SECOND REGULAR SESSION
94TH GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVES BAKER (25) (Sponsor), LAMPE, LOW (39), McCLANAHAN AND HAYWOOD (Co-sponsors).
Read 1st time April 1, 2008 and copies ordered printed.
D. ADAM CRUMBLISS, Chief Clerk
JOINT RESOLUTION
Submitting to the qualified voters of Missouri an amendment to the Constitution of Missouri relating to bonding for higher education projects.
Be it resolved by the House of Representatives, the Senate concurring therein:
That at the next general election to be held in the state of Missouri, on Tuesday next following the first Monday in November, 2008, 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 III of the Constitution of the state of Missouri:
Section A. Article III, Constitution of Missouri, is amended by adding one new section, to be known as section 37(i), to read as follows:
Section 37(i). 1. The general assembly may authorize the contracting of an indebtedness on behalf of the state of Missouri and the issuance of bonds or other evidences of indebtedness not exceeding in the aggregate the sum of five hundred thirty million five hundred forty-five thousand three dollars for the purpose of providing funds for planning, design, construction, renovation, furnishing, equipping, maintenance, repair, and improvements to buildings of institutions of higher education, including public community colleges. All proceeds in the fifth state building bond fund shall be and stand appropriated without legislative action provided that no more than the following amounts shall be provided cumulatively for the following:
Total Project Cost
University of Central Missouri W.C. Morris Science $40,311,576
Harris-Stowe State University Business Admin./classroom $17,348,753
Lincoln University Jason Hall Phase II $15,380,510
Missouri Southern State University McCune Brooks $30,649,625
Missouri State University Ozarks Health & Life Science $75,608,968
Missouri Western State University Potter Hall $26,014,100
Northwest Missouri State University Olive Deluce $22,345,861
Southeast Missouri University Applied Science Complex $39,000,000
Truman Ballwin Hall/McClain Hall $38,675,769
University of Missouri-Columbia Laffere Hall $59,755,000
University of Missouri Kansas City Miller Nichols Library/Interactive $79,007,000
Learning Center
Missouri University of Science Schrenk Hall $75,528,000
and Technology
University of Missouri St. Louis Campus Development Phase I $27,000,000
Linn State Technical College Vehicle and Power Center $18,982,169
Crowder MARET Center $ 9,500,000
East Central Library, Learning Center, $ 8,240,000
Student Services
Jefferson Science/Public Health Center $10,200,000
Metropolitan Health Science Institute $51,074,165
Mineral Area Learning Resource Center $ 4,500,000
Moberly Columbia Higher Education Center $ 8,915,000
North Central Center for Performing Arts $ 4,350,000
Ozarks Technical Center for Bus Admin $13,500,000
& Adv Tech
St. Charles Life Sciences Facility $ 8,850,000
St. Louis Harrison Educational Center $10,000,000
State Fair Classroom/Administration Building $ 6,935,030
Three Rivers Center for Life Sciences $ 5,721,812
Any funds remaining in the fifth state building bond fund after full distribution to the projects listed above shall be transferred to the fifth state building bond and interest fund for use as described in subsection 3 of this section.
2. The bonds shall be issued by the state board of fund commissioners from time to time and in such amounts as may be necessary to ensure timely completion of the projects, provided that the institution shall provide at least twenty-five percent of the total project cost. The board of fund commissioners 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. The proceeds of the sale or sales of any bonds issued under this section shall be paid into the state treasury and be credited to a fund to be designated the fifth state building fund. The bonds shall be retired serially and by installments within 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 proceeds of the sale of the bonds authorized in this section shall be expended for the purposes for which the bonds are authorized to be issued.
3. The bonds and the interest thereon shall be paid out of the "Fifth State Building Bond and Interest Fund", which is hereby created, and the payment of such bonds and the interest thereon shall be secured by a pledge of the full faith, credit, and resources of the state of Missouri. Upon the issuance of such bonds, or any portion thereof, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required, in the remaining portion of the fiscal year during which such bonds shall have been issued, for the payment of interest on the bonds, and of the amount of money required for the payment of interest on the bonds in the following fiscal year, and to pay such bonds as they mature. Thereafter, within thirty days after the beginning of each fiscal year, the state board of fund commissioners shall notify the commissioner of administration of the amount of money required for the payment of interest on the bonds in the following fiscal year and to pay such bonds maturing in the following fiscal year.
4. It shall be the duty of the commissioner of administration to transfer at least monthly, from the state general revenue fund or from any other fund established by law for this purpose, after deducting therefrom the proportionate part thereof appropriated for the support of the free public schools, and to credit to the fifth state building bond and interest fund such sum as may be necessary from time to time until there shall have been transferred to such fund the amount so certified to the commissioner of administration by the state board of fund commissioners, as provided in this section.
5. If at any time after the issuance of any of the bonds, it shall become apparent to the commissioner of administration that the funds available in the state general revenue fund will not be sufficient for the payment of the sinking fund and interest on outstanding obligations of the state and for the purpose of public education and the principal and interest maturing and accruing on the bonds during the following fiscal year, a direct tax shall be levied upon all taxable tangible property in the state for the payment of such bonds and the interest that will accrue thereon. In such event, it shall be the duty of the commissioner of administration annually, on or before the first day of July, to determine the rate of taxation necessary to be levied upon all taxable tangible property within the state to raise the amount of money needed to pay the principal of and interest on such bonds maturing and accruing in the following fiscal year, taking into consideration available funds, delinquencies, and costs of collection. The commissioner of administration shall annually certify the rate of taxation so determined to the county clerk of each county and to the comptroller or other officer in the City of St. Louis whose duty it shall be to make up and certify the tax books wherein are extended the ad valorem state taxes. It shall be the duty of such clerks and the comptroller or other proper officer in the City of St. Louis to extend upon the tax books the taxes to be collected and to certify the same to the collectors of the revenue of their respective counties and of the City of St. Louis, who shall collect such taxes at the same time and in the same manner and by the means as are now or may hereafter be provided by law for the collection of state and county taxes, and to pay the same into the state treasury for the credit of the fifth state building bond and interest fund.
6. All funds paid into the fifth state building bond and interest fund shall be and stand appropriated without legislative action to the payment of principal and interest of the bonds, there to remain until paid out in discharge of the principal of such bonds and the interest accruing thereon, and no part of such fund shall be used for any other purpose so long as any of the principal of such bonds and the interest thereon shall be repaid. The general assembly may enact such laws as may be necessary to implement the provisions of this section. The additional revenue provided by this section shall not be part of "total state revenue" in sections 17 and 18 of article X of this constitution. The expenditure of such additional revenue shall not be an "expense of state government" under section 20 of article X of this constitution.
Section B. Pursuant to chapter 116, RSMo, and other applicable constitutional provisions and laws of this state allowing the General Assembly to adopt ballot language for the submission of a Joint Resolution for submission to the voters of this state, the official ballot title of the amendment proposed in section A of this Joint Resolution shall be as follows:
"Shall the Missouri Constitution be amended to allow
the sale of $530.55 million in bonds for planning,
design, construction, renovation, furnishing,
equipping, maintenance, repair, and improvements
to buildings of public institutions of higher
education, including public community colleges?".
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