99.963. State supplemental downtown development fund established, moneys in fund, use of moneys, disbursements--rulemaking authority. - Missouri Statutes

State supplemental downtown development fund established,moneys in fund, use of moneys, disbursements--rulemaking authority.

99.963. 1. There is hereby established within the state treasury aspecial fund to be known as the "State Supplemental Downtown DevelopmentFund", to be administered by the department of economic development. Anyunexpended balance and any interest in the fund at the end of the bienniumshall be exempt from the provisions of section 33.080, RSMo, relating tothe transfer of unexpended balances to the general revenue fund. The fundshall consist of:

(1) The first one hundred fifty million dollars of other net newrevenues generated annually by the development projects;

(2) Money received from costs charged pursuant to subsection 7 ofsection 99.960; and

(3) Gifts, contributions, grants, or bequests received from federal,private, or other sources.

2. Notwithstanding the provisions of section 144.700, RSMo, to thecontrary, the department of revenue shall annually submit the first onehundred fifty million of other net new revenues generated by thedevelopment projects to the treasurer for deposit in the state supplementaldowntown development fund.

3. The department of economic development shall annually disbursefunds from the state supplemental downtown development fund in amountsdetermined pursuant to the certificates of approval for projects, providingthat the amounts of other net new revenues generated from the developmentarea have been verified and all of the conditions of sections 99.915 to99.980 are met. If the revenues appropriated from the state supplementaldowntown development fund are not sufficient to equal the amountsdetermined to be disbursed pursuant to such certificates of approval, thedepartment of economic development shall disburse the revenues on a prorata basis to all such projects and other costs approved pursuant tosection 99.960.

4. In no event shall the amounts distributed to a project from thestate supplemental downtown development fund exceed the lessor of theamount of the certificates of approval for projects or the actual other netnew revenues generated by the projects.

5. The department of economic development shall not disburse anymoneys from the state supplemental downtown development fund for anyproject which has not complied with the annual reporting requirements ofsection 99.980.

6. Money in the state supplemental downtown development fund may bespent for the reasonable and necessary costs associated with theadministration of the program authorized under sections 99.915 to 99.980.

7. No municipality shall obligate or commit the expenditure ofdisbursements received from the state supplemental downtown developmentfund prior to receiving a certificate of approval for the developmentproject generating other net new revenues.

8. Taxpayers in any development area who are required to remit salestaxes pursuant to chapter 144, RSMo, or income tax withholdings pursuant tochapter 143, RSMo, shall provide additional information to the departmentof revenue in a form prescribed by the department by rule. Suchinformation shall include but shall not be limited to information uponwhich other net new revenues can be calculated, and shall include thenumber of new jobs, the gross payroll for such jobs, and sales taxgenerated in the development area by such taxpayer in the baseline year andduring the time period related to the withholding or sales tax remittance.

9. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in thissection shall become effective only if it complies with and is subject toall of the provisions of chapter 536, RSMo, and, if applicable, section536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and ifany of the powers vested with the general assembly pursuant to chapter 536,RSMo, to review, to delay the effective date, or to disapprove and annul arule are subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2003, shall beinvalid and void.

(L. 2003 H.B. 289)

Effective 7-07-03