SB 718
Modifies the authority of certain boards, commissions, and authorities to grant loans
LR Number:
Last Action:
6/12/2006 - Signed by Governor
Journal Page:
Calendar Position:
Effective Date:
August 28, 2006
House Handler:

Current Bill Summary

SS/SCS/SB 718 - This act authorizes the Missouri Development Finance Board, the Missouri Health and Education Facilities Authority, the Missouri Higher Education Loan Authority, the Missouri Housing Development Commission, and the Environmental Improvement and Energy Resources Authority to approve a loan request only if the means of repayment is readily ascertainable. With the exception of annual appropriation debt for state-owned property, entities shall not approve such a request if the means of repayment is contingent upon state funding that has not been granted unless the project has been approved by concurrent resolution of the General Assembly or similar legislative directive or approval.

This act also includes the jobs now fund in the list of funds from which a loan may be requested from the Development Finance Board.

Currently, the State Board of Public Buildings shall not issue revenue bonds for the acquisition of office buildings in cities for one or more projects in excess of a total par value of $655 million. This act increases the limit to $775 million.

This act contains provisions identical to SB 1093 (2006).