HCS SB 1175 -- MISSOURI HOUSING DEVELOPMENT COMMISSION

SPONSOR:  Goodman (Cox)

COMMITTEE ACTION:  Voted "do pass" by the Special Committee on
Government Affairs by a vote of 8 to 0.

Currently, the Missouri Housing Development Commission cannot
have outstanding bonds or notes in an aggregate principle amount
exceeding $200 million at any one time.  This substitute
specifies that any conduit revenue bonds or notes of the
commission on which the payment of all debt service is the
responsibility of an approved mortgagor will not be included in
the indebtedness limitation.

Beginning July 1, 2009, the substitute requires the commission to
have its offices and employees in Cole County and its executive
director or chief executive officer to reside within 40 miles of
Jefferson City.

FISCAL NOTE:  Estimated Cost on General Revenue Fund of $0 to
$2,386,017 in FY 2009, $0 in FY 2010, and $0 in FY 2011.  No
impact on Other State Funds in FY 2009, FY 2010, and FY 2011.

PROPONENTS:  Supporters say that conduit revenue bonds are not a
liability to the state or the commission and should not be
subject to the debt limits.

Testifying for the bill were Senator Goodman; and Missouri
Housing Development Commission.

OPPONENTS:  There was no opposition voiced to the committee.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:13 pm