|SB 0349||Grants of Public Money & Credit to Stimulate Economic Dev.|
|Last Action:||05/15/95 - S Inf Calendar S Bills For Perfection|
|Effective Date:||August 28, 1995|
SB 349 - This act amends Chapter 620, RSMo 1994, by adding two new sections relating to the granting of public money or lending of public credit to stimulate economic development, community development, and capital investment.
Section 620.1100 defines seven relevant terms including community development, economic development, public money, and public credit.
Section 620.1102 gives the General Assembly the authority to enact laws which authorize the granting of public money or lending of public credit to private persons, associations or businesses. These laws must primarily benefit the public but they may also incidentally benefit private persons, associations or businesses.
It is important to note that these two new sections have a
contingent effective date and shall not take effect until a
constitutional amendment has been duly enacted.