TRULY AGREED
CCS SCS HS HCS HB 1742 -- BONDS FOR HIGHWAY CONSTRUCTION
This bill permits the General Assembly to authorize the Highways
and Transportation Commission to issue up to $2 billion in bonds
in fiscal years 2001 to 2006. No more than $500 million may be
issued in any one year. In addition, the commission is
immediately authorized without further legislative action to
issue up to $250 million in bonds to provide funds for use in
highway construction and repairs scheduled in the 5-Year Plan.
The proceeds from the bonds will be used to pay for the cost of
construction engineering and construction and may not be used to
pay any administrative expenses. Contracted final design will
not be considered an administrative expense and must not exceed
7% of any project.
To obtain funding through these bonds, the Highways and
Transportation Commission must annually present to the General
Assembly by the tenth legislative day of each regular session a
proposed plan and analysis demonstrating the feasibility and
appropriateness of the plan to be implemented. A plan becomes
effective in 45 calendar days without legislative action. To
disapprove a plan, the General Assembly must pass a concurrent
resolution. The bill spells out the time requirements for
passing this resolution.
All projects funded by bonds, other than the $250 million
authorized for immediate issuance, must be funded in conformity
with the priorities established in the 1992 Plan.
Bonds will be issued for a period of not less than 10 years and
not more than 20 years and will bear an interest rate not
exceeding the rate permitted by law.
Funds appropriated from the State Highways and Transportation
Department Fund to state offices and departments will be capped
and cannot exceed the amount appropriated to such offices or
departments in fiscal year 2001. This provision will not apply
to appropriations from the State Highways and Transportation
Department Fund to the commission and department, to the Office
of Administration for the Department of Transportation employee
fringe benefits and OASHDI payments, or for appropriations to
the Department of Revenue for motor vehicle fuel tax refunds or
overpayments.
The bill also requires the Department of Transportation to
evaluate the state's needs for highways and bridges, railroads,
aviation, transit and water ports and to create a multimodal,
total transportation plan for the state. The plan must be
submitted to the Joint Committee on Transportation Oversight,
the Speaker of the House, and the President Pro Tem of the
Senate by January 2, 2001.
The bill also designates a portion of Interstate 55 as the "Rosa
Parks Highway" and a portion of Interstate 44 as the "Payne
Stewart Highway."
The bonding portion of the bill has an emergency clause.
PERFECTED
HS HCS HB 1742 -- TRANSPORTATION BONDS (Koller)
This substitute permits the General Assembly to authorize the
Highways and Transportation Commission to issue bonds from
fiscal year 2001 to 2007 in amounts not to exceed $2 billion,
except that $500 million may be immediately authorized to
provide funds for use in highway construction and repairs
scheduled for fiscal year 2001 based on the 5-Year Plan.
To obtain this funding, except for the $500 million for
immediate authorization, the Highways and Transportation
Commission must annually present to the General Assembly a
proposed plan and analysis demonstrating the feasibility and
appropriateness of the plan to be implemented. Bond revenue
must be used solely for road and bridge construction,
preservation, and maintenance and not for engineering and
administrative costs. To approve any plan, the General Assembly
must adopt a concurrent resolution specifying the amount of
bonds which the commission may issue. The same procedure must
be used hereafter for the Highways and Transportation Commission
to obtain authorization to issue bonds.
All projects funded by bonds, other than the $500 million
dollars authorized for immediate issuance, must be funded in
conformity with the priorities established in the 15-Year Plan.
Funds appropriated from the State Highways and Transportation
Department Fund to state offices and departments will be capped
and cannot exceed the amount appropriated to these offices or
departments in fiscal year 2001.
There is an emergency clause for the bonding part of the
substitute.
FISCAL NOTE: Estimated Net Cost to State Road Fund of
$50,405,259 in FY 2001, $32,805,259 in FY 2002, and $28,705,259
in FY 2003. Estimated Net Effect on State Highway Fund of $0 in
FY 2001, FY 2002, and FY 2003. Cost to General Revenue Fund of
$0 in FY 2001, $10,100,000 in FY 2002, and $14,200,000 in FY
2003.
INTRODUCED
HB 1742 -- Transportation Bonds
Co-Sponsors: Gaw, Koller, Kreider, Backer, Leake, Crump, Days,
Relford, Gunn, Lakin, Murray
This bill permits the General Assembly to authorize the Highways
and Transportation Commission to issue bonds from fiscal year
2001 to 2007 in amounts not to exceed $2 billion.
To obtain this funding the Highways and Transportation
Commission must annually present to the General Assembly a
proposed plan and analysis demonstrating the feasibility and
appropriateness of the plan to be implemented. To approve any
plan the General Assembly must adopt a concurrent resolution
specifying the amount of bonds the commission may issue. The
same procedure must be used hereafter for the Highways and
Transportation Commission to obtain authorization to issue bonds.
All projects funded by bonds must be funded in conformity with
the priorities established in the 15-Year Plan.
Missouri House of Representatives' Home Page
Last Updated October 5, 2000 at 11:34 am