447.710. Property reuse revolving fund--lapse into general revenue prohibited--investment of fund. - Missouri Statutes

Property reuse revolving fund--lapse into general revenueprohibited--investment of fund.

447.710. 1. There is hereby created in the state treasury a fund tobe known as the "Property Reuse Revolving Fund". The property reuse fundis intended to provide ten million dollars annually in uncommitted fundsfor direct loans, loan guarantees and grants. The revolving fund shallconsist of all moneys which may be appropriated to it by the generalassembly any gifts, contributions, grants or bequests received fromfederal, private or other sources, and moneys from the repayment of anyloans or loan guarantees. Notwithstanding the provisions of section33.080, RSMo, no portion of the revolving fund shall be transferred to thegeneral revenue fund at the end of any biennium.

2. At least annually, the state treasurer shall certify the amountdeposited in the fund to the departments of economic development, naturalresources and revenue.

3. Any portion of the property reuse revolving fund not immediatelyneeded for the purposes authorized shall be invested by the state treasureras provided by the constitution and laws of this state. All income fromsuch investments shall be credited to the property reuse revolving fund.

(L. 1995 H.B. 414, A.L. 1997 2d Ex. Sess. S.B. 1)

Effective 12-23-97