COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3963-02
Bill No.: SB 1103
Subject: Authorization of Bonds
Type: Original
Date: February 23, 2004
FISCAL SUMMARY
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| General Revenue | |||
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| 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 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials from the State Treasurer's Office, Attorney General's Office, Office of the Governor, Division of Budget and Planning, State Treasurer'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) No bond issue in FY 05.; 2) A $45 million issuance in FY 06 using existing legislative authorization.; 3) No bond issuance in FY 07.; and 4) Bonds authorized by this proposal would not be issued prior to FY 08.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
In addition to amounts authorized prior to August 28, 2004, this act authorizes the Board of Fund Commissioners to issue bonds for grants and loans pursuant to several sections of Article III of the Missouri Constitution.
The authorizations are for:
(1) $10 million of bonds for waste water pollution control, drinking water system improvements, and storm water control pursuant to Section 37(e);
(2) $10 million of bonds for rural water and sewer projects pursuant to Section 37(g); and
(3) $20 million of bonds for storm water control plans, studies, and projects in first classification
ASSUMPTION (continued)
counties and the City of St. Louis pursuant to Section 37(h).
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
Department of Natural Resources
Secretary of State's Office
Office of the Governor
Lieutenant Governor's Office
Attorney General's Office
Mickey Wilson, CPA
Director
February 23, 2004