MO HB1956

Repeals section 99.835 of Missouri law and enacts two new sections (99.826 and 99.835) relating to tax increment financing.

Requires any tax increment financing project, plan, designation, or amendment to be approved by at least two-thirds of voters in all affected taxing entities at the next regularly scheduled municipal or general election.

Allows municipalities to issue obligations secured by special allocation funds for redevelopment costs, with surplus funds distributed annually to taxing districts or returned to the state department of economic development.

Permits obligations to mature within 23 years when secured by special allocation funds and establishes that no voter referendum approval is required for issuing obligations themselves.

Specifies that obligations issued are special obligations payable only from pledged funds and do not constitute general municipal debt or indebtedness subject to constitutional debt limitations.