SECOND REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE CURLS.
Read 1st time February 28, 2008 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
AN ACT
To amend chapter 8, RSMo, by adding thereto one new section relating to the Martin Luther King, Jr., National Memorial Project.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 8, RSMo, is amended by adding thereto one new section, to be known as section 8.297, to read as follows:
8.297. 1. The board of public buildings may borrow money and incur indebtedness on behalf of this through a state loan to be known as the Martin Luther King, Jr., National Memorial Project Loan of 2008 in a total principal amount equal to the lesser of two million dollars or the amount of the matching fund provided in subsection 5 of this section. This loan shall be evidenced by the issuance, sale, and delivery of state general obligation bonds authorized by a resolution of the board of public buildings, and shall be issued, sold, and delivered in accordance with state law.
2. The bonds to evidence this loan or installments of this loan may be sold as a single issue or may be consolidated and sold as part of a single issue of bonds under state law.
3. The cash proceeds of the sale of the bonds shall be paid to the treasurer and first shall be applied to the payment of the expenses of issuing, selling, and delivering the bonds, unless funds for this purpose are otherwise provided, and then shall be credited on the books of the treasurer and expended, on approval by the board of public buildings, solely for the approved public purpose. The only approved public purpose shall be a grant to the board of directors of the Washington, D.C. Martin Luther King, Jr., National Memorial Project Foundation, Inc., for the design and construction of a national memorial to Martin Luther King, Jr., located in Washington, D.C., including any applicable architects’ and engineers’ fees.
4. An annual tax is hereby imposed on all assessable property in the state in rate and amount sufficient to pay the principal of and interest on the bonds as and when due and until paid in full. The principal shall be discharged within fifteen years after the date of issuance of the bonds.
5. Before the payment of any funds under subsection 3 of this section, the project foundation shall provide and expend a matching fund. No part of the project foundation’s matching fund shall be provided, either directly or indirectly, from funds of the state, whether appropriated or unappropriated. No part of the fund shall consist of real property, in kind contributions, or funds expended before August 28, 2008. In case of any dispute as to the amount of the matching fund or what money or assets may qualify as matching funds, the board of public buildings shall determine the matter and the board’s decision shall be final. The project foundation shall have until June 1, 2009, to present evidence satisfactory to the board of public buildings that a matching fund will be provided. If satisfactory evidence is presented, the board shall certify this fact and the amount of the matching fund to the state treasurer, and the proceeds of the loan equal to the amount of the matching fund shall be expended for the purposes provided in this section. Any amount of the loan in excess of the amount of the matching fund certified by the board of public buildings shall be canceled and be of no further effect.
6. The proceeds of the loan shall be expended or encumbered by the board of public buildings for the purposes provided in this section no later than June 1, 2014. If any funds authorized by this section remain unexpended or unencumbered after June 1, 2014, the amount of the unencumbered or unexpended authorization shall be canceled and be of no further effect. If bonds have been issued for the loan, the amount of unexpended or unencumbered bond proceeds shall be disposed of as provided in state law regulating disposal of unencumbered bond proceeds.
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