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MO HB722

Bill

Official Source

Status

Introduced

1/9/2023

Primary Sponsor

Michael O'Donnell

Click for details

Origin

House of Representatives

2023 Regular Session

AI Summary

  • Replaces "best price" standard with "lowest true interest cost" for bond sales by Missouri municipalities and political subdivisions
  • Lowers minimum bond sale price threshold from 95% to 50% of par value, while adding a maximum cap of 120% of par value
  • Increases bond principal amount threshold for competitive bidding requirement from $12.5 million to $20 million
  • Renames the "industrial development board" to "Missouri development finance board"
  • Requires the state treasurer to provide municipalities with information on debt issuance best practices and bidding processes

Legislative Description

Changes the laws regarding bonds

Last Action

Referred: Financial Institutions(H)

3/2/2023

Committee Referrals

Financial Institutions3/2/2023

Full Bill Text

No bill text available