HCS HJR 32 -- FUNDING FOR EDUCATION

SPONSOR:  Hobbs (Kelly)

COMMITTEE ACTION:  Voted "do pass" by the Special Committee on
Infrastructure and Transportation Funding by a vote of 11 to 0.

Upon voter approval, this proposed constitutional amendment
authorizes the General Assembly to issue up to $700 million in
bonds to provide funding for rebuilding higher education
institution buildings including no less than 15% of the proceeds
to be allocated to public community college colleges for land
acquisitions, construction or purchase of buildings, and
planning, furnishing, equipping, and landscaping the improvements
and buildings.  The bonds may be issued over time by the State
Board of Fund Commissioners and will mature within 25 years from
the date of issuance.  The substitute creates the Fifth State
Building Bond and Interest Fund for the payment of the bonds and
any interest earned.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of $0 in FY
2010, $0 or Unknown less than $54,908,703 in FY 2011, and $0 or
Unknown less than $54,760,703 in FY 2012.  No impact on Other
State Funds in FY 2010, FY 2011, and FY 2012.

PROPONENTS:  Supporters say that the bill will allow the state to
borrow money at a low interest rate and take advantage of current
low construction costs.  The renovation of college buildings will
save the state money and allow some general revenue dollars to be
spent elsewhere.

Testifying for the bill were Representative Kelly; Lincoln
University; Darrell Kruger, Truman State University; Missouri
State University; Bruce Speck, Missouri Southern State
University; Missouri Chamber of Commerce and Industry; Linn State
Technical College; Dunn Construction; University of Missouri-St
Louis; Evelyn Jorgenson, Moberly Area Community College; Neil
Nuttull, North Central Missouri College; Garry Kemp, Greater
Kansas City Building and Construction Trades Council; Missouri
Western State University; Constance Gully, Harris-Stowe State
University; Dean Hubbard, Northwest Missouri State University;
University of Central Missouri; Missouri University of Science
and Technology; University of Missouri-Kansas City; University of
Missouri-Columbia; Larry Moore, Columbia Chamber of Commerce;
Paul Wagner, Coordinating Board for Higher Education; Southeast
Missouri State University; Allison Share, Associated Students of
the University of Missouri; Larry Davis, University of Missouri-
St. Louis; Missouri Parks Association; and Susan Flader.

OPPONENTS:  There was no opposition voiced to the committee.

OTHERS:  Others were available to answer questions.

Testifying on the bill was Missouri Motor Carriers Association.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am