SS#2 SCS HB 401 -- STATE REVENUE BONDS

This bill expands the authority of the Board of Public Buildings
to issue revenue bonds.  The bonding authority is increased by a
total of $400 million.

Of the $400 million, $230 million is authorized for the purpose
of renovating, improving, and equipping state buildings and
structures and to refinance the payment of temporary notes issued
by the Tobacco Settlement Financing Authority.  No more than $150
million of the proceeds of these bonds can be applied to general
revenue in Fiscal Year 2003.

The remaining $170 million authorization is for the purpose of
financing two specific projects at state educational
institutions.  The authority to issue these specific-purpose
revenue bonds will terminate upon the satisfaction of all
outstanding bonds, notes, and obligations related to the
financing of the projects.

The bill also repeals the authority of the Tobacco Settlement
Financing Authority and the Board of Public Buildings to
securitize or issue bonds backed by revenue from the tobacco
settlement payments.

The bill contains an emergency clause.

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