94.745. City transportation trust fund created--special trust fund created to retire bonds--limitation on use of funds--audit required.

MISSOURI STATUTES AND CODES

94.745. City transportation trust fund created--special trust fund created to retire bonds--limitation on use of funds--audit required.

City transportation trust fund created--special trust fund created toretire bonds--limitation on use of funds--audit required.

94.745. 1. All moneys received by a city imposing a sales tax underthe provisions of sections 94.700 to 94.755 shall be deposited by the citytreasurer, or other city officer authorized by ordinance, in a special fundto be known as the "City Transportation Trust Fund". All moneys in suchtransportation trust fund shall be appropriated and disbursed only fortransportation purposes as enumerated in sections 94.700 to 94.755. Theprovisions of this subsection shall apply only to taxes authorized bysections 94.700 to 94.755 which have not been imposed to retire bondsissued pursuant to sections 94.700 to 94.755.

2. All moneys received by a city which issues bonds pursuant to theprovisions of section 94.705 and imposes the tax authorized by such sectionto retire such bonds shall be deposited in a special trust fund and shallbe used solely to retire such bonds, except to the extent that such fundsare required for the operation and maintenance of the capital improvementsmade with the proceeds of the bonds. Once all of such bonds have beenretired, all funds remaining in the special trust fund required by thissubsection shall be used solely for transportation purposes. Any funds inthe special trust fund required by this subsection which are not needed tomeet current obligations under the bonds issued pursuant to section 94.705may be invested by the governing body in accordance with applicable lawsrelating to the investment of other municipal funds. The provisions ofthis subsection shall apply only to taxes authorized by section 94.705which have been imposed to retire bonds issued pursuant to such section.

3. Any portion or all of the funds on deposit in a transportationtrust fund may be appropriated and paid by a city directly to an interstatetransportation authority, a city transit authority or a city utilitiesboard for its general purposes in providing a public mass transportationsystem within an interstate transportation district or a municipality;provided that, before such funds may be appropriated and paid to any suchinterstate transportation authority, city transit authority or cityutilities board with a service area population in excess of two millionpersons, such authority or board shall develop, for mutual agreement, aprogram of transit service to be provided to the city. Such program shalldefine the service to be provided, the fare structure to be in effect, theestimated cost of the total transit service program of the authority orboard, and the estimated cost of the city's portion of the program. Suchagreement shall be renewed prior to the beginning of each fiscal year and,when such agreement is reached, the city shall appropriate to the authorityor board funds as are designated in the agreement for the period of theagreement. A city may designate by contract with an interstatetransportation authority, a city transit authority or a city utilitiesboard that a designated portion of such funds shall be used by theinterstate transportation authority, the city transit authority or the cityutilities board to provide specific service or frequency of service tounderwrite a certain fare structure, or for any other purposes consistentwith providing a sound public mass transportation system.

4. Any provisions of sections 94.700 to 94.755 to the contrarynotwithstanding, at least seven percent of the proceeds of any sales taximposed under sections 94.700 to 94.755 that are appropriated and paid by acity to an interstate transportation authority, a city transit authority ora city utilities board shall be expended only for the purchase of newpublic mass transportation equipment, for the construction of public masstransportation facilities, or for any other capital expenditures orimprovements to the property of the interstate transportation authority,city transit authority or city utilities board used in providing publicmass transportation service, or to pay the interest or principal payments,or to satisfy sinking fund requirements on any negotiable notes or bonds orother instruments in writing issued for any of the above purposes.

5. Any provisions of sections 94.700 to 94.755 to the contrarynotwithstanding, at least seven percent of the proceeds of any sales taximposed under sections 94.700 to 94.755 that are appropriated and expendedby a city for its general purposes in providing a public masstransportation system directly owned and operated by it shall be expendedonly for the purpose of new public mass transportation equipment, for theconstruction of public mass transportation facilities, or for any othercapital expenditures or improvements to its properties used in providingpublic mass transportation service, or to pay the interest or principalpayments, or to satisfy the sinking fund requirements on any negotiablenotes or bonds or other instruments in writing issued for any of the abovepurposes.

6. No funds may be appropriated and paid to any such transportationauthority, transit authority or utilities board, unless and until suchauthority or board shall file or shall have filed with the city paying suchfunds, and the secretary of state of the state of Missouri, annually andwithin six months after the close of such authority or board's fiscal year,an independently audited report and accounting as to such authority orboard's management and administration of any and all funds received andexpended by such authority or board.

7. Transportation authorities operating a public mass transportationsystem under sections 94.700 to 94.755 shall provide for interior andexterior advertising on each vehicle for mass transportation purposes.