HCS/HJR 54 - Upon voter approval, this proposed constitutional amendment authorizes the issuance of up to $50 million in bonds to be used solely for the construction of Missouri veterans' homes under the direction of the Missouri Veterans Commission. The bonds must be issued by the State Board of Fund Commissioners over time and in the amounts as determined by the General Assembly. The bonds must be retired serially and by installments within 15 years from their issue date. The proceeds from the sale of the bonds must be deposited into the newly created Veterans Home Bond and Interest Fund and expended for authorized purposes only.
The proceeds and interest on the bonds are backed by the state of Missouri. The Commissioner of Administration will transfer money into the fund as needed to pay interest and principal on these bonds monthly from the state general fund.
If the Commissioner of Administration determines that the state general revenue fund does not have enough funds to cover the interest on the bonds during the following fiscal year, a direct tax on all taxable tangible personal property in the state will be levied for payment of the bonds.
The Commissioner of Administration will determine what tax rate is necessary to raise the amount required to pay the principal and interest on the bonds. The Commissioner of Administration will notify each county and the county clerk/county comptroller is charged with collecting the tax alongside regular property taxes.
This resolution is similar to HJR 44 (2015).
DOMENIC SITA