COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0915-01
Bill No.: SB 252
Subject: Bonds - General Obligation and Revenue; Environmental Protection; Natural Resources Dept.; Sewers and Sewer Districts; Water Resources and Water Districts
Type: Original
Date: February 6, 2003
FISCAL SUMMARY
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
General Revenue | ($1,289,688) | ||
Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | ($1,289,688) |
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials from the State Treasurer's Office, Attorney General's Office and the State Auditor's Office assume this proposal would have no fiscal impact on their agencies.
Officials of the Department of Natural Resources (DNR) assume that bonds are sold on an as needed basis. Bond sales lag authorization by approximately 3 years.
37(e) money is approved for $10 million to be spent as follows:
$3 Million for the 40% State Construction Grant Program
$2.5 Million for the Rural Water and Sewer grants
$4.5 Million for the Clean Water State Revolving Fund (20% match required to receive Federal Funds)
37(g) money is approved for $10 Million to be spent as follows:
$5 Million for Rural Water grants and loans
$5 Million for Rural Sewer grants and loans
ASSUMPTION (continued)
37(h) money is approved for $20 Million to be spent as follows:
$10 Million for storm water grants
$10 Million for storm water loans
Officials from the Office of Administration assume 1) Issue date will depend on the use of available bond proceeds for bonds authorized but not yet issued.; 2) 25 year maturity; 3) 7% interest rate; 4) Level debt service; 5) Analyzed cost is based on sale in FY06 of $15 million for section 37(g). Sections 37(e) and 37(h) will not use new authorization in FY04 through FY06.
FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
Costs - Office of Administration - Division of Accounting | |||
Equipment and Expense | $0 | $0 | ($530) |
Paying Agent Fees | $0 | $0 | ($2,000) |
Other Fund costs | $0 | $0 | ($1,287,688) |
Total Costs - Office of Administration - Division of Accounting |
$0 |
$0 |
($1,289,688) |
FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act authorizes the Board of Fund Commissioners to issue additional bonds for grants and
loans pursuant to several sections in Article III of the Missouri Constitution which are
administered by the Clean Water Commission and relate to water, sewer and stormwater
projects. This act authorizes additional bonds in addition to amounts authorized prior to August
28, 2004.
DESCRIPTION (continued)
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of Administration
State Treasurer's Office
State Auditor's Office
Attorney General's Office
Department of Natural Resources
Mickey Wilson, CPA
Director
February 6, 2003