SB 1201 - This act modifies several provisions relating to transportation development districts. This act makes it explicit that transportation development districts shall provide an annual budget (Section 67.010). This act makes it explicit that the board of directors of a transportation development district must prepare an annual financial report that is required by other governing boards of political subdivisions (Section 105.145). This act redefines the term "project" as used in the Missouri Transportation Development District Act. Under this act, the term "project" shall not include terrace walls, berms, landscaping, parking lots, parking lot lights, awnings, canopies, marquees, building facades, storefront improvements, or other types of internal development improvements which inure to the benefit of a private commercial developer or group of developers rather than promoting the general transportation infrastructure improvements related to the interests of the public at large (Section 238.202). Under this act, a petition to create a transportation development district must set forth the estimated project costs and the anticipated revenues to be collected from the project over the life of the project. The petition shall be accompanied by data supporting such estimates (Section 238.207). This act requires public notification of all petitions filed by property owners related to the proposed establishment of a district. The current law only requires public notification when a petition to create a district is filed by registered voters or by a governing body. This act also requires the circuit court to order a public hearing to be held prior to the creation of a district. Under current law, these public hearings are discretionary (Section 238.212). This act requires the applicable transportation authority to review and approve all expenditures of a district formed by the filing of a petition by property owners prior to their payment (Sections 238.225 and 238.270). This act creates a new sales tax procedure for districts created by petitions filed on or after August 28, 2008. Under this new sales tax provision, the director of revenue will perform all functions incident to the administration and collection of the sales tax for the district. Under current law, most districts utilize a sales tax provision which allows the district itself to administer and collect the sales tax. Districts created by petitions filed prior to August 28, 2008, will continue to administer and collect the sales tax (Sections 238.234 and 238.235). This act requires the state auditor to audit each district not less than once every two years. The current law requires this audit to be conducted not less than once every three years (Section 238.272). STEPHEN WITTE