FIRST REGULAR SESSION
[TRULY AGREED TO AND FINALLY PASSED]
CONFERENCE COMMITTEE SUBSTITUTE FOR
HOUSE COMMITTEE SUBSTITUTE FOR
SENATE SUBSTITUTE FOR
SENATE COMMITTEE SUBSTITUTE FOR
SENATE BILL NO. 165
89TH GENERAL ASSEMBLY
1997

S0804.10T


AN ACT

To repeal sections 30.750, 30.753, 30.756, 30.758, 30.760, 30.765, 64.930, 64.950, 70.385, 70.390, 99.340, 99.805, 99.810, 99.820, 99.825, 99.830, 99.835, 99.845, 99.865, 100.255, 100.264, 100.275, 100.297, 135.208, 143.805, 178.896, 253.401, 327.031, 386.025, 393.295, 393.705, 393.710, 393.715, 393.725, 393.730, 393.760, 393.770, 620.1072 and 620.1078, RSMo 1994, and sections 100.296, 100.840, 135.100, 135.200, 135.225, 135.230, 135.247, 135.352, 135.400, 135.403, 135.405, 135.460, 135.500, 135.503, 135.508, 135.516, 143.451, 178.895, 447.710 and 620.1039, RSMo Supp. 1996, relating to the department of economic development and economic development incentive programs, and to enact in lieu thereof one hundred twenty-nine new sections relating to the same subject, with an effective date and a termination date for certain sections.


Be it enacted by the General Assembly of the State of Missouri, as follows:

    &nbspSection A. Sections 30.750, 30.753, 30.756, 30.758, 30.760, 30.765, 64.930, 64.950, 70.385, 70.390, 99.340, 99.805, 99.810, 99.820, 99.825, 99.830, 99.835, 99.845, 99.865, 100.255, 100.264, 100.275, 100.297, 135.208, 143.805, 178.896, 253.401, 327.031, 386.025, 393.295, 393.705, 393.710, 393.715, 393.725, 393.730, 393.760, 393.770, 620.1072 and 620.1078, RSMo 1994, and sections 100.296, 100.840, 135.100, 135.200, 135.225, 135.230, 135.247, 135.352, 135.400, 135.403, 135.405, 135.460, 135.500, 135.503, 135.508, 135.516, 143.451, 178.895, 447.710 and 620.1039, RSMo Supp. 1996, are repealed and one hundred twenty-nine new sections enacted in lieu thereof, to be known as sections 30.750, 30.753, 30.756, 30.758, 30.760, 30.765, 64.930, 64.950, 70.385, 70.390, 70.508, 99.340, 99.805, 99.810, 99.820, 99.825, 99.830, 99.835, 99.845, 99.863, 99.865, 100.255, 100.275, 100.296, 100.297, 100.840, 135.100, 135.200, 135.207, 135.208, 135.225, 135.230, 135.247, 135.313, 135.352, 135.400, 135.403, 135.405, 135.460, 135.500, 135.503, 135.508, 135.516, 143.451, 178.895, 178.896, 184.800, 184.805, 184.810, 184.815, 184.820, 184.825, 184.830, 184.835, 184.840, 184.845, 184.850, 184.860, 184.865, 184.870, 184.880, 253.401, 253.550, 253.559, 253.561, 253.562, 327.031, 357.015, 386.025, 393.295, 393.705, 393.710, 393.715, 393.725, 393.730, 393.760, 393.770, 447.710, 620.030, 620.1039, 620.1072, 620.1078, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46 and 47, to read as follows:

    &nbsp30.750. As used in sections 30.750 to 30.765, the following terms mean:

     (1) "Eligible agribusiness", a person, employing ten or more persons engaged in the processing or adding of value to agricultural products produced in Missouri;

     (2) "Eligible beginning farmer", any farmer who qualifies as a beginning farmer for participation in federal tax-exempt financing;

     (3) "Eligible farming operation", any person engaged in farming in an authorized farm corporation, family farm, or family farm corporation as defined in section 350.010, RSMo, that has all of the following characteristics:

     (a) Is headquartered in this state;

     (b) Maintains offices, operating facilities, or farming operations and transacts business in this state;

     (c) Employs less than ten employees;

     (d) Is organized for profit;

     (e) Possesses not more than sixty percent equity, where "percent equity" is defined as total assets minus total liabilities divided by total assets, except that an otherwise eligible farming operation applying for a loan for the purpose of installing or improving a waste management practice in order to comply with environmental protection regulations shall be exempt from this eligibility requirement;

     (4) "Eligible higher education institution", any approved public or private institution as defined in section 173.205, RSMo;

     (5) "Eligible job enhancement business", a new, existing or expanding firm operating in Missouri which employs ten or more employees on a yearly average and which, as nearly as possible, is able to establish or retain at least one job in Missouri for each twenty-five thousand dollars received from a linked deposit loan;

     (6) "Eligible lending institution", a financial institution that is eligible to make commercial or agricultural or student loans or discount or purchase such loans, is a public depository of state funds or obtains its funds through the issuance of obligations, either directly or through a related entity, eligible for the placement of state funds under the provisions of section 15, article IV, Constitution of Missouri, and agrees to participate in the linked deposit program;

     (7) "Eligible livestock operation", any person, engaged in production of livestock or poultry in an authorized farm corporation, family farm, or family farm corporation as defined in section 350.010, RSMo, or any person eligible for a single-purpose animal facilities loan guarantee under the provisions of sections 348.185 to 348.225, RSMo;

     (8) "Eligible marketing enterprise", a business enterprise operating in this state which is in the process of marketing its goods, products or services within or outside of this state or overseas, which marketing is designed to increase manufacturing, transportation, mining, communications, or other enterprises in this state, which has proposed its marketing plan and strategy to the department of economic development and which plan and strategy has been approved by the department for purposes of eligibility pursuant to sections 30.750 to 30.765. Such business enterprise shall conform to the characteristics of paragraphs (a), (b) and (d) of subdivision (3) of this section and also employ less than twenty-five employees;

     (9) "Eligible residential property [developer] owner", an individual who purchases and develops a residential structure of either two or four units, if such residential property [developer] owner uses and agrees to continue to use, for at least the five years immediately following the date of issuance of the linked deposit loan, one of the units as his principal residence or if such person's principal residence is located within one-half mile from the developed structure and such person agrees to maintain the principal residence within one-half mile of the developed structure for at least the five years immediately following the date of issuance of the linked deposit loan;

     (10) "Eligible residential property [owner] developer", a person, firm or corporation who purchases, develops or substantially rehabilitates a multifamily residential structure;

     (11) "Eligible rural single-family housing developer", a person, corporation or other business entity which purchases land for and develops a single-family residential subdivision of four or more homes in any city with a population less than thirty thousand located in a county with a population less than one hundred eighty-two thousand, or in an unincorporated area of a county with a population less than one hundred eighty-two thousand, as determined by the last census, provided that the market value of each home is no more than two and one-half times the median family income amount for the state of Missouri, as utilized by the Missouri housing development commission, and the chief elected official of the political subdivision in which the proposed subdivision is located has endorsed the project in writing;

     (12) "Eligible rural single-family housing builder", a person, corporation or other business entity which purchases land for and builds two or more single-family residential structures in any city with a population less than thirty thousand located in a county with a population less than one hundred eighty-two thousand, or in an unincorporated area of a county with a population less than one hundred eighty-two thousand, as determined by the last census, or who purchases and substantially rehabilitates two or more homes in such a location, provided that in all instances the market value of each home is no more than two and one-half times the median family income amount for the state of Missouri, as utilized by the Missouri housing development commission;

     (13) "Eligible small business", a person engaged in an activity with the purpose of obtaining, directly or indirectly, a gain, benefit or advantage and which conforms to the characteristics of paragraphs (a), (b) and (d) of subdivision (3) of this section, and also employs less than twenty-five employees;

     [(12)] (14) "Eligible student borrower", any person attending, or the parent of a dependent undergraduate attending, an eligible higher education institution in Missouri who may or may not qualify for need-based student financial aid calculated by the federal analysis called Congressional Methodology Formula pursuant to 20 U.S.C. 1078, as amended (the Higher Education Amendments of 1986);

     [(13)] (15) "Eligible water supply system", a water system which serves fewer than fifty thousand persons and which is owned and operated by:

     (a) A public water supply district established pursuant to chapter 247, RSMo; or

     (b) A municipality or other political subdivision; or

     (c) A water corporation;

and which is certified by the department of natural resources in accordance with its rules and regulations to have suffered a significant decrease in its capacity to meet its service needs as a result of drought;

     [(14)] (16) "Farming", using or cultivating land for the production of agricultural crops, livestock or livestock products, forest products, poultry or poultry products, milk or dairy products, or fruit or other horticultural products;

     [(15)] (17) "Linked deposit", a certificate of deposit, or in the case of production credit associations, the subscription or purchase outright of obligations described in section 15, article IV, Constitution of Missouri, placed by the state treasurer with an eligible lending institution at up to three percent below current market rates that are determined and calculated by the state treasurer, provided the deposit rate is not below two percent, provided the institution agrees to lend the value of such deposit, according to the deposit agreement provided in sections 30.750 to 30.765, to eligible small businesses, farming operations, eligible job enhancement businesses, eligible marketing enterprises, eligible residential property developers, eligible rural single-family housing developers, eligible rural single-family housing builders, eligible residential property owners, eligible agribusinesses, eligible beginning farmers, eligible livestock operations, eligible student borrowers, or eligible water supply systems at below the present borrowing rate applicable to each small business, farming operation, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower, or supply system at the time of the deposit of state funds in the institution;

     [(16)] (18) "Water corporation", as such term is defined in section 386.020, RSMo;

     [(17)] (19) "Water system", as such term is defined in section 386.020, RSMo.

    &nbsp30.753. 1. The state treasurer may invest in linked deposits; however, the total amount so deposited at any one time shall not exceed, in the aggregate, three hundred fifty million dollars. No more than one hundred sixty-five million dollars of the aggregate deposit shall be used for linked deposits to eligible farming operations, eligible agribusinesses, eligible beginning farmers and eligible livestock operations, no more than fifty-five million of the aggregate deposit shall be used for linked deposits to small businesses, no more than ten million dollars of the aggregate deposit shall be used for linked deposits to eligible residential property developers and eligible residential property owners, no more than one hundred ten million dollars of the aggregate deposit shall be used for linked deposits to eligible job enhancement businesses and no more than ten million dollars of the aggregate deposit shall be used for linked deposit loans to eligible water systems. Linked deposit loans may be made to eligible student borrowers, eligible rural single-family housing developers and eligible rural single-family housing builders from any unused portion of the aggregate deposit. If demand for a particular type of linked deposit exceeds the initial allocation, and funds initially allocated to another type are available and not in demand, the state treasurer may commingle allocations among the types of linked deposits. The amount reallocated under this commingling provision shall not exceed ten percent of the initial allocation.

    &nbsp2. The minimum deposit to be made by the state treasurer to an eligible lending institution for eligible job enhancement business loans shall be ninety thousand dollars. Linked deposit loans for eligible job enhancement businesses may be made for the purposes of assisting with relocation expenses, working capital, interim construction, inventory, site development, machinery and equipment, or other expenses necessary to create or retain jobs in the recipient firm.

    &nbsp30.756. 1. An eligible lending institution that desires to receive a linked deposit shall accept and review applications for linked deposit loans from eligible farming operations, eligible small businesses, eligible job enhancement businesses, eligible marketing enterprises, eligible agribusinesses, eligible beginning farmers, eligible livestock operations, eligible residential property developers, eligible rural single-family housing developers, eligible rural single-family housing builders, eligible residential property owners, eligible student borrowers and eligible water supply systems. An eligible residential property owner shall certify on his loan application that the reduced rate loan will be used exclusively to purchase, develop or substantially rehabilitate a multifamily residential property. The lending institution shall apply all usual lending standards to determine the credit worthiness of each eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible rural single-family housing developer, eligible rural single-family housing builders, eligible residential property owner, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system. No linked deposit loan made to any eligible farming operation, eligible livestock operation other than a loan guaranteed under the provisions of the single-purpose animal facilities loan guarantee program established pursuant to sections 348.185 to 348.225, RSMo, eligible agribusiness or eligible small business shall exceed one hundred thousand dollars and no service of separate loans may be made which exceeds such limit to any single eligible farming operation, eligible livestock operation other than a loan guaranteed under the provisions of the single-purpose animal facilities loan guarantee program established pursuant to sections 348.185 to 348.225, RSMo, eligible agribusiness or eligible small business. No loan guaranteed under the provisions of the single-purpose animal facilities loan guarantee program established pursuant to sections 348.185 to 348.225, RSMo, shall exceed two hundred fifty thousand dollars and no service of separate loans may be made which exceeds such limit.

    &nbsp2. An eligible farming operation, small business, eligible rural single-family housing developer, eligible rural single-family housing builder, or job enhancement business shall certify on its loan application that the reduced rate loan will be used exclusively for necessary production expenses or the expenses listed in subsection 2 of section 30.753 or the refinancing of an existing loan for production expenses or the expenses listed in subsection 2 of section 30.753 of an eligible farming operation, small business, eligible rural single-family housing developer, eligible rural single-family housing builder, or job enhancement business. Whoever knowingly makes a false statement concerning such application is guilty of a class A misdemeanor. An eligible water supply system shall certify on its loan application that the reduced rate loan shall be used exclusively to pay the costs of upgrading or repairing an existing water system, constructing a new water system, or making other capital improvements to a water system which are necessary to improve the service capacity of the system.

    &nbsp3. In considering which eligible farming operations should receive reduced rate loans, the eligible lending institution shall give priority to those farming operations which have suffered reduced yields due to drought or other natural disasters and for which the receipt of a reduced rate loan will make a significant contribution to the continued operation of the recipient farming operation.

    &nbsp4. The eligible financial institution shall forward to the state treasurer a linked deposit loan package, in the form and manner as prescribed by the state treasurer. The package shall include such information as required by the state treasurer, including the amount of each loan requested. The institution shall certify that each applicant is an eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single- family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system, and shall, for each eligible farming operation, small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system, certify the present borrowing rate applicable.

    &nbsp5. The eligible lending institution shall be responsible for determining if a student borrower is an eligible student borrower. A student borrower shall be eligible for an initial or renewal reduced rate loan only if, at the time of the application for the loan, he is a citizen or permanent resident of the United States, a resident of the state of Missouri as defined by the coordinating board for higher education, is enrolled or has been accepted for enrollment in an eligible higher education institution, and establishes that he has financial need. In considering which eligible student borrowers may receive reduced rate loans, the eligible lending institution may give priority to those eligible student borrowers whose income, or whose family income, if the eligible student borrower is a dependent, is such that the eligible student borrower does not qualify for need-based student financial aid pursuant to 20 U.S.C. 1078, as amended (the Higher Education Amendments of 1986). The eligible lending institution shall require the eligible student borrower to document that he has applied for and has obtained all need-based student financial aid for which he is eligible prior to application for a reduced rate loan pursuant to this section. In no case shall the combination of all financial aid awarded to any student in any particular enrollment period exceed the total cost of attendance at the institution in which the student is enrolled. No eligible lending institution shall charge any additional fees, including but not limited to an origination, service or insurance fee on any loan agreement under the provisions of sections 30.750 to 30.765.

    &nbsp6. The eligible lending institution making an initial loan to an eligible student borrower may make a renewal loan or loans to the student. The total of such reduced rate loans from eligible lending institutions made pursuant to this section to any individual student shall not exceed the cumulative totals established by 20 U.S.C. 1078, as amended. An eligible student borrower shall certify on his loan application that the reduced rate loan shall be used exclusively to pay the costs of tuition, incidental fees, books and academic supplies, room and board and other fees directly related to enrollment in an eligible higher education institution. The eligible lending institution shall make the loan payable to the eligible student borrower and the eligible higher education institution as copayees. The method of repayment of the loan shall be the same as for repayment of loans made pursuant to sections 173.095 to 173.186, RSMo.

    &nbsp30.758. 1. The state treasurer may accept or reject a linked deposit loan package or any portion thereof.

    &nbsp2. Upon acceptance of the linked deposit loan package or any portion thereof, the state treasurer may place linked deposits with the eligible lending institution at up to three percent below current market rates, as determined and calculated by the state treasurer provided the deposit rate is not below two percent. When necessary, the treasurer may place linked deposits prior to acceptance of a linked deposit loan package.

    &nbsp3. The eligible lending institution shall enter into a deposit agreement with the state treasurer, which shall include requirements necessary to carry out the purposes of sections 30.750 to 30.765. Such requirements shall reflect the market conditions prevailing in the eligible lending institution's lending area. The deposit agreement shall specify the length of time for which the lending institution will lend funds upon receiving a linked deposit. The agreement shall also include provisions for the linked deposit of a linked deposit for an eligible farming operation, small business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or job enhancement business to mature within a period not to exceed one year. The state treasurer may renew such linked deposit for additional periods of time, each of which shall not exceed one year, except for a linked deposit relating to a linked deposit loan guaranteed under the provisions of the single-purpose animal facilities loan guarantee program established pursuant to sections 348.185 to 348.225, RSMo, which may be renewed for additional periods of time not to exceed ten years. The linked deposit of a linked deposit for an eligible property developer or residential property owner shall mature within a period not to exceed three years. The linked deposit of a linked deposit for an, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible water supply system shall mature within a period not to exceed three years and the state treasurer may renew such a linked deposit for additional periods of time, each of which shall not exceed three years. Interest shall be paid at the times determined by the state treasurer.

    &nbsp4. The period of time for which such linked deposit is placed with an eligible lending institution shall be neither longer nor shorter than the period of time for which the linked deposit is used to provide loans at reduced interest rates. The agreement shall further provide that the state shall receive market interest rates on any linked deposit or any portion thereof for any period of time for which there is no corresponding linked deposit loan outstanding to an eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system.

    &nbsp30.760. 1. Upon the placement of a linked deposit with an eligible lending institution, such institution is required to lend such funds to each approved eligible farm operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system listed in the linked deposit loan package required by section 30.756 and in accordance with the deposit agreement required by section 30.758. The loan shall be at a fixed rate of interest which is below the present borrowing rate applicable to each eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system as determined pursuant to rules and regulations promulgated by the state treasurer under the provisions of chapter 536, RSMo, including emergency rules issued pursuant to section 536.025, RSMo. In addition, the loan agreement shall specify that the eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system shall use the proceeds as required by sections 30.750 to 30.765, and that in the event the loan recipient does not use the proceeds in the manner prescribed by sections 30.750 to 30.765, the remaining proceeds shall be immediately returned to the lending institution and that any proceeds used by the loan recipient shall be repaid to the lending institution as soon as practicable. All records and documents pertaining to the programs established by sections 30.750 to 30.765 shall be segregated by the lending institution for ease of identification and examination. A certification of compliance with this section in the form and manner as prescribed by the state treasurer shall be required of the eligible lending institution. Any lender or lending officer of an eligible lending institution who knowingly violates the provisions of sections 30.750 to 30.765 is guilty of a class A misdemeanor.

    &nbsp2. The state treasurer shall take any and all steps necessary to implement the linked deposit program and monitor compliance of eligible lending institutions, eligible farming operations, eligible small businesses, eligible job enhancement businesses, eligible marketing enterprises, eligible residential property developers, eligible residential property owners, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusinesses, eligible beginning farmers, eligible livestock operations, eligible student borrowers or eligible water supply systems. Annually, by the first day of February, the state treasurer shall report on the linked deposits program for the preceding calendar year to the governor, the speaker of the house of representatives, and the president pro tem of the senate. The report shall set forth the linked deposits made by the state treasurer under the program during the year and shall include information regarding the nature, terms, and amounts of the loans upon which the linked deposits were based. The report shall not include the assets, liabilities or percent equity of any recipient eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system, but shall include a statement by the state treasurer that the eligible lending institutions have certified that all recipient eligible farming operations, eligible small businesses, eligible job enhancement businesses, eligible marketing enterprises, eligible residential property developers, eligible residential property owners, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusinesses, eligible beginning farmers, eligible livestock operations, eligible student borrowers or eligible water supply systems meet the criteria of sections 30.750 to 30.765.

    &nbsp30.765. The state and the state treasurer are not liable to any eligible lending institution in any manner for payment of the principal or interest on the loan to an eligible farm operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible residential property owner, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system. Any delay in payments or default on the part of an eligible farming operation, eligible small business, eligible job enhancement business, eligible marketing enterprise, eligible residential property developer, eligible rural single-family housing developer, eligible rural single-family housing builder, eligible residential property owner, eligible agribusiness, eligible beginning farmer, eligible livestock operation, eligible student borrower or eligible water supply system does not in any manner affect the deposit agreement between the eligible lending institution and the state treasurer.

    &nbsp64.930. 1. The county sports complex authority shall consist of [five] seven commissioners who shall be qualified voters of the state of Missouri, and residents of such county. The commissioners of the county commission by a majority vote thereof shall submit a panel of nine names to the governor who shall select with the advice and consent of the senate five commissioners from such panel, no more than [three] five of which shall be of any one political party, who shall constitute the members of such authority[; provided, however, that no elective or appointed official of any political subdivision of the state of Missouri shall be a member of the county sports complex authority].

    &nbsp2. The authority shall elect from its number a chairman and may appoint such officers and employees as it may require for the performance of its duties and fix and determine their qualifications, duties and compensation. No action of the authority shall be binding unless taken at a meeting at which at least [three] four members are present and unless a majority of the members present at such meeting shall vote in favor thereof.

    &nbsp3. Such sports complex commissioners shall serve in the following manner: One for two years, one for three years, one for four years, one for five years, and one for six years. Successors shall hold office for terms of five years, or for the unexpired terms of their predecessors. Each sports complex commissioner shall hold office until his successor has been appointed and qualified.

    &nbsp4. In the event a vacancy exists a new panel of three names shall be submitted by majority vote of the county commission to the governor for appointment. All such vacancies shall be filled within thirty days from the date thereof. As commissioners serving on the sports complex authority are replaced after August 28, 1997, by new commissioners, at least two of the five governor-appointed commissioners shall be residents of Jackson County and not residents of Kansas City.

    &nbsp5. The compensation of the sports complex commissioners to be paid by the authority shall be determined by the sports complex commissioners, but in no event shall exceed the sum of three thousand dollars per annum. In addition, the sports complex commissioners shall be reimbursed by the authority for the actual and necessary expenses incurred in the performance of their duties.

    &nbsp64.950. 1. Nothing contained in sections 64.920 to 64.950 shall impair the powers of any county, municipality or other political subdivision to acquire, own, operate, develop or improve any facility which the authority is given the right and power to own, operate, develop or improve.

    &nbsp2. Unless and until otherwise provided, the authority shall make an annual report to the governor, and to the director of the department of economic development, setting forth in detail the operations and transactions conducted by it pursuant to sections 64.920 to 64.950 and any legislation thereunder.

    &nbsp70.385. [Each appointment] 1. Two of the five appointments made by the governor [under] pursuant to the provisions of section 70.380 shall be selected from a panel of three nominees[, submitted alternately as vacancies occur,] submitted by the mayor of St. Louis city [and]. Two of the five appointments made by the governor pursuant to the provisions of section 70.380 shall be selected from a panel of three nominees submitted by the county executive of St. Louis County.

     2. The fifth appointment made by the governor pursuant to section 70.380 shall be selected from a panel of three nominees submitted alternately by the mayor of St. Louis city and the county executive of St. Louis County. The next appointment following August 28, 1997, shall be to fill the commissioner position described in this subsection and shall be made from three nominees submitted by the county executive of St. Louis County. The next appointment for the commissioner position described in this subsection shall be made from three nominees submitted by the mayor of St. Louis city whereupon the order of nomination and appointment for this position will repeat itself.

    &nbsp3. The order of the appointments made pursuant to subsection 1 of this section shall be as follows:

     (1) One from the panel of nominees submitted by the mayor of St. Louis city;

     (2) One from the panel of nominees submitted by the county executive of St. Louis County whereupon the order of such appointments shall repeat itself.

    &nbsp4. Whenever the mayor or the county executive submits a panel of three nominees, they shall adhere to the intent set forth in the provisions of subsection 2 of section 213.020, RSMo.

    &nbsp70.390. Of the commissioners first appointed one shall be appointed to serve for a term of one year, one for two years, one for three years, one for four years and one for five years. At the expiration of the term of each commissioner and of each succeeding commissioner, the governor shall, by and with the advice and consent of the senate, appoint a successor who shall hold office for a term of five years if such successor is appointed to fill a commissioner position described in subsection 1 of section 70.385. If a commissioner is appointed to fill the commissioner position described in subsection 2 of section 70.385, then such commissioner shall hold office for a term of three years. Each commissioner shall hold office until his or her successor has been appointed and qualified.

    &nbsp70.508. 1. Any corporation formed either for profit or not for profit to enter into and perform contracts for the planning and development for the Kansas and Missouri metropolitan culture district as provided in section 70.500, RSMo, shall be considered a quasi-public governmental body as that term is defined in section 610.010, and shall be subject to all of the provisions concerning open meetings and open records as provided in this chapter.

    &nbsp2. Any corporation created as provided in subsection 1 of this section that does not comply with the requirements of this chapter, or the provisions of the law in the state of Kansas regarding open meetings and open records shall not receive any proceeds from any revenues collected from sales tax pursuant to section 70.500, RSMo.

    &nbsp3. Any corporation created as provided in subsection 1 of this section that schedules and holds meetings or gathers or keeps records in the state which is the least restrictive concerning open meetings and open records and does not comply with the laws of the more restrictive state regarding open meetings and open records shall not receive any proceeds from any revenues collected from sales tax pursuant to section 70.500, RSMo.

    &nbsp4. Any corporation created as provided in subsection 1 of this section shall develop an equal opportunity plan that provides for the employment and procurement of goods and services for African Americans, women and other minorities. Such policy and plan shall be implemented based upon the population's demographics in the area served by the culture district. Such corporation shall submit its equal opportunity plan to the metropolitan culture commission before such corporation may receive any proceeds from any revenues collected pursuant to section 70.500, RSMo.

    &nbsp99.340. 1. When the governing body of a municipality adopts a resolution or ordinance as aforesaid, it shall promptly notify the mayor of such adoption. If the resolution or ordinance adopted is one approving the exercise of powers hereunder by a land clearance for redevelopment authority, the mayor shall appoint a board of commissioners of such authority which shall consist of five commissioners, and when the governing body of a county adopts such a resolution, said body shall appoint a board of commissioners of the authority created for such county which shall consist of five commissioners.

    &nbsp2. All commissioners of an authority shall be taxpayers who have resided [in the area of operation thereof for five years prior to their appointment] for a period of five years in, in the case of a municipality, the area within the municipality; and, in the case of a county, the area within the county.

    &nbsp3. Two of the commissioners who are first appointed shall be designated to serve for terms of one year from the date of their appointment and three shall be designated to serve for terms of two, three and four years respectively from the date of their appointment. Thereafter, commissioners shall be appointed as aforesaid for a term of office for four years except that all vacancies shall be filled for the unexpired term."

    &nbsp99.805. As used in sections 99.800 to 99.865, unless the context clearly requires otherwise, the following terms shall mean:

     (1) "Blighted area", an area which, by reason of the predominance of defective or inadequate street layout, [insanitary] unsanitary or unsafe conditions, deterioration of site improvements, improper subdivision or obsolete platting, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, retards the provision of housing accommodations or constitutes an economic or social liability or a menace to the public health, safety, morals, or welfare in its present condition and use;

     (2) "Conservation area", any improved area within the boundaries of a redevelopment area located within the territorial limits of a municipality in which fifty percent or more of the structures in the area have an age of thirty-five years or more. Such an area is not yet a blighted area but is detrimental to the public health, safety, morals, or welfare and may become a blighted area because of any one or more of the following factors: Dilapidation; obsolescence; deterioration; illegal use of individual structures; presence of structures below minimum code standards; abandonment; excessive vacancies; overcrowding of structures and community facilities; lack of ventilation, light or sanitary facilities; inadequate utilities; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; and lack of community planning. An area shall meet at least three of these factors for projects approved on or after August 28, 1997;

     (3) "Economic activity taxes", the total additional revenue from taxes which are imposed by a municipality and other taxing districts, and which are generated by economic activities within a redevelopment area over the amount of such taxes generated by economic activities within such redevelopment area in the calendar year prior to the adoption of the ordinance designating such a redevelopment area, while tax increment financing remains in effect, but excluding personal property taxes, and sales and use taxes on motor vehicles, trailers, boats and outboard motors, taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, licenses, and fees or special assessments. If a retail establishment relocates within one year from one facility to another facility within the same county and the governing body of the municipality finds that the relocation is a direct beneficiary of tax increment financing, then for purposes of this definition the economic activity taxes generated by the retail establishment shall equal the total additional revenues from economic activity taxes which are imposed by a municipality or other taxing district over the amount of economic activity taxes generated by the retail establishment in the calendar year prior to its relocation to the redevelopment area;

     [(3)] (4) "Economic development area", any area or portion of an area located within the territorial limits of a municipality, which does not meet the requirements of subdivisions (1) and (2) of this section, and in which the governing body of the municipality finds that redevelopment is in the public interest because it will:

     (a) Discourage commerce, industry or manufacturing from moving their operations to another state; or

     (b) Result in increased employment in the municipality; or

     (c) Result in preservation or enhancement of the tax base of the municipality;

     (5) "Gambling establishment", an excursion gambling boat as defined in section 313.800, RSMo, and any business facility in which the principal owners of the excursion gambling boat have a direct economic interest and the infrastructure which is directly and specifically related to such business facility;

     [(4)] (6) "Municipality", a city, village, or incorporated town or any county of this state. For redevelopment areas or projects approved on or after August 28, 1997, "municipality" applies only to cities, villages, incorporated towns or counties established for at least one year prior to this date;

     [(5)] (7) "Obligations", bonds, loans, debentures, notes, special certificates, or other evidences of indebtedness issued by a municipality to carry out a redevelopment project or to refund outstanding obligations;

     [(6)] (8) "Ordinance", an ordinance enacted by the governing body of a city, town, or village or a county or an order of the governing body of a county whose governing body is not authorized to enact ordinances;

     [(7)] (9) "Payment in lieu of taxes", those estimated revenues from real property in the area selected for a redevelopment project, which revenues according to the redevelopment project or plan are to be used for a private use, which taxing districts would have received had a municipality not adopted tax increment allocation financing, and which would result from levies made after the time of the adoption of tax increment allocation financing during the time the current equalized value of real property in the area selected for the redevelopment project exceeds the total initial equalized value of real property in such area until the designation is terminated pursuant to subsection 2 of section 99.850;

     (10) "Redevelopment area", an area designated by a municipality, in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as a blighted area, a conservation area, an economic development area, an enterprise zone pursuant to sections 135.200 to 135.256, RSMo, or a combination thereof, which area includes only those parcels of real property directly and substantially benefited by the proposed redevelopment project;

     [(8)] (11) "Redevelopment plan", the comprehensive program of a municipality for redevelopment intended by the payment of redevelopment costs to reduce or eliminate those conditions, the existence of which qualified the redevelopment area as a blighted area, conservation area, economic development area, or combination thereof, and to thereby enhance the tax bases of the taxing districts which extend into the redevelopment area. Each redevelopment plan shall conform to the requirements of section 99.810;

     [(9)] (12) "Redevelopment project", any development project within a redevelopment area in furtherance of the objectives of the redevelopment plan; any such redevelopment project shall include a legal description of the area selected for the redevelopment project;

     [(10) "Redevelopment area", an area designated by a municipality, in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as a blighted area, a conservation area, economic development area, or a combination thereof;

     (11)] (13) "Redevelopment project costs" include the sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to a redevelopment plan or redevelopment project, as applicable. Such costs include, but are not limited to, the following:

     (a) Costs of studies, surveys, plans, and specifications;

     (b) Professional service costs, including, but not limited to, architectural, engineering, legal, marketing, financial, planning or special services. Excepting the reasonable costs incurred by the commission established in section 99.280 for the administration of sections 99.800 to 99.865, such costs shall be allowed only as an initial expense which, to be recoverable, shall be included in the costs of a redevelopment plan or project;

     (c) Property assembly costs, including, but not limited to, acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, and the clearing and grading of land;

     (d) Costs of rehabilitation, reconstruction, or repair or remodeling of existing buildings and fixtures;

     (e) Initial costs for an economic development area;

     (f) Costs of construction of public works or improvements;

     (g) Financing costs, including, but not limited to, all necessary and incidental expenses related to the issuance of obligations, and which may include payment of interest on any obligations issued hereunder accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not more than eighteen months thereafter, and including reasonable reserves related thereto;

     (h) All or a portion of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to be incurred in furtherance of the objectives of the redevelopment plan and project, to the extent the municipality by written agreement accepts and approves such costs;

     (i) Relocation costs to the extent that a municipality determines that relocation costs shall be paid or are required to be paid by federal or state law;

     (j) Payments in lieu of taxes;

     (14) "Special allocation fund", the fund of a municipality or its commission which contains at least two separate segregated accounts for each redevelopment plan, maintained by the treasurer of the municipality or the treasurer of the commission into which payments in lieu of taxes are deposited in one account, and economic activity taxes or other revenues are deposited in the other account;

     [(12)] (15) "Taxing districts", any political subdivision of this state having the power to levy taxes;

     [(13)] (16) "Taxing districts' capital costs", those costs of taxing districts for capital improvements that are found by the municipal governing bodies to be necessary and to directly result from the redevelopment project; and

     [(14)] (17) "Vacant land", any parcel or combination of parcels of real property not used for industrial, commercial, or residential buildings.

    &nbsp99.810. Each redevelopment plan shall set forth in writing a general description of the program to be undertaken to accomplish the objectives and shall include, but need not be limited to, the estimated redevelopment project costs, the anticipated sources of funds to pay the costs, evidence of the commitments to finance the project costs, the anticipated type and term of the sources of funds to pay costs, the anticipated type and terms of the obligations to be issued, the most recent equalized assessed valuation of the property within the redevelopment area which is to be subjected to payments in lieu of taxes and economic activity taxes pursuant to section 99.845, an estimate as to the equalized assessed valuation after redevelopment, and the general land uses to apply in the redevelopment area. No redevelopment plan shall be adopted by a municipality without findings that:

     (1) The redevelopment area on the whole is a blighted area, a conservation area, or an economic development area, and has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of [the redevelopment plan] tax increment financing. Such a finding shall include, but not be limited to, a detailed description of the factors that qualify the redevelopment area or project pursuant to this subdivision and an affidavit, signed by the developer or developers and submitted with the redevelopment plan, attesting that the provisions of this subdivision have been met;

     (2) The redevelopment plan conforms to the comprehensive plan for the development of the municipality as a whole;

     (3) The estimated dates, which shall not be more than twenty-three years from the adoption of the ordinance approving a redevelopment project within a redevelopment area, of completion of any redevelopment project and retirement of obligations incurred to finance redevelopment project costs have been stated, provided that no ordinance approving a redevelopment project shall be adopted later than ten years from the adoption of the ordinance approving the redevelopment plan under which such project is authorized and provided that no property for a redevelopment project shall be acquired by eminent domain later than five years from the adoption of the ordinance approving such redevelopment project; [and]

     (4) A plan has been developed for relocation assistance for businesses and residences[.];

     (5) A cost-benefit analysis showing the economic impact of the plan on each taxing district which is at least partially within the boundaries of the redevelopment area. The analysis shall show the impact on the economy if the project is not built, and is built pursuant to the redevelopment plan under consideration. The cost-benefit analysis shall include a fiscal impact study on every affected political subdivision, and sufficient information from the developer for the commission established in section 99.820 to evaluate whether the project as proposed is financially feasible; and

     (6) A finding that the plan does not include the initial development or redevelopment of any gambling establishment.

    &nbsp99.820. 1. A municipality may:

     (1) By ordinance introduced in the governing body of the municipality within fourteen to ninety days from the completion of the hearing required in section 99.825, approve redevelopment plans and redevelopment projects, and designate redevelopment project areas pursuant to the notice and hearing requirements of sections 99.800 to 99.865. No redevelopment project shall be approved unless a redevelopment plan has been approved and a redevelopment area has been designated prior to or concurrently with the approval of such redevelopment project and the area selected for the redevelopment project shall include only those parcels of real property and improvements thereon directly and substantially benefited by the proposed redevelopment project improvements;

     (2) Make and enter into all contracts necessary or incidental to the implementation and furtherance of its redevelopment plan or project;

     (3) [Within a redevelopment area,] Pursuant to a redevelopment plan, subject to any constitutional limitations, acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land and other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the municipality or the commission determines is reasonably necessary to achieve the objectives of the redevelopment plan. No conveyance, lease, mortgage, disposition of land or other property, acquired by the municipality, or agreement relating to the development of the property shall be made except upon the adoption of an ordinance by the governing body of the municipality. [Furthermore, no] Each municipality or its commission shall establish written procedures relating to bids and proposals for implementation of the redevelopment projects, including procedures for the conveyance, lease, mortgage, or other disposition of land or agreement relating to the development of property shall be made without making public disclosure of the terms of the disposition and all bids and proposals made in response to the municipality's request. [The] Such procedures for obtaining such bids and proposals shall provide reasonable opportunity for any person to submit alternative proposals or bids;

     (4) Within a redevelopment area, clear any area by demolition or removal of existing buildings and structures;

     (5) Within a redevelopment area, renovate, rehabilitate, or construct any structure or building;

     (6) Install, repair, construct, reconstruct, or relocate streets, utilities, and site improvements essential to the preparation of the redevelopment area for use in accordance with a redevelopment plan;

     (7) Within a redevelopment area, fix, charge, and collect fees, rents, and other charges for the use of any building or property owned or leased by it or any part thereof, or facility therein;

     (8) Accept grants, guarantees, and donations of property, labor, or other things of value from a public or private source for use within a redevelopment area;

     (9) Acquire and construct public facilities within a redevelopment area;

     (10) Incur redevelopment costs and issue obligations;

     (11) Make payment in lieu of taxes, or a portion thereof, to taxing districts[. If payments in lieu of taxes, or a portion thereof, are made to taxing districts, those payments];

     (12) Disburse surplus funds from the special allocation fund to taxing districts as follows:

     (a) Such surplus payments in lieu of taxes shall be [made, from the special allocation fund,] distributed to [all] taxing districts within the redevelopment area [selected for a redevelopment project] which impose ad valorem taxes on a basis [which] that is proportional to the current collections of revenue which each taxing district receives from real property in the [area selected for a redevelopment project] redevelopment area;

     (b) Surplus economic activity taxes shall be distributed to taxing districts in the redevelopment area which impose economic activity taxes, on a basis that is proportional to the amount of such economic activity taxes the taxing district would have received from the redevelopment area had tax increment financing not been adopted;

     (c) Surplus revenues, other than payments in lieu of taxes and economic activity taxes, deposited in the special allocation fund, shall be distributed on a basis that is proportional to the total receipt of such other revenues in such account in the year prior to disbursement;

     [(12)] (13) If any member of the governing body of the municipality, a member of a commission established pursuant to subsection 2 of this section, or an employee or consultant of the municipality, involved in the planning and preparation of a redevelopment plan, or redevelopment project for a redevelopment area or proposed redevelopment area, owns or controls an interest, direct or indirect, in any property included in any redevelopment area, or proposed redevelopment area, he or she shall disclose the same in writing to the clerk of the municipality, and shall also so disclose the dates, terms, and conditions of any disposition of any such interest, which disclosures shall be acknowledged by the governing body of the municipality and entered upon the minutes books of the governing body of the municipality. If an individual holds such an interest then that individual shall refrain from any further official involvement in regard to such redevelopment plan, redevelopment project or redevelopment area, from voting on any matter pertaining to such redevelopment plan, redevelopment project or redevelopment area, or communicating with other members concerning any matter pertaining to that redevelopment plan, redevelopment project or redevelopment area. Furthermore, no such member or employee shall acquire any interest, direct or indirect, in any property in a redevelopment area or proposed redevelopment area after either (a) such individual obtains knowledge of such plan or project, or (b) first public notice of such plan, project or area pursuant to section 99.830, whichever first occurs[.];

     (14) Charge as a redevelopment cost the reasonable costs incurred by its clerk or other official in administering the redevelopment project. The charge for the clerk's or other official's costs shall be determined by the municipality based on a recommendation from the commission, created pursuant to this section.

    &nbsp2. Prior to adoption of an ordinance approving the designation of a redevelopment area or approving a redevelopment plan or redevelopment project, the municipality shall create a commission of nine persons if the municipality is a county or a city not within a county and eleven persons if the municipality is not a county to be appointed as follows:

     (1) In all municipalities two members shall be appointed by the school boards whose districts are included within the redevelopment plan or redevelopment area. Such members shall be appointed in any manner agreed upon by the affected districts;

     (2) In all municipalities one member shall be appointed, in any manner agreed upon by the affected districts, to represent all other districts levying ad valorem taxes within the area selected for a redevelopment project or the redevelopment area, excluding representatives of the governing body of the municipality; [and]

     (3) In all municipalities six members shall be appointed by the chief elected officer of the municipality, with the consent of the majority of the governing body of the municipality[.];

     (4) In all municipalities which are not counties, two members shall be appointed by the county of such municipality in the same manner as members are appointed in subdivision (3) of this subsection;

     (5) At the option of the members appointed by the municipality, the members who are appointed by the school boards and other taxing districts [shall] may serve on the commission for a term to coincide with the length of time a redevelopment project, redevelopment plan or designation of a redevelopment area, is considered for approval by the commission[.], or for a definite term pursuant to this subdivision. If the members representing school districts and other taxing districts are appointed for a term coinciding with the length of time a redevelopment project, plan or area is approved such term shall terminate upon final approval of the project, plan or designation of the area by the governing body of the municipality. Thereafter the commission shall consist of the six members appointed by the municipality, except that members representing school boards and other taxing districts shall be appointed as provided in this section prior to any amendments to any redevelopment plans, redevelopment projects or designation of a redevelopment area. If any school district or other taxing jurisdiction fails to appoint members of the commission within thirty days of receipt of written notice of a proposed redevelopment plan, redevelopment project or designation of a redevelopment area, the remaining members may proceed to exercise the power of the commission. Of the members first appointed by the municipality, two shall be designated to serve for terms of two years, two shall be designated to serve for a term of three years and two shall be designated to serve for a term of four years from the date of such initial appointments. Thereafter, the members appointed by the municipality shall serve for a term of four years, except that all vacancies shall be filled for unexpired terms in the same manner as were the original appointments.

    &nbsp3. The commission, subject to approval of the governing body of the municipality, may exercise the powers enumerated in this act except final approval of plans, projects and designation of redevelopment areas. The commission shall hold public hearings and provide notice pursuant to sections 99.825 and 99.830. The commission shall vote on all proposed redevelopment plans, redevelopment projects and designations of redevelopment areas, and amendments thereto, within thirty days following completion of the hearing on any such plan, project or designation and shall make recommendations to the governing body within ninety days of the hearing referred to in section 99.825 concerning the adoption of, or amendment to redevelopment plans and redevelopment projects and the designation of redevelopment areas. The requirements of subsections 2 and 3 of this section shall not apply to redevelopment projects upon which the required hearings have been duly held prior to August 31, 1991.

    &nbsp99.825. 1. Prior to the adoption of an ordinance proposing the designation of a redevelopment area, or approving a redevelopment plan or redevelopment project, the commission shall fix a time and place for a public hearing and notify each taxing district located wholly or partially within the boundaries of the proposed redevelopment area, plan or project. At the public hearing any interested person or affected taxing district may file with the commission written objections to, or comments on, and may be heard orally in respect to, any issues embodied in the notice. The commission shall hear and consider all protests [and], objections, comments and other evidence presented at the hearing. The hearing may be [adjourned] continued to another date without further notice other than a motion to be entered upon the minutes fixing the time and place of the subsequent hearing. Prior to the [adoption of an ordinance approving a redevelopment plan or redevelopment project, or designating a redevelopment area, but after] conclusion of the hearing, changes may be made in the redevelopment plan, redevelopment project, or redevelopment area [which changes do not alter the exterior boundaries, or do not substantially affect the general land uses established in the], provided that each affected taxing district is given written notice of such changes at least seven days prior to the conclusion of the hearing. After the public hearing but prior to the adoption of an ordinance approving a redevelopment plan or [substantially change the nature of the] redevelopment project, [without further hearing or notice; provided, that notice of such changes is given at the hearing] or designating a redevelopment area, changes may be made to the redevelopment plan, redevelopment projects or redevelopment areas without a further hearing, if such changes do not enlarge the exterior boundaries of the redevelopment area or areas, and do not substantially affect the general land uses established in the redevelopment plan or substantially change the nature of the redevelopment projects, provided that notice of such changes shall be given by mail to each affected taxing district and by publication in a newspaper of general circulation in the area of the proposed redevelopment not less than ten days prior to the adoption of the changes by ordinance. After the adoption of an ordinance approving a redevelopment plan or redevelopment project, or designating a redevelopment area, no ordinance shall be adopted altering the exterior boundaries, affecting the general land uses established pursuant to the redevelopment plan or changing the nature of the redevelopment project without complying with the procedures provided in this section pertaining to the initial approval of a redevelopment plan or redevelopment project and designation of a redevelopment area. Hearings with regard to a redevelopment project, redevelopment area, or redevelopment plan may be held simultaneously.

    &nbsp2. Tax incremental financing projects within an economic development area shall apply to and fund only the following infrastructure projects: highways, roads, streets, bridges, sewers, traffic control systems and devices, water distribution and supply systems, curbing, sidewalks and any other similar public improvements, but in no case shall it include buildings.

    &nbsp99.830. 1. Notice of the public hearing required by section 99.825 shall be given by publication and mailing. Notice by publication shall be given by publication at least twice, the first publication to be not more than thirty days and the second publication to be not more than ten days prior to the hearing, in a newspaper of general circulation in the area of the proposed redevelopment. Notice by mailing shall be given by depositing such notice in the United States mails by certified mail addressed to the person or persons in whose name the general taxes for the last preceding year were paid on each lot, block, tract, or parcel of land lying within the redevelopment project or redevelopment area which is to be subjected to the payment or payments in lieu of taxes and economic activity taxes pursuant to section 99.845. Such notice shall be mailed not less than ten days prior to the date set for the public hearing. In the event taxes for the last preceding year were not paid, the notice shall also be sent to the persons last listed on the tax rolls within the preceding three years as the owners of such property.

    &nbsp2. The notices issued pursuant to this section shall include the following:

     (1) The time and place of the public hearing;

     (2) The general boundaries of the proposed redevelopment area or redevelopment project by street location, where possible;

     (3) A statement that all interested persons shall be given an opportunity to be heard at the public hearing;

     (4) A description of the proposed redevelopment plan or redevelopment project and a location and time where the entire plan or project proposal may be reviewed by any interested party;

     (5) Such other matters as the commission may deem appropriate.

    &nbsp3. Not less than forty-five days prior to the date set for the public hearing, the commission shall give notice by mail as provided in subsection 1 of this section to all taxing districts from which taxable property is included in the redevelopment area, redevelopment project or redevelopment plan, and in addition to the other requirements [under] pursuant to subsection 2 of this section, the notice shall include an invitation to each taxing district to submit comments to the commission concerning the subject matter of the hearing prior to the date of the hearing.

     4. A copy of any and all hearing notices required by section 99.825 shall be submitted by the commission to the director of the department of economic development. Such submission of the copy of the hearing notice shall comply with the prior notice requirements pursuant to subsection 3 of this section.

    &nbsp99.835. 1. Obligations secured by the special allocation fund set forth in sections 99.845 and 99.850 for the redevelopment area or redevelopment project may be issued by the municipality pursuant to section 99.820 or by the tax increment financing commission to provide for redevelopment costs. Such obligations, when so issued, shall be retired in the manner provided in the ordinance or resolution authorizing the issuance of such obligations by the receipts of payments in lieu of taxes as specified in section 99.855 and, subject to annual appropriation, other tax revenue as specified in section 99.845. A municipality may, in the ordinance or resolution, pledge all or any part of the funds in and to be deposited in the special allocation fund created pursuant to sections 99.845 and 99.850 to the payment of the redevelopment costs and obligations. Any pledge of funds in the special allocation fund may provide for distribution to the taxing districts of moneys not required for payment of redevelopment costs or obligations and such excess funds shall be deemed to be surplus funds, except that any moneys allocated to the special allocation fund as provided in subsection 4 of section 99.845, and which are not required for payment of redevelopment costs and obligations, shall not be distributed to the taxing districts but shall be returned to the department of revenue. In the event a municipality only pledges a portion of the funds in the special allocation fund for the payment of redevelopment costs or obligations, any such funds remaining in the special allocation fund after complying with the requirements of the pledge, including the retention of funds for the payment of future redevelopment costs, if so required, shall also be deemed surplus funds. All surplus funds shall be distributed annually to the taxing districts in the redevelopment area by being paid by the municipal treasurer to the county collector who shall immediately thereafter make distribution as provided in subdivision (11) of section 99.820.

    &nbsp2. Without limiting the provisions of subsection 1 of this section, the municipality may, in addition to obligations secured by the special allocation fund, pledge any part or any combination of net new revenues of any redevelopment project, or a mortgage on part or all of the redevelopment project to secure its obligations or other redevelopment costs.

    &nbsp3. Obligations issued under sections 99.800 to 99.865 may be issued in one or more series bearing interest at such rate or rates as the issuing body of the municipality shall determine by ordinance or resolution. Such obligations shall bear such date or dates, mature at such time or times not exceeding twenty-three years from their respective dates, when secured by the special allocation fund, be in such denomination, carry such registration privileges, be executed in such manner, be payable in such medium of payment at such place or places, contain such covenants, terms and conditions, and be subject to redemption as such ordinance or resolution shall provide. Obligations issued pursuant to sections 99.800 to 99.865 may be sold at public or private sale at such price as shall be determined by the issuing body and shall state that obligations issued pursuant to sections 99.800 to 99.865 are special obligations payable solely from the special allocation fund or other funds specifically pledged. No referendum approval of the electors shall be required as a condition to the issuance of obligations pursuant to sections 99.800 to 99.865.

    &nbsp4. The ordinance authorizing the issuance of obligations may provide that the obligations shall contain a recital that they are issued pursuant to sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

    &nbsp5. Neither the municipality, its duly authorized commission, the commissioners or the officers of a municipality nor any person executing any obligation shall be personally liable for such obligation by reason of the issuance thereof. The obligations issued pursuant to sections 99.800 to 99.865 shall not be a general obligation of the municipality, county, state of Missouri, or any political subdivision thereof, nor in any event shall such obligation be payable out of any funds or properties other than those specifically pledged as security therefor. The obligations shall not constitute indebtedness within the meaning of any constitutional, statutory or charter debt limitation or restriction.

    &nbsp99.845. 1. A municipality, either at the time a redevelopment project is approved or, in the event a municipality has undertaken acts establishing a redevelopment plan and redevelopment project and has designated a redevelopment area after the passage and approval of sections 99.800 to 99.865 but prior to August 13, 1982, which acts are in conformance with the procedures of sections 99.800 to 99.865, may adopt tax increment allocation financing by passing an ordinance providing that after the total equalized assessed valuation of the taxable real property in a redevelopment project exceeds the certified total initial equalized assessed valuation of the taxable real property in the redevelopment project, the ad valorem taxes, and payments in lieu of taxes, if any, arising from the levies upon taxable real property in such redevelopment project by taxing districts and tax rates determined in the manner provided in subsection 2 of section 99.855 each year after the effective date of the ordinance until redevelopment costs have been paid shall be divided as follows:

     (1) That portion of taxes, penalties and interest levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in the area selected for the redevelopment project shall be allocated to and, when collected, shall be paid by the county collector to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing;

     (2) Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the area selected for the redevelopment project and any applicable penalty and interest over and above the initial equalized assessed value of each such unit of property in the area selected for the redevelopment project shall be allocated to and, when collected, shall be paid to the municipal treasurer who shall deposit such payment in lieu of taxes into a special fund called the "Special Allocation Fund" of the municipality for the purpose of paying redevelopment costs and obligations incurred in the payment thereof. Payments in lieu of taxes which are due and owing shall constitute a lien against the real estate of the redevelopment project from which they are derived and shall be collected in the same manner as the real property tax, including the assessment of penalties and interest where applicable. The municipality may, in the ordinance, pledge the funds in the special allocation fund for the payment of such costs and obligations and provide for the collection of payments in lieu of taxes, the lien of which may be foreclosed in the same manner as a special assessment lien as provided in section 88.861, RSMo. No part of the current equalized assessed valuation of each lot, block, tract, or parcel of property in the area selected for the redevelopment project attributable to any increase above the total initial equalized assessed value of such properties shall be used in calculating the general state school aid formula provided for in section 163.031, RSMo, until such time as all redevelopment costs have been paid as provided for in this section and section 99.850;

     (3) For purposes of this section, "levies upon real property in such redevelopment project by taxing districts" shall not include the blind pension fund tax levied by article III, section 38(b) of the Missouri constitution. Beginning January 1, 1998, for the purposes of this section, "levies upon real property in such redevelopment project by taxing districts" shall not include: the merchants and manufacturer's inventory replacement tax levied by article X, section 6.2 of the Missouri constitution.

    &nbsp2. In addition to the payments in lieu of taxes described in subdivision (2) of subsection 1 of this section, for redevelopment plans and projects adopted or redevelopment projects approved by ordinance after July 12, 1990, and prior to August 31, 1991, fifty percent of the total additional revenue from taxes, penalties and interest imposed by the municipality, or other taxing districts, which are generated by economic activities within the area of the redevelopment project over the amount of such taxes generated by economic activities within the area of the redevelopment project in the calendar year prior to the adoption of the redevelopment project by ordinance, while tax increment financing remains in effect, but excluding sales and use taxes on motor vehicles, trailers, boats and outboard motors, taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied pursuant to section 70.500, RSMo, licenses, fees or special assessments other than payments in lieu of taxes and any penalty and interest thereon, shall be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who shall deposit such funds in a separate segregated account within the special allocation fund. Any provision of an agreement, contract or covenant entered into prior to July 12, 1990, between a municipality and any other political subdivision which provides for an appropriation of other municipal revenues to the special allocation fund shall be and remain enforceable.

    &nbsp3. In addition to the payments in lieu of taxes described in subdivision (2) of subsection 1 of this section, for redevelopment plans and projects adopted or redevelopment projects approved by ordinance after August 31, 1991, fifty percent of the total additional revenue from taxes, penalties and interest which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area of the redevelopment project over the amount of such taxes generated by economic activities within the area of the redevelopment project in the calendar year prior to the adoption of the redevelopment project by ordinance, while tax increment financing remains in effect, but excluding personal property taxes, sales and use taxes on motor vehicles, trailers, boats and outboard motors, taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied pursuant to section 70.500, RSMo, licenses[,] and fees or special assessments [and personal property taxes,] other than payments in lieu of taxes and penalties and interest thereon, shall be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who shall deposit such funds in a separate segregated account within the special allocation fund.

     4. Beginning January 1, 1998, for redevelopment plans and projects adopted or redevelopment projects approved by ordinance after August 31, 1991, in addition to the payments in lieu of taxes and economic activity taxes described in subsections 1, 2 and 3 of this section, up to fifty percent of new state revenues as defined in this section, reported by businesses within the project area as identified by the municipality over and above the amount of such taxes reported by businesses within the project area as identified by the municipality in the calendar year prior to the approval of the redevelopment project by ordinance, while tax increment financing remains in effect, shall be rebated to, and paid by the director of the department of revenue according to rules promulgated by the department, pursuant to section 536.024, RSMo, to the treasurer or other designated financial officer of the municipality who shall deposit such funds in a separate segregated account within the special allocation fund established pursuant to section 99.805. For all redevelopment plans or projects adopted after the effective date of this act, new revenues from state taxes shall not be rebated or deposited into the special allocation fund unless the municipality's redevelopment plan insures that one hundred percent of payments in lieu of taxes and fifty percent of economic activity taxes generated by the project shall be used for eligible redevelopment project costs while tax increment financing remains in effect. This account shall be separate from the account into which payments in lieu of taxes are deposited, and separate from the account into which economic activity taxes are deposited.

    &nbsp5. For purposes of this section, "new state revenues" shall mean:

     (1) The new state sales taxes received pursuant to section 144.020, RSMo, excluding sales taxes that are constitutionally dedicated, taxes deposited to the school district trust fund in accordance with section 144.701, RSMo, and sales and use taxes on motor vehicles, trailers, boats and outboard motors. New state sales taxes for an existing or relocated facility shall be the amount that current sales tax revenue exceeds the sales tax revenue in the base year, as determined by the municipality, at the existing or previous facility. The base year amount shall be increased in accordance with the Implicit Price Deflator for Personal Consumption Expenditures as published by the Bureau of Economic Analysis of the United States Department of Commerce, but not less than three percent per year; or

     (2) State income tax withheld on behalf of new employees by the employer pursuant to section 143.221, RSMo, at facilities located within the project area as identified by the municipality. The municipality shall be required to make an election between a rebate of state sales taxes or a rebate of state income tax withholding and shall state its election on its application to the department of economic development as required in subsection 7 of this section.

     6. Subsection 4 of this section shall apply only to blighted areas located in enterprise zones, pursuant to sections 135.200 to 135.256, RSMo, blighted areas located in federal empowerment zones, or to blighted areas located in central business districts or urban core areas of cities which districts or urban core areas, at the time of approval of the project by ordinance:

     (1) Contained one or more buildings at least fifty years old;

     (2) Suffered from generally declining population or property taxes over the twenty-year period immediately preceding their designation as a project area by ordinance; or

     (3) Was a historic hotel located in a county of the first classification without a charter form of government with a population according to the most recent federal decennial census in excess of one hundred fifty thousand and containing a portion of a city with a population according to the most recent federal decennial census in excess of three hundred fifty thousand.

    &nbsp7. The rebate of fifty percent of new state revenues authorized pursuant to subsection 4 of this section shall not be rebated by the department of revenue to a municipality until all of the following conditions have been satisfied:

     (1) The department of economic development and the commissioner of administration have approved an application made to the department of economic development by the municipality for the rebate of new state revenues. For new projects approved after August 28, 1997, such application must be made at least one month prior to the adoption by the municipality of an ordinance approving a redevelopment project;

     (2) An affidavit shall be signed by the developer or developers attesting that the provisions of subdivision (1) of section 99.810 have been met and specifying that the redevelopment area would not be reasonably anticipated to be developed without the rebate of the new state revenues;

     (3) The cost-benefit analysis required by section 99.810 includes a fiscal impact study upon the state of Missouri; and

     (4) The rebate is authorized by concurrent resolution of the general assembly.

    &nbsp8. In addition to those areas authorized in subsection 6 of this section, the rebate authorized pursuant to subsection 4 of this section shall also be available in a federally approved levee district, where construction of a levee begins after the effective date of this act, and which is contained within a county of the first classification without a charter form of government with a population between fifty thousand and one hundred thousand inhabitant which contains all or part of a city with a population in excess of four hundred thousand or more inhabitants.

    &nbsp9. There is hereby established within the state treasury a special fund to be known as the "Missouri Tax Increment Financing Fund", to be administered by the department of revenue. The department shall annually credit to the Missouri tax increment financing fund the rebate authorized under the provisions of subsection 4 of this section. The fund shall also consist of any gifts, contributions, grants, or bequests received from federal, private, or other sources. Moneys in the Missouri tax increment financing fund shall be disbursed pursuant to appropriations for each project by the general assembly. The department shall disburse such appropriated funds in a timely manner into the separate, segregated account as authorized by subsection 4 of this section. All moneys remaining in the Missouri tax increment financing fund at the end of the fiscal year shall not lapse to the general revenue fund, as provided in section 33.080, RSMo, but shall remain in the Missouri tax increment financing fund.

     99.863. Beginning in 1999, and every five years thereafter, a joint committee of the general assembly, comprised of five members appointed by the speaker of the house of representatives and five members appointed by the president pro tem of the senate, shall review section 99.800 to 99.865. A report based on such review, with any recommended legislative changes, shall be submitted to the speaker of the house of representatives and the president pro tem of the senate no later than February first following the year in which the review is conducted.

    &nbsp99.865. 1. Each year the governing body of the municipality, or its designee, shall prepare a report concerning the status of each redevelopment plan and redevelopment project, and shall submit a copy of such report to the director of the department of economic development. The report shall include the following:

     (1) The amount and source of revenue in the special allocation fund[,];

     (2) The amount and purpose of expenditures from the special allocation fund[,];

     (3) The amount of any pledge of revenues, including principal and interest on any outstanding bonded indebtedness[,];

     (4) The original assessed value of the redevelopment project[,];

     (5) The assessed valuation added to the redevelopment project[,];

     (6) Payments made in lieu of taxes received and expended[,];

     (7) The economic activity taxes generated within the redevelopment area in the calendar year prior to the approval of the redevelopment plan;

     (8) The economic activity taxes generated within the redevelopment area after the approval of the redevelopment plan;

     (9) Reports on contracts made incident to the implementation and furtherance of a redevelopment plan or project[,];

     (10) A copy of any redevelopment plan, which shall include the required findings and cost-benefit analysis pursuant to subdivisions (1) to (6) of section 99.810;

     (11) The cost of any property acquired, disposed of, rehabilitated, reconstructed, repaired or remodeled[,];

     (12) The number of parcels acquired by or through initiation of eminent domain proceedings; and

     (13) Any additional information the municipality deems necessary.

     2. Data contained in the report mandated [under] pursuant to the provisions of [this] subsection 1 of this section and any information regarding amounts disbursed to municipalities under the provisions of section 99.845 shall be deemed a public record, as defined in section 610.010, RSMo. An annual statement showing the payments made in lieu of taxes received and expended in that year, the status of the redevelopment plan and projects therein, amount of outstanding bonded indebtedness and any additional information the municipality deems necessary shall be published in a newspaper of general circulation in the municipality.

     [2.] 3. Five years after the establishment of a redevelopment plan and every five years thereafter the governing body shall hold a public hearing regarding those redevelopment plans and projects created pursuant to sections 99.800 to 99.865. The purpose of the hearing shall be to determine if the redevelopment project is making satisfactory progress under the proposed time schedule contained within the approved plans for completion of such projects. Notice of such public hearing shall be given in a newspaper of general circulation in the area served by the commission once each week for four weeks immediately prior to the hearing.

     4. The director of the department of economic development shall submit a report to the speaker of the house of representatives and the president pro tem of the senate no later than February first of each year. The report shall contain a summary of all information received by the director pursuant to this section.

    &nbsp5. The director of the department of economic development may promulgate rules and regulations to ensure compliance with this section. Such rules and regulations may include methods for enumerating all of the municipalities which have established commissions pursuant to section 99.820. Any rule or portion of a rule promulgated pursuant to this act shall become effective only as provided pursuant to chapter 536, RSMo, including, but not limited to, section 536.028, RSMo, if applicable, after the effective date of this act. All rulemaking authority delegated prior to the effective date of this act is of no force and effect and repealed. The provisions of this section are nonseverable and if any of the powers vested with the general assembly pursuant to section 536.028, RSMo, if applicable, to review, to delay the effective date, or to disapprove and annul a rule or portion of a rule are held unconstitutional or invalid, the purported grant of rulemaking authority and any rule so proposed and contained in the order of rulemaking shall be invalid and void.

    &nbsp6. The department of economic development shall provide information and technical assistance, as requested by any municipality, on the requirements of sections 99.800 to 99.865. Such information and technical assistance shall be provided in the form of a manual, written in an easy-to-follow manner, and through consultations with departmental staff.

    &nbsp100.255. As used in sections 100.250 to 100.297, the following terms mean:

     (1) "Board", the Missouri development finance board created by section 100.265;

     (2) "Borrower", any person, partnership, public or private corporation, association, development agency or any other entity eligible for funding under sections 100.250 to 100.297;

     (3) "Development agency", any of the following:

     (a) A port authority established pursuant to chapter 68, RSMo;

     (b) The bi-state development agencies established pursuant to sections 70.370 to 70.440, RSMo, and sections 238.010 to 238.100, RSMo;

     (c) A land clearance for redevelopment authority established pursuant to sections 99.300 to 99.660, RSMo;

     (d) A county, city, incorporated town or village or other political subdivision or public body of this state;

     (e) A planned industrial expansion authority established pursuant to sections 100.300 to 100.620;

     (f) An industrial development corporation established pursuant to sections 349.010 to 349.105, RSMo;

     (g) A real property tax increment financing commission established pursuant to sections 99.800 to 99.865, RSMo;

     (h) Any other governmental, quasi-governmental or quasi-public corporation or entity created by state law or by resolution adopted by the governing body of a development agency otherwise described in paragraph (a) or (g) of this subdivision;

     (4) "Development and reserve fund", the industrial development and reserve fund established under section 100.260;

     (5) "Export finance fund", the Missouri export finance fund established under section 100.260;

     (6) "Export trade activities" includes, but is not limited to, consulting, international market research, advertising, marketing, insurance, product research and design, legal assistance, transportation, including trade documentation and freight forwarding, communication, and processing of foreign orders to and for exporters and foreign purchases and warehousing, when undertaken to export or facilitate the export of goods or services produced or assembled in this state;

     (7) "Guarantee fund", the industrial development guarantee fund established by section 100.260;

     (8) "Infrastructure development fund", the infrastructure development fund established under section 100.263;

     (9) "Infrastructure facilities", the highways, streets, bridges, water supply and distribution systems, mass transportation facilities and equipment, telecommunication facilities, jails and prisons, sewers and sewage treatment facilities, waste water treatment facilities, airports, railroads, reservoirs, dams and waterways in this state, acquisition of blighted real estate and the improvements thereon, demolition of existing structures and preparation of sites in anticipation of development, public facilities and any other improvements provided by any form of government or development agency;

     (10) "Participating lender", a lender authorized by the board to participate with the board in the making of a loan or to make loans the repayment of which is secured by the development and reserve fund;

     (11) "Project", the purchase, construction, extension, and improvement of real estate, plants, buildings, structures or facilities, whether or not now in existence, used or to be used primarily as a factory, assembly plant, manufacturing plant, fabricating plant, distribution center, warehouse building, office building, port terminal or facility, transportation and transfer facility, industrial plant, processing plant, commercial or agricultural facility, nursing or retirement facility or combination thereof, recreational facility, cultural facility, public facilities, job training or other vocational training facility, infrastructure facility, video-audio telecommunication conferencing facility, office building, facility for the prevention, reduction, disposal or control of pollution, sewage or solid waste, facility for conducting export trade activities, or research and development building in connection with any of the facilities defined as a project in this subdivision. The term "project" shall also include any improvements, including, but not limited to, road or rail construction, alteration or relocation, and construction of facilities to provide utility service for any of the facilities defined as a project under this subdivision, along with any fixtures, equipment, and machinery, and any demolition and relocation expenses used in connection with any such projects and any capital used to promote and facilitate such facilities and notes payable from anticipated revenue issued by any development agency[.];

     (12) "Public facility", any facility or improvements available for use by the general public including facilities for which user or other fees are charges on a nondiscriminatory basis.

      [100.264. Notwithstanding any law to the contrary, any request for a loan or bond issue that exceeds one million dollars for infrastructure facilities project as defined in section 100.255, from the infrastructure development fund as defined in section 100.263, shall not be approved unless the request for such loan or bond issue has been denied by two commercial lenders located in Missouri who regularly make such loans or underwrite such bond issues.]

    &nbsp100.275. 1. The board may at any time issue revenue bonds for the purpose of paying any part of the cost of any project or projects, or part thereof, and for the purpose of refunding any of its bonds or the bonds of any development agency. Every issue of its bonds shall be payable out of the revenues of the board which may be pledged for such payment, without preference or priority of the first bonds issued, subject to any agreement with the holders of any other bonds or pledging any specified revenues. The bonds shall be authorized by resolution of the board, shall bear such date or dates, and shall mature at such time or times, but not in excess of thirty years, as the resolution of the board shall specify. The bonds shall be in such denominations, bear interest at such rates, be in such form, either coupon or registered, be issued in such manner, be payable in such place or places and be subject to redemption as such resolution may provide. The bonds of the board may be sold at public or private sale, as the board may specify, at such price or prices as the board shall determine, but at not less than ninety-five percent of the principal amount thereof, and at such interest rate as the board shall determine, notwithstanding the provisions of section 108.170, RSMo.

    &nbsp2. The board may issue notes payable from the proceeds of bonds to be issued in the future or from such other sources as the board may specify as in the case of bonds. Such notes shall mature in not more than five years and shall be sold at public or private sale, as the board may specify, at not less than ninety-five percent of the principal amount thereof and at such interest rate as the board shall determine, notwithstanding the provisions of section 108.170, RSMo. The other details with respect to such notes shall be determined by the board as in the case of bonds.

    &nbsp3. The state shall not be liable on any notes or bonds of the board. Such notes or bonds shall not be a debt of the state and shall contain on the faces thereof a statement to such effect.

    &nbsp4. No member of the board nor any person authorized to execute notes or bonds of the board shall be liable personally on such notes or bonds or shall be subject to any personal liability or accountability by reason of the issuance thereof.

    &nbsp5. The notes and bonds of the board are securities in which all public bodies and political subdivisions of this state; all insurance companies and associations and all other persons carrying on an insurance business; all banks, trust companies, saving associations, savings and loan associations, credit unions, and investment companies; all administrators, guardians, executors, trustees, and other fiduciaries; and all other persons who now or may hereafter be authorized to invest in notes and bonds or other obligations of this state may properly and legally invest funds, including capital, in their control or belonging to them.

    &nbsp6. The board shall not be required to pay any taxes or any assessments whatsoever to this state, any political subdivision of this state, or any other governmental agency of this state. The notes and bonds of the board, and the income therefrom, shall, at all times, be exempt from any taxes and any assessments, except for estate taxes, gift taxes, and taxes on transfers.

    &nbsp7. Nothing contained in sections 100.250 to 100.297 shall be deemed to constitute a use of state funds or credit in violation of the provisions of article III, sections 37, 38(a) and 39, of the Missouri Constitution.

     8. The board shall have the power to contract with any development agency to perform any governmental service, activity or undertaking which the contracting development agency is authorized by law to perform or to issue any bonds or notes which the contracting development agency is authorized by law to issue. Any such contract shall be authorized by the governing body of the development agency and by the board and shall state the purpose of the contract and the powers and duties of the parties thereunder. Any bonds or notes issued by the board on behalf of a development agency shall be entitled to the same security as if such bonds or notes were issued directly by the development agency. In addition to any other security for such bonds or notes, the board may secure such bonds, notes or other indebtedness in the manner described in section 100.297.

    &nbsp100.296. 1. Sections 100.250 to 100.297 shall not be subject to the provisions of sections 109.200 to 109.310, RSMo, the state and local records law, or the provisions of sections 610.010 to 610.030, RSMo, relating to the meetings of governmental bodies, and a member appointed pursuant to section 100.265 shall be exempt from the provisions of chapter 105, RSMo, provided that the member shall not vote or participate in any matter in which the member has a direct or indirect interest. For the purposes of sections 100.250 to 100.297, a "direct or indirect interest" means the ownership of ten percent or more of any class of equity securities in any corporation seeking a guarantee pursuant to the provisions of sections 100.250 to 100.297, occupying the office of vice president or other office senior to the office of vice president, or a director, of any corporation seeking a guarantee pursuant to the provisions of sections 100.250 to 100.297; provided, nothing contained in sections 100.250 to 100.297, nor the provisions of chapter 105, RSMo, shall prevent any corporation, bank, or trust company from purchasing, selling, or otherwise dealing in bonds or notes or mortgages guaranteed pursuant to the provisions of sections 100.250 to 100.297. The development and reserve fund may be pledged to secure loans made through a participating lender with which a member of the board is affiliated so long as the member does not participate in or attempt to influence the approval of any such loan.

    &nbsp2. The board shall not knowingly extend or secure a loan or grant a tax credit to, or issue any bonds or enter into any other agreement with or on behalf of any business entity in which a board member, statewide elected official, state legislator or employee of this state has a substantial interest as defined in section 105.450, RSMo.

    &nbsp3. The board shall not knowingly extend or secure a loan or grant a tax credit to, or issue any bonds or enter into any other agreement with or on behalf of any business entity until each officer of the business entity has notified the board of all campaign contributions such officer has made within the previous two years [which are], to the extent such contributions are not otherwise reportable by the recipient, under the provisions of chapter 130, RSMo. For the purposes of this section, "an officer" means a person who is employed by the business entity in a policy-making capacity and whose name is listed in the business entity's articles of incorporation filed with the secretary of state.

    &nbsp100.297. 1. The board may authorize a tax credit, as described in this section, to the owner of any revenue bonds or notes issued by the board under the provisions of sections 100.250 to 100.297, for infrastructure facilities as defined in subdivision (9) of section 100.255, if, prior to the issuance of such bonds or notes, the board determines that:

     (1) The availability of such tax credit is a material inducement to the undertaking of the project in the state of Missouri and to the sale of the bonds or notes;

     (2) The loan with respect to the project is adequately secured by a first deed of trust or mortgage or comparable lien, or other security satisfactory to the board.

    &nbsp2. Upon making the determinations specified in subsection 1 of this section, the board may declare that each owner of an issue of revenue bonds or notes shall be entitled, in lieu of any other deduction with respect to such bonds or notes, to a tax credit against any tax otherwise due by such owner under the provisions of chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.261, RSMo, chapter 147, RSMo, or chapter 148, RSMo, in the amount of one hundred percent of the unpaid principal of and [accrued] unpaid interest on such bonds or notes held by such owner in the taxable year of such owner following the calendar year of the default of the loan by the borrower with respect to the project. The occurrence of a default shall be governed by documents authorizing the issuance of the bonds. The tax credit allowed under this section shall be available to the original owners of the bonds or notes or any subsequent owner or owners thereof. Once an owner is entitled to a claim, any such tax credits shall be transferable as provided in subsection 7 of section 100.286. Notwithstanding any provision of Missouri law to the contrary, any portion of the tax credit to which any owner of a revenue bond or note is entitled under this section which exceeds the total income tax liability of such owner of a revenue bond or note shall be carried forward and allowed as a credit against any future taxes imposed on such owner within the next ten years under the provisions of chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.261, RSMo, chapter 147, RSMo, or chapter 148, RSMo. The eligibility of the owner of any revenue bond or note issued under the provisions of sections 100.250 to 100.297 for the tax credit provided by this section shall be expressly stated on the face of each such bond or note. The tax credit allowed pursuant to this section shall also be available to any financial institution or guarantor which executes any credit facility as security for bonds issued pursuant to this section to the same extent as if such financial institution or guarantor was an owner of the bonds or notes, provided however, in such case the tax credits provided by this section shall be available immediately following any default of the loan by the borrower with respect to the project. In addition to reimbursing the financial institution or guarantor for claims relating to unpaid principal and interest, such claim may include payment of any unpaid fees imposed by such financial institution or guarantor for use of the credit facility.

    &nbsp3. The aggregate principal amount of revenue bonds or notes outstanding at any time with respect to which the tax credit provided in this section shall be available shall not exceed fifty million dollars.

    &nbsp100.840. 1. To provide funds for the present payment of the costs of economic development projects, the board may borrow money and issue and sell certificates payable from a sufficient portion of the future receipts of payments authorized by the agreement. The total amount of outstanding certificates sold by the board shall not exceed [thirty-five] fifty million dollars. The receipts shall be pledged to the payment of principal of and interest on the certificates. Certificates may be sold at public sale or at private sale at par, premium, or discount of not less than ninety-five percent of the par value thereof, at the discretion of the board, and may bear interest at such rate or rates as the board shall determine, notwithstanding the provisions of section 108.170, RSMo, to the contrary. Certificates may be issued with respect to a single project or multiple projects and may contain terms or conditions as the board may provide by resolution authorizing the issuance of the certificates.

    &nbsp2. Certificates issued to refund other certificates may be sold at public sale or at private sale as provided in this section with the proceeds from the sale to be used for the payment of the certificates being refunded. The refunding certificates may be exchanged in payment and discharge of the certificates being refunded, in installments at different times or an entire issue or series at one time. Refunding certificates may be sold or exchanged at any time on, before, or after the maturity of the outstanding certificates to be refunded. They may be issued for the purpose of refunding a like, greater or lesser principal amount of certificates and may bear a higher, lower or equivalent rate of interest than the certificates being renewed or refunded.

    &nbsp3. The board shall determine if revenues provided in the agreement are sufficient to secure the faithful performance of obligations in the agreement.

    &nbsp4. Certificates issued pursuant to this section shall not be deemed to be an indebtedness of the state or the board or of any political subdivision of the state.

    &nbsp135.100. As used in sections 135.100 to 135.150 the following terms shall mean:

     (1) "Commencement of commercial operations" shall be deemed to occur during the first taxable year for which the new business facility is first available for use by the taxpayer, or first capable of being used by the taxpayer, in the revenue producing enterprise in which the taxpayer intends to use the new business facility;

     (2) "Existing business facility", any facility in this state which was employed by the taxpayer claiming the credit in the operation of a revenue producing enterprise immediately prior to an expansion, acquisition, addition, or replacement;

     (3) "Facility", any building used as a revenue producing enterprise located within the state, including the land on which the facility is located and all machinery, equipment and other real and depreciable tangible personal property acquired for use at and located at or within such facility and used in connection with the operation of such facility;

     (4) "New business facility", a facility which satisfies the following requirements:

     (a) Such facility is employed by the taxpayer in the operation of a revenue producing enterprise. Such facility shall not be considered a new business facility in the hands of the taxpayer if the taxpayer's only activity with respect to such facility is to lease it to another person or persons. If the taxpayer employs only a portion of such facility in the operation of a revenue producing enterprise, and leases another portion of such facility to another person or persons or does not otherwise use such other portions in the operation of a revenue producing enterprise, the portion employed by the taxpayer in the operation of a revenue producing enterprise shall be considered a new business facility, if the requirements of paragraphs (b), (c), (d) and (e) of this subdivision are satisfied;

     (b) Such facility is acquired by, or leased to, the taxpayer after December 31, 1983. A facility shall be deemed to have been acquired by, or leased to, the taxpayer after December 31, 1983, if the transfer of title to the taxpayer, the transfer of possession pursuant to a binding contract to transfer title to the taxpayer, or the commencement of the term of the lease to the taxpayer occurs after December 31, 1983, or, if the facility is constructed, erected or installed by or on behalf of the taxpayer, such construction, erection or installation is commenced after December 31, 1983;

     (c) If such facility was acquired by the taxpayer from another person or persons and such facility was employed immediately prior to the transfer of title to such facility to the taxpayer, or to the commencement of the term of the lease of such facility to the taxpayer, by any other person or persons in the operation of a revenue producing enterprise, the operation of the same or a substantially similar revenue producing enterprise is not continued by the taxpayer at such facility;

     (d) Such facility is not a replacement business facility, as defined in subdivision (10) of this section; and

     (e) The new business facility investment exceeds one hundred thousand dollars during the tax period in which the credits are claimed;

     (5) "New business facility employee", a person employed by the taxpayer in the operation of a new business facility during the taxable year for which the credit allowed by section 135.110 is claimed, except that truck drivers and rail and barge vehicle operators shall not constitute new business facility employees. A person shall be deemed to be so employed if such person performs duties in connection with the operation of the new business facility on:

     (a) A regular, full-time basis; or

     (b) A part-time basis, provided such person is customarily performing such duties an average of at least twenty hours per week; or

     (c) A seasonal basis, provided such person performs such duties for at least eighty percent of the season customary for the position in which such person is employed;

     (6) "New business facility income", the Missouri taxable income, as defined in chapter 143, RSMo, derived by the taxpayer from the operation of the new business facility. For the purpose of apportionment as prescribed in this subdivision, the term "Missouri taxable income" means, in the case of insurance companies, direct premiums as defined in chapter 148, RSMo. If a taxpayer has income derived from the operation of a new business facility as well as from other activities conducted within this state, the Missouri taxable income derived by the taxpayer from the operation of the new business facility shall be determined by multiplying the taxpayer's Missouri taxable income, computed in accordance with chapter 143, RSMo, or in the case of an insurance company, computed in accordance with chapter 148, RSMo, by a fraction, the numerator of which is the property factor, as defined in paragraph (a) of this subdivision, plus the payroll factor, as defined in paragraph (b) of this subdivision, and the denominator of which is two:

     (a) The property factor is a fraction, the numerator of which is the new business facility investment certified for the tax period, and the denominator of which is the average value of all the taxpayer's real and depreciable tangible personal property owned or rented and used in this state during the tax period. The average value of all such property shall be determined as provided in chapter 32, RSMo;

     (b) The payroll factor is a fraction, the numerator of which is the total amount paid during the tax period by the taxpayer for compensation to persons qualifying as new business facility employees, as determined by subsection 4 of section 135.110, at the new business facility, and the denominator of which is the total amount paid in this state during the tax period by the taxpayer for compensation. The compensation paid in this state shall be determined as provided in chapter 32, RSMo. For the purpose of this subdivision, "other activities conducted within this state" shall include activities previously conducted at the expanded, acquired or replaced facility at any time during the tax period immediately prior to the tax period in which commencement of commercial operations occurred;

     (7) "New business facility investment", the value of real and depreciable tangible personal property, acquired by the taxpayer as part of the new business facility, which is used by the taxpayer in the operation of the new business facility, during the taxable year for which the credit allowed by section 135.110 is claimed, except that trucks, truck-trailers, truck semitrailers, rail and barge vehicles and other rolling stock for hire, track, switches, barges, bridges, tunnels and rail yards and spurs shall not constitute new business facility investments. The total value of such property during such taxable year shall be:

     (a) Its original cost if owned by the taxpayer; or

     (b) Eight times the net annual rental rate, if leased by the taxpayer. The net annual rental rate shall be the annual rental rate paid by the taxpayer less any annual rental rate received by the taxpayer from subrentals. The new business facility investment shall be determined by dividing by twelve the sum of the total value of such property on the last business day of each calendar month of the taxable year. If the new business facility is in operation for less than an entire taxable year, the new business facility investment shall be determined by dividing the sum of the total value of such property on the last business day of each full calendar month during the portion of such taxable year during which the new business facility was in operation by the number of full calendar months during such period;

     (8) "Office", a regional, national or international headquarters, a telemarketing operation, [a computer operation,] an insurance company, a passenger transportation ticket/reservation system or a credit card billing and processing center. For the purposes of this subdivision, "headquarters" means the administrative management of at least four integrated facilities operated by the taxpayer or related taxpayer. An office, as defined in this subdivision, when established must create and maintain positions for a minimum number of twenty-five new business facility employees as defined in subdivision (5) of this section;

     (9) "Related taxpayer" shall mean:

     (a) A corporation, partnership, trust or association controlled by the taxpayer;

     (b) An individual, corporation, partnership, trust or association in control of the taxpayer; or

     (c) A corporation, partnership, trust or association controlled by an individual, corporation, partnership, trust or association in control of the taxpayer. For the purposes of sections 135.100 to 135.150, "control of a corporation" shall mean ownership, directly or indirectly, of stock possessing at least fifty percent of the total combined voting power of all classes of stock entitled to vote; "control of a partnership or association" shall mean ownership of at least fifty percent of the capital or profits interest in such partnership or association; and "control of a trust" shall mean ownership, directly or indirectly, of at least fifty percent of the beneficial interest in the principal or income of such trust; ownership shall be determined as provided in section 318 of the U.S. Internal Revenue Code;

     (10) "Replacement business facility", a facility otherwise described in subdivision (4) of this section, hereafter referred to in this subdivision as "new facility", which replaces another facility, hereafter referred to in this subdivision as "old facility", located within the state, which the taxpayer or a related taxpayer previously operated but discontinued operating on or before the close of the first taxable year in which the credit allowed by this section is claimed. A new facility shall be deemed to replace an old facility if the following conditions are met:

     (a) The old facility was operated by the taxpayer or a related taxpayer during the taxpayer's or related taxpayer's taxable period immediately preceding the taxable year in which commencement of commercial operations occurs at the new facility; and

     (b) The old facility was employed by the taxpayer or a related taxpayer in the operation of a revenue producing enterprise and the taxpayer continues the operation of the same or substantially similar revenue producing enterprise at the new facility. Notwithstanding the preceding provisions of this subdivision, a facility shall not be considered a replacement business facility if the taxpayer's new business facility investment, as computed in subsection 5 of section 135.110, in the new facility during the tax period in which the credits allowed in sections 135.110, 135.225 and 135.235 and the exemption allowed in section 135.220 are claimed exceed one million dollars or, if less, two hundred percent of the investment in the old facility by the taxpayer or related taxpayer, and if the total number of employees at the new facility exceeds the total number of employees at the old facility by at least two except that the total number of employees at the new facility exceeds the total number of employees at the old facility by at least twenty-five if an office as defined in subdivision (8) of this section is established by a revenue producing enterprise other than a revenue producing enterprise defined in paragraphs (a) to (g) and (i) to (l) of subdivision (11) of this section;

     (11) "Revenue producing enterprise" means:

     (a) Manufacturing activities classified as SICs 20 through 39;

     (b) Agricultural activities classified as SIC 025;

     (c) Rail transportation terminal activities classified as SIC 4013;

     (d) Motor freight transportation terminal activities classified as SIC 4231;

     (e) Public warehousing and storage activities classified as SICs 422 and 423 except SIC 4221, miniwarehouse warehousing and warehousing self-storage;

     (f) Water transportation terminal activities classified as SIC 4491;

     (g) Wholesale trade activities classified as SICs 50 and 51;

     (h) Insurance carriers activities classified as SICs 631, 632 and 633;

     (i) Research and development activities classified as SIC 873, except 8733;

     (j) Farm implement dealer activities classified as SIC 5999;

     (k) Interexchange telecommunications services as defined in subdivision (20) of section 386.020, RSMo, or training activities conducted by an interexchange telecommunications company as defined in subdivision (19) of section 386.020, RSMo;

     (l) Recycling activities classified as SIC 5093;

     (m) Office activities as defined in subdivision (8) of this section, notwithstanding SIC classification;

     (n) Mining activities classified as SICs 10 through 14;

     (o) Car race track activities classified as SIC 7948 provided, notwithstanding any law to the contrary, the public and private new business facility investment exceeds one hundred million dollars during each tax period the taxpayer claims the tax credits;

     (p) Computer programming, data processing and other computer-related activities classified as SIC 737;

     (q) The administrative management of any of the foregoing activities; or

     [(p)] (r) Any combination of any of the foregoing activities;

     (12) "Same or substantially similar revenue producing enterprise", a revenue producing enterprise in which the nature of the products produced or sold, or activities conducted, are similar in character and use or are produced, sold, performed or conducted in the same or similar manner as in another revenue producing enterprise;

     (13) "SIC", the primary standard industrial classification as such classifications are defined in the 1987 edition of the Standard Industrial Classification Manual as prepared by the Executive Office of the President, Office of Management and Budget. For the purpose of this subdivision, "primary" means at least fifty percent of the activities so classified are performed at the new business facility during the taxpayer's tax period in which such tax credits are being claimed;

     (14) "Taxpayer", an individual proprietorship, corporation described in section 143.441 or 143.471, RSMo, and partnership or an insurance company subject to the tax imposed by chapter 148, RSMo, or in the case of an insurance company exempt from the thirty percent employee requirement of section 135.230, to any obligation imposed pursuant to section 375.916, RSMo.

    &nbsp135.200. The following terms, whenever used in sections 135.200 to 135.256, mean:

     (1) "Department", the department of economic development;

     (2) "Director", the director of the department of economic development;

     (3) "Facility", any building used as a revenue producing enterprise located within an enterprise zone, including the land on which the facility is located and all machinery, equipment and other real and depreciable tangible personal property acquired for use at and located at or within such facility and used in connection with the operation of such facility;

     (4) "Governing authority", the body holding primary legislative authority over a county or incorporated municipality;

     (5) "New business facility" shall have the meaning defined in section 135.100, except that the term "lease" as used therein shall not include the leasing of property defined in paragraph (d) of subdivision (6) of this section;

     (6) "Revenue producing enterprise", means:

     (a) Manufacturing activities classified as SICs 20 through 39;

     (b) Agricultural activities classified as SIC 025;

     (c) Rail transportation terminal activities classified as SIC 4013;

     (d) Renting or leasing of residential property to low and moderate income persons as defined in federal law, 42 U.S.C. 5302(a)(20);

     (e) Motor freight transportation terminal activities classified as SIC 4231;

     (f) Public warehousing and storage activities classified as SICs 422 and 423 except SIC 4221, miniwarehouse warehousing and warehousing self-storage;

     (g) Water transportation terminal activities classified as SIC 4491;

     (h) Wholesale trade activities classified as SICs 50 and 51;

     (i) Insurance carriers activities classified as SICs 631, 632 and 633;

     (j) Research and development activities classified as SIC 873, except 8733;

     (k) Farm implement dealer activities classified as SIC 5999;

     (l) Employment agency activities classified as SIC 7361;

     (m) Computer programming, data processing and other computer related activities classified as SIC 737;

     (n) Health service activities classified as SICs 801, 802, 803, 804, 806, 807, 8092 and 8093;

     (o) Interexchange telecommunications as defined in subdivision (20) of section 386.020, RSMo, or training activities conducted by an interexchange telecommunications company as defined in subdivision (19) of section 386.020, RSMo;

     (p) Recycling activities classified as SIC 5093;

     (q) Banking activities classified as SICs 602 and 603;

     (r) Office activities as defined in subdivision (8) of section 135.100, notwithstanding SIC classification;

     (s) Mining activities classified as SICs 10 through 14;

     (t) Car race track activities classified as SIC 7948 provided, notwithstanding any law to the contrary, the public and private new business facility investment exceeds one hundred million dollars during each tax period the taxpayer claims the tax credits;

     (u) The administrative management of any of the foregoing activities; or

     [(u)] (v) Any combination of any of the foregoing activities;

     (7) "Satellite zone", a noncontiguous addition to an existing state designated enterprise zone;

     (8) "SIC", the primary standard industrial classification as such classifications are defined in the 1987 edition of the Standard Industrial Classification Manual as prepared by the Executive Office of the President, Office of Management and Budget. For the purpose of this subdivision, "primary" means at least fifty percent of the activities so classified are performed at the new business facility during the taxpayer's tax period in which such tax credits are being claimed.

    &nbsp135.207. No court shall have jurisdiction of any action challenging the designation or expansion of an enterprise zone or satellite enterprise zone unless such action shall be filed within thirty days after the date that such designation or expansion was approved by the director.

    &nbsp135.208. 1. In addition to the number of enterprise zones authorized under the provisions of sections 135.206 and 135.210, the department of economic development shall designate one such zone in any county of the third class which is south of the Missouri River and which adjoins one county of the second class and also the state of Oklahoma. Such designation shall only be made if the area of the county which is to be included in the enterprise zone meets all the requirements of section 135.205.

    &nbsp2. In addition to the number of enterprise zones authorized under the provisions of sections 135.206 and 135.210, the department of economic development shall designate one such zone in any county of the third class which borders the Missouri River and which adjoins a county of the second class with a population of at least one hundred thousand inhabitants and which contains a branch of the state university. Such designation shall only be made if the area of the county which is to be included in the enterprise zone meets all the requirements of section 135.205.

    &nbsp3. In addition to the number of enterprise zones authorized under the provisions of sections 135.206, 135.210 and 135.256, the department of economic development shall designate one such zone in every county of the third class without a township form of government with a population of more than seven thousand eight hundred but less than ten thousand inhabitants located south of the Missouri River, which adjoins one third class county with a township form of government, and which adjoins no first or second class county. Such enterprise zone designation shall only be made if the area in the county which is to be included in the enterprise zone meets all the requirements of section 135.205.

     4. In addition to the number of enterprise zones authorized under the provisions of sections 135.206, 135.210 and 135.256, the department of economic development shall designate one such zone in the county seat of every county of the third classification with a township form of government with a population of more than eighteen thousand but less than twenty-five thousand, and with an assessed valuation of between one hundred seventy million dollars and one hundred seventy-five million dollars as published in the 1996 proceedings of the Missouri state tax commission. Such enterprise zone designation shall only be made if the area in the county which is to be included in the enterprise zone meets all the requirements of section 135.205.

    &nbsp135.225. 1. The credits otherwise provided by sections 135.100 to 135.150 shall be available to any taxpayer who shall establish and operate a new business facility located within an enterprise zone, except one designated pursuant to subsection 5 of section 135.230, on the same terms and conditions specified in those sections, except that:

     (1) The credit otherwise allowed for each new business facility employee employed within an enterprise zone shall be four hundred dollars;

     (2) An additional credit of four hundred dollars shall be granted for each twelve-month period that a new business facility employee is a resident of an enterprise zone;

     (3) An additional credit of four hundred dollars shall be granted for each twelve-month period that the person employed as a new business facility employee is a person who, at the time of such employment by the new business facility, met the criteria as set forth in section 135.240;

     (4) The credit otherwise allowed for new business facility investment shall be equal to the sum of ten percent of the first ten thousand dollars of such qualifying investment, plus five percent of the next ninety thousand dollars of such qualifying investment, plus two percent of all remaining qualifying investments within an enterprise zone;

     (5) In the case of a small corporation described in section 143.471, RSMo, or a partnership, the credits granted by this section shall be apportioned in proportion to the share of ownership of the taxpayer on the last day of the taxpayer's tax period for which such tax credits are being claimed, to the following:

     (a) The shareholders of a small corporation described in section 143.471, RSMo;

     (b) The partners in a partnership;

     (6) In the case of financial institutions described [under] pursuant to the provisions of chapter 148, RSMo, the credits allowed in subdivisions (1), (2), (3) and (4) of this subsection and the credit allowed in section 135.235 may be used to offset the tax imposed by chapter 148, RSMo, and, in the case of an insurance company exempt from the thirty percent employee requirement of section 135.230, any obligations imposed pursuant to section 375.916, RSMo, subject to the same method of apportionment as prescribed for taxes imposed by chapter 143, RSMo, and as provided in subdivision (6) of section 135.100 and subsections 2 and 3 of section 135.110;

     (7) If a facility within an enterprise zone, which does not constitute a new business facility, is expanded or improved by the taxpayer within the enterprise zone, the expansion or improvement shall be considered a separate facility eligible for the credits allowed in this section and section 135.235, and the exemption allowed in section 135.220, if:

     (a) The new business facility investment in the expansion or improvement during the tax period in which such credits and the exemption are claimed exceeds one hundred thousand dollars or, if less than one hundred thousand dollars, is twenty-five percent of the investment in the original facility prior to expansion or improvement; and

     (b) The expansion or improvement otherwise constitutes a new business facility; and

     (c) The number of new business facility employees engaged or maintained in employment at the expanded or improved facility for the taxable year for which the credit is claimed equals or exceeds two and the total number of employees at the facility after expansion or improvement is at least two greater than the total number of employees before expansion or improvement. The taxpayer's investment in the expansion or improvement and in the original facility prior to expansion or improvement shall be determined in the manner provided in subdivision (7) of section 135.100;

     (8) For the purpose of sections 135.200 to 135.256, an office as defined in subdivision (8) of section 135.100, when established, must create and maintain at least two new business facility employees as defined in subdivision (5) of section 135.100;

     (9) In the case where a person employed by the new business facility is a resident of the enterprise zone for less than a twelve-month period, or in the case where a person employed as a new business facility employee is a person who, at the time of such employment by the new business facility, met the criteria as set forth in section 135.240, is employed for less than a twelve-month period, the credits allowed by subdivisions (2) and (3) of this subsection shall be determined by multiplying four hundred dollars by a fraction, the numerator of which is the number of calendar days during the taxpayer's tax year for which such credits are claimed, in which the person met the requirements prescribed in subdivision (2) or (3) of this subsection, and the denominator of which is three hundred and sixty-five, except that such credit shall not exceed four hundred dollars per employee in any one taxable year;

     (10) The deferment of tax credit authorized in section 135.120 shall not be available to taxpayers establishing a new business facility in an enterprise zone;

     (11) The allowance for additional ten-year periods to certain new business facilities as prescribed in subsection 1 of section 135.110 shall not be available to taxpayers expanding a new business facility in an enterprise zone, except that any taxpayer who has been eligible to earn enterprise zone tax benefits for ten tax periods, or until the expiration of the fifteen-year period as prescribed in subsection 1 of section 135.230, or for the maximum period otherwise allowed by law, may qualify for the tax credits allowed in section 135.110 if otherwise eligible, pursuant to the same terms and conditions prescribed in sections 135.100 to 135.150;

     (12) Taxpayers who establish a new business facility by operating a revenue producing enterprise as defined in paragraph (d) of subdivision (6) of section 135.200 shall not be required to create and maintain new business facility employees.

    &nbsp2. The tax credits described in subdivisions (1), (2), (3) and (4) of subsection 1 of this section, the training credit allowed in section 135.235, and the income exemption allowed in section 135.220, shall be allowed to any taxpayer, under the same terms and conditions specified in such sections, who establishes a new business facility in an enterprise zone designated pursuant to subsection 5 of section 135.230, except that all such tax benefits shall be removed not later than seven years after the enterprise zone is designated as such.

    &nbsp3. Notwithstanding any provision of law to the contrary, any taxpayer who establishes a new business facility in an enterprise zone, may elect to forfeit the tax credits otherwise allowed in section 135.235 and this section and the exemptions otherwise allowed in sections 135.215 and 135.220 and the refund otherwise allowed in section 135.245, and in lieu thereof, claim the tax credits allowed in section 135.110, [under] pursuant to the same terms and conditions prescribed in sections 135.100 to 135.150. To perfect the election, the taxpayer shall attach written notification of such election to the taxpayer's initial application for claiming tax credits. The election shall be irreversible once perfected.

    &nbsp135.230. 1. The exemption or credit established and allowed by section 135.220 and the credits allowed and established by subdivisions (1), (2), (3) and (4) of subsection 1 of section 135.225 shall be granted with respect to any new business facility located within an enterprise zone for a period not to exceed ten years following the date upon which the new business facility commences operation within the enterprise zone, provided that all such credits allowed in sections 135.225 and 135.235 and the exemption allowed in section 135.220 shall be removed not later than fifteen years after the enterprise zone is designated as such. No credits shall be allowed pursuant to subdivision (1), (2), (3) or (4) of subsection 1 of section 135.225 or section 135.235 and no exemption shall be allowed [under] pursuant to section 135.220 unless the number of new business facility employees engaged or maintained in employment at the new business facility for the taxable year for which the credit is claimed equals or exceeds two or the new business facility is a revenue producing enterprise as defined in paragraph (d) of subdivision (6) of section 135.200. In order to qualify for either the exemption pursuant to section 135.220 or the credit pursuant to subdivision (4) of subsection 1 of section 135.225, or both, it shall be required that at least thirty percent of new business facility employees, as determined by subsection 4 of section 135.110, meet the criteria established in section 135.240 or are residents of an enterprise zone or some combination thereof, except taxpayers who establish a new business facility by operating a revenue producing enterprise as defined in paragraphs (a) and (d) of subdivision (6) of section 135.200 or any taxpayer that is an insurance company that established a new business facility satisfying the requirements of subdivision (8) of section 135.100 located within an enterprise zone after June 30, 1993, and before December 31, 1994, and that employs in excess of three hundred fifty new business facility employees at such facility each tax period for which the credits allowable pursuant to subdivisions (1) to (4) of subsection 1 of section 135.225 are claimed shall not be required to meet such requirement. A new business facility described [in paragraph (a) of subdivision (6) of section 135.200] as SIC 3751 shall be required to employ fifteen percent of such employees instead of the required thirty percent. For the purpose of satisfying the thirty percent requirement, residents must have lived in the enterprise zone for a period of at least one full calendar month and must have been employed at the new business facility for at least one full calendar month, and persons qualifying because they meet the requirements of section 135.240 must have satisfied such requirement at the time they were employed by the new business facility and must have been employed at the new business facility for at least one full calendar month. [In addition, the taxpayer shall certify to the director that the taxpayer fulfills the requirements of this section each tax period such benefits are being claimed.] The director may temporarily reduce or waive this requirement for any business in an enterprise zone with ten or less full-time employees, and for businesses with eleven to twenty full-time employees this requirement may be temporarily reduced. No reduction or waiver may be granted for more than one tax period and shall not be renewable. The exemptions allowed in sections 135.215 and 135.220 and the credits allowed in sections 135.225 and 135.235 and the refund established and authorized in section 135.245 shall not be allowed to any "public utility", as such term is defined in section 386.020, RSMo.

    &nbsp2. Notwithstanding the provisions of subsection 1 of this section, motor carriers, barge lines or railroads engaged in transporting property for hire or any interexchange telecommunications company that establish a new business facility shall be eligible to qualify for the exemptions allowed in sections 135.215 and 135.220, and the credits allowed in sections 135.225 and 135.235 and the refund established and authorized in section 135.245, except that trucks, truck-trailers, truck semitrailers, rail or barge vehicles or other rolling stock for hire, track, switches, bridges, barges, tunnels, rail yards and spurs shall not constitute new business facility investment nor shall truck drivers or rail or barge vehicle operators constitute new business facility employees.

    &nbsp3. Notwithstanding any other provision of sections 135.200 to 135.256 to the contrary, motor carriers establishing a new business facility on or after January 1, 1993, but before January 1, 1995, may qualify for the tax credits available pursuant to sections 135.225 and 135.235 and the exemption provided in section 135.220, even if such new business facility has not satisfied the employee criteria, provided that such taxpayer employs an average of at least two hundred persons at such facility, exclusive of truck drivers and provided that such taxpayer maintains an average investment of at least ten million at such facility, exclusive of rolling stock, during the tax period for which such credits and exemption are being claimed.

    &nbsp4. Any governing authority having jurisdiction of an area that has been designated an enterprise zone may petition the department to expand the boundaries of such existing enterprise zone. The director may approve such expansion if the director finds that:

     (1) The area to be expanded meets the requirements prescribed in section 135.207 or 135.210, whichever is applicable;

     (2) The area to be expanded is contiguous to the existing enterprise zone;

     (3) The number of expansions do not exceed three after August 28, 1994.

    &nbsp5. Notwithstanding the fifteen-year limitation as prescribed in subsection 1 of this section, any governing authority having jurisdiction of an area that has been designated as an enterprise zone by the director, except one designated pursuant to this subsection, may file a petition, as prescribed by the director, for redesignation of such area for an additional period not to exceed seven years following the fifteenth anniversary of the enterprise zone's initial designation date; provided:

     (1) The petition is filed with the director within three years prior to the date the tax credits authorized in sections 135.225 and 135.235 and the exemption allowed in section 135.220 are required to be removed pursuant to subsection 1 of this section;

     (2) The governing authority identifies and conforms the boundaries of the area to be designated a new enterprise zone to the political boundaries established by the latest decennial census, unless otherwise approved by the director;

     (3) The area satisfies the requirements prescribed in subdivisions (3), (4) and (5) of section 135.205 according to the latest decennial census or other appropriate source as approved by the director;

     (4) The governing authority satisfies the requirements prescribed in sections 135.210, 135.215 and 135.255;

     (5) The director finds that the area is unlikely to support reasonable tax assessment or to experience reasonable economic growth without such designation; and

     (6) The director's recommendation that the area be designated as an enterprise zone, is approved by the joint committee on economic development policy and planning, as otherwise required in subsection 3 of section 135.210.

    &nbsp6. Any taxpayer having established a new business facility in an enterprise zone except one designated pursuant to subsection 5 of this section, who did not earn the tax credits authorized in sections 135.225 and 135.235 and the exemption allowed in section 135.220 for the full ten-year period because of the fifteen-year limitation as prescribed in subsection 1 of section 135.230, shall be eligible to earn such benefits for ten tax years, less the number of tax years the benefits were claimed or could have been claimed prior to the expiration of the original fifteen-year period, except that such tax benefits shall not be earned for more than seven tax periods during the ensuing seven-year period, provided the taxpayer continues to operate the new business facility in an area that is designated an enterprise zone pursuant to subsection 5 of this section. Any taxpayer who establishes a new business facility subsequent to the commencement of the ensuing seven-year period, as authorized in subsection 5 of this section, may qualify for the tax credits authorized in sections 135.225 and 135.235, and the exemptions authorized in sections 135.215 and 135.220, [under] pursuant to the same terms and conditions as prescribed in sections 135.100 to 135.256. The designation of any enterprise zone pursuant to subsection 5 of this section shall not be subject to the fifty enterprise zone limitation imposed in subsection 4 of section 135.210.

    &nbsp135.247. 1. Notwithstanding the provisions of sections 135.205, 135.207, and 135.210 or any other provisions to the contrary, any area having been designated by the United States Department of Housing and Urban Development as a federal empowerment zone or by the United States Department of Agriculture as an enterprise community pursuant to the federal Omnibus Budget Reconciliation Act of 1993, title XIII, chapter I, subchapter c, shall immediately upon such federal designation become and remain a state enterprise zone until the expiration of such federal designation.

    &nbsp2. The credits otherwise provided by sections 135.225 and 135.235, the exemption provided by section 135.220, and the refund provided by section 135.245 shall be available to any taxpayer who establishes and operates a new business facility located within a federal empowerment zone or enterprise community on the same terms and conditions specified in sections 135.100 to 135.256. The exemption provided in section 135.215 shall be available to any taxpayer who makes improvements to real property after the date the area is designated as a federal empowerment zone or enterprise community [under] pursuant to the same terms and conditions specified in section 135.215.

    &nbsp3. Notwithstanding any provision of law to the contrary, retail businesses, as defined by SICs 52 through 59, hotels and motels, as defined by SIC 7011, and recreational facilities as defined by SIC 7999, shall be eligible for all benefits provided pursuant to the provisions of sections 135.200 to 135.256, if:

     (1) In the case of a retail business, such business is located within a state-designated enterprise zone located wholly or partially within a federal empowerment zone or enterprise community; or

     (2) Such business is located within a satellite enterprise zone, established pursuant to subdivision (1) or (3) of subsection 1 of section 135.207, whether or not such satellite zone is contained within a federal empowerment zone or enterprise community; [or] and

     (3) In the case of [hotels and motels] a hotel or motel, such business is located within an enterprise zone which is located within any county of the first classification with a population of at least five hundred thousand but less than seven hundred thousand inhabitants according to the last decennial census, or in an enterprise zone which is located within any city of the third classification which is partially located within a county of the first class with a population of one hundred fifty thousand or more which is adjacent to a county of the first classification with a population of at least five hundred thousand but less than seven hundred thousand according to the last decennial census[.]; and

     (4) In the case of a recreational facility, such business is located within an area designated a satellite enterprise zone pursuant to subdivision (1) of subsection 1 of section 135.207, by the director after January 1, 1991, and before January 1, 1992, in any city not within a county, and further provided the director approves the eligibility of such recreational facility to claim tax benefits otherwise allowed in sections 135.200 to 135.256. When making such determination, the director shall consider the number and quality of new jobs to be created, the amount of payroll and investment to be generated from the proposed project, the extent to which such tax concessions are needed to induce the development, whether the area is unlikely to support reasonable tax assessment or to experience reasonable economic growth without such designation and the overall economic benefits to be realized from the proposed project.

    &nbsp4. For purposes of qualifying for benefits pursuant to this section, recreational facilities, as defined by SIC 7999, shall not include:

     (1) An excursion gambling boat licensed pursuant to sections 313.800 to 313.850, RSMo, and the docking facility associated with such licensed excursion gambling boat; or

     (2) An excursion gambling boat and docking facility as proposed on an application filed with the Missouri gaming commission.

    &nbsp135.313. 1. Any person, firm or corporation who engages in the business of producing charcoal or charcoal products in the state of Missouri shall be eligible for a tax credit on income taxes otherwise due pursuant to chapter 143, RSMo, except sections 143.191 to 143.261, RSMo, as an incentive to implement safe and efficient environmental controls. The tax credit shall be fifty percent of the purchase price of the best available control technology equipment connected with the production of charcoal in the state of Missouri. The credit may be claimed for a period of five years and is to be a tax credit against the tax otherwise due.

    &nbsp2. Any amount of credit which exceeds the tax due shall not be refunded but may be carried over to any subsequent taxable year, not to exceed four years.

    &nbsp3. The charcoal producer may elect to assign to a third party the approved tax credit. Certification of assignment and other appropriate forms must be filed with the Missouri department of revenue and the department of economic development.

    &nbsp4. When applying for a tax credit, the charcoal producer specified in subsection 1 of this section shall make application for the credit to the division of environmental quality of the department of natural resources. The application shall identify the specific best available control technology equipment and the purchase price of such equipment. The director of the department of natural resources is authorized to require permits to construct prior to the installation of best available control technology equipment and other information which he or she deems appropriate.

    &nbsp5. The director of the department of natural resources in conjunction with the department of economic development shall certify to the department of revenue that the best available control technology equipment meets the requirements to obtain a tax credit as specified in this section.

    &nbsp135.352. 1. A taxpayer owning an interest in a qualified Missouri project shall be allowed a state tax credit, whether or not allowed a federal tax credit, to be termed the Missouri low-income housing tax credit, if the commission issues an eligibility statement for that project.

    &nbsp2. For qualified Missouri projects placed in service after January 1, 1997, the Missouri low-income housing tax credit available to a project shall be [calculated by multiplying] such amount as the commission shall determine is necessary to ensure the feasibility of the project, up to an amount equal to the federal low-income housing tax credit for a qualified Missouri project, for a federal tax period, [by twenty percent] and such amount shall be subtracted from the amount of state tax otherwise due for the same tax period.

    &nbsp3. The Missouri low-income housing tax credit shall be taken against the taxes and in the order specified [under] pursuant to section 32.115, RSMo. The credit authorized by this section shall not be refundable. Any amount of credit that exceeds the tax due for a taxpayer's taxable year may be carried back to any of the taxpayer's three prior taxable years or carried forward to any of the taxpayer's five subsequent taxable years.

    &nbsp4. [Notwithstanding the provisions of subsection 2 of this section, for qualified Missouri projects that are located in counties identified by the state of Missouri as eligible for disaster relief as a result of the flood of 1993, or in counties immediately adjoining such counties, and for which federal low-income housing tax credits are allocated in the year of 1994, 1995 or 1996, or for such longer period as is required to implement the Missouri comprehensive housing affordability strategy developed pursuant to section 105 of the Cranston-Gonzalez National Affordable Housing Act for such counties, the Missouri low-income housing tax credit available to such project shall be calculated by multiplying an amount equal to the federal low-income housing tax credit for a qualified Missouri project, for a federal tax period, by forty percent.

    &nbsp5.] All or any portion of Missouri tax credits issued in accordance with the provisions of sections 135.350 to 135.362 may be allocated to parties who are eligible under the provisions of subsection 1 of this section. Beginning January 1, 1995, for qualified projects which began on or after January 1, 1994, an owner of a qualified Missouri project shall certify to the director the amount of credit allocated to each taxpayer. The owner of the project shall provide to the director appropriate information so that the low-income housing tax credit can be properly allocated.

     [6.] 5. In the event that recapture of Missouri low-income housing tax credits is required pursuant to subsection 2 of section 135.355, any statement submitted to the director as provided in this section shall include the proportion of the state credit required to be recaptured, the identity of each taxpayer subject to the recapture and the amount of credit previously allocated to such taxpayer.

     [7.] 6. The director of the department may promulgate rules and regulations necessary to administer the provisions of this section. No rule or portion of a rule promulgated under the authority of this section shall become effective unless it has been promulgated pursuant to the provisions of section 536.024, RSMo.

    &nbsp135.400. As used in sections 135.400 to 135.430, the following terms mean:

     (1) "Certificate", a tax credit certificate issued by the department of economic development in accordance with sections 135.400 to 135.430;

     (2) "Community bank", either a bank community development corporation or development bank, which are financial organizations which receive investments from commercial financial institutions regulated by the federal reserve, the office of the comptroller of the currency, the office of thrift supervision, or the Missouri division of finance. Community banks, in addition to their other privileges, shall be allowed to make loans to businesses or equity investments in businesses or in real estate provided that such transactions have associated public benefits;

     (3) "Community development corporation", [a not for profit corporation and a recipient of Community Development Block Grant (CDBG) funds pursuant to the Housing Community Development Act of 1974. Such corporations design specific, comprehensive programs to stimulate economic development, housing or other public benefits leading to the development of economically sustainable neighborhoods or communities;] a not for profit corporation whose board of directors is composed of business, civic and community leaders, which organization's primary purpose is to encourage and promote the industrial, economic, entrepreneurial, commercial and civic development or redevelopment of a community or area, including the provision of housing and community economic development projects that benefit low-income individuals and communities;

     (4) "Department", the Missouri department of economic development;

     (5) "Director", the director of the department of economic development, or a person acting under the supervision of the director;

     (6) "Investment", a transaction in which a Missouri small business, a community development corporation or a community bank receives a monetary benefit from an investor under the provisions of sections 135.403 to 135.414;

     (7) "Investor", an individual, partnership, financial institution, trust or corporation meeting the eligibility requirements of sections 135.403 to 135.414. In the case of partnerships and nontaxable trusts, the individual partners or beneficiaries shall be treated as the investors;

     (8) "Missouri small business", an independently owned and operated business as defined in Title 15 U.S.C. section 632(a) and as described by Title 13 C.F.R. Part 121, which is headquartered in Missouri and which employs at least eighty percent of its employees in Missouri, except that no such small business shall employ more than one hundred employees. Such businesses must be involved in interstate or intrastate commerce for the purpose of manufacturing, processing or assembling products, conducting research and development, or providing services in interstate commerce, but excluding retail, real estate, insurance or professional services;

     (9) "Primary employment", work which pays at least the minimum wage and which is not seasonal or part-time;

     (10) "Principal owners", one or more persons who own an aggregate of fifty percent or more of the Missouri small business and who are involved in the operation of the business as a full-time professional activity; or a cooperative marketing association organized pursuant to chapter 274, RSMo, which is engaged in the business of producing and marketing fuels derived from agricultural commodities and which will operate a facility which will create jobs;

     (11) "Project", any commercial or industrial business or other economic development activity undertaken in a target area, designed to reduce conditions of blight, unemployment or widespread reliance on public assistance which creates permanent primary employment opportunities;

     (12) "State tax liability", any liability incurred by a taxpayer under the provisions of chapter 143, RSMo, chapter 147, RSMo, chapter 148, RSMo, section 375.916, RSMo, and chapter 153, RSMo, exclusive of the provisions relating to the withholding of tax as provided for in sections 143.191 to 143.265, RSMo, and related provisions;

     (13) "Target area", a group of blocks or a self-defined neighborhood where the rate of poverty in the area is greater than twice the national poverty rate and as defined by the department of social services in conjunction with the department of economic development. Areas of the state satisfying the criteria of this subdivision may be designated as a "target area" following appropriate findings made and certified by the departments of economic development and social services. In making such findings, the departments of economic development and social services may use any commonly recognized records and statistical indices published or made available by any agency or instrumentality of the federal or state government. No area of the state shall be a target area until so certified by the department of social services and the revitalization plan submitted pursuant to section 208.335, RSMo, has received approval.

    &nbsp135.403. 1. Any investor who makes a qualified investment in a Missouri small business shall be entitled to receive a tax credit equal to forty percent of the amount of the investment and any investor who makes a qualified investment in a community bank or a community development corporation shall be entitled to receive a tax credit equal to [thirty] fifty percent of the amount of the investment[. The tax credit shall be equal to fifty percent of the investment] if the investment is made in a community bank or community development corporation for direct investment into a targeted area as defined in [this] section 135.400. [At least eighty percent of the additional six million tax credits authorized by this section, and certified by the department of economic development, shall be for direct investment in targeted areas. Certification of these credits shall be limited to one million five hundred thousand in the first full year of authorization, an additional one million five hundred thousand in the second year of authorization and the two million available in the third year. To the extent that tax credits certified are less than the maximums prescribed in this subsection, such credits may be certified in succeeding years.] The total amount of tax credits available for qualified investments in Missouri small businesses shall not exceed five million dollars. No more than twenty percent of the tax credits available each year for investments in community banks or community development corporations for direct investment into a targeted area shall be certified for any one project, as defined in section 135.400. The tax credit shall be evidenced by a tax credit certificate in accordance with the provisions of sections 135.400 to 135.430 and may be used to satisfy the state tax liability of the owner of the certificate that becomes due in the tax year in which the qualified investment is made, or in any of the ten tax years thereafter. No investor may receive a tax credit pursuant to sections 135.400 to 135.430 unless that person presents a tax credit certificate to the department of revenue for payment of such state tax liability. The department of revenue shall grant tax credits in the same order as established by subsection 1 of section 32.115, RSMo. Subject to the provisions of sections 135.400 to 135.430, certificates of tax credit issued in accordance with these sections may be transferred, sold or assigned by notarized endorsement thereof which names the transferee.

    &nbsp2. The amount of qualified investments which can be made is limited so that the aggregate of all tax credits authorized pursuant to the provisions of sections 135.400 to 135.430 shall not exceed eleven million dollars [nor shall the aggregate of all tax credits authorized in the first full year of authorization exceed two million dollars]. Six million dollars [of this amount] in tax credits shall be available as a result of investments in community banks or community development corporations. Aggregate investments eligible for tax credits in any one Missouri small business shall not be more than one million dollars. Aggregate investments eligible for tax credits in any one Missouri small business shall not be less than five thousand dollars as of the date of issuance of the first tax credit certificate for investment in that business.

    &nbsp135.405. The total amount of tax credit evidenced by certificates of tax credit issued to or owned, directly or indirectly, by a single taxpayer authorized by the department who has invested in a Missouri small business shall be not less than one thousand five hundred dollars nor more than an aggregate of one hundred thousand dollars in any one business, except that this section shall not be interpreted to limit other investment. These limits shall not apply to [financial institutions'] investments in community banks or community development corporations.

    &nbsp135.460. 1. Section 135.460 and sections 620.1100 and 620.1103, RSMo, shall be known and may be cited as the "Youth Opportunities and Violence Prevention Act".

    &nbsp2. As used in this section, the term "taxpayer" shall include [individuals as defined in section 143.011, RSMo, and corporations as defined in section 143.441, RSMo] corporations as defined in section 143.441 or 143.471, RSMo, and individuals, individual proprietorships and partnerships.

    &nbsp3. A taxpayer shall be allowed a tax credit against the tax otherwise due [under sections 143.011 to 143.996, RSMo,] pursuant to chapter 143, RSMo, excluding withholding tax imposed by sections 143.191 to 143.265, RSMo, chapter 147, RSMo, chapter 148, RSMo, or chapter 153, RSMo, in an amount equal to thirty percent for property contributions and fifty percent for monetary contributions of the amount such taxpayer contributed to the programs described in subsection 5 of this section, not to exceed two hundred thousand dollars per taxable year, per taxpayer; except [that, the amount of the credit claimed pursuant to this section shall not exceed the amount of the taxpayer's liability in the tax year that the credit is claimed, and except] as otherwise provided in subdivision (5) of subsection 5 of this section. [The tax credit shall be applied in the order used in section 143.805, RSMo. The taxpayer shall maintain evidence of such contribution and a copy of such evidence shall be enclosed with the taxpayer's tax return in order to receive such credit] The department of economic development shall prescribe the method for claiming the tax credits allowed in this section.

    &nbsp4. The tax [credit] credits allowed by this section shall be claimed by the taxpayer [at the time the taxpayer files a return and shall be applied against the income tax liability imposed by chapter 143, RSMo, after all other credits provided by law have been applied.] to offset the taxes that become due in the taxpayer's tax period in which the contribution was made. Any tax credit not used in such tax period may be carried over the next five succeeding tax periods.

    &nbsp5. The tax credit allowed by this section may only be claimed for monetary or property contributions to public or private programs authorized to participate [under] pursuant to this section by the department of economic development and may be claimed for the development, establishment, implementation, operation, and expansion of the following activities and programs:

     (1) An adopt-a-school program. Components of the adopt-a-school program shall include donations for school activities, seminars, and functions; school-business employment programs; and the donation of property and equipment of the corporation to the school;

     (2) Expansion of programs to encourage school dropouts to reenter and complete high school or to complete a graduate equivalency degree program;

     (3) Employment programs. Such programs shall initially, but not exclusively, target unemployed youth living in poverty and youth living in areas with a high incidence of crime;

     (4) New or existing youth clubs or associations;

     (5) Employment/internship/apprenticeship programs in business or trades for persons less than twenty years of age, in which case the tax credit claimed pursuant to this section shall be equal to one-half of the amount paid to the intern or apprentice in that tax year, except that such credit shall not exceed ten thousand dollars per person;

     (6) Mentor and role model programs;

     (7) Drug and alcohol abuse prevention training programs for youth;

     (8) Donation of property or equipment of the taxpayer to schools, including schools which primarily educate children who have been expelled from other schools, or donation of the same to municipalities, or not for profit corporations or other not for profit organizations which offer programs dedicated to youth violence prevention as authorized by the department;

     (9) Not for profit, private or public youth activity centers;

     (10) Nonviolent conflict resolution and mediation programs;

     (11) Youth outreach and counseling programs.

    &nbsp6. Any program authorized in subsection 5 of this section shall, at least annually, submit a report to the department of economic development outlining the purpose and objectives of such program, the number of youth served, the specific activities provided [under] pursuant to such program, the duration of such program and recorded youth attendance where applicable.

    &nbsp7. The department of economic development shall, at least annually submit a report to the Missouri general assembly listing the organizations participating, services offered and the number of youth served as the result of the implementation of this section.

    &nbsp8. The tax credit allowed by this section shall apply to all taxable years beginning after December 31, 1995.

     9. For the purposes of the credits described in this section, in the case of a corporation described in section 143.471, RSMo, partnership, limited liability company described in section 347.015, RSMo, cooperative, marketing enterprise, or partnership, in computing Missouri's tax in computing Missouri's tax liability, such credits shall be allowed to the following:

     (1) The shareholders of the corporation described in section 143.471, RSMo;

     (2) The partners of the partnership;

     (3) The members of the limited liability company; and

     (4) Individual members of the cooperative or marketing enterprise.

Such credits shall be apportioned to the entities described in subdivisions (1) and (2) of this subsection in proportion to their share of ownership on the last day of the taxpayer's tax period.

    &nbsp135.500. 1. Sections 135.500 to 135.529 shall be known and may be cited as the "Missouri Certified Capital Company Law".

    &nbsp2. As used in sections 135.500 to 135.529, the following terms mean:

     (1) "Affiliate of a certified company":

     (a) Any person, directly or indirectly owning, controlling or holding power to vote ten percent or more of the outstanding voting securities or other ownership interests of the Missouri certified capital company;

     (b) Any person ten percent or more of whose outstanding voting securities or other ownership interest are directly or indirectly owned, controlled or held with power to vote by the Missouri certified capital company;

     (c) Any person directly or indirectly controlling, controlled by, or under common control with the Missouri certified capital company;

     (d) A partnership in which the Missouri certified capital company is a general partner;

     (e) Any person who is an officer, director or agent of the Missouri certified capital company or an immediate family member of such officer, director or agent;

     (2) "Applicable percentage", one hundred percent;

     (3) "Capital in a qualified Missouri business", any debt, equity or hybrid security, of any nature and description whatsoever, including a debt instrument or security which has the characteristics of debt but which provides for conversion into equity or equity participation instruments such as options or warrants which are acquired by a Missouri certified capital company as a result of a transfer of cash to a business. Capital in a qualified Missouri business shall not include secured debt instruments;

     (4) "Certified capital", an investment of cash by an investor in a Missouri certified capital company;

     (5) "Certified capital company", any partnership, corporation, trust or limited liability company, whether organized on a profit or not for profit basis, that is located, headquartered and registered to conduct business in Missouri that has as its primary business activity, the investment of cash in qualified Missouri businesses, and which is certified by the department as meeting the criteria of sections 135.500 to 135.529;

     (6) "Department", the Missouri department of economic development;

     (7) "Director", the director of the department of economic development or a person acting under the supervision of the director;

     (8) "Investor", any insurance company that contributes cash;

     (9) "Liquidating distribution", payments to investors or to the certified capital company from earnings;

     (10) "Person", any natural person or entity, including a corporation, general or limited partnership, trust or limited liability company;

     (11) "Qualified distribution", any distribution or payment to equity holders of a certified capital company in connection with the following:

     (a) Reasonable costs and expenses of forming, syndicating, managing and operating the certified capital company;

     (b) Management fees for managing and operating the certified capital company; and

     (c) Any increase in federal or state taxes, penalties and interest, including those related to state and federal income taxes, of equity owners of a certified capital company which related to the ownership, management or operation of a certified capital company;

     (12) "Qualified investment", the investment of cash by a Missouri certified capital company in such a manner as to acquire capital in a qualified Missouri business;

     (13) "Qualified Missouri business", an independently owned and operated business, which is headquartered and located in Missouri and which is in need of venture capital and cannot obtain conventional financing. Such business shall have no more than two hundred employees, eighty percent of which are employed in Missouri. Such business shall be involved in commerce for the purpose of manufacturing, processing or assembling products, conducting research and development, or providing services in interstate commerce, but excluding retail, real estate, real estate development, insurance and professional services provided by accountants, lawyers or physicians. If such business has been in existence for three years or less, its gross sales during its most recent complete fiscal years shall not have exceeded four million dollars. If such business has been in existence for longer than three years, its gross sales during its most recent complete fiscal year shall not have exceeded three million dollars. Any business which is classified as a qualified Missouri business at the time of the first investment in such business by a Missouri certified capital company shall, for a period of seven years from the date of such first investment, remain classified as a qualified Missouri business and may receive follow-on investments from any Missouri certified capital company and such follow-on investments shall be qualified investments even though such business may not meet the other qualifications of this subsection at the time of such follow-on investments;

     (14) "State premium tax liability", any liability incurred by an insurance company under the provisions of [section 148.370] section 148.320, 148.340, 148.370 or 148.376, RSMo, and any other related provisions, which may impose a tax upon the premium income of insurance companies after January 1, 1997.

    &nbsp135.503. 1. Any investor that makes an investment of certified capital shall, in the year of investment, earn a vested credit against state premium tax liability equal to the applicable percentage of the investor's investment of certified capital. An investor shall be entitled to take up to ten percent of the vested credit in any taxable year of the investor. Any time after three years after August 28, 1996, the director, with the approval of the commissioner of administration, may reduce the applicable percentage on a prospective basis. Any such reduction in the applicable percentage by the director shall not have any effect on credits against state premium tax liability which have been claimed or will be claimed by any investor with respect to credits which have been earned and vested pursuant to an investment of certified capital prior to the effective date of any such change.

     2. An insurance company claiming a state premium tax credit earned through an investment in a certified capital company shall not be required to pay any additional retaliatory tax levied pursuant to section 375.916, RSMo, as a result of claiming such credit.

     [2.] 3. The credit against state premium tax liability which is described in subsection 1 of this section may not exceed the state premium tax liability of the investor for any taxable year. All such credits against state premium tax liability may be carried forward indefinitely until the credits are utilized. The maximum amount of certified capital in one or more certified capital companies for which earned and vested tax credits will be allowed in any year to any one investor or its affiliate shall be limited to ten million dollars.

     [3.] 4. The aggregate amount of certified capital for which earned and vested credits against state premium tax liability are allowed for all persons pursuant to sections 135.500 to 135.529 shall not exceed the following amounts: for calendar year 1996, $0.00; for calendar year 1997, an amount which would entitle all Missouri certified capital company investors to take aggregate credits of five million dollars; and for any year thereafter, an additional amount to be determined by the director but not to exceed aggregate credits of ten million dollars for any year with the approval of the commissioner of administration and reported to the general assembly as provided in subsection 2 of section 33.282, RSMo, provided that the amount so determined shall not impair the ability of an investor with earned and vested credits which have been allowed in previous years to take them, pursuant to subsection 1 of this section. During any calendar year in which the limitation described in this subsection will limit the amount of certified capital for which earned and vested credits against state premium tax liability are allowed, certified capital for which credits are allowed will be allocated in order of priority based upon the date of filing of information described in subdivision (1) of subsection 5 of section 135.516. Certified capital limited in any calendar year by the application of the provisions of this subsection shall be allowed and allocated in the immediately succeeding calendar year in the order of priority set forth in this subsection.

     [4.] 5. The department shall advise any Missouri certified capital company, in writing, within fifteen days after receiving the filing described in subdivision (1) of subsection 5 of section 135.516 whether the limitations of subsection 3 of this section then in effect will be applicable with respect to the investments and credits described in such filing with the department.

    &nbsp135.508. The department may certify profit or not for profit entities which submit an application to be designated as a Missouri certified capital company. The department shall review the organizational documents for each applicant for certification and the business history of the applicant, determine that the Missouri certified capital company's cash, marketable securities and other liquid assets are at least five hundred thousand dollars, determine that the liquid asset base for certified companies is at least five hundred thousand dollars at all times during the company's participation in the program authorized by sections 135.500 to 135.529, and determine that the officers and the board of directors, partners, trustees or managers are thoroughly acquainted with the requirements of sections 135.500 to 135.529. No insurance company [licensed by or transacting business in Missouri shall] individually or with or through one or more affiliates, be a managing general partner of or control the direction of investments of [a] that Missouri certified capital company. Within seventy-five days of application, the department shall either issue the certification and notify the department of revenue and the director of the department of insurance of such certification or shall refuse the certification and communicate in detail to the applicant the grounds for the refusal, including the suggestions for the removal of those grounds. The department shall be responsible for the administration of the tax credits authorized by sections 135.500 to 135.529.

    &nbsp135.516. 1. To continue to be certified, a Missouri certified capital company shall make qualified investments according to the following schedule:

     (1) Within two years after the date on which a Missouri certified capital company is designated as a Missouri certified capital company at least twenty-five percent of its certified capital shall be, or have been, placed in qualified investments;

     (2) Within three years after the date on which a Missouri certified capital company is designated as a Missouri certified capital company at least forty percent of its certified capital shall be, or have been, placed in qualified investments;

     (3) Within four years after the date on which a Missouri certified capital company is designated as a Missouri certified capital company, at least fifty percent of its total certified capital shall be, or have been, placed in qualified investments. A Missouri certified capital company may not make an investment in an affiliate of the certified capital company. For the purposes of this subsection, if a legal entity is not an affiliate before a certified capital company initially invests in the entity, it will not be an affiliate if a certified capital company provides additional investment in such entity subsequent to its initial investment;

     (4) A certified capital company, at least fifteen working days prior to making what it determines to be an initial qualified investment in a specific qualified Missouri business, shall certify to the department that the company in which it proposes to invest meets the definition of a qualified Missouri business pursuant to subdivision (14) of subsection 2 of section 135.500. The certified capital company shall state the amount of capital it intends to invest and the name of the business in which it intends to invest. The certified capital company shall also provide to the department an explanation of its determination that the business meets the definition of a qualified Missouri business. If the department determines that the business does not meet the definition of a qualified Missouri business, it shall, within the fifteen-working-day period prior to the making of the proposed investment, notify the certified capital company of its determination and an explanation thereof. If the department fails to notify the certified capital company with respect to the proposed investment within the fifteen-working-day period prior to the making of the proposed investment, the company in which the certified capital company proposes to invest shall be deemed to be a qualified Missouri business. If a certified capital company fails to notify the department prior to making an initial investment in a business, the department may subsequently determine that the business in which the certified capital company invested was not a qualified Missouri business even though the business, at the time of the investment, met the requirements of subdivision (14) of subsection 2 of section 135.500;

     (5) All certified capital which is not required to be placed in qualified investments or which has been placed in qualified investments and can be received by the company, may be held or invested in such manner as the Missouri certified capital company, in its discretion, deems appropriate. The proceeds of all certified capital which is received by a certified capital company after it was originally placed in qualified investments may be placed again in qualified investments and shall count toward any requirement in sections 135.500 to 135.529 with respect to placing certified capital in qualified investments.

    &nbsp2. A certified capital company may make qualified distributions at any time. In order to make distributions, other than qualified distributions, a certified capital company must have placed an amount cumulatively equal to one hundred percent of its certified capital in qualified investments. Cumulative distributions to equity holders, other than qualified distributions, in excess of the certified capital company's original certified capital and any additional capital contributions to the certified capital company shall be subject to audit by a nationally recognized certified public accounting firm acceptable to the department, at the expense of the certified capital company. The audit shall determine whether aggregate cumulative distributions to all investors and equity holders, other than qualified distributions, when combined with all tax credits utilized by investors pursuant to sections 135.500 to 135.529, have resulted in an annual internal rate of return of fifteen percent computed on the sum of total original certified capital of the certified capital company and any additional capital contributions to the certified capital company. Twenty-five percent of distributions made, other than qualified distributions, in excess of the amount required to produce a fifteen percent annual internal rate of return, as determined by the audit, shall be payable by the certified capital company to the [development reserve fund of the] Missouri development finance board. Distributions or payments to debt holders of a certified capital company, however, may be made without restriction with respect to debt owed to them by a certified capital company. A debt holder that is also an investor or equity holder of a certified capital company may receive distributions or payments with respect to such debt without restriction.

    &nbsp3. No qualified investment may be made at a cost to a Missouri certified capital company greater than fifteen percent of the total certified capital under management of the Missouri certified capital company at the time of investment.

    &nbsp4. Documents and other materials submitted by Missouri certified capital companies or by businesses for purposes of the continuance of certification may be deemed "closed records" pursuant to the provisions of section 620.014, RSMo.

    &nbsp5. Each Missouri certified capital company shall report the following to the department:

     (1) As soon as practicable after the receipt of certified capital, the name of each investor from which the certified capital was received, the amount of each investor's investment of certified capital and tax credits computed without regard to any limitations under subsection 3 of section 135.503, and the date on which the certified capital was received;

     (2) On a quarterly basis, the amount of the Missouri certified capital company's certified capital at the end of the quarter, whether or not the Missouri certified capital company has invested more than fifteen percent of the total certified capital under management in any one company, and all qualified investments that the Missouri certified capital company has made;

     (3) Each Missouri certified capital company shall provide annual audited financial statements to the department which include an opinion of an independent certified public accountant to the department within ninety days of the close of the fiscal year. The audit shall address the methods of operation and conduct of the business of the Missouri certified capital company to determine if the Missouri certified capital company is complying with the statutes and program rules and that the funds received by the Missouri certified capital company have been invested as required within the time limits provided by sections 135.500 to 135.529.

    &nbsp143.451. 1. Missouri taxable income of a corporation shall include all income derived from sources within this state.

    &nbsp2. A corporation described in subdivision (1) of subsection 1 of section 143.441 shall include in its Missouri taxable income all income from sources within this state, including that from the transaction of business in this state and that from the transaction of business partly done in this state and partly done in another state or states. However:

     (1) Where income results from a transaction partially in this state and partially in another state or states, and income and deductions of the portion in the state cannot be segregated, then such portions of income and deductions shall be allocated in this state and the other state or states as will distribute to this state a portion based upon the portion of the transaction in this state and the portion in such other state or states.

     (2) The taxpayer may elect to compute the portion of income from all sources in this state in the following manner:

     (a) The income from all sources shall be determined as provided, excluding therefrom the figures for the operation of any bridge connecting this state with another state.

     (b) The amount of sales which are transactions wholly in this state shall be added to one-half of the amount of sales which are transactions partly within this state and partly without this state, and the amount thus obtained shall be divided by the total sales or in cases where sales do not express the volume of business, the amount of business transacted wholly in this state shall be added to one-half of the amount of business transacted partly in this state and partly outside this state and the amount thus obtained shall be divided by the total amount of business transacted, and the net income shall be multiplied by the fraction thus obtained, to determine the proportion of income to be used to arrive at the amount of Missouri taxable income. The investment or reinvestment of its own funds, or sale of any such investment or reinvestment, shall not be considered as sales or other business transacted for the determination of said fraction.

     (3) For the purposes of this section, a transaction involving the sale of tangible property is:

     (a) "Wholly in this state" if both the seller's shipping point and the purchaser's destination point are in this state;

     (b) "Partly within this state and partly without this state" if the seller's shipping point is in this state and the purchaser's destination point is outside this state, or the seller's shipping point is outside this state and the purchaser's destination point is in this state;

     (c) Not "wholly in this state" or not "partly within this state and partly without this state" only if both the seller's shipping point and the purchaser's destination point are outside this state;

     (d) For purposes of this subdivision the purchaser's destination point shall be determined without regard to the FOB point or other conditions of the sale, and the seller's shipping point is determined without regard to the location of the seller's principle office or place of business.

     (4) (a) The following words used in this subdivision shall mean:

    &nbspa. "Administrative services", the meaning set forth in section 2 of this act;

    &nbspb. "Affiliate", the meaning as set forth in 15 U.S.C. section a-2(a)(3)(C), as may be amended from time to time;

    &nbspc. "Distribution services", the meaning set forth in section 2 of this act;

    &nbspd. "Investment company", the meaning set forth in section 2 of this act;

    &nbspe. "Investment funds service corporation", the meaning set forth in section 2 of this act;

    &nbspf. "Management services", the meaning set forth in section 2 of this act;

    &nbspg. "Qualifying sales", gross income derived from the provision directly or indirectly of management, distribution or administration services to or on behalf of an investment company and from trustees, sponsors and participants of employee benefit plans which have accounts in an investment company. For purposes of this section, gross income is defined as that amount of income earned from qualifying sources without deduction of expenses related to the generation of such income;

    &nbsph. "Residence", presumptively the shareholder's mailing address on the records of the investment company. If, however, the investment company or the investment funds service corporation has actual knowledge that the shareholder's primary residence or principal place of business is different than the shareholder's mailing address said presumption shall not control;

    &nbspi. "Wholly in this state", as used for purposes of the formula outlined in subdivision (3) of this subsection.

     (b) Notwithstanding other provisions of law to the contrary, qualifying sales of an investment funds service corporation, or S corporation, shall be considered wholly in this state only to the extent that the shareholders of the investment companies, to which the investment funds service corporation, or S corporation, provide services, are residenced in this state. Wholly in this state qualifying sales of an investment funds service corporation, or S corporation, shall be determined as follows:

    &nbspa. By multiplying the investment service corporation's total dollar amount of qualifying sales from services provided to each investment company by a fraction, the numerator of which shall be the average of the number of shares owned by the investment company's shareholders residenced in this state at the beginning of and at the end of the investment company's taxable year that ends with or within the investment funds service corporation's taxable year, and the denominator of which shall be the average of the number of shares owned by the investment company's shareholders everywhere at the beginning of and at the end of the investment company's taxable year that ends with or within the investment funds service corporation's taxable year;

    &nbspb. A separate computation shall be made to determine the wholly in this state qualifying sales from each investment company. The qualifying sales for each investment company shall be multiplied by the respective percentage of each fund, as calculated pursuant to subparagraph a. of this subdivision. The product of this equation shall result in the wholly in this state qualifying sales. The qualifying sales for each investment company which are not wholly in this state will be considered wholly without this state.

     (c) To the extent an investment funds service corporation has sales which are not qualifying sales, those nonqualified sales shall be apportioned to this state based on the methodology utilized by the investment funds service corporation without regard to this subdivision.

    &nbsp3. Any corporation described in subdivision (1) of subsection 1 of section 143.441 organized in this state or granted a permit to operate in this state for the transportation or care of passengers shall report its gross earnings within the state on intrastate business and shall also report its gross earnings on all interstate business done in this state which report shall be subject to inquiry for the purpose of determining the amount of income to be included in Missouri taxable income. The previous sentence shall not apply to a railroad.

    &nbsp4. A corporation described in subdivision (2) of subsection 1 of section 143.441 shall include in its Missouri taxable income all income arising from all sources in this state and all income from each transportation service wholly within this state, from each service where the only lines of such corporation used are those in this state, and such proportion of revenue from each service where the facilities of such corporation in this state and in another state or states are used, as the mileage used over the lines of such corporation in the state shall bear to the total mileage used over the lines of such corporation. The taxpayer may elect to compute the portion of income from all sources within this state in the following manner:

     (1) The income from all sources shall be determined as provided;

     (2) The amount of investment of such corporation on December thirty-first of each year in this state in fixed transportation facilities, real estate and improvements, plus the value on December thirty-first of each year of any fixed transportation facilities, real estate and improvements in this state leased from any other railroad shall be divided by the sum of the total amount of investment of such corporation on December thirty-first of each year in fixed transportation facilities, real estate and improvements, plus the value on December thirty-first of each year, of any fixed transportation facilities, real estate and improvements leased from any other railroad. Where any fixed transportation facilities, real estate or improvements are leased by more than one railroad, such portion of the value shall be used by each railroad as the rental paid by each shall bear to the rental paid by all lessees. The income shall be multiplied by the fraction thus obtained to determine the proportion to be used to arrive at the amount of Missouri taxable income.

    &nbsp5. A corporation described in subdivision (3) of subsection 1 of section 143.441 shall include in its Missouri taxable income one-half of the net income from the operation of a bridge between this and another state. If any such bridge is owned or operated by a railroad corporation or corporations, or by a corporation owning a railroad corporation using such bridge, then the figures for operation of such bridge may be included in the return of such railroad or railroads; or if such bridge is owned or operated by any other corporation which may now or hereafter be required to file an income tax return, one-half of the income or loss to such corporation from such bridge may be included in such return by adding or subtracting same to or from another net income or loss shown by the return.

    &nbsp6. A corporation described in subdivision (4) of subsection 1 of section 143.441 shall include in its Missouri taxable income all income arising from all sources within this state. Income shall include revenue from each telephonic or telegraphic service rendered wholly within this state; from each service rendered for which the only facilities of such corporation used are those in this state; and from each service rendered over the facilities of such corporation in this state and in other state or states, such proportion of such revenue as the mileage involved in this state shall bear to the total mileage involved over the lines of said company in all states. The taxpayer may elect to compute the portion of income from all sources within this state in the following manner:

     (1) The income from all sources shall be determined as provided;

     (2) The amount of investment of such corporation on December thirty-first of each year in this state in telephonic or telegraphic facilities, real estate and improvements thereon, shall be divided by the amount of the total investment of such corporation on December thirty-first of each year in telephonic or telegraphic facilities, real estate and improvements. The income of the taxpayer shall be multiplied by fraction thus obtained to determine the proportion to be used to arrive at the amount of Missouri taxable income.

    &nbsp7. From the income determined in subsections 2, 3, 4, 5 and 6 of this section to be from all sources within this state shall be deducted such of the deductions for expenses in determining Missouri taxable income as were incurred in this state to produce such income and all losses actually sustained in this state in the business of the corporation.

    &nbsp8. If a corporation derives only part of its income from sources within Missouri, its Missouri taxable income shall only reflect the effect of the following listed deductions to the extent applicable to Missouri. The deductions are: (a) its deduction for federal income taxes pursuant to section 143.171, and (b) the effect on Missouri taxable income of the deduction for net operating loss allowed by Section 172 of the Internal Revenue Code. The extent applicable to Missouri shall be determined by multiplying the amount that would otherwise affect Missouri taxable income by the ratio for the year of the Missouri taxable income of the corporation for the year divided by the Missouri taxable income for the year as though the corporation had derived all of its income from sources within Missouri. For the purpose of the preceding sentence, Missouri taxable income shall not reflect the listed deductions.

      [143.805. 1. Credits granted by other provisions of the statutes shall be applied against the tax imposed by this chapter in the following order:

      (1) Credit for income tax paid to another state authorized in section 143.081;

     (2) New business facility credit authorized in sections 135.100 to 135.160, RSMo;

      (3) Economic development credit authorized in subsection 6 of section 100.286, RSMo;

      (4) Missouri low-income housing tax credit authorized in subsection 2 of section 135.352, RSMo;

      (5) Employment of unemployed agriculture workers tax credit authorized in sections 135.275 to 135.287, RSMo;

      (6) Wood energy producer tax credit authorized in sections 135.300 to 135.311, RSMo;

     (7) Contributions to innovations centers and the corporation for science and technology tax credit authorized in sections 348.300 to 348.318, RSMo;

      (8) Neighborhood assistance credit authorized in sections 32.105 to 32.125, RSMo;

      (9) Special needs child adoption credit authorized in section 135.327, RSMo;

      (10) Enterprise zone credit authorized in sections 135.200 to 135.255, RSMo;

      (11) Senior citizens property tax credit authorized in sections 135.010 to 135.035, RSMo.

    &nbsp2. The director of revenue may prescribe the priority of any other credit authorized by law.]

    &nbsp178.895. 1. To provide funds for the present payment of the costs of new jobs training programs, a community college district may borrow money and issue and sell certificates payable from a sufficient portion of the future receipts of payments authorized by the agreement including disbursements from the Missouri community college job training program to the special fund established by the district for each project. The total amount of outstanding certificates sold by all juniop college districts shall not exceed twenty million dollars, unless an increased amount is authorized in writing by a majority of members of the Missouri job training joint legislative oversight committee. The certificates shall be marketed through financial institutions authorized to do business in Missouri. The receipts shall be pledged to the payment of principal of and interest on the certificates. Certificates may be sold at public sale or at private sale at par, premium, or discount of not less than ninety-five percent of the par value thereof, at the discretion of the board of trustees, and may bear interest at such rate or rates as the board of trustees shall determine, notwithstanding the provisions of section 108.170, RSMo, to the contrary. However, chapter 176, RSMo, does not apply to the issuance of these certificates. Certificates may be issued with respect to a single project or multiple projects and may contain terms or conditions as the board of trustees may provide by resolution authorizing the issuance of the certificates.

    &nbsp2. Certificates issued to refund other certificates may be sold at public sale or at private sale as provided in this section with the proceeds from the sale to be used for the payment of the certificates being refunded. The refunding certificates may be exchanged in payment and discharge of the certificates being refunded, in installments at different times or an entire issue or series at one time. Refunding certificates may be sold or exchanged at any time on, before, or after the maturity of the outstanding certificates to be refunded. They may be issued for the purpose of refunding a like, greater, or lesser principal amount of certificates and may bear a higher, lower, or equivalent rate of interest than the certificates being renewed or refunded.

    &nbsp3. Before certificates are issued, the board of trustees shall publish once a notice of its intention to issue the certificates, stating the amount, the purpose, and the project or projects for which the certificates are to be issued. A person may, within fifteen days after the publication of the notice, by action in the circuit court of a county in the district, appeal the decision of the board of trustees to issue the certificates. The action of the board of trustees in determining to issue the certificates is final and conclusive unless the circuit court finds that the board of trustees has exceeded its legal authority. An action shall not be brought which questions the legality of the certificates, the power of the board of trustees to issue the certificates, the effectiveness of any proceedings relating to the authorization of the project, or the authorization and issuance of the certificates from and after fifteen days from the publication of the notice of intention to issue.

    &nbsp4. The board of trustees shall determine if revenues provided in the agreement are sufficient to secure the faithful performance of obligations in the agreement.

    &nbsp5. Certificates issued under this section shall not be deemed to be an indebtedness of the state or the community college district or of any other political subdivision of the state and the principal and interest on such certificates shall be payable only from the sources provided in subdivision (1) of section 178.893 which are pledged in the agreement.

    &nbsp6. The department of economic development shall coordinate the new jobs training program, and may promulgate rules that districts will use in developing projects with new and expanding industrial new jobs training proposals which shall include rules providing for the coordination of such proposals with the service delivery areas established in the state to administer federal funds pursuant to the federal Job Training Partnership Act. No rule or portion of a rule promulgated under the authority of sections 178.892 to 178.896 shall become effective unless it has been promulgated pursuant to the provisions of section 536.024, RSMo.

    &nbsp7. No community college district may sell certificates as described in this section after July 1, [1998] 2008.

    &nbsp178.896. 1. There is hereby established within the state treasury a special fund, to be known as the "Missouri Community College Job Training Program Fund", to be administered by the division of job development and training. The department of revenue shall credit to the community college job training program fund, as received, all new jobs credit from withholding remitted by employers pursuant to section 178.894. The fund shall also consist of any gifts, contributions, grants or bequests received from federal, private or other sources. The general assembly, however, shall not provide for any transfer of general revenue funds into the community college job training program fund. Moneys in the Missouri community college job training program fund shall be disbursed to the division of job development and training pursuant to regular appropriations by the general assembly. The division shall disburse such appropriated funds in a timely manner into the special funds established by community college districts for projects, which funds shall be used to pay program costs, including the principal of, premium, if any, and interest on certificates issued by the district to finance or refinance, in whole or in part, a project. Such disbursements by the division of job development and training shall be made to the special fund for each project in the same proportion as the new jobs credit from withholding remitted by the employer participating in such project bears to the total new jobs credit from withholding remitted by all employers participating in projects during the period for which the disbursement is made. Moneys for new jobs training programs established under the provisions of sections 178.892 to 178.896 shall be obtained from appropriations made by the general assembly from the Missouri community college job training program fund. All moneys remaining in the Missouri community college job training program fund at the end of any fiscal year shall not lapse to the general revenue fund, as provided in section 33.080, RSMo, but shall remain in the Missouri community college job training program fund.

    &nbsp2. The department of revenue shall develop such forms as are necessary to demonstrate accurately each employer's new jobs credit from withholding paid into the Missouri community college job training program fund. The new jobs credit from withholding shall be accounted as separate from the normal withholding tax paid to the department of revenue by the employer. Reimbursements made by all employers to the Missouri community college job training program fund shall be no less than all allocations made by the division of job development and training to all community college districts for all projects. The employer shall remit the amount of the new job credit to the department of revenue in the same manner as provided in sections 143.191 to 143.265, RSMo.

    &nbsp3. Sections 178.892 to 178.896 shall expire July 1, [2008] 2018.

     184.800. Sections 184.800 to 184.880 shall be known as the "Missouri Museum District Act".

    &nbsp184.805. 1. As used in sections 184.800 to 184.880, the following terms mean:

     (1) "Board", the board of directors of a district;

     (2) "District", a museum district organized pursuant to sections 184.800 to 184.880;

     (3) "Museum", a building or area used for the purpose of exhibiting and/or preserving objects or specimens of interest to the public, including but not limited to art, items of natural history, and items connected with wildlife and conservation;

     (4) "Owner of real property", the owner of the fee interest in the real property, except that when the real property is subject to a lease of ten or more years, the lessee rather than the owner of the fee interest shall be considered as the "owner of real property". An owner may be either a natural person or a juridical entity.

    &nbsp2. For the purposes of sections 11(c), 16 and 22 of article X of the constitution of Missouri, section 137.073, RSMo, and as used in sections 184.800 to 184.880, the following terms shall have the meanings given:

     (1) "Approval of the required majority" or "direct voter approval", a simple majority;

     (2) "Qualified voters", the owners of real property located within the proposed district or any person residing in the district who is a legal voter within the district.

    &nbsp184.810. 1. A district may be created to fund, promote, plan, design, construct, improve, maintain and operate one or more projects relating to a museum or to assist in such activity.

    &nbsp2. A district is a political subdivision of the state.

    &nbsp184.815. 1. Whenever the creation of a district is desired, the owners of real property who own at least two-thirds of the real property within the proposed district may file a petition requesting the creation of a district. The petition shall be filed in the circuit court of the county in which the proposed district is located. Any petition to create a museum district pursuant to the provisions of sections 184.800 to 184.880 shall be filed on or before December 31, 1998.

    &nbsp2. The proposed district area shall be contiguous and may contain any portion of one or more municipalities.

    &nbsp3. The petition shall set forth:

     (1) The name and address of each owner of real property located within the proposed district or who is a legal voter resident within the proposed district;

     (2) A specific description of the proposed district boundaries including a map illustrating such boundaries;

     (3) A general description of the purpose or purposes for which the district is being formed, including a description of the proposed museum or museums and a general plan for its operation; and

     (4) The name of the proposed district.

    &nbsp4. In the event any owner of real property within the proposed district who is named in the petition or any legal voter resident within the district shall not join in the petition or file an entry of appearance and waiver of service of process in the case, a copy of the petition shall be served upon said owner or legal voter in the manner provided by supreme court rule for the service of petitions generally. Any objections to the petition shall be raised by answer within the time provided by supreme court rule for the filing of an answer to a petition.

    &nbsp184.820. 1. Any owner of real property within the proposed district and any legal voter who is a resident within the proposed district may join in or file a petition supporting or answer opposing the creation of the district and seeking a judgment respecting these same issues.

    &nbsp2. The court shall hear the case without a jury. If the court determines the petition is defective or the proposed district or its plan of operation is unconstitutional, it shall enter its judgment to that effect and shall refuse to incorporation the district as requested in the pleadings. If the court determines the petition is not legally defective and the proposed district and plan of operation are not unconstitutional, the court shall determine and declare the district organized and incorporated and shall approve the plan of operation stated in the petition.

    &nbsp3. Any party having filed a petition or answer or petition may appeal the circuit court's order or judgment in the same manner as provided for other appeals. Any order either refusing to incorporate the district or incorporating the district shall be deemed a final judgment for purposes of appeal.

    &nbsp184.825. The costs of filing and defending the petition and all publication and incidental costs incurred in obtaining circuit court certification of the petition for voter approval shall be paid by the petitioners. If a district is organized pursuant to sections 184.800 to 184.880, the petitioners may be reimbursed for such costs out of the revenues received by the district.

    &nbsp184.830. 1. Within thirty days after the order declaring the district organized has become final, the circuit clerk of the county in which the petition was filed shall, give notice by causing publication to be made once a week for two consecutive weeks in a newspaper of general circulation in the county, the last publication of which shall be at least ten days before the day of the meeting required by this section, call a meeting of the owners of real property within the district at a day and hour specified in a public place in the county in which the petition was filed for the purpose of electing a board of five directors, to be composed of owners or representatives of owners of real property in the district.

    &nbsp2. The owners of real property, when assembled, shall organize by the election of a chairman and secretary of the meeting who shall conduct the election. At the election, each acre of real property within the district shall be considered as a voting interest, and each owner of real property shall have one vote in person or by proxy for every acre of real property owned within the district for each director to be elected. A director need not be a legal voter of the district.

    &nbsp3. Each director shall serve for a term of three years and until his successor is duly elected and qualified. Successor director shall be elected in the same manner as the initial directors at a meeting of the owners of real property called by the board. Each successor director shall serve a three-year term. The remaining directors shall have the authority to elect an interim director to complete any unexpired term of a director caused by resignation or disqualification.

    &nbsp4. Directors shall be at least twenty-one years of age.

    &nbsp184.835. 1. The board shall possess and exercise all of the district's legislative and executive powers.

    &nbsp2. Within thirty days after the election of the initial directors, the board shall meet. At its first meeting and after each election of new board members the board shall elect a chairman, a secretary, a treasurer and such other officers as it deems necessary from its members. A director may fill more than one office, except that a director may not fill both the office of chairman and secretary.

    &nbsp3. The board may employ such employees as it deems necessary; provided, however, that the board shall not employ any employee who is related within the fourth degree by blood or marriage to a member of the board.

    &nbsp4. At the first meeting, the board, by resolution, shall define the first and subsequent fiscal years of the district, and shall adopt a corporate seal.

    &nbsp5. A simple majority of the board shall constitute a quorum. If a quorum exists, a majority of those voting shall have the authority to act in the name of the board, and approve any board resolution.

    &nbsp6. Each director shall devote such time to the duties of the office as the faithful discharge thereof may require and may be reimbursed for his or her actual expenditures in the performance of his or her duties on behalf of the district.

    &nbsp184.840. 1. A district may receive and use funds for the purposes of planning, designing, constructing, reconstructing, maintaining and operating a museum, conducting educational programs in connection therewith for any public purpose which is reasonably connected with the museum and for any other purposes authorized by sections 184.840 to 184.880. Such funds may be derived from any funding method which is authorized by sections 184.800 to 184.880 and from any other source, including but not limited to funds from federal sources, the state of Missouri or an agency thereof, a political subdivision of the state or private sources.

    &nbsp2. The general assembly may annually for a period of twenty years after the effective date of this act make appropriations from general revenue to a district which is created pursuant to the provisions of sections 184.800 to 184.880. In no event shall the amount appropriated to any district exceed on an annual basis the annual state sales tax revenues generated from businesses within the district.

    &nbsp184.845. 1. The board of the district may impose a museum district sales tax by resolution on all retail sales made in such museum district which are subject to taxation pursuant to the provisions of sections 144.010 to 144.525, RSMo. Such museum district sales tax may be imposed for any museum purpose designated by the board of the museum district. If the resolution is adopted the board of the district may submit the question of whether to impose a sales tax authorized by this section to either the legal voters of the district and/or to the owners of real property within the district who shall have the same voting interests as with the election of members of the board of the district.

    &nbsp2. The sales tax authorized by this section shall become effective on the first day of the second calendar quarter following adoption of the tax by the qualified voters.

    &nbsp3. In each museum district in which a sales tax has been imposed in the manner provided by this section, every retailer shall add the tax imposed by the museum district pursuant to this section to the retailer's sale price, and when so added such tax shall constitute a part of the price, shall be a debt of the purchaser to the retailer until paid, and shall be recoverable at law in the same manner as the purchase price.

    &nbsp4. In order to permit sellers required to collect and report the sales tax authorized by this section to collect the amount required to be reported and remitted, but not to change the requirements of reporting or remitting tax or to serve as a levy of the tax, and in order to avoid fractions of pennies, the museum district may establish appropriate brackets which shall be used in district imposing a tax pursuant to this section in lieu of those brackets provided in section 144.825, RSMo.

    &nbsp5. All revenue received by a museum district from the tax authorized by this section which has been designated for a certain museum purpose shall be deposited in a special trust fund and shall be used solely for such designated purpose. All funds remaining in the special trust fund shall continue to be used solely for such designated museum purpose. Any funds in such special trust fund which are not needed for current expenditures may be invested by the board of directors in accordance with applicable laws relating to the investment of other museum district funds.

    &nbsp6. The sales tax may be imposed at a rate of one-half of one percent, three-fourths of one percent or one percent on the receipts from the sale at retail of all tangible personal property or taxable services at retail within the museum district adopting such tax, if such property and services are subject to taxation by the state of Missouri pursuant to the provisions of sections 144.010 to 144.525, RSMo. Any museum district sales tax imposed pursuant to this section shall be imposed at a rate that shall be uniform throughout the district.

    &nbsp7. On and after the effective date of any tax imposed pursuant to this section, the museum district shall perform all functions incident to the administration, collection, enforcement, and operation of the tax. The tax imposed pursuant to this section shall be collected and reported upon such forms and under such administrative rules and regulations as may be prescribed by the museum district.

    &nbsp8. All applicable provisions contained in sections 144.010 to 144.525, RSMo, governing the state sales tax, sections 32.085 and 32.087, RSMo, and section 32.057, RSMo, the uniform confidentiality provision, shall apply to the collection of the tax imposed by this section, except as modified in this section.

    &nbsp9. All exemptions granted to agencies of government, organizations, persons and to the sale of certain articles and items of tangible personal property and taxable services pursuant to the provisions of sections 144.010 to 144.525, RSMo, are hereby made applicable to the imposition and collection of the tax imposed by this section.

    &nbsp10. The same sales tax permit, exemption certificate and retail certificate required by sections 144.010 to 144.525, RSMo for the administration and collection of the state sales tax shall satisfy the requirements of this section, and no additional permit or exemption certificate or retail certificate shall be required; except that the museum district may prescribe a form of exemption certificate for an exemption from the tax imposed by this section.

    &nbsp11. The penalties provided in section 32.057, RSMo, and sections 144.010 to 144.525, RSMo, for violation of those sections are hereby made applicable to violations of this section.

    &nbsp12. For the purpose of a sales tax imposed by a resolution pursuant to this section, all retail sales except retail sales of motor vehicles shall be deemed to be consummated at the place of business of the retailer unless the tangible personal property sold is delivered by the retailer or the retailer's agent to an out-of-state destination or to a common carrier for delivery to an out-of-state destination. In the event a retailer has more than one place of business in this state which participates in the sale, the sale shall be deemed to be consummated at the place of business of the retailer where the initial order for the tangible personal property is taken, even though the order shall be forwarded elsewhere for acceptance, approval of credit, shipment or billing. A sale by a retailer's employee shall be deemed to be consummated at the place of business from which the employee works.

    &nbsp13. All sales taxes collected by the museum district shall be deposited by the museum district in a special fund to be expended for the purposes authorized in this section. The museum district shall keep accurate records of the amount of money which was collected pursuant to this section, and the records shall be open to the inspection by the officers and directors of each museum district and the Missouri department of revenue. Tax returns filed by businesses with the district shall otherwise be considered as confidential in the same manner as sales tax returns filed with the Missouri department of revenue.

    &nbsp14. No museum district imposing a sales tax pursuant to this section may repeal or amend such sales tax unless such repeal or amendment will not impair the district's ability to repay any liabilities which it has incurred, money which it has borrowed or revenue bonds, notes or other obligations which it has issued or which have been issued to finance any project or projects.

    &nbsp184.850. 1. A district may contract and incur obligations appropriate to accomplish its purposes.

    &nbsp2. A district may enter into any lease or lease-purchase agreement for or with respect to any real or personal property necessary or convenient for its purposes.

    &nbsp3. A district may enter into operating agreements and/or management agreements with not for profit corporations to operate the museum or carry out any other authorized purposes of functions of the district.

    &nbsp4. A district may borrow money for its purposes at such rates of interest as the district may determine.

    &nbsp5. A district may issue bonds, notes and other obligations, and may secure any of such obligations by mortgage, pledge, assignment, security agreement or deed of trust of any or all of the property and income of the district, subject to the restrictions provided in sections 184.800 to 184.880. The district shall also have the power and authority to secure financing on the issuance of bonds for financing through another political subdivision or an agency of the state.

    &nbsp6. A district may enter into labor agreements, establish all bid conditions, decide all contract awards, pay all contractors and generally supervise the construction of the museum project.

    &nbsp184.860. 1. A district may at any time authorize or issue revenue bonds for the purpose of paying all or any part of the cost of any project. Every issue of such bonds shall be payable out of the revenues of the district and may be further secured by other property of the district which may be pledged, assigned, mortgaged, or a security interest granted for such payment, without preference or priority of the first bonds issued, subject to any agreement with the holders of any other bonds pledging any specified property or revenues. Such bonds shall be authorized by resolution of the board of the district, and if issued by the district, shall bear such date or dates, and shall mature at such time or times, but not in excess of forty years, as the resolution shall specify. Such bonds shall be in such denomination, bear interest at such rate or rates, be in such form, either coupon or registered, be issued as current interest bonds, compound interest bonds, variable rate bonds, convertible bonds, or zero coupon bonds, be issued in such manner, be payable in such place or places and subject to redemption as such resolution may provide notwithstanding the provisions of section 108.170, RSMo. The bonds may be sold at either public or private sale, at such interest rates, and at such price or prices as the district shall determine.

    &nbsp2. Any issue of district bonds outstanding may be refunded at any time by the district by issuing its refunding bonds in such amount as the district may deem necessary. Such bonds may not exceed the amount sufficient to refund the principal of the bonds so to be refunded together with any unpaid interest thereon and any premiums, commissions, service fees, and other expenses necessary to be paid in connection with the refunding. Any such refunding may be effected whether the bonds to be refunded then shall have matured or thereafter shall mature, either by sale of the refunding bonds and the application of the proceeds thereof to the payment of the bonds being refunded or by the exchange of the refunding bonds for the bonds being refunded with the consent of the holder or holders of the bonds being refunded. Refunding bonds may be issued regardless of whether the bonds being refunded were issued in connection with the same project or a separate project and regardless of whether the bonds proposed to be refunded shall be payable on the same date or different date or shall be due serially or otherwise.

    &nbsp3. Bonds issued pursuant to this section shall exclusively be the responsibility of the district and shall not constitute a debt or liability of the state of Missouri or any agency or political subdivision of the state other than the district. The district shall not be obligated to pay such bonds with any funds other than those specifically pledged to repayment of the bonds. Any bonds issued by a district shall state on their face that they are not obligations of the state of Missouri or any agency or political subdivision thereof other than the district.

    &nbsp4. Bonds issued pursuant to this section, the interest thereon, or any proceeds from such bonds shall be exempt from taxation in the state of Missouri for all purposes except the state estate tax.

    &nbsp184.865. The district may contract with a federal agency, a state or its agencies and political subdivisions, a corporation, partnership or individual regarding funding, promotion, planning, designing, constructing, improving, maintaining, or operating a project or to assist in such activity; provided, however, that any contract providing for the overall management and operation of the museum for the district shall only be with a governmental entity or a not for profit corporation.

    &nbsp184.870. In addition to all other powers granted by sections 184.800 to 184.880 the district shall have the following general powers:

     (1) To sue and be sued in its own name, and to receive service of process, which shall be served upon the district secretary;

     (2) To fix compensation of its employees and contractors;

     (3) To purchase any personal property necessary or convenient for its activities;

     (4) To collect and disburse funds for its activities; and

     (5) To exercise such other implied powers necessary or convenient for the district to accomplish its purposes which are not inconsistent with its express powers.

    &nbsp184.880. 1. The district may obtain such insurance as it deems appropriate, considering its legal limits of liability, to protect itself, its officers and its employees from any potential liability and may also obtain such other types of insurance as it deems necessary to protect against loss of its real or personal property of any kind. The cost of this insurance shall be charged against the project.

    &nbsp2. The district may also require contractors performing construction or maintenance work on the project and companies providing operational and management services to obtain liability insurance having the district, its directors and employees as additional named insureds.

    &nbsp3. The district shall not attempt to self-insure for its potential liabilities unless it finds that it has sufficient funds available to cover any anticipated judgments or settlements and still complete its project without interruption. The district may self-insure if it is unable to obtain liability insurance coverage at a rate which is economically feasible to the district, considering its resources.

    &nbsp253.401. As used in sections 253.400 to 253.407 and sections 253.550 to 253.561, unless the context requires otherwise:

     (1) "Certified historic structure", a property located in Missouri and listed individually on the National Register of Historic Places;

     [(1)] (2) "Department" means the department of natural resources;

     (3) "Eligible property", property located in Missouri and offered or used for nonresidential purposes, conduct of business, or residential rental;

     [(2)] (4) "Fund" means the historic preservation revolving fund;

     [(3)] (5) "Historic property" or "property" means any building, structure, district, area or site that is significant in the history, architecture, archaeology or culture of this state, its communities or this country, which is eligible for nomination to the National Register of Historic Places;

     (6) "Structure in a certified historic district", a structure located in Missouri which is certified by the department of natural resources as contributing to the historic significance of a certified historic district listed on the National Register of Historic Places, or a local district that has been certified by the United States Department of the Interior.

    &nbsp253.550. Any individual, partnership, trust or estate, or corporation incurring costs and expenses for the rehabilitation of eligible property as defined in section 253.401, which is a certified historic structure or structure within a certified historic district shall be entitled to a credit against the taxes imposed pursuant to chapter 143, RSMo, on that individual or entity in an amount equal to twenty-five percent of the total costs and expenses of rehabilitation which shall include development, architectural, engineering and other costs, provided the rehabilitation costs associated with rehabilitation and the expenses exceed fifty percent of the total basis in the property and the rehabilitation meets standards consistent with the standards of the Secretary of the United States Department of the Interior for rehabilitation as determined by the state historic preservation officer of the Missouri department of natural resources.

    &nbsp253.559. If the amount of such credit exceeds the total tax liability for the year in which the rehabilitated property is placed in service, the amount that exceeds the state tax liability may be carried back for credit against the taxes imposed pursuant to chapter 143, RSMo, except for sections 143.191 to 143.265, RSMo, and in preceding years back to 1996 or back three years, whichever is less, and may be carried forward for credit against the income taxes for the succeeding ten years, or until the full credit is used, whichever occurs first. Credits granted to a partnership or multiple owners of property shall be passed through to the partners respectively or owners respectively pro rata or pursuant to an executed agreement among the partners or owners documenting an alternate distribution method.

    &nbsp253.561. 1. To claim the credit authorized pursuant to sections 253.550 and 253.559 the taxpayer shall apply to the Missouri department of natural resources which shall determine the amount of eligible rehabilitation costs and expenses, and whether it meets the standards of the Secretary of the Interior as set forth in section 253.557 and may issue a certificate thereof to the taxpayer. The taxpayer shall attach the certificate to all Missouri income tax returns on which the credit is claimed.

     2. To claim the credit authorized pursuant to sections 253.550 and 253.559 the taxpayer shall provide a copy of the application to the director of the department of economic development. The department of economic development shall provide technical assistance to the department of natural resources during the certification process and shall determine, on an annual basis, the overall state economic impact derived from the rehabilitation of eligible property.

     253.562. The provisions of sections 253.550, 253.559 and 253.561 shall become effective on January 1, 1998, and shall apply to all taxable years beginning after December 31, 1997, and shall terminate on December 31, 2002.

    &nbsp327.031. 1. The "Missouri Board for Architects, Professional Engineers, and Land Surveyors" shall consist of eleven members: a chairman, who may be either a registered architect or a registered professional engineer; three registered architects, who shall constitute the architectural division of the board; three registered professional engineers, who shall constitute its professional engineering division; three registered land surveyors, who shall constitute its land surveying division; and a voting public member.

    &nbsp2. After receiving his commission and before entering upon the discharge of his official duties, each member of the board shall take, subscribe to and file in the office of the secretary of state the official oath required by the constitution.

    &nbsp3. The chairman shall be the administrative and executive officer of the board, and it shall be his duty to supervise and expedite the work of the board and its divisions, and, at his election, when a tie exists between the divisions of the board, to break the tie by recording his vote for or against the action upon which the divisions are in disagreement. Each member of the architectural division shall have one vote or action pending before the board; each member of the professional engineering division shall have one vote when voting on action pending before the board; and the three members of the land surveying division shall each have one vote when voting on action before the board. Every motion or proposed action upon which the divisions of the board are tied shall be deemed lost, and the chairman shall so declare, unless he shall elect to break the tie as provided in this section. Six members of the board and two members of each division shall constitute a quorum, respectively, for the transaction of business.

    &nbsp4. Each division of the board shall, at its first meeting in each even-numbered year, elect one of its members as division chairman for a term of two years. The chairmen of the architectural division and of the professional engineering division so elected shall be vice chairmen of the board, and when the chairman of the board is an architect, the chairman of the architectural division shall be the ranking vice chairman, and when the chairman of the board is a professional engineer, the chairman of the professional engineering division shall be the ranking vice chairman. The chairman of each division shall be the administrative and executive officer of his division, and it shall be his duty to supervise and expedite the work of the division, and, in case of a tie vote on any matter, he shall, at his election, break the tie by his vote. Every motion or question pending before the division upon which a tie exists shall be deemed lost, and so declared by the chairman of the division, unless he shall elect to break such tie by his vote.

    &nbsp5. Any person appointed to the board, except a public member, shall be a currently registered architect, registered professional engineer, or registered land surveyor in Missouri, as the vacancy on the board may require, who has been a resident of Missouri for at least five years, who has been engaged in active practice as a registered or licensed architect, professional engineer or land surveyor, as the case may be, for at least ten consecutive years immediately preceding his appointment and who is and has been a citizen of the United States for at least five years immediately preceding his appointment. Active service as a faculty member while holding the rank of assistant professor or higher in an accredited school of engineering shall be regarded as active practice of engineering, for the purposes of this chapter. Active service as a faculty member, after meeting the qualifications required by section 327.314, while holding the rank of assistant professor or higher in an accredited school of engineering and teaching land surveying courses shall be regarded an active practice of land surveying for the purposes of this chapter. Active service as a faculty member while holding the rank of assistant professor or higher in an accredited school of architecture shall be regarded as active practice of architecture for the purposes of this chapter; provided, however, that no faculty member of an accredited school of architecture shall be eligible for appointment to the board unless he has had at least three years' experience in the active practice of architecture other than in teaching. The public member shall be at the time of his appointment a citizen of the United States; a resident of this state for a period of one year and a registered voter; a person who is not and never was a member of any profession licensed or regulated under this chapter or the spouse of such person; and a person who does not have and never has had a material, financial interest in either the providing of the professional services regulated by this chapter, or an activity or organization directly related to any profession licensed or regulated under this chapter. All members, including public members, shall be chosen from lists submitted by the director of the department of economic development. The duties of the public member shall not include the determination of the technical requirements to be met for licensure or whether any person meets such technical requirements or of the technical competence or technical judgment of a licensee or a candidate for licensure.

    &nbsp6. The governor shall appoint the [chairman] chairperson and the other members of the board when a vacancy occurs either by the expiration of a term or otherwise, and each board member shall serve until [his] such member's successor is appointed and has qualified. [The governor shall appoint on September 29, 1986, one land surveyor to serve until September 28, 1988, one land surveyor to serve until September 28, 1989, and one land surveyor to serve until September 28, 1990.] The position of chairperson may alternate among an architect, a professional engineer and a professional land surveyor. All [other] appointments, except to fill an unexpired term, shall be for terms of four years; but no person shall serve on the board for more than two consecutive four-year terms, and each four-year term shall be deemed to have begun on the date of the expiration of the term of the board member who is being replaced or reappointed, as the case may be. Any appointment to the board which is made when the senate is not in session shall be submitted to the senate for its advice and consent at its next session following the date of the appointment.

    &nbsp7. In the event that a vacancy is to occur on the board because of the expiration of a term, then ninety days prior to the expiration, or as soon as feasible after a vacancy otherwise occurs, the president of the Missouri Council of Architects if the vacancy to be filled requires the appointment of an architect, the president of the Missouri Society of Professional Engineers if the vacancy to be filled requires the appointment of an engineer, and the president of the Missouri Association of Registered Land Surveyors if the vacancy to be filled requires the appointment of a land surveyor, shall submit to the director of the department of economic development a list of five architects or five professional engineers, or five land surveyors, as the case may require, qualified and willing to fill the vacancy in question, with the recommendation that the governor appoint one of the five persons so listed; and with the list of names so submitted, the president of the appropriate organization above named shall include in a letter of transmittal a description of the method by which the names were chosen. This subsection shall not apply to public member vacancies.

    &nbsp8. The board may sue and be sued as the Missouri board for architects, professional engineers, and land surveyors, and its members need not be named as parties. Members of the board shall not be personally liable either jointly or severally for any act or acts committed in the performance of their official duties as board members, nor shall any board member be personally liable for any court costs which accrue in any action by or against the board.

    &nbsp357.015. 1. For the purposes of this section, a "housing cooperative" means a cooperative incorporated under this chapter, as modified by this section, for the purpose of producing or furnishing housing.

    &nbsp2. Any number of persons, not less than five, may associate themselves together as a housing cooperative under section 357.010.

    &nbsp3. No shareholder in a housing cooperative shall own shares of a greater aggregate par value than twenty percent of the aggregate par value of all shares of stock of such housing cooperative for the purposes of section 357.050.

    &nbsp4. The bylaws of a housing cooperative may provide for the business activities which such housing cooperative is engaged in, and the manner and method of conducting such activities, which may be conducted independently or jointly with any other person, entity or organization for the purposes of section 357.130.

    &nbsp5. Section 357.150 shall not be applicable to a housing cooperative.

    &nbsp386.025. Any joint municipal utility commission established by contract for the purpose of owning, operating, controlling or managing all or part of any [water,] gas or electric light works, heating or power plants, or gas or electrical production, distribution or transmission facilities shall be considered a [water corporation,] gas corporation or electrical corporation, as the case may be, as those terms are defined in this chapter.

    &nbsp393.295. All provisions of chapters 386 and 393, RSMo, concerning court proceedings and the jurisdiction, supervision, powers and duties of the public service commission with reference to [water corporations,] gas corporations and electrical corporations, including, but not limiting by enumeration those provisions concerning supervision, investigations, complaints, hearings, reports, approval of certificates of franchises, granting of certificates, approval of issues of stocks, bonds, notes and other evidence of indebtedness, keeping of accounts, fixing of just and reasonable rates, which shall be based on costs associated with any property of such corporations, shall be and are hereby made fully applicable to any joint municipal utility commission which owns, operates, controls or manages all or part of any [water,] gas or electric light works, heating or power plants, electrical energy resources or gas or electrical production, distribution or transmission facilities in this state. Nothing contained herein, however, shall affect the rights, privileges or duties of existing corporations pursuant to this chapter, including the construction of facilities within an existing certificated area.

    &nbsp393.705. As used in sections 393.700 to 393.770 and sections 386.025, RSMo, and 393.295, the following terms shall, unless the context clearly indicates otherwise, have the following meanings:

     (1) "Bond" or "bonds", any bonds, interim certificates, notes, debentures or other obligations of a commission issued pursuant to sections 393.700 to 393.770 and sections 386.025, RSMo, and 393.295;

     (2) "Commission", any joint municipal utility commission established by a joint contract under sections 393.700 to 393.770 and sections 386.025, RSMo, and 393.295;

     (3) "Contracting municipality", each municipality which is a party to a joint contract establishing a commission under sections 393.700 to 393.770 and sections 386.025, RSMo, and 393.295, [or] a water supply district formed under the provisions of chapter 247, RSMo, or a sewer district formed under the provisions of chapter 204, RSMo, or chapter 249, RSMo;

     (4) "Joint contract", the contract entered into among or by and between two or more contracting municipalities [or], between municipalities and public water supply districts, or between municipalities and sewer districts for the purpose of establishing a commission;

     (5) "Person", a natural person, cooperative or private corporation, association, firm, partnership, or business trust of any nature whatsoever, organized and existing under the laws of any state or of the United States and any municipality or other municipal corporation, governmental unit, or public corporation created under the laws of this state or the United States, and any person, board, or other body declared by the laws of any state or the United States to be a department, agency or instrumentality thereof;

     (6) "Project", the purchasing, construction, extending or improving of any revenue producing water, sewer, gas or electric light works, heating or power plants, including all real and personal property of any nature whatsoever to be used in connection therewith, together with all parts thereof and appurtenances thereto, used or useful in the generation, production, transmission, distribution excluding retail sales, purchase, sale, exchange, transport and treatment of sewage or interchange of water, sewage, electric power and energy, or any interest therein or right to capacity thereof and the acquisition of fuel of any kind for any such purposes.

    &nbsp393.710. 1. Municipalities [and], public water supply districts, and sewer districts may, by joint contract, establish a separate governmental entity to be known as a joint municipal utility commission, to effect the joint development of water, sewer, gas, or electric light works, heating and power plants, or production, distribution and transmission of electric power and energy in whole or in part for the benefit of the inhabitants of such municipalities.

    &nbsp2. Any joint contract establishing a commission under this section shall specify:

     (1) The name and purpose of the commission and the functions or services to be provided by the commission;

     (2) The establishment and organization of a governing body of a commission which shall be a board of directors in which all powers of the commission are vested. The joint contract may provide for the creation by the board of an executive committee of the board to which the powers and duties may be delegated as the board shall specify;

     (3) The number of directors, the manner of their appointment, terms of office and compensation, if any, and the procedure for filling vacancies on the board. Each contracting municipality [and], public water supply district, and sewer district shall have the power to appoint one member and an alternate to the board of directors and shall be entitled to remove that member and alternate at will;

     (4) The manner of selection of the officers of the commission and their duties;

     (5) The voting requirements for action by the board, but, unless specifically provided otherwise, a majority of directors shall constitute a quorum and a majority of the quorum shall be necessary for any action taken by the board;

     (6) The duties of the board which shall include the obligation to comply or to cause compliance with this section and the laws of the state and, in addition, with each and every term, provision and covenant in the joint contract creating the commission on its part to be kept or performed;

     (7) The manner in which additional municipalities [and], public water supply districts, and sewer districts may become parties to the joint contract;

     (8) The manner of financing the district and of establishing and maintaining a budget and annual audit for the district;

     (9) The ownership interests of the contracting municipality electric cooperative associations, municipally owned or public utilities in a project or the manner of determining such ownership interest, which ownership interest shall be subject to any mortgage of a project pursuant to section 393.735;

     (10) Provisions for the disposition, division or distribution of any property or assets of the commission on dissolution; and

     (11) The term of the joint contract, which may be a definite period or until rescinded or terminated, and the method, if any, by which the joint contract may be rescinded or terminated so long as the commission has no bonds outstanding, unless provision for full payment of such bonds, by escrow or otherwise, has been made pursuant to the terms of the bonds or the resolution, trust indenture or security instrument securing the bonds.

    &nbsp3. A commission shall, if the joint contract so provides, be the successor to any nonprofit corporation, agency, or another entity theretofore organized by the contracting municipalities to provide the same function, service or facility, and the commission shall be entitled to all rights and privileges and shall assume all obligations and liabilities of such other entity under existing contracts to which such other entity is a party.

    &nbsp393.715. 1. The general powers of a commission to the extent provided in section 393.710 herein and subject to the provisions of section 393.765 herein shall include the power to:

     (1) Plan, develop, acquire, construct, reconstruct, operate, manage, dispose of, participate in, maintain, repair, extend or improve one or more projects, either exclusively or jointly or by participation with electric cooperative associations, municipally owned or public utilities or acquire any interest in or any rights to capacity of a project, within or outside the state, and act as an agent, or designate one or more other persons participating in a project to act as its agent, in connection with the planning, acquisition, construction, operation, maintenance, repair, extension or improvement of such project;

     (2) Acquire, sell, distribute and process fuels necessary to the production of electric power and energy; provided, however, the commission shall not have the power or authority to erect, own, use or maintain a transmission line which is parallel or generally parallel to another transmission line in place within a distance of two miles, which serves the same general area sought to be served by the commission unless the public service commission finds that it is not feasible to utilize the transmission line which is in place;

     (3) [To] Acquire by purchase or lease, construct, install, and operate reservoirs, pipelines, wells, check dams, pumping stations, water purification plants, and other facilities for the production, wholesale distribution, and utilization of water and to own and hold such real and personal property as may be necessary to carry out the purposes of its organization; provided that a commission shall not sell or distribute water, at retail or wholesale, within the certificated area of a water corporation which is subject to the jurisdiction of the public service commission unless the sale or distribution of water is within the boundaries of a public water supply district or municipality which is a contracting municipality in the commission and the commission has obtained the approval of the public service commission prior to commencing said sale or distribution of water;

     (4) Acquire by purchase or lease, construct, install, and operate lagoons, pipelines, wells, pumping stations, sewage treatment plants and other facilities for the treatment and transportation of sewage and to own and hold such real and personal property as may be necessary to carry out the purposes of its organization;

     [(4)] (5) Enter into operating, franchises, exchange, interchange, pooling, wheeling, transmission and other similar agreements with any person;

     [(5)] (6) Make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the commission;

     [(6)] (7) Employ agents and employees;

     [(7)] (8) Contract with any person, within or outside the state, for the construction of any project or for any interest therein or any right to capacity thereof, without advertising for bids, preparing final plans and specifications in advance of construction, or securing performance and payment of bonds, except to the extent and on such terms as its board of directors shall determine. Any contract entered into pursuant to this subdivision shall contain a provision that the requirements of sections 290.210 to 290.340, RSMo, shall apply;

     [(8)] (9) Purchase, sell, exchange, transmit, treat, dispose or distribute water, sewage, gas, heat or electric power and energy, or any by-product resulting therefrom, within and outside the state, in such amounts as it shall determine to be necessary and appropriate to make the most effective use of its powers and to meet its responsibilities, and to enter into agreements with any person with respect to such purchase, sale, exchange, treatment, disposal or transmission, on such terms and for such period of time as its board of directors shall determine. A commission may not sell or distribute water, gas, heat or power and energy, or sell sewage service at retail to ultimate customers outside the boundary limits of its contracting municipalities except pursuant to subsection 2 of this section;

     [(9)] (10) Acquire, own, hold, use, lease, as lessor or lessee, sell or otherwise dispose of, mortgage, pledge, or grant a security interest in any real or personal property, commodity or service or interest therein;

     [(10)] (11) Exercise the powers of eminent domain for public use as provided in chapter 523, RSMo, except that the power of eminent domain shall not be exercised against any electric cooperative association, municipally owned or public utility;

     [(11)] (12) Incur debts, liabilities or obligations including the issuance of bonds pursuant to the authority granted in section 27 of article VI of the Missouri Constitution;

     [(12)] (13) Sue and be sued in its own name;

     [(13)] (14) Have and use a corporate seal;

     [(14)] (15) Fix, maintain and revise fees, rates, rents and charges for functions, services, facilities or commodities provided by the commission;

     [(15)] (16) Make, and from time to time, amend and repeal, bylaws, rules and regulations not inconsistent with this section to carry into effect the powers and purposes of the commission;

     [(16)] (17) Notwithstanding the provisions of any other law, invest any funds held in reserve or sinking funds, or any funds not required for immediate disbursement, including the proceeds from the sale of any bonds, in such obligations, securities and other investments as the commission deems proper;

     [(17)] (18) Join organizations, membership in which is deemed by the board of directors to be beneficial to accomplishment of the commission's purposes;

     [(18)] (19) Exercise any other powers which are deemed necessary and convenient by the commission to effectuate the purposes of the commission; and

     [(19)] (20) Do and perform any acts and things authorized by this section under, through or by means of an agent or by contracts with any person.

    &nbsp2. When a municipality purchases a privately owned water utility and a commission is created pursuant to sections 393.700 to 393.770, the commission may continue to serve those locations previously receiving water from the private utility even though the location receives such service outside the geographical area of the municipalities forming the commission. New water service may be provided in such areas if the site to receive such service is located within one-fourth of a mile from a site serviced by the privately owned water utility.

    &nbsp393.725. 1. Bonds issued pursuant to sections 393.700 to 393.770 by a commission shall be payable, as to the principal and interest, solely from the net revenues derived by the commission from the operation of the commission's project or projects, after providing for the costs of operation and maintenance of the commission's project or projects, or from any other funds made available to the commission from sources other than from proceeds of taxation.

    &nbsp2. Each bond issued pursuant to the provisions of sections 393.700 to 393.770 shall contain a statement that such bond is not an indebtedness of the state, or of any political subdivision thereof, other than the joint municipal utility commission, or of the contracting municipalities [or], the contracting public water supply districts or the contracting sewer districts, but shall be special obligations of the commission only and that neither the faith and credit nor the taxing power of the state or of any political subdivision thereof, or of the contracting municipalities [or], contracting public water supply districts or contracting sewer districts is pledged to the payment of or the interest on such bonds. The bonds shall not be deemed to be an indebtedness within the meaning of any constitutional or statutory limitation upon the incurring of indebtedness. Neither the members of the board of directors of a commission nor any person executing the bonds shall be liable personally on the bonds by reason of the lawful issuance thereof.

    &nbsp3. A commission, subject to the provisions of section 393.760, may from time to time issue its bonds in such principal amounts as it deems necessary to provide sufficient funds to purchase, construct, extend or improve a project, including the establishment or increase of reserves, interest accrued during construction of such project and for a period not exceeding one year after the completion of construction of such project, and the payment of all other costs or expenses of the commission incident to and necessary or convenient to carry out its corporate purposes and powers.

    &nbsp4. Bonds of a commission shall be authorized by resolution of the board of directors and may be issued under such resolution or under a trust indenture or other security instrument, as authorized by the resolution, in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon, registered or both, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment, at such place or places within or without the state, and be subject to such terms of redemption, with or without premium, as such resolution, trust indenture or other security instrument may provide, and without limitation by the provisions of any other law limiting amounts, maturities or interest rates.

    &nbsp5. The bonds shall be sold at public sale and in the event of a rejection of all bids by the commission, the bonds may be sold at private sale as the commission may provide and at such price or prices as the commission shall determine or for a joint municipal utility commission within a fifteen county area being served with water from a lake constructed by the U.S. Army Corps of Engineers and located north of the Missouri River, if the commission determines it is in the best interest of the commission, at private sale. The reason or reasons why private sale is in the best interest of the people served shall be set forth in the order or resolution authorizing the private sale. The decision of the commission shall be conclusive.

    &nbsp6. The bonds may be signed by manual or facsimile signatures as determined by resolution of the board. In case any of the officers whose signatures appear on any bonds or coupons shall cease to be such officers before the delivery of such obligations, such signatures shall, nevertheless, be valid and sufficient for all purposes, the same as if the officers had remained in office until such delivery.

    &nbsp7. Pending preparation of definitive bonds, a commission may issue temporary bonds which shall be exchanged for the definitive bonds when such bonds shall have been executed and are available for delivery.

    &nbsp8. All bonds issued under the provisions of sections 393.700 to 393.770 shall be negotiable instruments under the provisions of the uniform commercial code of the state.

    &nbsp393.730. 1. The resolution authorizing any issuance of bonds hereunder shall make provision for the payment of the bonds by fixing such rates, fees and charges for water, sewer, gas, heat, electric power and energy and all other services sufficient to pay the interest and principal of the bonds when due, to provide for a sinking fund sufficient to retire the bonds, and to provide and maintain reasonable reserves. Such rates, fees and charges shall also be sufficient to pay the costs of operation, improvement and maintenance of the water, sewer, gas, heat or electric power facilities.

    &nbsp2. The resolution and trust indenture under which any bonds shall be issued shall constitute a contract with the holders of the bonds, and may contain provisions, among others, as to:

     (1) The terms and provisions of the bonds;

     (2) As provided in section 393.735, the mortgage or pledge of and the grant of a security interest in any real or personal property and all or any part of the revenues from any project or projects or any revenue producing contract or contracts made by the commission with any person to secure the payment of bonds, subject to such agreements with the holders of bonds as may then exist;

     (3) The custody, collection, securing, investment and payment of any revenues, assets, money, funds or property with respect to which the commission may have any rights or interest;

     (4) The purposes to which the proceeds from the sale of any bonds then or thereafter to be issued may be applied, and the pledge of such proceeds to secure the payment of the bonds;

     (5) Limitations on the issuance of any additional bonds, the terms upon which additional bonds may be issued and secured, and the refunding of outstanding bonds;

     (6) The rank or priority of any bonds with respect to any lien or security;

     (7) The creation of special funds or moneys to be held in trust or otherwise for operating expenses, payment, or redemption of bonds, reserves or other purposes, and the use and disposition of moneys held in such funds;

     (8) The procedure by which the terms of any contract with or for the benefit of the holders of bonds may be amended or abrogated, the amount of bonds the holders of which must consent thereto, and the manner in which such consent may be given;

     (9) The definition of the acts or omissions to act which shall constitute a default in the duties of the commission to holders of its bonds, and the rights and remedies of such holders in the event of such default including, if the commission shall so determine, the right to accelerate the due date of the bonds or the right to appoint a receiver or receivers of the property or revenues subject to the lien of the resolution and trust indenture;

     (10) Any other or additional agreements with or for the benefit of the holders of bonds or any covenants or restrictions necessary or desirable to safeguard the interests of such holders;

     (11) The custody of any of its properties or investments, the safekeeping thereof, the insurance to be carried thereon, and the use and disposition of insurance proceeds;

     (12) The vesting in a trustee or trustees, within or outside the state, of such properties, rights, powers, and duties in trust as the commission may determine, or limiting or abrogating the rights of the holders of any bonds to appoint a trustee, or limiting the rights, powers, and duties of such trustee; and

     (13) Appointing and providing for the duties and obligations of a paying agent or paying agents or other fiduciaries within or outside the state.

    &nbsp393.760. 1. The commission shall, in accordance with the provisions of chapter 115, RSMo, order an election to be held whereby the qualified electors in each contracting municipality participating in the project shall approve or disapprove the issuance of the bonds as provided for in the resolution of the commission. The commission may not order such an election until it has engaged and received a report from an independent consulting engineer as defined in section 327.181, RSMo, for the purpose of determining the economic and engineering feasibility of any proposed project the costs of which are to be financed through the issuance of bonds. The report of the consulting engineer shall be provided to and approved by the legislative body and executive of each contracting municipality participating in the project and such report shall be open to public inspection and shall be the subject of a public hearing in each municipality participating in the project. Notice of the time and place of each such hearing shall be published in a daily newspaper of general circulation within each municipality. Interested parties may appear and fully participate in such hearings.

    &nbsp2. The commission shall notify the election authority or authorities responsible for conducting elections within each contracting municipality participating in the project in accordance with chapter 115, RSMo.

    &nbsp3. The question shall be submitted in substantially the following form:

OFFICIAL BALLOT

Should a resolution to approve the issuance of revenue bonds by the joint municipal (water) (sewer) (power) (gas) commission in an amount not to exceed $...... for the purpose of ......... be approved?

           Yes                No

If you are in favor of the resolution, place an "X" in the box opposite "Yes". If you are opposed to the question, place an "X" in the box opposite "No".

    &nbsp4. If the resolution to issue the bonds is approved by at least a majority of the qualified electors voting thereon in each of the contracting municipalities participating in the project, the commission shall declare the result of the election and cause the bonds to be issued.

    &nbsp5. The municipalities participating in the project shall bear all expenses associated with the elections in such contracting municipalities.

    &nbsp393.770. 1. The contracting municipalities may provide in the joint contract for payment to the commission of funds for commodities to be procured and services to be rendered by the commission. The contracting municipalities and other persons may enter into purchase agreements with the commission for the purchase, sale, exchange or transmission of water, sewer service, gas, heat or any right to capacity or interest in such electric power and energy whereby the purchaser is obligated to make payments in amounts which shall be sufficient to enable the [company] commission to meet its expenses, interest and principal payments, whether at maturity or upon sinking fund redemption, for its bonds, reasonable reserves for debt service, operation and maintenance and renewals and replacements and the requirements of any rate covenant with respect to debt service coverage contained in any resolution, trust indenture or other security instrument. Purchase agreements may contain such other terms and conditions as the commission and the purchasers may determine, including provisions whereby the purchaser is obligated to pay for water, sewage service, gas, heat or power irrespective of whether water, sewage service, gas, heat or energy is produced or delivered to or from the purchaser or whether any project contemplated by any such agreement is completed, operable or operating, and notwithstanding suspension, interruption, interference, reduction or curtailment of the output of such project. Such agreements may be for a term covering the life of a project or for any other term, or for an indefinite period. The joint contract or a purchase agreement may provide that if one or more of the purchasers default in the payment of its obligations under any such purchase agreement, the remaining purchasers which also have such agreements shall be required to accept and pay for and shall be entitled proportionately to use or otherwise dispose of the water, sewage service, gas, heat or energy to be purchased by the defaulting purchaser.

    &nbsp2. The obligations of a municipality under a purchase agreement with a commission or arising out of the default by any other purchaser with respect to such an agreement shall not be construed to constitute debt of the municipality. To the extent provided in the purchase agreement, such obligations shall constitute special obligations of the municipality, payable solely from the revenues and other moneys derived by the municipality from its municipal utility and shall be treated as expenses of operating a municipal utility.

    &nbsp447.710. 1. There is hereby created in the state treasury a fund to be known as the "Property Reuse Revolving Fund". The property reuse revolving fund is intended to provide ten million dollars annually in uncommitted funds for direct loans, loan guarantees and grants. The revolving fund shall consist of all moneys which may be appropriated to it by the general assembly [and also] any gifts, contributions, grants or bequests received from federal, private or other sources, and moneys from the repayment of any loans or loan guarantees. Notwithstanding the provisions of section 33.080, RSMo, no portion of the revolving fund shall be transferred to the general revenue fund at the end of any biennium.

    &nbsp2. At least annually, the state treasurer shall certify the amount deposited in the fund to the departments of economic development, natural resources and revenue.

    &nbsp3. Any portion of the property reuse revolving fund not immediately needed for the purposes authorized shall be invested by the state treasurer as provided by the constitution and laws of this state. All income from such investments shall be credited to the property reuse revolving fund.

    &nbsp620.030. The department of economic development shall have the authority to contract directly with the Missouri technology corporation, as established in section 348.251, RSMo, innovation centers, as established in section 348.271, RSMo, small business development centers, as established in sections 620.1000 to 620.1007, centers for advanced technology, as established in section 348.272, RSMo, and other entities or organizations for the provision of technology application, technology commercialization and technology development services. Such contracting procedures shall not be subject to the provisions of chapter 34, RSMo.

    &nbsp620.1039. 1. As used in this section, the term "taxpayer" means an individual, a partnership, or a corporation as described in section 143.441, 143.471 or 148.370, RSMo, and the term "qualified research expenses" has the same meaning as prescribed in 26 U.S.C. 41.

    &nbsp2. Beginning January 1, 1994, a taxpayer shall be allowed a tax credit against the tax otherwise due pursuant to chapter 143, RSMo, or chapter 148, RSMo, other than the taxes withheld pursuant to sections 143.191 to 143.265, RSMo, in an amount equal to six and one-half percent of the excess of the taxpayer's qualified research expenses, as certified by the director of the department of economic development, within this state during the taxable year over the average of the taxpayer's qualified research expenses within this state over the immediately preceding three taxable years; except that, no tax credit shall be allowed on that portion of the taxpayer's qualified research expenses incurred within this state during the taxable year in which the credit is being claimed, to the extent such expenses exceed two hundred percent of the taxpayer's average qualified research expenses incurred during the immediately preceding three taxable years. In order to receive a tax credit pursuant to this section, certification by the director of the department of economic development shall be required as proof that the taxpayer made qualified research expenses during the taxable year.

    &nbsp3. The director of economic development shall prescribe the manner in which the tax credit may be claimed. The tax credit allowed by this section shall be claimed by the taxpayer to offset the [income] tax liability imposed by chapter 143, RSMo, or chapter 148, RSMo, that becomes due in the tax year during which such qualified research expenses were incurred. Where the amount of the credit exceeds the tax liability, the difference between the credit and the tax liability may only be carried forward for the next five succeeding taxable years or until the full credit has been claimed, whichever first occurs. The application for claiming tax credits allowed in subsection 2 of this section shall be made in the taxpayer's tax period immediately following the tax period for which the credits are being claimed.

    &nbsp620.1072. 1. The "Microenterprise Revolving Loan Fund" is hereby created in the state treasury. The fund shall consist of all moneys appropriated to it by the general assembly [and], all gifts, grants and bequests from federal, private or any other source, and all repayment of moneys from eligible lenders, for the purpose of assisting new or expanding microenterprises. Notwithstanding the provisions of section 33.080, RSMo, no portion of the fund shall be transferred to the general revenue fund at the end of any biennium.

     2. Diligent efforts to assure that at least thirty percent of the moneys in the fund shall be available to, and reserved for, female-owned microenterprises.

    &nbsp620.1078. The department of economic development shall distribute moneys to eligible lenders from the microenterprise revolving loan fund within the limits of appropriations made by the general assembly. The eligible lenders shall charge the market rate of interest for loans made pursuant to sections 620.1069 to 620.1081. No loan shall be made pursuant to sections 620.1069 to 620.1081 for the refinancing of existing debt. Loans may only be made by eligible lenders in [one of the following two] any of the following categories:

     (1) Group-based loans shall be available to microenterprises in need of loans between five hundred dollars and seven thousand five hundred dollars, as follows:

     (a) A group-based loan program shall be approved by the eligible lending institution. A group shall consist of between five and seven eligible members who shall meet biweekly to make credit decisions, help one another in the solution of business problems, and receive loan repayments. The initial loan made by the group to the first eligible borrower shall not exceed two thousand five hundred dollars;

     (b) Persons interested in participating in the group-based loan program shall petition the eligible lender for its approval to be placed within a group. Any loan which is approved must begin to be repaid within two weeks and continue to be repaid biweekly. After four biweekly payments, the group may select one or two other members to receive initial loans which may be in excess of two thousand five hundred dollars. The process for granting group-based loans pursuant to this subdivision shall continue until each member of the group has been considered for an initial loan. All repayments of such loans shall be placed into a revolving loan fund established by the eligible lender. All such loans shall be subject to examination by the state auditor;

     (2) Institution-based loans shall be available to microenterprises directly from eligible lenders in amounts of between seven thousand five hundred dollars and fifteen thousand dollars. Such loans shall be made by eligible lenders who possess significant experience in providing business assistance. Repayment of such loans shall be placed in a revolving loan fund established by the eligible lender as provided in subdivision (1) of this section for group-based loans. Institution-based loan applications shall be reviewed by a credit committee which shall judge the merits of the proposed loan according to the local economy, the borrower's character, and the credit risk of the proposed loan. Institution-based loans shall be subject to examination by the state auditor the same as group-based loans[.];

     (3) Challenge loans shall be made available to eligible lenders. Such loans shall be made to groups which demonstrate new or innovative approaches to microenterprise development, as determined by the oversight committee established pursuant to section 620.1069. All such loans shall satisfy the requirements of section 620.1075. Loans shall be made available from a group to microenterprises in amounts of between five hundred dollars and seven thousand five hundred dollars. Repayment of such loans shall be placed in a revolving fund established by the lender similar to that as provided for in subdivision (1) of this section.

    &nbspSection 1. In addition to the number of enterprise zones authorized under the provisions of sections 135.206, 135.208, 135.210 and 135.256, RSMo, the department of economic development shall designate one such zone in any city not within a county if such area which is to be included in the enterprise zone meets all the requirements of section 135.205, RSMo.

    &nbspSection 2. 1. As used in this section, the following words shall, unless the content otherwise requires, have the following meaning:

     (1) "Administration services", include, but are not limited to, clerical, fund or shareholder accounting, participant record keeping, transfer agency, bookkeeping, data processing, custodial, internal auditing, legal and tax services performed for an investment company;

     (2) "Department", the department of economic development;

     (3) "Director", the director of the department of economic development;

     (4) "Distribution services", include, but are not limited to, the services of advertising, servicing, marketing, underwriting or selling shares of an investment company, but, in the case of advertising, servicing or marketing shares, only where such service is performed by a person who is, or in the case of a closed end company, was, either engaged in the services of underwriting or selling investment company shares or affiliated with a person that is engaged in the service of underwriting or selling investment company shares. In the case of an open end company, such service of underwriting or selling shares must be performed pursuant to a contract entered into pursuant to 15 U.S.C. section a-15(b), as from time to time amended;

     (5) "Investment company", means any person registered under the Federal Investment Company Act of 1940 (the act) or a company which would be required to register as an investment company under the act except that such person is exempt to such registration pursuant to section 3(c)(1) of the act;

     (6) "Investment funds service corporation", includes any corporation or S corporation doing business in the state which derives more than fifty percent of its gross income in the ordinary course of business from the provision directly or indirectly of management, distribution or administration services to or on behalf of an investment company and from trustees, sponsors and participants of employee benefit plans which have accounts in an investment company. An "investment funds service corporation" shall include any corporation or S corporation providing management services as an investment advisory firm registered under Section 203 of the Investment Advisors Act of 1940 regardless of the percentage of gross revenues consisting of fees from management services provided to or on behalf of an investment company;

     (7) "Management services", include, but are not necessarily limited to, the rendering of investment advice directly or indirectly to an investment company making determinations as to when sales and purchases of securities are to be made on behalf of the investment company, or the selling or purchasing of securities constituting assets of an investment company, and related activities, but only where such activity or activities are performed pursuant to a contract with the investment company entered into pursuant to 15 U.S.C. section a-15(a), as from time to time amended, either, for a person that has entered into such contract with the investment company, or for a person that is affiliated with a person that has entered into such contract with an investment company.

    &nbsp2. A certified investment funds service corporation may make an annual election to compute the portion of income derived from sources within this state either under section 143.451, RSMo, or under section 32.200, RSMo, relating to the Multistate Tax Compact. The director shall be responsible for certifying that an investment funds service corporation or S corporation, qualifies under the definitions in this section and section 143.451, RSMo. The director shall prescribe the method for making application for certification, and may issue such rules and regulations as are necessary to administer this section. After determining an applicant is qualified to make the election, the director shall issue a certificate of qualification, a copy of which applicant shall annually file with the applicant's income tax return. The director may deny such certification if, in the director's opinion, a certified capital investment funds service corporation has not created a sufficient number of new jobs or retained a sufficient number of existing jobs within Missouri. The director's determination of whether or not certification shall be granted may also take into consideration the salary levels of the new or existing jobs within the state. In making his determination of certification, initially and continuing, the director shall take into consideration the following factors: the income tax structure found in other states; industry growth both nationally and within the state; the prevailing conditions in the financial markets; the competitive environment within the industry; current and past industry job growth and retention, taking into consideration the salary levels of the new or existing jobs in the state; and the size, structure and method of operation of individual industry applicants. Once certified by the director, an investment funds service corporation shall remain certified for the annual election under this section until it no longer qualifies under the definitions in this section and section 143.451, RSMo. The director may, at any time, require reasonable information to be submitted by a certified investment funds service corporation to establish its qualification for certification. If the director determines an applicant does not qualify for the election under the definitions in this section and section 143.451, RSMo, the director shall notify the applicant of the reason for this determination in writing and the applicant shall have the rights of reconsideration and appeal afforded to taxpayers seeking tax credits under section 135.250, RSMo. For certified investment funds service corporations, or S corporations, the annual election shall be made by the filing of a corporate income tax return reflecting the use of such election. This election may be made regardless of whether the corporation filed its income tax return on a single entity basis or was included in a consolidated income tax return in any year.

    &nbspSection 3. 1. There is hereby established as a pilot project the "International Economic Development Exchange Program". The department of economic development, with the advice of the advisory committee established in subsection 2 of this section, shall administer the program, except that the department shall administer the program without additional staff or salary therefor. The program shall be established to encourage international exchanges at industrial and commercial business enterprises for students enrolled in institutions of higher education. Only full-time students who attend institutions of higher education in this state shall be eligible for financial assistance to attend the student internship exchange portion of this program in eligible countries other than the United States. Priority shall be given to business internship exchange programs of public and private institutions of higher education in this state, where such programs have been in existence for at least ten successive years prior to the effective date of this section. The program shall include an inventory of the number of students involved in such programs, which shall be maintained by the advisory committee. The program shall also include the development of methods for fostering international trade through exchange programs and through business and entrepreneurial training programs. The program may include the provision of scholarships and other financial assistance in cooperation with the federal government, public and private institutions of higher education, and businesses, to enable students and business people from eligible countries to study and attend training programs in the United States.

    &nbsp2. There is hereby created an "International Economic Development Exchange Program Advisory Committee", which shall consist of five members, to be appointed by the director of the department of economic development. The committee shall include two persons associated with institutions of higher education in this state and one resident business person who deals with international business. Of the five members, all shall be residents of the state, at least one member shall be a resident of one of the two largest metropolitan areas of this state, and at least one member shall not be a resident of one of the two largest metropolitan areas of this state. The members shall serve three-year terms. The committee shall meet only in Jefferson City. The committee shall review the administration of the program by the department of economic development. The director of the department of economic development shall make an annual report of the program's activities to the governor, the speaker of the house of representatives and the president pro tem of the senate. Members of the committee shall serve without compensation.

    &nbsp3. The program may receive grants, loans, and other funding from the federal government and from private sources. In addition, the general assembly may appropriate up to one hundred thousand dollars in each fiscal year for the program; however, such appropriation shall not exceed an amount equal to the amounts contributed to the program from nongovernmental sources.

    &nbspSection 4. An S corporation, as defined by section 1361(a)(1) of the Internal Revenue Code, that is also a banking institution, as defined in section 148.020, RSMo, shall pay the annual franchise tax set forth in section 148.030, RSMo, as modified by this section, and which is substantially equal to the franchise tax which a C corporation pays as follows:

     (1) For the purposes of calculating the tax due pursuant to section 148.030, RSMo, the S corporation shall first determine all taxes due treating the S corporation, as a C corporation, for both federal and state tax purposes, including sections 148.010 to 148.110, RSMo, and excluding section 143.471, RSMo;

     (2) The resulting franchise tax due under this calculation, is the substitute franchise tax and shall be paid as the S corporation's bank franchise tax.

    &nbspSection 5. There is hereby created in any city with a population of more than three hundred thousand inhabitants which is located in more than one county a special authority to be known as the "Kansas City Regional Sports Complex Authority". Such authority shall be a distinct and separate entity from any county sports complex authority authorized by section 64.930, RSMo. For purposes of sections 5 to 7 of this act, the term "authority" means the Kansas City Regional Sports Complex Authority.

    &nbspSection 6. 1. The authority created in section 5 of this act shall consist of seven commissioners who shall be qualified voters of the state of Missouri to be appointed by the governor with the advice and consent of the senate as follows:

     (1) The mayor of Kansas City shall submit two panels of three names of residents of such city to the governor who shall select one person from each such panel;

     (2) The governing body of Jackson County shall submit two panels of three names of residents of such county to the governor who shall select one person from each such panel; and

     (3) The governing bodies of Cass, Clay and Platte counties shall each submit a panel of three names of residents of each such county to the governor who shall select one person from each such panel.

    &nbsp2. The commissioners shall be appointed to serve for terms of six years, except those first appointed. One shall be appointed for a two-year term, one for a three-year term, one for a four-year term, two for a five-year term and two for a six-year term. The commissioners shall annually select a chairman from among their members.

    &nbsp3. Each commissioner shall hold office until his or her successor has been appointed and qualified. If a vacancy occurs, it shall be filled in the same manner as the first appointment. All vacancies shall be filled within thirty days from the date of such vacancy. The commissioners shall serve without compensation.

    &nbspSection 7. The duties of the authority created in section 5 of this act shall include, but are not limited to, the study and review of all current major sports leagues, clubs or franchises operating in Kansas City and the analysis of possibilities for future growth and expansion of existing and new major sports leagues, clubs or franchises in that and surrounding areas. Unless and until otherwise provided, the authority shall make an annual report by December first of every year, to the governor, the president pro tem of the senate and the speaker of the house of representatives, and the director of the department of economic development. Such report shall set forth in detail the authority's findings and recommendations.

    &nbspSection 8. 1. There is hereby created within the department of economic development the "Task Force on Trade and Investment". The primary duty of the task force is to establish international trade and investment opportunities for Missouri businesses, with a special emphasis on establishing trade and investment opportunities with African countries having a democratic form of government. As part of its duties, the task force shall develop a comprehensive plan of action with strategies for increasing the availability of import and export opportunities for Missouri businesses.

    &nbsp2. The task force created in this section shall be comprised of fifteen members, appointed in the following manner:

     (1) Four members of the Missouri house of representatives, two from each political party, shall be appointed by the speaker of the house;

     (2) Four members of the Missouri senate, two from each political party, shall be appointed by the president pro tem of the senate; and

     (3) Seven members shall be appointed by the governor, selected from a panel of names submitted by the director of the department of economic development, which panel shall include the names of individuals representing business, labor, education, agriculture, economics, law and government.

    &nbsp3. The task force shall meet at least quarterly, and shall submit its recommendations and plan of action for establishing opportunities for trade and investment to the governor, to the general assembly and to the director of the department of economic development each year by July first, beginning in 1998.

    &nbsp4. Members of the task force shall receive no additional compensation but shall be eligible for reimbursement for expenses directly related to the performance of task force duties.

    &nbsp5. The provisions of this section shall expire December 31, 2001.

    &nbspSection 9. Notwithstanding any provisions of chapter 327, RSMo, to the contrary, any applicant for a license to practice architecture who holds a license to practice architecture in a foreign jurisdiction which is a party to an international licensing agreement consistent with the provisions of the North American Free Trade Agreement to which the board created pursuant to section 327.031, RSMo, is also a party shall be licensed to practice architecture if the applicant holds certification pursuant to the terms of such international licensing agreement and provided such applicant meets all other qualifications for licensure.

    &nbspSection 10. 1. The department of economic development shall identify active community development corporations operating within the state and assist them in the formation of a Missouri community development corporation association. With the assistance of the department, the association shall serve as a clearinghouse for information for community development corporations. The association shall help staff members of community development corporations develop administrative skills in such areas as entrepreneurial development, grant writing, real estate analysis, financial deals structuring, negotiations, human resource development, strategic planning, and community needs assessment. The association shall sponsor conferences which allow community development corporations to learn about community development activities statewide and at the federal level.

    &nbsp2. The Missouri community development association shall be funded by dues assessed against participating community development corporations and by appropriations made by the general assembly to the department of economic development. The association shall adopt, alter, or repeal its own bylaws, rules and regulations governing the manner in which its business may be transacted; elect officers; make expenditures which are incidental and necessary to carry out its purposes and powers; and do all things necessary to ensure full participation by Missouri community development corporations in any federal program relating to community development needs.

    &nbspSection 11. 1. The department of economic development shall establish a public-private partnership to be known as the "Missouri Community Development Corporation Initiative". The initiative shall be supported by appropriations made to the department for that purpose and from federal funds and private corporations. All moneys for the operation of the initiative shall be deposited into the community development fund as established by section 135.401, RSMo.

    &nbsp2. The initiative shall support the organizational development of community development corporations. Its purpose is to help these corporations initiate and develop strategies which generate beneficial self-sustaining economic and human development activities in minority and underdeveloped communities. It shall use public and private dollars to identify community development corporations appropriate for assistance, to administer a grants process, to offer bridge financing, and to lend technical assistance in numerous areas including the construction of affordable housing and the development of commercial real estate. Funding from the initiative to community development corporations can be in the following forms:

     (1) Operational grants;

     (2) Special opportunity grants;

     (3) Gap financing for single and multifamily housing, office space, industrial space, plants and equipment, child care facilities, and small business incubators or entrepreneurial development;

     (4) Bridge loans for emergency needs;

     (5) Initial programs for emerging community development corporations to complete their first projects;

     (6) Certificate of deposit loan leveraging programs to leverage loans made to community development corporations by financial institutions for land acquisition and construction; and

     (7) Other financing programs which the initiative deems to be appropriate.

    &nbspSection 12. There is hereby created an authority to be known as the "St. Louis Regional Sports Complex Authority", which shall consist of the area contained in the city of St. Louis, St. Louis County, St. Charles County, Franklin County and Jefferson County, hereinafter referred to in sections 12 to 15 of this act, as the "authority".

    &nbspSection 13. 1. The authority created in section 12 of this act shall consist of seven commissioners who shall be qualified voters of the state of Missouri. The mayor of the city of St. Louis shall submit a panel of five names of residents of that city to the governor, who shall then select two names from such panel. The county executive of St. Louis County shall submit a panel of five names of residents of that county to the governor, who shall then select two names from such panel. The county executive of St. Charles County, the presiding commissioner of Franklin County, and the presiding commissioner of Jefferson County shall each submit a list of two names of residents from his or her county to the governor, who shall then select one name each from St. Charles County, Franklin County and Jefferson County. The names selected by the governor, no more than four of which shall be of any one political party, shall constitute the commissioners of the authority; provided, however, that no elective or appointed official of the state of Missouri or any political subdivision shall be a commissioner of the authority. Panel submissions shall be made as soon as practicable after the effective date of sections 12 to 15 of this act. The governor shall select the commissioners of the authority within thirty days after all panel submissions have been made.

    &nbsp2. The governor shall select from the seven commissioners of the authority a chairperson. No action shall be binding unless taken at a meeting at which at least four commissioners are present and unless a majority of the commissioners of the authority shall vote in favor thereof.

    &nbsp3. The sports complex commissioners shall hold office for terms of five years, or for the unexpired terms of their predecessors. Each commissioner shall hold office until his or her successor has been appointed and qualified.

    &nbsp4. In the event a vacancy exists, the governor shall appoint a replacement from the same area as specified in subsection 1 of this section in which the commissioner who created the vacancy resided. All vacancies shall be filled within thirty days from the date thereof.

    &nbsp5. No compensation shall be payable to the commissioners by the authority.

    &nbspSection 14. The duties of the authority created in section 12 of this act shall include, but are not limited to, the study and review of all current major sports leagues, clubs or franchises operating in any city not within a county and the analysis of possibilities for future growth and expansion of existing and new major sports leagues, clubs or franchises in that and surrounding areas. Unless and until otherwise provided, the authority shall make an annual report, due by December first of every year, to the governor, the president pro tem of the senate, the speaker of the house of representatives, and the director of the department of economic development, setting forth in detail the authority's findings and recommendations.

    &nbspSection 15. No use of public revenue is authorized by sections 12 to 15 of this act.

     Section 16. Any rule or portion of a rule promulgated pursuant to this act shall become effective only as provided pursuant to chapter 536, RSMo, including, but not limited to, section 536.028, RSMo, if applicable, after the effective date of this act. All rulemaking authority delegated prior to the effective date of this act is of no force and effect and repealed. The provisions of this section are nonseverable and if any of the powers vested with the general assembly pursuant to section 536.028, RSMo, if applicable, to review, to delay the effective date, or to disapprove and annul a rule or portion of a rule are held unconstitutional or invalid, the purported grant of rulemaking authority and any rule so proposed and contained in the order of rulemaking shall be invalid and void.

     Section 17. 1. In any action challenging any rule promulgated pursuant to the provisions of this act, the agency as defined in section 536.010, RSMo, promulgating such rule shall be required to prove by a preponderance of the evidence that the rule or threatened application of the rule is valid, is authorized by law, is not in conflict with any law and is not arbitrary and capricious.

    &nbsp2. The court shall award reasonable fees and expenses as defined in section 536.085, RSMo, to any party who prevails in such action.

    &nbsp3. All rules promulgated pursuant to the provisions of this section shall expire on August twenty-eighth of the year after the year in which the rule became effective unless the general assembly extends by statute the rule or set of rules beyond that date to a date specified by the general assembly.

    &nbsp4. Any rulemaking authority granted pursuant to the provisions of this act is subject to any rulemaking authority contained in chapter 536, RSMo, including any subsequent amendments to chapter 536, RSMo.

    &nbsp5. The provisions of this section shall terminate if legislation amending the provisions of section 536.024, RSMo, has been signed into law prior to the effective date of this act.

    &nbspSection 18. 1. Nonprofit, membership corporations may be organized under sections 18 to 36 of this act only for the purpose of supplying waste water disposal and treatment services within the state of Missouri. Corporations which become subject to sections 18 to 36 of this act in the manner herein provided are herein referred to as "nonprofit sewer companies". Five or more persons may organize a nonprofit sewer company pursuant to sections 18 to 36 of this act.

    &nbsp2. The articles of incorporation of a nonprofit sewer company shall recite in the caption that they are executed pursuant to sections 18 to 36 of this act, shall be signed and acknowledged in duplicate by at least five of the incorporators and shall state:

     (1) The name of the company;

     (2) The address of its principal office;

     (3) The names and addresses of the incorporators;

     (4) The number of years the company is to continue, which may be any number including perpetuity;

     (5) The names and addresses of the persons who shall constitute its first board of directors;

     (6) Whether the company chooses to operate under the provisions of chapter 347, RSMo, or chapter 355, RSMo; and

     (7) Any provisions not inconsistent with sections 18 to 36 of this act deemed necessary or advisable for the conduct of its business and affair. Such articles of incorporation shall be submitted to the secretary of state for filing.

    &nbspSection 19. Any corporation organized under the laws of this state for the purpose, among others, waste water disposal, or waste water treatment may be converted into a nonprofit sewer company and become subject to sections 18 to 36 of this act with the same effect as if originally organized under sections 18 to 36 of this act by complying with the following requirements:

     (1) The proposition for the conversion of such corporation into a nonprofit sewer company and proposed articles of conversion to give effect thereto shall be first approved by the board of trustees or the board of directors, as the case may be, of such corporation. The proposed articles of conversion shall recite in the caption that they are executed pursuant to sections 18 to 36 of this act and shall state:

     (a) The name of the corporation prior to its conversion into a nonprofit sewer company;

     (b) The address of the principal office of such corporation;

     (c) The date of the filing of the articles of incorporation of such corporation in the office of the secretary of state;

     (d) The statute or statutes under which such corporation was organized;

     (e) The name assumed by such corporation;

     (f) A statement that such corporation elects to become a nonprofit, membership corporation subject to sections 18 to 36 of this act;

     (g) The manner and basis of converting either memberships in or shares of stock of such corporation into memberships therein after completion of the conversion; and

     (h) Any provisions not inconsistent with sections 18 to 36 of this act deemed necessary or advisable for the conduct of the business and affairs of such corporation.

     (2) The proposition for the conversion of such corporation into a nonprofit sewer company and the proposed articles of conversion approved by the board of trustees or board of directors, as the case may be, of such corporation shall then be submitted to a vote of the members or stockholders, as the case may be, of such corporation at any duly held annual or special meeting thereof, the notice of which shall set forth full particulars concerning the proposed conversion. The proposition for the conversion of such corporation into a nonprofit sewer company and the proposed articles of conversion, with such amendments thereto as the members or stockholders of such corporation shall choose to make, shall be deemed to be approved upon the affirmative vote of not less than a majority of the members of such corporation, or, if such corporation is a stock corporation, upon the affirmative vote of the holders of not less than a majority of the capital stock of such corporation.

     (3) Upon such approval by the members or stockholders of such corporation, articles of conversion in the form approved by such members or stockholders shall be executed and acknowledged in duplicate on behalf of such corporation by its president or vice president and its corporate seal shall be affixed thereto and attested by its secretary. The president or vice president executing such articles of conversion on behalf of such corporation shall also make and annex to each copy thereof an affidavit stating that the provisions of sections 18 to 36 of this act with respect to the approval of its trustees or directors and its members or stockholders, of the proposition for the conversion of such corporation into a nonprofit sewer company and such articles of conversion were duly complied with. Such articles of conversion and affidavit shall be submitted to the secretary of state for filing as provided in sections 18 to 36 of this act. The term "articles of incorporation" as used in sections 18 to 36 of this act shall be deemed to include the articles of conversion of a converted corporation.

    &nbspSection 20. A nonprofit sewer company shall have power:

     (1) To sue and be sued, in its corporate name;

     (2) To have succession by its corporate name for the period stated in its articles of incorporation or, if no period is stated in its articles of incorporation, to have such succession perpetually;

     (3) To adopt a corporate seal and alter the same at pleasure;

     (4) To provide waste water disposal and waste water treatment services to its members, to governmental agencies and political subdivisions;

     (5) To make loans to persons to whom waste water disposal or waste water treatment is or will be supplied by the company for the purpose of, and otherwise to assist such persons in, installing therein plumbing fixtures, appliances, apparatus and equipment of any and all kinds and character, and in connection therewith, to purchase, acquire, lease, sell, distribute, install and repair such plumbing fixtures, appliances, apparatus and equipment, and to accept or otherwise acquire, and to sell, assign, transfer, endorse, pledge, hypothecate and otherwise dispose of notes, bonds and other evidences of indebtedness and any and all types of security therefor;

     (6) To make loans to persons to whom waste water disposal or waste water treatment is or will be supplied by the company for the purpose of, and otherwise to assist such persons in, constructing, maintaining and operating commercial or industrial plants or facilities;

     (7) To construct, purchase, take, receive, lease as lessee, or otherwise acquire, and to own, hold, use, equip, maintain, and operate, and to sell, assign, transfer, convey, exchange, lease as lessor, mortgage, pledge, or otherwise dispose of or encumber, waste water provision or collection or treatment systems, plants, lands, buildings, structures, dams, and equipment, and any and all kinds and classes of real or personal property whatsoever, which shall be deemed necessary, convenient or appropriate to accomplish the purpose for which the company is organized;

     (8) To purchase or otherwise acquire, and to own, hold, use and exercise and to sell, assign, transfer, convey, mortgage, pledge, hypothecate, or otherwise dispose of or encumber, franchises, rights, privileges, licenses, rights-of-way and easements;

     (9) To borrow money and otherwise contract indebtedness, and to issue notes, bonds, and other evidences of indebtedness therefor, and to secure the payment thereof by mortgage, pledge, deed of trust, or any other encumbrance upon any or all of its then-owned or after-acquired real or personal property, assets, franchises, revenues or income;

     (10) To construct, maintain and operate waste water distribution and collection and treatment plants and lines along, upon, under and across all public thoroughfares, including without limitation, all roads, highways, streets, alleys, bridges and causeways, and upon, under and across all publicly owned lands;

     (11) To exercise the power of eminent domain in the manner provided by the laws of this state for the exercise of that power by corporations constructing or operating electric transmission and distribution lines or systems;

     (12) To conduct its business and exercise any or all of its powers within or without this state;

     (13) To adopt, amend and repeal bylaws; and

     (14) To do and perform any and all other acts and things, and to have and exercise any and all other powers which may be necessary, convenient or appropriate to accomplish the purpose for which the company is organized.

    &nbspSection 21. A company may amend its articles of incorporation by complying with the following requirements:

     (1) The proposed amendment shall be first approved by the board of directors and shall then be submitted to a vote of the members at any annual or special meeting thereof, the notice of which shall set forth the proposed amendment. The proposed amendment, with such changes as the members shall choose to make therein, shall be deemed to be approved on the affirmative vote of not less than two-- thirds of those members voting thereon at such meeting; and

     (2) (a) Upon such approval by the members, articles of amendment shall be executed and acknowledged in duplicate on behalf of the company by its president or vice president and its corporate seal shall be affixed thereto and attested by its secretary. The articles of amendment shall recite in the caption that they are executed pursuant to sections 18 to 36 of this act and shall state:

    &nbspa. The name of the company;

    &nbspb. The address of its principal office;

    &nbspc. The date of the filing of its articles of incorporation in the office of the secretary of state; and

    &nbspd. The amendment to its articles of incorporation;

     (b) The president or vice president executing such articles of amendment shall also make and annex to each copy thereof an affidavit stating that the provisions of sections 18 to 36 of this act were duly complied with;

     (c) Such articles of amendment and affidavit shall be submitted to the secretary of state for filing.

    &nbspSection 22. A company may, upon authorization of a majority of the members at any regular or special meeting, change the location of its principal office by filing a certificate of change of principal office, executed and acknowledged in duplicate by its president or vice president under its seal attested by its secretary, in the office of the secretary of state. Such company shall also, within thirty days after the filing of such certificate of change of principal office, file certified copies of its articles of incorporation and all amendments thereto, if the same are not already on file.

    &nbspSection 23. (1) Articles of incorporation, amendment, consolidation, merger, conversion, or dissolution, as the case may be, when executed and acknowledged in duplicate and accompanied by such affidavits as may be required by applicable provisions of sections 18 to 36 of this act, shall be presented to the secretary of state for filing in the records of his office.

     (2) If the secretary of state shall find that the articles presented conform to the requirements of sections 18 to 36 of this act, he shall file one copy of the articles so presented in the records of his office and upon such filing the incorporation, amendment, consolidation, merger, conversion, or dissolution provided for therein shall be in effect.

    &nbspSection 24. The provisions of the securities law of Missouri shall not apply to any note, bond or other evidence of indebtedness issued by any nonprofit sewer company transacting business in this state pursuant to sections 18 to 36 of this act to the United States of America or to any agency or instrumentality thereof, or to any mortgage or deed of trust executed to secure the same. The provisions of such securities law of Missouri shall not apply to the issuance of membership certificates by any nonprofit sewer company.

    &nbspSection 25. 1. No person shall become a member of a nonprofit sewer company unless such person shall agree to use services furnished by the company when such shall be available through its facilities. The bylaws of a company may provide that any person, including an incorporator, shall cease to be a member thereof if such person shall fail or refuse to use services made available by the company or if services shall not be made available to such person by the company within a specified time after such person shall have become a member thereof. Membership in the company shall not be transferable, except as provided in the bylaws. The bylaws may prescribe additional qualifications and limitations in respect of membership.

    &nbsp2. An annual meeting of the members shall be held at such time as shall be provided in the bylaws.

    &nbsp3. Special meetings of the members may be called by the board of directors, by any three directors, by not less than ten percent of the members or by the president.

    &nbsp4. Meetings of members shall be held at such place as may be provided in the bylaws. In the absence of any such provisions, all meetings shall be held in the city or town in which the principal office of the company is located.

    &nbsp5. Except as otherwise provided in sections 18 to 36 of this act, written or printed notice stating the time and place of each meeting of members and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given to each member, either personally or by mail, not less than ten nor more than twenty-five days before the date of the meeting.

    &nbsp6. Two percent of the members, present in person or by mail or proxy shall constitute a quorum for the transaction of business at all meetings of the members, unless the bylaws prescribe the presence of a greater percentage of the members for a quorum. If less than a quorum is present at any meeting, a majority of those present in person may adjourn the meeting from time to time without further notice.

    &nbsp7. Each member shall be entitled to one vote on each matter submitted to a vote at a meeting. Voting shall be in person, but, if the bylaws so provide, may also be by proxy or by mail, or both. If the bylaws provide for voting by proxy or by mail, they shall also prescribe the conditions under which proxy or mail voting shall be exercised.

    &nbspSection 26. Notwithstanding any other provision of law, the bylaws may provide that the territory in which a company supplies waste water services may be divided into two or more voting districts for the purpose of properly distributing its directors over the area in which its members reside. In such case the bylaws shall prescribe the manner in which such voting districts shall function in the election of directors at annual meetings.

    &nbspSection 27. 1. The business and affairs of a company shall be managed by a board of not less than five directors, each of whom shall be a member of the company. The bylaws shall prescribe the number of directors, their qualifications, other than those provided for in sections 18 to 36 of this act, the manner of holding meetings of the board of directors and of the election of successors to directors who shall resign, die, or otherwise be incapable of acting. The bylaws may also provide for the removal of directors from office and for the election of their successors. Without approval of the members, directors shall not receive any salaries for their services as directors. The bylaws may, however, provide that a fixed fee and expenses of attendance, if any, may be allowed to each director for attendance at each meeting of the board of directors.

    &nbsp2. The directors of a company named in any articles of incorporation, consolidation, merger or conversion, as the case may be, shall hold office until the next following annual meeting of the members or until their successors shall have been elected and qualified.

    &nbsp3. The bylaws shall provide that the directors shall be divided into three classes, each class to be as nearly equal in number as possible, with the term of office of the directors of the first class to expire at the next succeeding annual meeting and the term of the second class to expire at the second succeeding annual meeting, and the term of the third class to expire at the third succeeding annual meeting. At each annual meeting after such classification a number of directors equal to the number of the class whose term expires at the time of such meeting shall be elected to hold office until the third succeeding annual meeting.

    &nbsp4. A majority of the board of directors shall constitute a quorum.

    &nbsp5. The board of directors may exercise all of the powers of a company except such as are conferred upon the members by sections 18 to 36 of this act, or its articles of incorporation or bylaws. Nothing in sections 18 to 36 of this act shall be deemed to prohibit a nonprofit sewer company from contracting with any other person or entity for any services needed by the nonprofit sewer company including, but not limited to, management or operations services.

    &nbspSection 28. The officers of a nonprofit sewer company shall consist of a president, vice president, secretary and treasurer, who shall be elected annually. No person shall continue to hold the offices of president or vice president after he shall have ceased to be a director. The offices of secretary and of treasurer may be held by the same person and need not be a member of the board of directors. The board of directors may also elect or appoint such other officers, agents, or employees as it shall deem necessary or advisable and shall prescribe the powers and duties thereof. Any officer may be removed from office and his successor elected in the manner prescribed in the bylaws.

    &nbspSection 29. 1. Every nonprofit sewer company constructing, maintaining and operating its waste water lines and treatment facilities shall construct, maintain and operate such lines and facilities in conformity with the rules and regulations relating to the manner and methods of construction, maintenance and operation and as to safety of the public with other lines and facilities now or hereafter from time to time prescribed by the department of natural resources for the construction, maintenance and operation of such lines or systems. The jurisdiction, supervision, powers and duties of the department of natural resources shall extend to every such nonprofit sewer company so far as it concerns the construction, maintenance and operation of the physical equipment of such company to the extent of providing for the safety of the public and the elimination or lessening of environmental hazards and of providing for the safety of employees and the general public.

    &nbsp2. The public service commission shall not have jurisdiction over the construction, maintenance or operation of the waste water facilities, service, rates, financing, accounting or management of any nonprofit sewer company.

    &nbspSection 30. Revenues of a nonprofit sewer company for any fiscal year in excess of the amount thereof necessary:

     (1) To defray expenses of the company and of the operation and maintenance of its facilities during such fiscal year;

     (2) To pay interest and principal obligations of the company coming due in such fiscal year;

     (3) To finance, or to provide a reserve for the financing of, the construction or acquisition by the company of additional facilities to the extent determined by the board of directors;

     (4) To provide a reasonable reserve for working capital;

     (5) To provide a reserve for the payment of indebtedness of the company maturing more than one year after the date of the incurrence of such indebtedness in an amount not less than the total of the interest and principal payments in respect thereof required to be made during the next following fiscal year; and

     (6) To provide a fund for education in the effective use of services made available by the company;

shall, unless otherwise determined by a vote of the members, be distributed by the company to its members as patronage refunds prorated in accordance with the patronage of the company by the respective members paid for during such fiscal year.

    &nbspSection 31. Nothing herein contained shall be construed to prohibit the payment by a company of all or any part of its indebtedness prior to the date when the same shall become due.

    &nbspSection 32. 1. A nonprofit sewer company which has not commenced business may dissolve voluntarily by delivering to the secretary of state articles of dissolution, executed and acknowledged in duplicate on behalf of the company by a majority of the incorporators, which shall state:

     (1) The name of the nonprofit sewer company;

     (2) The address of its principal office;

     (3) The date of its incorporation;

     (4) That the company has not commenced business;

     (5) That the amount, if any, actually paid in on account of membership fees, less any part thereof disbursed for necessary expenses, has been returned to those entitled thereto and that all easements shall have been released to the grantors;

     (6) That no debt of the company remains unpaid; and

     (7) That a majority of the incorporators elect that the company be dissolved.

    &nbsp2. Such articles of dissolution shall be submitted to the secretary of state for filing.

    &nbspSection 33. A nonprofit sewer company which has commenced business may dissolve voluntarily and wind up its affairs in the following manner:

     (1) The board of directors shall first recommend that the company be dissolved voluntarily and thereafter the proposition that the company be dissolved shall be submitted to the members of the company at any annual or special meeting, the notice of which shall set forth such proposition. The proposed voluntary dissolution shall be deemed to be approved upon the affirmative vote of not less than a majority of the members;

     (2) Upon such approval, a certificate of election to dissolve, herein designated the "certificate", shall be executed and acknowledged in duplicate on behalf of the company by its president or vice president, and its corporate seal shall be affixed thereto and attested by its secretary. The certificate shall state:

     (a) The name of the nonprofit sewer company;

     (b) The address of its principal office;

     (c) The names and addresses of its directors; and

     (d) The total number of members of the company and the number of members who voted for and against the voluntary dissolution of the company.

The president or vice president executing the certificate shall also make and annex thereto an affidavit stating that the provisions of this subdivision and subdivision (1) of this section were duly complied with. Such certificate and affidavit shall be submitted to the secretary of state for filing;

     (3) Upon the filing of the certificate and affidavit by the secretary of state, the company shall cease to carry on its business except insofar as may be necessary for the winding up thereof, but its corporate existence shall continue until articles of dissolution have been filed by the secretary of state;

     (4) After the filing of the certificate and affidavit by the secretary of state the board of directors shall immediately cause notice of the winding up proceedings to be mailed to each known creditor and claimant and to be published once a week for two successive weeks in a newspaper of general circulation in the county in which the principal office of the company is located;

     (5) The board of directors shall become trustees and have full power to wind up and settle the affairs of the company and shall proceed to collect the debts owing to the company, convey and dispose of its property and assets, pay, satisfy, and discharge its debts, obligations, and liabilities, and do all other things required to liquidate its business and affairs, and after paying or adequately providing for the payment of all its debts, obligations and liabilities, shall distribute the remainder of its property and assets among its members in proportion to the aggregate patronage of each such member during the seven years next preceding the date of such filing of the certificate, or, if the company shall not have been in existence for such period, during the period of its existence; and

     (6) (a) When all debts, liabilities and obligations of the company have been paid and discharged or adequate provision shall have been made therefor, and all of the remaining property and assets of the company shall have been distributed to the members pursuant to the provisions of sections 18 to 36 of this act, the board of directors shall authorize the execution of articles of dissolution which shall thereupon be executed and acknowledged on behalf of the company by its president or vice president, and its corporate seal shall be affixed thereto and attested by its secretary. Such articles of dissolution shall recite in the caption that they are executed pursuant to sections 18 to 36 of this act and shall state:

    &nbspa. The name of the nonprofit sewer company;

    &nbspb. The address of the principal office of the company;

    &nbspc. That the company has heretofore delivered to the secretary of state a certificate of election to dissolve and the date on which the certificate was filed by the secretary of state in the records of his office;

    &nbspd. That all debts, obligations and liabilities of the company have been paid and discharged or that adequate provision has been made therefor;

    &nbspe. That all the remaining property and assets of the company have been distributed among the members in accordance with the provisions of sections 18 to 36 of this act; and

    &nbspf. That there are no actions or suits pending against the company;

     (b) The president or vice president executing the articles of dissolution shall also make and annex thereto an affidavit stating that the provisions of this section were duly complied with;

     (c) Such articles of dissolution and affidavit, accompanied by proof of the publication required in this section, shall be submitted to the secretary of state for filing.

    &nbspSection 34. Sections 18 to 36 of this act shall be construed liberally. The enumeration of any object, purpose, power, manner, method or thing shall not be deemed to exclude like or similar objects, purposes, powers, manners, methods or things. To the extent that sections 18 to 36 of this act does not speak to an issue, the provisions applicable to mutual benefit not for profit corporations or limited liability companies, as the nonprofit sewer company may elect in its articles of incorporation, which are not inconsistent with the provisions of sections 18 to 36 of this act shall apply to nonprofit sewer companies.

    &nbspSection 35. The private property of the members of a nonprofit sewer company shall be exempt from execution for the debts of the company and no member shall be liable or responsible for any debts of the company.

    &nbspSection 36. 1. Any entity authorized by law to engage in the business of offering waste water disposal or treatment services may apply to the department of natural resources to be designated as the sole regional or watershed supplier of such services.

    &nbsp2. The application to be designated as a regional or watershed supplier shall be on a form as developed by the department and shall at a minimum provide the following information:

     (1) The region or watershed for which the applicant intends to provide service defined on a meets and bounds basis;

     (2) The documents such as contracts, articles of incorporation, limited liability company forms or municipal ordinances which define the applicant's existence, ownership and management;

     (3) Information as to the applicant's financial assets including balance sheet income statements for the previous five years or, if less than five years, income statements for the applicant's entire history;

     (4) A description of the facilities owned or operated by the applicant;

     (5) A business plan describing how and why the proposed region or watershed was selected and the applicant's plans for providing collection and treatment services in the requested area;

     (6) A commitment by the applicant to provide area coverage for the entire area covered by the application and the applicant's plan for how to provide such services;

     (7) A description of the services to be provided by the applicant to the region or watershed and the prices to be charged by the applicant;

     (8) A description of the standards that the applicant will require of other entities that will wish to connect with the applicant's collection and treatment systems.

    &nbsp3. Once a regional or watershed provider of waste water collection and treatment is approved by the department, no other person or entity may construct or operate collection or treatment facilities within the designated region or watershed except pursuant to the approved regional or watershed plan.

    &nbsp4. The department of natural resources shall give preference to regional or watershed providers in all of its licensing, permitting, and administration of loan and grant funds functions.

    &nbsp5. In evaluating among competing applicants to be a regional or watershed provider, the department shall give preference to those providers most likely to provide a stable, long-term solution without regard to the type of entity the applicant may be. Joint applications from existing providers of waste water collection and treatment services within the region or watershed shall be given preference.

    &nbsp6. Pricing of services by regional or watershed providers shall be set by such provider in the same manner the provider sets all other rates and charges and shall be on a nondiscriminatory basis with each user bearing its fair share of the costs of providing service to that user. Governmental entities shall charge no more for the same or similar services provided to users outside their borders than the entity charges to its citizens. Private sewer companies shall charge such rates as are approved pursuant to applicable law.

    &nbspSection 37. Sections 37 to 42 of this act shall be known and may be cited as the "Infrastructure Assistance Act".

    &nbspSection 38. As used in sections 37 to 42 of this act, the following terms mean:

     (1) "Business firm", person, firm, a partner in a firm, corporation or a shareholder in an S corporation doing business in the state of Missouri and subject to the state income tax imposed by the provisions of chapter 143, RSMo, or a corporation subject to the annual corporation franchise tax imposed by the provisions of chapter 147, RSMo;

     (2) "Infrastructure", includes but is not limited to, roads, streets, sidewalks, potable water-related enterprises such as treatment facilities and impoundments, lines and storage tanks, street lights, airport runways, and lighting systems;

     (3) "Infrastructure assistance activities", money, real or personal property, or professional services expended or devoted to the construction, or rehabilitation of infrastructure;

     (4) "S corporation", a corporation described in section 1361(a)(1) of the United States Internal Revenue Code and not subject to the taxes imposed by section 143.071, RSMo, by reason of section 143.471, RSMo.

    &nbspSection 39. Any business firm which engages in the activities of providing infrastructure in the state of Missouri shall receive a tax credit as provided in section 40 of this act if the director of the department of economic development annually approves the infrastructure proposal of the business firm; except that, no proposal shall be approved which does not have the endorsement of the agency of local government within the area in which the business firm is engaging in such activities which has adopted an overall community or neighborhood development plan that the infrastructure proposal is consistent with such plan. The proposal shall set forth the infrastructure to be provided, the area to be served, why the infrastructure is needed and the estimated cost of the infrastructure. The director of the department of economic development is hereby authorized to promulgate rules and regulations for establishing criteria for evaluating such proposals by business firms for approval or disapproval and for establishing priorities for approval or disapproval of such proposals by business firms with the assistance and approval of the director of the department of revenue. The total amount of tax credit granted for programs approved under sections 37 to 42 of this act shall not exceed two million dollars of tax credit in any fiscal year.

    &nbspSection 40. 1. The department of revenue shall grant a tax credit as follows:

     (1) The amount of the tax credit shall not exceed the total amount contributed during the taxable year by the business firm;

     (2) A tax credit of up to seventy percent may be allowed for contributions to programs where activities fall within the scope of special infrastructure priorities as defined with the approval of the governor in regulations promulgated by the director of the department of economic development;

     (3) The tax credit allowed for contributions to infrastructure located in any community shall be equal to seventy percent of the total amount contributed where such community is a city, town or village which has fifteen thousand five hundred or less inhabitants as of the last decennial census and is located in a county which is either located in:

     (a) An area that is not part of a standard metropolitan statistical area;

     (b) A standard metropolitan statistical area but such county has only one city, town or village which has more than fifteen thousand inhabitants; or

     (c) A standard metropolitan statistical area and a substantial number of persons in such county derive their income from agriculture. Such community may also be in an unincorporated area in such county. In no case shall the total economic benefit of the combined federal and state tax savings to the taxpayer exceed the amount contributed by the taxpayer during the tax year;

     (4) Such tax credit allocation, equal to seventy percent of the total amount contributed, shall not exceed two million dollars in any fiscal year. Regulations establishing special infrastructure priorities are to be promulgated during the first month of each fiscal year and at such times during the year as the public interest dictates. Any tax credit not used in the period the contribution was made may be carried over the next five succeeding calendar or fiscal years until the full credit has been claimed.

    &nbsp2. If at any time during the compliance period the director of the department of economic development determines a project for which a proposal has been approved is not in compliance with the applicable provisions of sections 37 to 42 of this act or rules promulgated therefor, the director of the department of economic development may within one hundred fifty days of notice to the owner either seek injunctive enforcement action against the owner or seek legal damages against the owner representing the value of the tax credits. The department of economic development shall remit to the director of revenue the portion of the legal damages collected representing the value of the tax credits. However, except in the event of intentional fraud by the taxpayer, the proposal's certificate of eligibility for tax credits shall not be revoked.

    &nbspSection 41. The department of economic development shall assist business firms in the finding and obtaining of matching funds for the infrastructure project from all available sources.

    &nbspSection 42. The decision of the director of the department of economic development to approve or disapprove a proposal pursuant to sections 37 to 42 of this act shall be in writing, and if the director approves the proposal, the director shall state the maximum credit allowable to the business firm. A copy of the decision of the director of the department of economic development shall be transmitted to the director of revenue and to the governor.

     Section 43. 1. Sections 43 to 46 of this act shall be known as the "Workfare Renovation Project". Subject to participation by qualifying cities, the Missouri housing development commission shall establish a two-year pilot project in each of the two cities defined in section 44 of this act which shall provide for the renovation of inner city property for subsequent purchase pursuant to the provisions of sections 45 to 48 of this act.

    &nbspSection 44. As used in sections 43 to 46 of this act, the following terms mean:

     (1) "Agency", the participating city's administering agency of the workfare renovation project;

     (2) "City", any city not within a county or any city with at least three hundred fifty thousand inhabitants which is located in more than one county;

     (3) "Commission", the state housing development commission authorized pursuant to sections 215.010 to 215.250, RSMo;

     (4) "Federal poverty level", the first poverty income guidelines published in the calendar year by the United States Department of Health and Human Services;

     (5) "Low income", a household income which does not exceed two hundred percent of the federal poverty level;

     (6) "Project", the renovation of one or more inner city properties which have been determined to be of substandard quality or condition and the subsequent sale of such property following renovation;

     (7) "Renovate" or "renovation", the reconstruction, remodeling, repairing, weatherizing, installation of energy conservation measures or devices, and similar work necessary to make an inner city property safe, sanitary and decent, and make such property meet the minimum building code requirements and occupancy requirements of a city, as the term city is defined in this section.

    &nbspSection 45. 1. The workfare renovation project shall have the following goals:

     (1) To assist low income individuals in learning a trade by providing them with an opportunity to participate in the renovation of inner city property; and

     (2) To create tax producing property for the participating cities out of existing inner city property.

    &nbsp2. The governing body of any city defined in section 44 of this act, by enacting the appropriate ordinances, may participate in the workfare renovation project by donating existing inner city property to the project, submitting a plan for renovation in the city to the commission and establishing an agency to administer the project in such city pursuant to any authority delegated to such agency by the commission.

    &nbsp3. The commission may:

     (1) Receive, hold and convey title to real estate on the workfare renovation project carried out by the participating city and receive and use for the purposes described in sections 43 to 46 of this act any grants or loans made by the commission pursuant to section 215.035 or section 215.050, RSMo;

     (2) Approve all proposed inner city property for renovation;

     (3) Approve the workers who will perform the renovation and reconstruction work. The workers, to be selected from the local labor force, shall be capable of performing the work for which they will be hired, and shall be, as far as practicable, persons who are classified as low income or receiving public assistance and who are indigenous to the areas which are selected for renovation activity;

     (4) Contract and be contracted with;

     (5) Seek such legal and other professional and staff assistance deemed necessary to carry out the purposes of sections 43 to 46 of this act including, but not limited to, the community development corporation of Kansas City;

     (6) Sell the properties renovated, but such sales shall be subject to the following requirements;

     (a) All properties sold shall be sold at cost to persons who qualify for low income housing ownership benefits pursuant to federal or state law, or both, as determined annually by the Missouri housing development commission;

     (b) Each property shall be sold only to a person who will be the actual owner of record of the property and will actually occupy the property for a period of not less than five years; and

     (c) Each property shall be sold at a price which will allow the commission to recover all costs incurred by it in renovating and selling such property, including, but not limited to, the labor, materials and other renovation expenses;

     (7) Do all other things necessary to implement and administer the residential renovation program authorized by sections 43 to 46 of this act;

     (8) Utilize all appropriate tax credit and wage diversion programs offered through state departments to assist low-income residents of this state in becoming self-sufficient through the workfare renovation project.

    &nbspSection 46. Properties selected for renovation pursuant to the provisions of sections 43 to 46 of this act shall be located in those areas of the inner city which are in the greatest need of neighborhood rehabilitation. Each administering agency shall make a plan or plans, available to the public, to carry out the purposes of this section. In making the plan or plans required by this section, each agency shall hold public hearings at reasonable times and places from which to obtain community input in order to assess the impact of any proposed plan on any neighborhood involved and to assist them in determining which neighborhood or neighborhoods shall be given the highest priority. The factors which the agency may consider, among all other relevant considerations, are:

     (1) The number of properties owned by the city in a neighborhood which could be renovated; and

     (2) The prior commitment of private developers to the area selected or adjacent areas for purposes of assuring that purchasers of such property can obtain financing and insurance.

    &nbspSection 47. Two commissioners shall be appointed to the Jackson County Sports Complex Authority in addition to the five commissioners authorized in section 64.930, RSMo. Such commissioners shall be appointed to serve one-year terms. One commissioner authorized by the provisions of this section shall be the mayor of Kansas City or the mayor's designee. Such designee shall be an elected member of the Kansas City Council. One commissioner authorized by the provisions of this section shall be the chairman of the Jackson County Legislature or the chairman's designee. Such designee shall be an elected member of the Jackson County Legislature.