The bill proposes to repeal the existing section 68.040 of the Revised Statutes of Missouri and replace it with a new section that outlines the powers and responsibilities of local and regional port authorities regarding the issuance of revenue bonds and notes. The new section allows port authorities to issue negotiable revenue bonds or notes to fund construction and improvement projects, while also clarifying that the state will not be liable for these debts. Additionally, it specifies that port authorities and their bonds will be exempt from state taxes and assessments, with certain exceptions, and establishes that port authorities must adhere to procedures similar to those of environmental improvement authorities when issuing bonds. A significant addition in the new section is the requirement for port authorities to seek voter approval before incurring indebtedness for developments located more than two thousand feet from the shorelines of the Missouri River or the Mississippi River. This provision mandates that the question of incurring such debt be submitted to qualified voters in the relevant counties, detailing the amount of indebtedness and the purpose of the bonds. The bill also includes a template for how this question should be presented to voters.

Statutes affected:
Introduced (6442H.01): 68.040