620.1030. New jobs fund created--sources, uses, conditions--conditional effective date. - Missouri Statutes

New jobs fund created--sources, uses, conditions--conditionaleffective date.

620.1030. 1. There is hereby created in the state treasurya revolving fund to be known as the "New Jobs Fund" to beadministered by the department of economic development.

2. The general assembly may appropriate to the new jobsfund, if funds are available and if requested by the governor, aone-time appropriation of five million dollars. The fund is tobe used to make direct financial investments in early-stageMissouri businesses that show promise of significant growth andjob creation. Investments from the fund may be in the form ofeither debt or equity in a business. The fund's investmentsshall be matched by investments of venture capital firms, banksor other sources of financing. The state investment from thefund may not exceed forty percent of the total investment in thebusiness.

3. Any moneys remaining in the new jobs fund at the end ofthe fiscal year shall not lapse to the general revenue fund, asprovided in section 33.080, RSMo, but shall remain in the newjobs fund.

*4. The provisions of this section shall not becomeeffective unless and until a proposal submitted by theeighty-seventh general assembly to change the provisions ofarticle III of the state constitution by adding a section toallow the use of state funds to make direct financial investmentsin certain Missouri businesses is submitted to the voters of thisstate and such proposal is approved by a majority of thequalified voters of this state voting on such proposal.

(L. 1993 H.B. 566 § 5)

*Conditional effective date dependent upon constitutional amendment to article III. Eighty-seventh general assembly did not take action on subsection 4 of section 620.1030.