In addition to the exceptions made in Section
37, the General Assembly shall have power to contract, or to authorize the contracting
of, a debt or liability on behalf of the state, and to issue
bonds or other evidence
of indebtedness therefore, not exceeding in the aggregate
Seventy-five Million Dollars
($75,000,000), for the purpose of repairing,
remodeling or rebuilding, or of repairing,
remodeling and rebuilding state buildings and properties at all or any of the penal,
correctional and reformatory institutions of this state, the state training schools, state
hospitals and state schools and other eleemosynary institutions of this state, and institutions
of higher education of this state, and for building additions thereto and additional
buildings where necessary, and for furnishing and equipping any such improvements.
Such bonds shall bear interest at a rate not exceeding three percentum (3%) per
annum, payable semiannually, except that the first interest payable thereon may be
paid not later than one year from the date of issuance, and maturing not later than
twenty-five years from their date. Such bonds shall be issued by the State Board of
Fund Commissioners in such amount, from time to time, as may be necessary to carry
on the building program as determined by the General Assembly. The proceeds of the
sale or sales of any bonds issued hereunder shall be paid into the state treasury and be
credited to a fund to be designated the “Second State Building Fund.”
The proceeds of the sale of the bonds herein authorized shall be expended for the
purposes for which the bonds are hereinabove authorized to be issued.
The bonds and the interest thereon shall be paid out of the Second State Building
Bond Interest and Sinking Fund, which is hereby created. Upon the issuance of such
bonds, or any portion thereof, the State Board of Fund Commissioners
shall notify the
State Comptroller of the amount of money required,
in the remaining portion of the
fiscal year during which said bonds shall have been issued, for the payment of interest
on the said bonds, and of the amount of money required for the payment of interest on
the said bonds in the next succeeding fiscal year, and for the establishment and maintenance
of a sinking fund to pay said bonds as they mature. Thereafter, within thirty
days after the beginning of each fiscal year, the State Board of Fund Commissioners
shall notify the State Comptroller of the amount of money required for the payment of
interest on the said bonds in the next succeeding fiscal year and for the maintenance of
the sinking fund to pay said bonds maturing in such next succeeding fiscal year.
It shall be the duty of the State Comptroller to transfer, at least monthly, the proceeds
of the state income tax, after deducting therefrom the proportionate part thereof
appropriated for the support of the free public schools, to the credit of the Second State
Building Bond Interest and Sinking Fund until there shall have been transferred to said
fund the amount so certified to him by the State Board of Fund Commissioners, as
hereinabove provided.
If at any time after the issuance of any of the said bonds, it shall become apparent
to the State Comptroller that the proceeds of the state income tax, as aforesaid, will
not be sufficient for the payment of the principal and interest maturing and accruing
on said bonds during the next succeeding fiscal year, a direct tax shall be levied upon
all taxable tangible property in the state for the payment of said bonds and the interest
that will accrue thereon. In such event, it shall be the duty of the State Comptroller
annually, on or before the first day of July, to determine the rate of taxation necessary
to be levied upon all taxable tangible property within the state to raise the amount of
money needed to pay the principal of and interest on such bonds maturing and accruing
in the next succeeding fiscal year, taking into consideration available funds, delinquencies
and costs of collection. The State Comptroller shall annually certify the rate of
taxation so determined to the county clerk of each county and to the comptroller or
other officer in the city of St. Louis whose duty it shall be to make up and certify the
tax books wherein are extended the ad valorem state taxes. It shall be the duty of said
clerks and the said comptroller or other proper officer in the city of St. Louis to extend
upon the tax books the taxes to be collected and to certify the same to the collectors of
the revenue of their respective
counties and of the city of St. Louis, who shall collect
such taxes at the same time and in the same manner and by the same means as are now
or may hereafter be provided by law for the collection of state and county taxes, and
to pay the same into the state treasury for the credit of the Second State Building Bond
Interest and Sinking Fund.
If at any time the balance in said Second State Building Bond Interest and Sinking
Fund should be insufficient to pay accruing interest or maturing principal of said
bonds, the Board of Fund Commissioners shall direct the State Comptroller
to transfer
from the State Revenue Fund to said Second State Building Bond Interest and Sinking
Fund the sum required for said purposes, or either of them, and said sum so transferred
shall be reimbursed to the State Revenue Fund whenever there may be a balance in the
Second State Building Bond Interest and Sinking Fund in excess of the amount which
may then be needed to meet the accruing interest and maturing principal of the said
bonds during one fiscal year next succeeding.
All funds paid into the Second State Building Bond Interest and Sinking Fund shall
be and stand appropriated without legislative action to the payment of principal and
interest of the said bonds, there to remain until paid out in discharge of the principal of
said bonds and the interest accruing thereon, and no part of such fund shall be used for
any other purpose so long as any of the principal of said bonds and the interest thereon
shall be unpaid, provided, however, that nothing herein contained shall prevent the
reimbursement from the said Second State Building Bond Interest and Sinking Fund
of the State Revenue Fund, as hereinabove provided.
The General Assembly shall enact such laws as may be necessary to carry this
amendment into effect.
Structure Missouri constitution