HOUSE BILL NO. 1742
90TH GENERAL ASSEMBLY
House Substitute for House Committee Substitute for House Bill No. 1742 ordered Perfected and printed, as amended.
ANNE C. WALKER, Chief Clerk
To repeal sections 142.345, 226.133 and 226.134, RSMo 1994, and section 226.200, RSMo Supp. 1999, relating to bonding for transportation, and to enact in lieu thereof five new sections relating to the same subject, with an emergency clause for a certain section.
Section A. Sections 142.345 and 226.134, RSMo 1994, and section 226.200, RSMO Supp. 1999, are repealed and four new sections enacted in lieu thereof, to be known as sections 142.345 and 226.132, 226.134 and 226.200, to read as follows:
142.345. 1. There is created the "Motor Fuel Tax Fund". All revenues derived from the motor fuel tax imposed upon highway users as an incident to their use of the highways of the state shall be deposited in the state treasury to the credit of this fund.
2. The moneys deposited to the credit of the motor fuel tax fund shall be disbursed or transferred as follows:
(1) The amount of the tax collected with respect to fuel not used for propelling motor vehicles on state highways shall be transferred to the state highways and transportation department fund to be refunded by the state as provided by law;
(2) The amount of actual costs of collection, apportionment and of making refunds shall be transferred to the state highways and transportation department fund for reimbursement by appropriation, to the agencies or departments of government incurring these costs, subject to the limitations of section 226.200, RSMo;
(3) A percentage of the net proceeds shall be transferred to the county aid road trust fund as provided in article IV, section 30(a) of the state constitution;
(4) A percentage of the net proceeds shall be allocated to the several cities, towns and villages entitled thereto [under] pursuant to the provisions of article IV, section 30(a) of the state constitution;
(5) All the remaining net proceeds in excess of the allocations to counties and cities, towns and villages shall be transferred to the state highways and transportation department fund.
226.132. Sections 226.133 and 226.134 are intended as an initial step to address pressing needs relating to the construction and maintenance of roads and bridges in this state. The general assembly recognizes the need for a more comprehensive solution to the needs and problems of Missouri's multi-modal transportation system. Sections 226.133 and 226.134 are not intended to preclude such a comprehensive solution in future years.
226.134. All projects funded by bonds authorized in section 226.133[, except for the initial twenty-five million dollars authorized in section 226.133,] shall be funded in conformity with the priorities established in the [fifteen-year] 1992 plan developed by the transportation department.
226.200. 1. There is hereby created a "State Highways and Transportation Department Fund" into which shall be paid or transferred all state revenue derived from highway users as an incident to their use or right to use the highways of the state, including all state license fees and taxes upon motor vehicles, trailers, and motor vehicle fuels, and upon, with respect to, or on the privilege of the manufacture, receipt, storage, distribution, sale or use thereof (excepting the sales tax on motor vehicles and trailers, and all property taxes), and all other revenue received or held for expenditure by or under the department of transportation or the state highways and transportation commission, except:
(1) Money arising from the sale of bonds;
(2) Money received from the United States government; or
(3) Money received for some particular use or uses other than for the payment of principal and interest on outstanding state road bonds.
2. Subject to the limitations of subsections 3[,] and 4 [and 5] of this section, from [said] the fund shall be paid or credited the cost:
(1) Of collection of all [said] state revenue derived from highway users as an incident to their use or right to use the highways of the state;
(2) Of maintaining the state highways and transportation commission;
(3) Of maintaining the state transportation department;
(4) Of any workers' compensation for state transportation department employees;
(5) Of the share of the transportation department in any retirement program for state employees, only as may be provided by law; and
(6) Of administering and enforcing any state motor vehicle laws or traffic regulations.
3. [For fiscal years prior to fiscal year 1993, the state highways and transportation department fund shall be reimbursed annually in an amount equal to the difference between the expenses incurred by state offices and departments for the purposes specified in sections 30(a) and 30(b) of article IV of the constitution and the total amount appropriated from the state highways and transportation department fund for fiscal year 1987 to such state offices and departments.
4. For fiscal year 1993, the state highways and transportation department fund shall be reimbursed on or before July 1, 1994, in an amount equal to the difference between the expenses incurred by state offices and departments during fiscal year 1993 for the purposes specified in sections 30(a) and 30(b) of article IV of the constitution and the total amount appropriated from the state highways and transportation department fund for fiscal year 1987 to such state offices and departments as adjusted under this subsection. For the purposes of calculating any reimbursement for fiscal year 1993, the total amount appropriated to such state offices and departments during fiscal year 1987 shall be increased or decreased by the percentage by which the total state revenues paid or transferred into the fund under subsection 1 of this section during fiscal year 1993 differs from the total state revenues paid or transferred into the fund during fiscal year 1992.
5.] For fiscal year [1994] 2001 and for each fiscal year thereafter, the state highways and transportation department fund shall be reimbursed on or before the first day of the second succeeding fiscal year in an amount equal to the difference between the expenses incurred by state offices and departments during such fiscal year for the purposes specified in sections 30(a) and 30(b) of article IV of the constitution subject to the limitations of subsection 4 of this section, and the total amount appropriated from the state highways and transportation department fund for the preceding fiscal year to such state offices and departments as adjusted [under] pursuant to this subsection and subsection 4 of this section.
4. For the purposes of calculating any reimbursement [under this] pursuant to subsection 3 of this section, the total amount appropriated to such state offices and departments during the previous fiscal year shall be increased or decreased by the percentage by which the total state revenues paid or transferred into the fund [under] pursuant to subsection 1 of this section during such fiscal year exceeds the total state revenues paid or transferred into the fund during the preceding fiscal year; provided that, for fiscal years after 2001, the amount appropriated to any state office or department shall not exceed the amount appropriated to such office or department in fiscal year 2001.
[6.] 5. The provisions of subsections 3[,] and 4 [and 5] of this section shall not apply to appropriations from the fund to the highways and transportation commission and the state transportation department [or to appropriations to the department of revenue for motor vehicle fuel tax refunds under chapter 142, RSMo,] or to appropriations to the department of revenue for refunds or overpayments or erroneous payments from the state highways and transportation department fund.
[7.] 6. All interest earned upon the state highways and transportation department fund shall be deposited in and to the credit of such fund and shall be included in the calculation of total state revenues [under] pursuant to subsections [4 and 5] 3 and 4 of this section.
[8.] 7. Any balance remaining in [said] the fund after payment of [said] the costs described in this section shall be transferred to the state road bond and interest sinking fund.
[9.] 8. Notwithstanding the provisions of subsection 2 of this section to the contrary, any funds raised as a result of increased taxation pursuant to sections 142.025 and 142.372, RSMo, [after April 1, 1992,] shall not be used for administrative purposes or administrative expenses of the transportation department.
Section B. Section 226.133, RSMo 1994, is repealed and one new section enacted in lieu thereof, to be known as section 226.133, to read as follows:
226.133. 1. [The highways and transportation commission may, within the limits set by the general assembly, authorize the contracting of an indebtedness and the issuance of bonds or other evidences of indebtedness for the purpose of providing funds for use in highway and bridge construction and repairs in this state. The general assembly shall by concurrent resolution specify the total amount of the bonds which may be issued on each separate issuance of bonds pursuant to this section, except that the highways and transportation commission may immediately authorize issuance of bonds up to twenty-five million dollars for the purpose of providing funds for use in highway and bridge construction and repairs caused by the 1993 flood. The bonds shall be issued by the highways and transportation commission from time to time and in such amounts as may be necessary to carry out highway and bridge construction and repairs in this state as determined necessary by the highways and transportation commission.] The general assembly may, by concurrent resolution, authorize the highways and transportation commission to issue bonds solely for road and bridge construction, preservation, and maintenance and not for engineering and administrative costs, in an amount not to exceed two billion dollars from fiscal year 2001 to fiscal year 2007; except that, the highways and transportation commission may immediately authorize issue of bonds up to five hundred million dollars for the purpose of providing funds for use in highway construction and repairs scheduled for fiscal year 2001 in the five year plan.
2. To obtain funding from the two billion dollars which may be authorized from fiscal year 2001 to fiscal year 2007, other than the five hundred million dollars authorized for immediate issuance pursuant to subsection 1 of this section, the highways and transportation commission shall present to the general assembly a proposed plan and an analysis demonstrating the feasibility and appropriateness thereof and shall request authorization from the general assembly to issue bonds in an amount necessary to implement the plan. To approve a plan submitted by the highways and transportation commission, the general assembly shall adopt a concurrent resolution which shall specify the total amount of bonds which the highways and transportation commission may issue to implement the approved plan. The highways and transportation commission shall annually present to the general assembly a report regarding the implementation of any approved plans.
3. To obtain funding in addition to the two billion dollars which may be authorized pursuant to subsection 1 of this section, other than the five hundred million dollars authorized for immediate issuance pursuant to subsection 1 of this section, the highways and transportation commission shall present to the general assembly a proposed plan and analysis demonstrating the feasibility and appropriateness thereof, including a detailed analysis of the impact on the bond rating of this state, and shall request authorization from the general assembly to issue bonds in an amount necessary to implement the plan. To approve a plan submitted by the highways and transportation commission, the general assembly shall adopt a concurrent resolution which shall specify the total amount of bonds which the highways and transportation commission may issue to implement the approved plan.
4. The highways and transportation commission shall offer such bonds at public sale[, and shall provide such method as it may deem necessary for the advertisement of the sale of each issue of bonds before such bonds are sold] or negotiated sale. The bonds shall be [retired serially and by installments within] for a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law.
[2.] 5. The proceeds of the sale or sales of any bonds issued pursuant to this section shall be paid into the state road fund to be expended for the purposes specified pursuant to the provisions of section 226.220.
[3.] 6. Bonds issued pursuant to this section shall be state road bonds as such term is used in section 30(b) of article IV of the state constitution, and as such, principal and interest payments on such bonds shall be made from the state road fund as provided in section 30(b) of article IV of the state constitution. Bonds issued pursuant to this section shall not be deemed to constitute a debt or liability of the state or a pledge of the full faith and credit of the state, and the principal and interest on such bonds shall be payable solely from the state road fund. Bonds issued [under] pursuant to this section, the interest thereon, or any proceeds from such bonds, shall be exempt from taxation in the state of Missouri for all purposes except for the state estate tax.
[4. No bonds shall be issued under this section unless both of the following conditions are met: (1) prior to the sale of such bonds, the issuer of such bonds shall adopt a marketing plan which provides for the broad distribution of such bonds to investors resident throughout the state of Missouri and (2) the underwriter or underwriters of such bonds agree in writing with the issuer thereof to make a broad distribution of such bonds to investors resident throughout the state of Missouri and to give first priority to all orders for such bonds which are specified for purchase by investors resident within the state of Missouri.]
7. Bonds may be issued for the purpose of refunding, either at maturity or in advance of maturity, any bonds issued under this section. The proceeds of such refunding bonds may either 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 shall be specified by the highways and transportation commission and the authorizing resolution or trust indenture securing such refunding bonds. The authorizing resolution or trust indenture securing the refunding bonds shall specify the amount and other terms of the refunding bonds and may provide that the refunding bonds shall have the same security for their payment as provided for the bonds being refunded. The refunding bonds shall be for a period not to exceed twenty-five years from their date of issue and shall bear interest at a rate or rates not exceeding the rate permitted by law. The principal amount of refunding bonds issued pursuant to this section shall not be counted toward the limit on the principal amount of bonds permitted under this section.
Section C. Because immediate action is necessary in order to obtain financing for projects contained in the five year plan and scheduled to begin in fiscal year 2001, section B of this act is deemed necessary for the immediate preservation of the public health, welfare, peace and safety, and is hereby declared to be an emergency act within the meaning of the constitution, and section B of this act shall be in full force and effect upon its passage and approval.
Missouri House of
Representatives