HB 1338 -- Multimodal Transportation Capital Improvement Bonds

Sponsor:  St. Onge

This bill allows the Highways and Transportation Commission to
issue bonds for the purpose of providing funds for the planning,
design, development, acquisition, construction, reconstruction,
and improvement of public transportation facilities or
non-highway capital improvement projects.  These bonds will be
offered at a public sale or a negotiated sale and will be for a
period of 35 years.  The proceeds from the sale of these bonds
will go into the State Transportation Fund.

Bonds may be issued for the purpose of refunding these bonds.
The proceeds of refunding the bonds may be applied to the payment
of the bonds being refunded or deposited in trust and maintained
in cash or investment for the retirement of the bonds being
refunded, as specified by the commission and the authorizing
resolution or trust indenture securing these bonds.  Refunding
bonds will be for a period of not more than 35 years.

Beginning January 1, 2007, and terminating January 1, 2017, for
the purpose of providing additional moneys to be used to pay the
principal and interest on any outstanding state multimodal
capital improvement bonds issued and for the purpose of assisting
local public transportation providers to meet local match
requirements for federal transit capital grants as part of any
state or local transportation program, the Department of Revenue
will be directed to deposit to the fund, less a 1% collection
fee, all proceeds derived from the imposition of the state sales
tax and the state use tax on construction materials intended for
use on state highway construction projects.

The following will be deposited into the fund:

(1)  Certain proceeds from the motor vehicle sales tax;

(2)  Proceeds derived from the sale of state multimodal capital
improvement bonds;

(3)  Any proceeds derived from the imposition of the state sales
and use tax on construction materials intended for use on state
highway system projects; and

(4)  Any other funds made available by appropriation, grants,
bequests, or other sources.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:42 am