198.075. Fire safety standards loan fund created, use of moneys. - Missouri Statutes

Fire safety standards loan fund created, use of moneys.

198.075. 1. There is hereby created in the state treasury the "FireSafety Standards Loan Fund", for implementing the provisions of subsections4 and 5 of section 198.074. Moneys deposited in the fund shall beconsidered state funds under article IV, section 15 of the MissouriConstitution. The state treasurer shall be custodian of the fund and maydisburse moneys from the fund in accordance with sections 30.170 and30.180, RSMo. Any moneys remaining in the fund at the end of the bienniumshall revert to the credit of the general revenue fund. The statetreasurer shall invest moneys in the fund in the same manner as other fundsare invested. Any interest and moneys earned on such investments shall becredited to the fund.

2. Qualifying facilities shall make an application to the statetreasurer's office upon forms provided by the state treasurer's office.Upon receipt of an application for a loan, the state treasurer's officeshall review the application before state funds are allocated for a loan.For purposes of this section, a "qualifying facility" shall mean a facilitylicensed under this chapter that is in substantial compliance."Substantial compliance" shall mean a facility that has no uncorrecteddeficiencies and is in compliance with department of health and seniorservices rules and regulations governing such facility.

3. The fund shall be a loan of which the interest rate shall notexceed two and one-half percent.

4. The fund shall be administered by the state treasurer's office.

(L. 2007 H.B. 952 & 674, A.L. 2009 H.B. 395)