HCS HB 341 -- STATE PROPERTY PRESERVATION FUND

SPONSOR:  Bearden

COMMITTEE ACTION:  Voted "do pass" by the Committee on Budget by
a vote of 25 to 0 with 1 present.

This substitute creates the State Property Preservation Fund,
which is to consist of moneys appropriated by the General
Assembly.

Moneys in the fund are available for the payment of any property
loss for insured state-owned or leased buildings if a notice of
coverage is issued for the property and the state is obligated to
provide evidence of insurance.

The aggregate of payments from the fund are not to exceed the
lesser of the amounts necessary to repair or restore the covered
property to its condition before the covered loss or its fair
market value at the time of the loss.

The fund is to be deemed as satisfying all provisions contained
in any agreement requiring the state to purchase or maintain
property insurance on state-owned or leased buildings or their
contents.

FISCAL NOTE:  Not available at time of printing.

PROPONENTS:  Supporters say that the bill provides the legal
ability for the state to fulfill bonded indebtedness requirements
pursuant to self insurance of public buildings.  Terrorist
attacks have reduced the number of companies bidding on insurance
for public buildings and greatly increased premium costs.
Currently 90% of state buildings are insured by the state.

Testifying for the bill was Office of Administration.

OPPONENTS:  There was no opposition voiced to the committee.

Roland Tackett, Legislative Analyst

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am