HB 295 -- State Transportation Fund Bonds

Sponsor:  St. Onge

This bill allows the Highways and Transportation Commission to
issue bonds to fund transportation purposes other than road and
highway construction and maintenance.  These bonds will be
offered at a public sale or a negotiated sale and will be for a
period of 30 years.  The proceeds from the sale will be deposited
into the State Transportation Fund.

Bonds may be issued for refunding purposes.  The proceeds of
refunding bonds may be applied to the payment of the bonds being
refunded or deposited in trust and maintained in cash or
investments 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 30 years.

The commission may allow up to 25% of any amount of funds
appropriated into the transportation fund to be used to assist
local public transportation providers to meet the local match
requirements for federal transit capital grants if the ratio of
state and local funds used to provide the local match
requirements for federal transit capital grants is not more than
50% state and at least 50% local.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:18 am