Bill Text: MO HB1008 | 2011 | Regular Session | Enrolled

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Bill Title: Allows the Highways and Transportation Commission to enter into infrastructure improvement agreements to reimburse funds advanced for the benefit of a county, political subdivision, or private entity

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2011-07-08 - Delivered to Secretary of State (G) [HB1008 Detail]

Download: Missouri-2011-HB1008-Enrolled.html

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FIRST REGULAR SESSION

[TRULY AGREED TO AND FINALLY PASSED]

SENATE COMMITTEE SUBSTITUTE FOR

HOUSE BILL NO. 1008

96TH GENERAL ASSEMBLY

2121S.04T                                                            2011

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AN ACT

To amend chapter 226, RSMo, by adding thereto one new section relating to highway infrastructure improvement agreements.

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Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Chapter 226, RSMo, is amended by adding thereto one new section, to be known as section 226.224, to read as follows:

            226.224. Notwithstanding any provision of the law to the contrary, the state highways and transportation commission may enter into binding highway infrastructure improvement agreements to reimburse or repay, in an amount and in such terms agreed upon by the parties, any funds advanced by or for the benefit of a county, political subdivision, or private entity to expedite state road construction or improvement. Such highway infrastructure improvement agreements may provide for the assignment of the state highways and transportation commission's reimbursement or repayment obligations in order to facilitate the funding of such improvements. The funds advanced by or for the benefit of the county, political subdivision, or private entity for the construction or improvement of state highway infrastructure shall be repaid by the state highways and transportation commission from funds from the state road fund in a manner, time period, and interest rate agreed to upon by the respective parties. The state highways and transportation commission may condition the reimbursement or repayment of such advanced funds upon projected highway revenues only if terms of the contract explicitly state such a condition. The contract shall further provide for a date or dates certain for repayment of funds and the commission may delay repayment of the advanced funds if highway revenues fall below the projections used to determine the repayment schedule, or if repayment would jeopardize the receipt of federal highway moneys, only if terms of the contract state such a condition and the contract provides for a date or dates certain for repayment of funds.

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