof of a bona fide written offer of capital from a non-governmental source equal to or greater than the conduit bond amount.

Limits total indebtedness incurred by the political subdivision to 30 percent or less of the subdivision's annual budget.

Alternatively allows conduit bonds if a majority of the offering targets sophisticated investors (minimum $100,000 blocks) with at least 5 percent available to retail investors (minimum blocks under $10,000) within 20 miles of the political subdivision.