Proposes a constitutional amendment establishing the Interstate 70 Improvement Fund and requiring certain deposits into the fund
Impact
If approved, SJR9 will effectively amend the Missouri Constitution by creating a dedicated fund for transportation improvements along Interstate 70. This initiative is expected to facilitate long-term funding for critical upgrades and maintenance of a vital transportation corridor that connects various regions of the state. By specifying the allocation of state revenue towards I-70 improvements, the resolution aims to address ongoing infrastructure needs while ensuring accountability in how state funds are utilized for transportation purposes.
Summary
Senate Joint Resolution No. 9 (SJR9) proposes a constitutional amendment aiming to secure dedicated funding for improvements to Interstate 70 in Missouri. The bill mandates that two percent of the state's net general revenue collections annually be deposited into a newly established Interstate 70 Improvement Fund. Furthermore, any surplus in the general revenue fund exceeding four billion dollars, up to a maximum of one billion five hundred million dollars, will also be allocated to this fund. This funding is intended exclusively for projects related to the completion, widening, and maintenance of Interstate 70, with provisions ensuring that the money will not revert to the general revenue fund at the end of the biennium.
Sentiment
The sentiment surrounding SJR9 has generally been positive among proponents who view it as a necessary step to enhance infrastructure and promote economic development across Missouri. Supporters argue that investing in Interstate 70 will not only improve travel safety and efficiency but also bolster economic growth by enhancing access to key markets and services. There is, however, some apprehension regarding the fiscal implications of consistently earmarking a percentage of state revenue for this purpose, with concerns raised about potential conflicts with other funding priorities.
Contention
While many support the establishment of the Interstate 70 Improvement Fund, there are opponents who argue that such constitutional amendments can limit flexibility in budgetary allocations. Critics express concern that earmarking funds might divert money away from other essential services, especially in times of budget constraints. Additionally, the bill sets an expiration date for the funding provisions in 2033, which has led to discussions about the long-term sustainability and future ramifications of such a funding approach.