SJR 024 Creates the Facilities Maintenance Reserve Fund
Committee:FINALR Number:S1505.04T
Last Action:05/18/95 - Delivered to Secretary of State
Title:SS/SJR 24
Effective Date:Indefinite
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Current Bill Summary

SS/SJR 24 - This joint resolution, if approved by the voters, would create the "Facilities Maintenance Reserve Fund" within the State Treasury. The Reserve Fund is designed to provide a continuing source of revenue for the maintenance, repair and renovation of state facilities. Moneys in the Reserve Fund would be available for appropriation by the General Assembly, and must be invested by the State Treasurer in the same manner as other state funds are invested. This amendment does not apply to the Departments of Conservation and Highways and Transportation.

This resolution requires that one-tenth of one percent of net general revenue be placed in the Fund in 1997 and the amount would be increased by one-tenth of one percent until the amount transferred equals one percent of net general revenue collections for the immediately preceding fiscal year. Thereafter, one percent of the net general revenue collections for the immediately preceding fiscal year would be transferred into the fund annually. Pursuant to Article IV, Section 27 of the Missouri Constitution, the Governor may reduce or eliminate the amount of funds transferred to the Reserve Fund. RONALD J. LEONE