Bill Text: MO HB1903 | 2010 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Creates the Federal Budget Stabilization Extension Fund and the Race to the Top Fund to receive moneys from any legislation enacted by the 111th United States Congress

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2010-09-15 - Veto Override Failed (G) [HB1903 Detail]

Download: Missouri-2010-HB1903-Introduced.html

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SECOND REGULAR SESSION

HOUSE BILL NO. 1903

95TH GENERAL ASSEMBLY

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INTRODUCED BY REPRESENTATIVE ICET.

4849L.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk

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AN ACT

To repeal section 30.1010, RSMo, and to enact in lieu thereof one new section relating to the federal budget stabilization extension fund, with an emergency clause.

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

            Section A. Section 30.1010, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 30.1010, to read as follows:

            30.1010. There is hereby created in the state treasury the "Federal Budget Stabilization Extension Fund", which, provisions of law to the contrary notwithstanding, shall consist of all moneys[, except those specifically allocable to the funds established under the provisions of sections 288.290, 288.300, and 644.122, RSMo,] received in the state treasury due to the [American Recovery and Reinvestment Act of 2009] Jobs for Main Street Act of 2010 as enacted by the 111th United States Congress or any other act relating to job creation enacted by the 111th Congress, which are intended to assist states in budget stabilization. The state treasurer shall be custodian of the fund and may approve disbursements from the fund in accordance with sections 30.170 and 30.180. Notwithstanding the provisions of section 33.080, RSMo, to the contrary, any moneys remaining in the fund at the end of the biennium shall not revert to the credit of the general revenue fund. The state treasurer shall invest moneys in the fund in the same manner as other funds are invested. Any interest and moneys earned on such investments shall be credited to the fund.

            Section B. Because immediate action is necessary to ensure proper receipt and accounting of moneys resulting from the enactment of a federal job creation bill, section A of this act is deemed necessary for the immediate preservation of the public health, welfare, peace, and safety, and is hereby declared to be an emergency act within the meaning of the constitution, and section A of this act shall be in full force and effect upon its passage and approval.

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