MO HJR58

Submits constitutional amendment to Missouri voters at the November 2012 general election (or special election called by governor) to repeal and replace Section 37, Article III of the Missouri Constitution

Repeals existing bonded indebtedness limitations and establishes new restrictions on the General Assembly's power to contract liabilities or issue bonds

Permits bonds only for: refunding outstanding bonds (maturing within 25 years), temporary emergency liabilities not exceeding $1 million per year (payable within 5 years), or liabilities exceeding $1 million approved by voter referendum with serial retirement within 25 years

Prohibits the General Assembly from issuing any bonds other than general obligation bonds if payment of interest and principal depends on General Assembly appropriations authority, with exception for refunding existing bonds

Requires the General Assembly to make adequate provision for payment of principal and interest before bonds are issued, and may impose annual tax on all taxable property sufficient for this purpose