The general assembly may authorize the contracting of an indebtedness
on behalf of the state of Missouri and the issuance of bonds or other evidences of
indebtedness not exceeding in the aggregate the sum of two hundred million dollars
for the purpose of providing funds for use in this state for the protection of the
environment through the control of water pollution. The bonds shall be issued by the
State Board of Fund Commissioners from time to time and in such amounts as may be
necessary to carry on a program by the Clean Water Commission of the state as determined
by the General Assembly for the planning, financing and constructing sewage
treatment facilities by any county, municipality, sewer district, or any combination of
the same and the Board of Fund Commissioners shall offer such bonds at public sale,
and shall provide such method as it may deem necessary for the advertisement of the
sale of each issue of said bonds before the same are sold.
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 “Water Pollution Control
Fund.”
The bonds shall be retired serially and by installments within a period not to exceed
twenty-five years from their date of issue and shall bear interest at a rate or rates not
exceeding the rate permitted by law.
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 Water Pollution Control
Bond and Interest Fund, which is hereby created, and the payment of said bonds and
the interest thereon shall be secured by a pledge of the full faith, credit and resources
of the State of Missouri.
Upon the issuance of such bonds, or any portion thereof, the State Board of Fund
Commissioners shall notify the Commissioner of Administration 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 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 Commissioner
of Administration of the amount of money required for the payment
of interest on the said bonds in the next succeeding fiscal year and to pay said bonds
maturing in such next succeeding fiscal year.
It shall be the duty of the Commissioner of Administration to transfer at least
monthly, from the State Revenue Fund, after deducting therefrom the proportionate
part thereof appropriated for the support of the free public schools, and to credit to the
Water Pollution Control Bond and Interest Fund such sum as may be necessary from
time to time 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 Commissioner of Administration that the funds available in the State Revenue
Fund, as aforesaid, will not be sufficient for the payment of the sinking fund and interest
on outstanding obligations of the state and for the purpose of public education and 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 Commissioner of Administration 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 Commissioner of Administration
shall annually certify the rate of taxation so
determined to the county clerk of each county 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 “Water Pollution Control Bond and Interest Fund.”
All funds paid into the Water Pollution Control Bond and Interest 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.
The General Assembly may enact such laws as may be necessary to carry this
amendment into effect.
Structure Missouri constitution