HOUSE COMMITTEE SUBSTITUTE FOR

HOUSE JOINT RESOLUTION NO. 7

91ST GENERAL ASSEMBLY

TERRY L. SPIELER, Secretary.

0662S.07C

Submitting to the qualified voters of Missouri, an amendment to article IV of the Constitution of Missouri relating to the authorization of the state highways and transportation commission to operate toll facilities.

That at the next general election to be held in the state of Missouri, on Tuesday next following the first Monday in November, 2002, or at a special election to be called by the governor for that purpose, there is hereby submitted to the qualified voters of this state, for adoption or rejection, the following amendment to article IV of the Constitution of the state of Missouri:

Section A.  Article IV, Constitution of Missouri, is amended by adding thereto one new section, to be known as section 30(e), to read as follows:

Section 30(e).  1.  The transportation commission is authorized to conduct feasibility studies for, and to fund, design, acquire, construct, maintain, reconstruct and operate toll facilities as defined by law within the state, along or across borders of the state or across a river or stream comprising a portion of the boundary between Missouri and another state.  The commission shall fix and collect tolls for the use of all toll facilities.  All toll facilities shall be a part of the state highway system.

2.   In addition to any other authority as may be provided by law, the commission is authorized to:

(1)  Issue state toll facility revenue bonds or state toll facility revenue refunding bonds without the consent of any other state agency or board, the proceeds of which are used to pay in whole or in part the cost of the design, acquisition, construction, maintenance, reconstruction or operation of, or the feasibility studies for, toll facilities.  Such bonds shall not be deemed an obligation of the state, but shall be revenue bonds of the commission payable solely from tolls and other revenues derived from toll facilities, from other federal, state, local or special funds pledged for the payment of these bonds or for the purpose of paying all or any part of the cost of any toll facility project, and, if necessary, from the state road fund pursuant to subdivision (5) of this subsection;

(2)  Issue either state toll facility revenue bonds or state toll facility revenue refunding bonds at any time and in any amount, provided that the principal amounts of all such outstanding bonds, in the aggregate, shall not exceed the limits established by law.  Such bonds shall bear such date or dates and shall mature at such time or times, but not in excess of forty years, as the commission shall specify.  The bonds shall be in such denomination, bear interest at such rate or rates, be in such form, either coupon or registered, be issued in such manner, be issued as either current interest bonds, compound interest bonds or zero coupon bonds, be payable in such place or places and be subject to redemption, as the commission may provide.  The bonds may be sold at either public or private sale and at such price or prices as the commission shall determine to be in the best interests of the state;

(3)  Deposit and transfer as provided by law, the net proceeds derived from the sale of such bonds, the interest thereon, and all tolls and other revenue derived from toll facilities, to the credit of the appropriate toll facility funds, which shall be created by law.  Moneys in such funds shall stand appropriated for the purposes of the payment of the principal and interest on state toll facility revenue bonds and state toll facility revenue refunding bonds, and for the payment of the costs of feasibility studies for, and the design, acquisition, construction, maintenance, reconstruction and operation of toll facilities;

(4)  Transfer moneys from the state road fund to any appropriate toll facility fund to finance the feasibility studies for and the design of toll facilities without issuing state toll facility revenue bonds, if there are available funds in the state road fund which are not committed for other projects and the commission determines that procedure to be the most economical and advisable method of temporarily financing the work, until those transfers can be repaid with interest from one or more of the toll facility funds described in this section and created by law;

(5)  Transfer sums periodically as necessary from the state road fund to any toll facility fund, when the sums available in that fund are not sufficient to meet its current obligations.  Such sums shall be repaid to the state road fund with interest, in the time and manner provided by law; and

(6)  Enter into any contracts or agreements with any person, corporation, federal, state or local government agency or authority deemed necessary or desirable to fund or effectuate the proper and economic design, acquisition, construction, maintenance, reconstruction or operation of any toll facility.

3.  The commission shall continue to collect tolls, fees, rents and other charges on each toll facility it operates until the costs of preliminary studies, design, acquisition, construction, maintenance, reconstruction and operation of such toll facilities have been paid, all state toll facility revenue bonds and state toll facility revenue refunding bonds have been retired, and all transfers from the state road fund have been repaid with interest.  When tolls are discontinued on a toll facility, it shall be part of the free state highway system.

4.  The commission may, as it deems necessary, relocate existing public roads for the construction of a toll facility.

5.  State toll facility revenue bond and state toll facility revenue refunding bond proceeds, and tolls or other revenues derived from the establishment or operation of toll facilities, shall not be part of total state revenue within the meaning of sections 17 and 18 of article X of this constitution.  The expenditure of these revenues shall not be considered an expense of state government within the meaning of section 20 of article X of this constitution.