MO SB723

Increases the revenue bond cap under sections 8.370 to 8.450 from $7 million to $1.175 billion in total par value.

Increases the revenue bond cap under sections 8.660 to 8.670 from $1 million to $370 million in total par value.

Bonds issued due to the cap increase on August 28, 2014 may only be used for repair or renovation of existing buildings and facilities, except for construction of a new mental health facility in a first-class county with 40,000-50,000 inhabitants.

Bonds may be issued at interest rates not exceeding 15% per annum, must mature within 40 years, and must be sold at public sale for no less than 98% of par value plus accrued interest.

All bond issuances require approval by a majority of house members and senate members of the committee on legislative research.