100.265. Missouri development finance board created--members, qualifications, appointment, terms--meetings--quorum--expenses. - Missouri Statutes

Missouri development finance board created--members, qualifications,appointment, terms--meetings--quorum--expenses.

100.265. 1. There is hereby created within the department ofeconomic development the "Missouri Development Finance Board", which shallconstitute a body corporate and politic and shall consist of twelvemembers, including the lieutenant governor, the director of the departmentof economic development, the director of the department of naturalresources, and the director of the department of agriculture. No more thanfive members appointed by the governor to the board shall be of the samepolitical party. Except for the lieutenant governor, the director of thedepartment of economic development, the director of the department ofnatural resources, and the director of the department of agriculture, allmembers shall be appointed by the governor by and with the advice andconsent of the senate, and shall serve for terms of four years. Thepersons serving as members of the Missouri economic development, export andinfrastructure board on August 28, 1994, shall become members of theMissouri development finance board for terms to expire at the same timetheir terms would have expired if they had remained members of the Missourieconomic development, export and infrastructure board. The Missouridevelopment finance board shall replace the Missouri economic development,export and infrastructure board. All moneys, property, any other assets orliabilities of the Missouri economic development, export and infrastructureboard on August 28, 1994, shall be transferred to the Missouri developmentfinance board. All powers, duties and functions performed by the Missourieconomic development, export and infrastructure board pursuant to sections100.250 to 100.297 shall be transferred to the Missouri development financeboard.

2. Each member of the board appointed by the governor shall haveresided in this state for at least five years prior to appointment. Exceptfor the lieutenant governor, director of the department of economicdevelopment, the director of the department of natural resources, and thedirector of the department of agriculture, no person may be appointed tothe board who is an elected officer or employee of the state, or anyagency, board, commission, or authority established by the state.

3. The governor shall designate one of the members of the board toserve as chairman. The board shall meet at such times and places it shalldesignate. Seven members shall constitute a quorum. No vacancy in themembership shall impair the right of a quorum of the members to exerciseall of the rights and powers and to perform all of the duties of the board.

4. Members of the board shall serve without compensation but shall bereimbursed for their reasonable and necessary expenses incurred in theperformance of their duties.

(L. 1982 S.B. 681 § 4, A.L. 1985 H.B. 416, A.L. 1989 H.B. 378, A.L. 1992 S.B. 676 adopted by referendum (Proposition C) November 3, 1992, A.L. 1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048, A.L. 2006 S.B. 718)

CROSS REFERENCE:

Annual report for tax credits, RSMo 320.092