SS/SB 330 - This act modifies provision relating to bond issuance.
REVENUE BONDS (Section 8.420 & 8.665)
Currently, the State Board of Public Buildings is authorized to issue revenue bonds up to a certain amount. This act lowers the revenue bond cap limit for projects other than higher education projects by $225 million. The act also requires any such revenue bonds issued due to an increase in cap space above the limit in place on August 27, 2014, to have a maturity date within 20 years of issuance. Any revenue bonds issued for higher education projects due to an increase in caps space occurring on August 28, 2014, must mature within 10 years, except that up to $40 million in bonds may mature up to 40 years after issuance.
RENOVATION BONDS (Sections 8.950 to 8.963)
The act authorizes the State Board of Public Buildings to issue a new type of bonds called renovation bonds. Renovation bonds may only be issued for the renovation and repair of state owned buildings. Such bonds will be serviced with monies from the Facilities Maintenance Reserve Fund. The total amount of bonds that may be issued is $325 million. The Committee on Legislative Research must approve projects before bonds may be issued.
The renovation bonds will not be considered an indebtedness of the state. The bonds may not bear interest above 10% per year. The bonds must mature within 10 years, except that up to $75 million in bonds may mature up to 20 years after issuance. The bonds may be refunded under certain circumstances. The refunding bonds may not bear interest in excess of 6% per year and must mature within 10 years.
These provisions are similar to HB 1345 (2015).
BOND ISSUANCE AUTHORITY (Sections 33.452 & 67.657)
This act specifies that the executive branch does not have the authority to extend existing bonds or issue new bonds, including bonds for the St. Louis Regional Convention and Sports Complex Authority, without legislative or voter approval. This provision is identical to SCS/SBs 460 & 319 (2015) and HB 1349 (2015). This provision is similar to HB 1155 (2015). This provision contains an emergency clause.