COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1691-01
Bill No.: SB 512
Subject: Public Buildings; Bonds - General Obligation and Revenue; Appropriations; Capital Improvements; Tobacco
Type: Original
Date: April 1, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| 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 Office of the Governor, Office of the Lieutenant Governor and Office of Administration - Divisions of Design and Construction and Budget and Planning assume the proposal would have no fiscal impact on their agencies.
Officials from the Office of the Attorney General assume any potential costs arising from this proposal can be absorbed with existing resources.
Oversight assumes increasing the limit on revenue bonds that may be issued by the Board of Public Buildings from $425 million to $825 million would have no direct fiscal impact.
| FISCAL IMPACT - State Government | FY 2004 | FY 2005 | FY 2006 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2004 | 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 proposal expands the authority of the Board of Public Buildings to issue revenue bonds. The definition of "agency" is modified to include any state educational institution as defined in section 176.010, RSMo. The Board is allowed to consider appropriations by the General Assembly as net income and revenues. The Board is no longer tied to only issue revenue bonds which are payable from the net income and revenues arising from the operation of the project but simply requires repayment from the net income and revenues relating to any project. The proposal also expands the definition of "project" to include renovations, improvements and equipping of buildings and structures.
The Board is authorized to issue bonds to provide funds to refinance the payment of general revenue fund temporary notes issued by the Tobacco Settlement Financing Authority. The Board is also authorized to covenant to request annual appropriations in an amount sufficient to pay the principal, interest, and any reserve funds for bonds issued by the Board.
The Board's bonding authority is expanded from $425 million to $825 million.
This proposal contains an emergency clause.
This proposal 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 the Governor
Office of the Lieutenant Governor
Office of the Attorney General
Office of Administration
- Design and Construction
- Budget and Planning
Mickey Wilson, CPA
Director
April 1, 2003