226.133. Funding authorized for highway and bridge repairs and construction, transportation plans approved by the general assembly, bonds may be issued, requirements, procedure.

MISSOURI STATUTES AND CODES

226.133. Funding authorized for highway and bridge repairs and construction, transportation plans approved by the general assembly, bonds may be issued, requirements, procedure.

Funding authorized for highway and bridge repairs and construction,transportation plans approved by the general assembly, bonds may beissued, requirements, procedure.

226.133. 1. The general assembly may authorize the highways andtransportation commission to issue bonds or other evidence of indebtednessin an amount not to exceed two billion dollars from fiscal year 2001 tofiscal year 2006; except that, the highways and transportation commissionmay immediately authorize issue of bonds up to two hundred fifty milliondollars for the purpose of providing funds for use in highway constructionand repairs scheduled in the five-year plan. The principal amount of suchbonds shall not exceed five hundred million dollars in any one fiscal year.Proceeds from the issuance of the bonds shall be provided to the departmentof transportation to pay for the cost of construction engineering andconstruction. The proceeds from the bonds shall not be used to pay foradministrative expenses, including but not limited to planning and designexpenses. Contracted final design shall not be considered anadministrative expense, but shall not exceed seven percent of any project.

2. To obtain authorization for the issuance of bonds, the highwaysand transportation commission shall annually present to the generalassembly, by the tenth legislative day, a proposed plan and an analysisdemonstrating the feasibility and appropriateness thereof. The plan toissue bonds shall become effective no later than forty-five calendar daysafter the plan proposed by the highways and transportation commission issubmitted to a regular session of the general assembly, unless it isdisapproved within forty-five calendar days of its submission to a regularsession by a concurrent resolution introduced within fourteen calendar daysof the submission of the plan to a regular session of the general assemblyand adopted by a majority vote of the elected members of each house. If noconcurrent resolution disapproving of the highway plan is introduced withinfourteen calendar days of the submission of the plan to the legislature,then the plan shall become effective immediately. The presiding officer ofeach house in which a concurrent resolution disapproving of a plan to issuebonds has been introduced, unless the resolution has been previouslyaccepted or rejected by that house, shall submit it to a vote of themembership not sooner than seven calendar days or later than fourteencalendar days after introduction of the concurrent resolution pertaining tothe department of transportation plan. The presiding officer of the housepassing a concurrent resolution disapproving of a plan to issue bonds shallimmediately forward the bill to the other house and the presiding officerof that house shall submit it to a vote of the membership not sooner thanseven calendar days or later than fourteen calendar days of its receiptfrom the other legislative body. The plan submitted by the highways andtransportation commission shall not be subject to amendment by eitherchamber and may only be rejected in its entirety.

3. The highways and transportation commission shall offer such bondsat public sale or negotiated sale. The bonds shall be for a period of notless than ten years and not more than twenty years from their date of issueand shall bear interest at a rate or rates not exceeding the rate permittedby law.

4. The proceeds of the sale or sales of any bonds issued pursuant tothis section shall be paid into the state road fund to be expended for thepurpose specified pursuant to the provisions of section 226.220.

5. Bonds issued pursuant to this section shall be state road bonds assuch term is used in section 30(b) of article IV of the state constitution,and as such, principal and interest payments on such bonds shall be madefrom the state road fund as provided in section 30(b) of article IV of thestate constitution. Bonds issued pursuant to this section shall not bedeemed to constitute a debt or liability of the state or a pledge of thefull faith and credit of the state, and the principal and interest on suchbonds shall be payable solely from the state road fund. Bonds issuedpursuant to this section, the interest thereon, or any proceeds from suchbonds, shall be exempt from taxation in the state of Missouri for allpurposes except for the state estate tax.

6. Bonds may be issued for the purpose of refunding, either atmaturity or in advance of maturity, any bonds issued under this section.The proceeds of such refunding bonds may either be applied to the paymentof the bonds being refunded or deposited in trust and maintained in cash orinvestments for the retirement of the bonds being refunded, as shall bespecified by the highways and transportation commission and the authorizingresolution or trust indenture securing such refunding bonds. Theauthorizing resolution or trust indenture securing the refunding bondsshall specify the amount and other terms of the refunding bonds and mayprovide that the refunding bonds shall have the same security for theirpayment as provided for the bonds being refunded. The refunding bondsshall be for a period of not less than ten years and not more than twentyyears from their date of issue and shall bear interest at a rate or ratesnot exceeding the rate permitted by law. The principal amount of refundingbonds issued pursuant to this section shall not be counted toward the limiton the principal amount of bonds permitted under this section.