MO HB1345

Reduces the maximum par value of revenue bonds issued under sections 8.370 to 8.450 from one billion one million dollars to seven hundred seventy-five million dollars.

Reduces the maximum par value of revenue bonds issued under sections 8.660 to 8.670 from three hundred seventy million dollars to two hundred ten million dollars.

Creates new sections 8.950 to 8.962 establishing a separate "renovation bonds" program for maintenance, repair, or renovation of state-owned real property with a maximum par value of five hundred million dollars.

Renovation bonds bear interest not to exceed 10 percent per annum and mature within 10 years, funded solely from the facilities maintenance reserve fund created in the Missouri Constitution.

Requires majority approval from both house and senate members of the committee on legislative research before the board can issue bonds for any project.