99.1051. Termination of development financing, when, procedure--dissolution of special fund and termination of designated area.

MISSOURI STATUTES AND CODES

99.1051. Termination of development financing, when, procedure--dissolution of special fund and termination of designated area.

Termination of development financing, when, procedure--dissolutionof special fund and termination of designated area.

99.1051. 1. When all development project costs and all obligationsissued to finance development project costs have been paid in full, themunicipality shall adopt an ordinance terminating development financing forall development project areas. Immediately upon the adoption of suchordinance, all payments in lieu of taxes, all economic activity taxes, andother net new revenues then remaining in the special allocation fund shallbe deemed to be surplus funds; and thereafter, the rates of the taxingdistricts shall be extended and taxes levied, collected, and distributed inthe manner applicable in the absence of the adoption of developmentfinancing. Surplus payments in lieu of taxes shall be paid to the countycollector who shall immediately thereafter pay such funds to the taxingdistricts in the development area selected in the same manner andproportion as the most recent distribution by the collector to the affectedtaxing districts of real property taxes from real property in thedevelopment area. Surplus economic activity taxes shall be paid to thetaxing districts in the development area in proportion to the then currentlevy rates of such taxing districts that are attributable to economicactivity taxes. Surplus other net new revenues shall be paid to the state.Any other funds remaining in the special allocation fund following theadoption of an ordinance terminating development financing in accordancewith this section shall be deposited to the general fund of themunicipality.

2. Upon the payment of all development project costs, retirement ofobligations, and the distribution of any surplus funds pursuant to thissection, the municipality shall adopt an ordinance dissolving the specialallocation fund and terminating the designation of the development area asa development area.

3. Nothing in sections 99.1000 to 99.1060 shall be construed asrelieving property in such areas from paying a uniform rate of taxes, asrequired by section 3, article X of the Missouri Constitution.