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Missouri
Key Vote
Bonds to Fund Higher Education
Project Vote Smart's Synopsis:
Vote to pass a resolution that, pending approval by voters in the next general election, will amend the Missouri state constitution to authorize the issuance of $700 million in 25 year bonds for a variety of purposes related to institutions of higher education.
NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES APPROVAL BY A SIMPLE MAJORITY IN THE HOUSE AND THE SENATE, AND THEN APPROVAL BY A SIMPLE MAJORITY OF VOTERS DURING AN ELECTION.
Official Title of Legislation:
HJR 32: Joint Resolution submitting to the qualified voters of Missouri, an amendment to article III of the Constitution of Missouri, and adopting one new section relating to the fifth state building bond and interest fund.
Official Synopsis:
Upon voter approval, this proposed constitutional amendment authorizes the General Assembly to issue up to $700 million in bonds to provide funding for rebuilding higher education institution buildings including no less than 15% of the proceeds to be allocated to public community college colleges for land acquisitions, construction or purchase of buildings, and planning, furnishing, equipping, and landscaping the improvements and buildings. The bonds may be issued over time by the State Board of Fund Commissioners and will mature within 25 years from the date of issuance. The substitute creates the Fifth State Building Bond and Interest Fund for the payment of the bonds and any interest earned.
Highlights:
-Allows the general assembly to authorize $700 million in bonds for the purpose of rebuilding buildings of higher education institutions (Sec. A).
-Allocates 15% of the bond revenue to public community colleges for land acquisition, building expenses, and other facility related expenses (Sec. A).
-Requires that the State, if unable to pay back the bonds, levy a direct tax on all taxable tangible property in the state (Sec. A).
-Requires the governor to establish a percentage plan for involvement of African Americans, women, and other minority businesses in all state bond programs and for employment opportunities in the state construction building plan. (Sec. A).
Full Text of Legislation (PDF Document)
House Passage: 04/16/2009 : Joint Resolution Passed 131 - 28
NOTE: AN AMENDMENT TO THE CONSTITUTION REQUIRES APPROVAL BY A SIMPLE MAJORITY IN THE HOUSE AND THE SENATE, AND THEN APPROVAL BY A SIMPLE MAJORITY OF VOTERS DURING AN ELECTION. Senate Referred to Committee: 04/21/2009 : Appropriations
Sponsor: Rep. Kelly, Chris
Cosponsor:
PVS provides summaries for each version of the bill selected as a key vote. The summary does not necessarily reflect the final version of the bill. For further status information, call the Voter's Research Hotline at 1-888-VOTE-SMART (1-888-868-3762).
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