The general assembly may authorize the contracting of an indebtedness on behalf of the state of Missouri and the issuance of bonds or other evidences of indebtedness in the aggregate sum of six hundred million dollars for the purpose of providing funds for improvements of state buildings and property, including state parks, including but not limited to repairing, remodeling, or rebuilding buildings and properties of the state, providing additions thereto or additional buildings where necessary, and for planning, furnishing, equipping and landscaping such improvements and for expenditures for state parks as specified in section 253.040, RSMo, and for grants administered pursuant to sections 204.031, RSMo, 192.600 through 192.620, RSMo, 68.010 to 68.070, RSMo, and 278.080, RSMo, and for construction and improvement of rail and highway access within this state. The bonds shall be issued by the state board of fund commissioners as necessary to carry on the program of financing, planning, and constructing the improvements specified in this section as determined by the general assembly, provided that the total amount of the bonds authorized hereunder shall be issued and the same amount appropriated by the general assembly by December 31, 1987. The board of fund commissioners shall offer the bonds at public sale, and shall provide such method as it deems necessary for the advertisement of the sale of each issue of the bonds before they are sold. The proceeds of the sale of the bonds issued hereunder shall be paid into the state treasury and credited to a fund to be designated the “Third State Building Fund’’ and shall be expended only in the manner provided in this section for the purposes for which the bonds are hereinbefore authorized to be issued. The bonds shall be retired serially and by installments within a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law. The bonds and the interest thereon shall be paid out of the “Third State Building Bond Interest and Sinking Fund”, which is hereby created, and the payment of the bonds and the interest thereon shall be secured by a pledge of the full faith, credit and resources of the state of Missouri. Upon the issuance of the bonds, or any portion thereof, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required, in the remaining portion of the fiscal year during which the bonds are issued, for the payment of interest on the bonds, and of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year, and to pay the bonds as they mature. Thereafter, within thirty days after the beginning of each fiscal year, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year and to pay the bonds maturing in such next succeeding fiscal year. The commissioner of administration shall transfer at least monthly from the state revenue fund, after deducting therefrom the proportionate part thereof appropriated for the support of the free public schools, to the credit of the third state building bond interest and sinking fund such sum as may be necessary from time to time until there is transferred to the fund the amount certified to him by the state board of fund commissioners, as hereinbefore provided. If at any time after the issuance of the bonds it becomes apparent to the commissioner of administration that the funds available in the state revenue fund will not be sufficient for the payment of the third state building bond interest and sinking fund and interest on outstanding obligations of the state, and for the purpose of public education, and the principal and interest maturing on the bonds issued hereunder during the next succeeding fiscal year, a direct tax shall be levied upon all taxable tangible property in the state for the payment of the bonds and the interest that will accrue thereon. In such event, the commissioner of administration shall annually, on or before the first day of July, determine the rate of taxation necessary to be levied upon all taxable tangible property within the state to raise the amount of money needed to pay the principal and interest on such bonds maturing and accruing in the next succeeding fiscal year, taking into consideration available funds, delinquencies and costs of collection. The commissioner of administration shall annually certify the rate of taxation so determined to the county clerk of each county and to the comptroller or other officer in the city of St. Louis whose duty it is to make up and certify the tax books wherein
Add this to your briefcase to access full text.
The general assembly may authorize the contracting of an indebtedness on behalf of the state of Missouri and the issuance of bonds or other evidences of indebtedness in the aggregate sum of six hundred million dollars for the purpose of providing funds for improvements of state buildings and property, including state parks, including but not limited to repairing, remodeling, or rebuilding buildings and properties of the state, providing additions thereto or additional buildings where necessary, and for planning, furnishing, equipping and landscaping such improvements and for expenditures for state parks as specified in section 253.040, RSMo, and for grants administered pursuant to sections 204.031, RSMo, 192.600 through 192.620, RSMo, 68.010 to 68.070, RSMo, and 278.080, RSMo, and for construction and improvement of rail and highway access within this state. The bonds shall be issued by the state board of fund commissioners as necessary to carry on the program of financing, planning, and constructing the improvements specified in this section as determined by the general assembly, provided that the total amount of the bonds authorized hereunder shall be issued and the same amount appropriated by the general assembly by December 31, 1987. The board of fund commissioners shall offer the bonds at public sale, and shall provide such method as it deems necessary for the advertisement of the sale of each issue of the bonds before they are sold. The proceeds of the sale of the bonds issued hereunder shall be paid into the state treasury and credited to a fund to be designated the “Third State Building Fund’’ and shall be expended only in the manner provided in this section for the purposes for which the bonds are hereinbefore authorized to be issued. The bonds shall be retired serially and by installments within a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law. The bonds and the interest thereon shall be paid out of the “Third State Building Bond Interest and Sinking Fund”, which is hereby created, and the payment of the bonds and the interest thereon shall be secured by a pledge of the full faith, credit and resources of the state of Missouri. Upon the issuance of the bonds, or any portion thereof, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required, in the remaining portion of the fiscal year during which the bonds are issued, for the payment of interest on the bonds, and of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year, and to pay the bonds as they mature. Thereafter, within thirty days after the beginning of each fiscal year, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required for the payment of interest on the bonds in the next succeeding fiscal year and to pay the bonds maturing in such next succeeding fiscal year. The commissioner of administration shall transfer at least monthly from the state revenue fund, after deducting therefrom the proportionate part thereof appropriated for the support of the free public schools, to the credit of the third state building bond interest and sinking fund such sum as may be necessary from time to time until there is transferred to the fund the amount certified to him by the state board of fund commissioners, as hereinbefore provided. If at any time after the issuance of the bonds it becomes apparent to the commissioner of administration that the funds available in the state revenue fund will not be sufficient for the payment of the third state building bond interest and sinking fund and interest on outstanding obligations of the state, and for the purpose of public education, and the principal and interest maturing on the bonds issued hereunder during the next succeeding fiscal year, a direct tax shall be levied upon all taxable tangible property in the state for the payment of the bonds and the interest that will accrue thereon. In such event, the commissioner of administration shall annually, on or before the first day of July, determine the rate of taxation necessary to be levied upon all taxable tangible property within the state to raise the amount of money needed to pay the principal and interest on such bonds maturing and accruing in the next succeeding fiscal year, taking into consideration available funds, delinquencies and costs of collection. The commissioner of administration shall annually certify the rate of taxation so determined to the county clerk of each county and to the comptroller or other officer in the city of St. Louis whose duty it is to make up and certify the tax books wherein are extended the ad valorem state taxes. The clerks and the comptroller, or other proper officer in the city of St. Louis, shall extend upon the tax books the taxes to be collected and shall certify the same to the collectors of the revenue of their respective counties and of the city of St. Louis, who shall collect such taxes at the same time and in the same manner and by the same means as are now or may hereafter be provided by law for the collection of state and county taxes, and pay the same into the state treasury to the credit of the third state building bond interest and sinking fund. All funds paid into the third state building bond interest and sinking fund shall be and stand appropriated without legislative action to the payment of principal and interest of the bonds, there to remain until paid out in discharge of the principal of the bonds and the interest accruing thereon, and no part of such fund shall be used for any other purpose so long as any of the principal of the bonds and interest thereon are unpaid. The general assembly may appropriate in any year such amount from the third state building fund as it determines to be necessary for the purposes specified herein. Any amount so appropriated in any year shall be distributed according to the following guidelines: (1) A minimum of 20% of the total amount of appropriations from the third state building fund in any year shall be used for the repair, replacement and maintenance of state buildings and facilities as determined by the general assembly; (2) 15% of the total amount of appropriations from the third state building fund in any year shall be allocated for the purpose of stimulating economic development in this state and shall be distributed as follows: (a) 20% of the appropriations under this subdivision shall be appropriated to the department of highways and transportation for highway purposes; (b) 20% of the appropriations under this subdivision shall be appropriated to the office of the governor or a department so designated by the governor for transportation purposes other than highways and for capital improvement expenditures as they relate to projects relating to chapter 68, RSMo; (c) 20% of the appropriations under this subdivision shall be appropriated to fund grants administered pursuant to section 204.031, RSMo; (d) 26.6% of the appropriations under this subdivision shall be appropriated to fund grants administered pursuant to section 278.080, RSMo; (e) 13.4% of the appropriations under this subdivision shall be appropriated to fund grants administered pursuant to sections 192.600 through 192.620, RSMo; (3) A maximum of 65% of the total amount appropriated from the third state building fund in any year shall be distributed among the following departments and agencies of state government as follows: (a) 2.7% of the appropriations under this subdivision shall be appropriated to the department of agriculture; (b) .2% of the appropriations under this subdivision shall be appropriated to the department of elementary and secondary education; (c) 36.3% of the appropriations under this subdivision shall be appropriated to the department of higher education; (d) 17.0% of the appropriations under this subdivision shall be appropriated to the department of mental health; (e) 15.1% of the appropriations under this subdivision shall be appropriated to the department of natural resources for state parks and historic preservation; (f) 1.9% of the appropriations under this subdivision shall be appropriated to the department of public safety; (g) 18.4% of the appropriations under this subdivision shall be appropriated to the department of corrections and human resources; (h) 3.4% of the appropriations under this subdivision shall be appropriated to the department of social services; (i) 5.0% of the appropriations under this subdivision shall be appropriated to the board of public buildings for planning for capital improvement projects to be funded from the third state building fund. The general assembly may enact such laws as may be necessary to carry this amendment into effect. With the exception of those projects involving the repair, replacement or maintenance of state buildings or facilities for which at least 20% of any year’s appropriations from the fund are reserved as provided above, no project proposed to be funded from the third state building fund shall be commenced unless the general assembly shall first have specifically authorized such undertaking by passage of legislation apart from its ordinary appropriation process. The additional revenue provided by this section shall not be part of “total state revenue’’ in sections 17 and 18 of article X of this constitution. The expenditure of this additional revenue shall not be an “expense of state government” under section 20 of article X of this constitution.