HB 1897 -- Martin Luther King, Jr., National Memorial Project

Sponsor:  Bowman

This bill authorizes the state Board of Public Buildings to issue
bonds for a grant to the board of directors of the Washington,
D.C. Martin Luther King, Jr., National Memorial Project
Foundation, Incorporated, for the design and construction of a
national memorial.

Before the grant is issued to the foundation, it must provide and
expend a matching fund.  The grant will be equal to the lesser of
$2 million or the amount in the foundation's matching fund.  The
foundation must present evidence to the state board by June 1,
2009, that a matching fund will be provided.

To pay for the principal and interest on the bonds, an annual tax
will be imposed on all assessable property in Missouri.  The rate
of the tax must be sufficient to discharge the principal amount
within 15 years after the issuance date of the bonds.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:11 pm