Missouri 2025 Regular Session

Missouri House Bill HB1172 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	FIRSTREGULARSESSION
2	2	HOUSEBILLNO.1172
3	3	103RDGENERALASSEMBLY
4	4	INTRODUCEDBYREPRESENTATIVEHALEY.
5	5	2500H.01I JOSEPHENGLER,ChiefClerk
6	6	ANACT
7	7	Torepealsections172.610,172.640,172.650,172.651,172.660,172.661,172.680,and
8	8	172.720,RSMo,andtoenactinlieuthereofthreenewsectionsrelatingtothe
9	9	seminaryfundofthestateuniversity.
10	10	BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
11	11	SectionA.Sections172.610,172.640,172.650,172.651,172.660,172.661,172.680,
12	12	2and172.720,RSMo,arerepealedandthreenewsectionsenactedinlieuthereof,tobeknown
13	13	3assections172.610,172.640,and172.650,toreadasfollows:
14	14	172.610.Thereisherebycreatedandestablishedapermanentfundforthesupportof
15	15	2thestateuniversity,withitsseveraldivisions,tobedenominated"TheSeminaryFund",
16	16	3whichshallconsistofallcertificatesofindebtednessofthestateofMissouri,issuedunder
17	17	4sections172.610to[172.720] 172.650, andtheproceedsthereof;thenetproceedsofallsales
18	18	5oflandsgrantedtothestateforthebenefitofthestateuniversitywithitsseveraldivisions,as
19	19	6providedbylaw;andallgifts,grants,bequests,ordevisestosaidseminaryfundorthestate
20	20	7forthebenefitoftheuniversity,andnototherwiseappropriatedbythetermsofanysuchgift,
21	21	8grant,bequestordevise,whichfundshallbepaidintothestatetreasury,andbesecurely
22	22	9investedbytheboardofcuratorsofthestateuniversityandsacredlypreservedasaseminary
23	23	10fund,theannualincomeofwhichshallbefaithfullyappropriatedforthemaintenanceofthe
24	24	11stateuniversity,andfornootherusesorpurposeswhatsoever,saidincometobeappliedas
25	25	12directedbytheboardofcuratorsofthestateuniversity,unlessotherwisedirectedbytheterms
26	26	13oftheactofCongressorofthegeneralassemblyrelatingthereto,orbythetermsofthe
27	27	14certificate,instrumentofgift,grant,bequestordevisebywhichanysuchcertificate,property,
28	28	15securities,ormoneywerereceived.
29	29	EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
30	30	intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 172.640.[Wheneversaidboardshallcontractwiththesellerofanysuchbondsor
31	31	2securities,theboardshallrequisitionandthecommissionerofadministrationshallapprove,
32	32	3andthestateauditorshallforthwithissue,awarrantuponthestatetreasurerforthepurchase
33	33	4priceagreedupon,payableoutoftheseminaryfund,infavorofsuchseller.Allbondsor
34	34	5securitiessopurchasedshallbemadepayableto,orberegisteredinthenameof,thestate
35	35	6treasurerastrusteeoftheseminaryfundandshallbedepositedaspartoftheseminaryfund
36	36	7withthestatetreasurerwhoshallgivehisreceipttherefortosaidboardofcurators] 1.The
37	37	8stateuniversityshallestablishaseparatecustodialaccountatafinancialinstitutionin
38	38	9whichtheamountsintheseminaryfundshallbedepositedandheld.Thestate
39	39	10universityshallinvesttheamountsinthecustodialaccountingovernmentbondsunder
40	40	11section172.630.Theearningsonsuchbondsinthecustodialaccountmaybewithdrawn
41	41	12bytheuniversityandanywithdrawalsshallbeusedbytheuniversityforthe
42	42	13maintenanceofthestateuniversity,itsCollegeofAgriculture,andtheUniversityof
43	43	14Missouri-Rollacampus.
44	44	15 2.Thestateuniversityshallprovideareportfromthefinancialinstitutionasto
45	45	16thereceiptsandexpendituresfromthecustodialaccounttothestatetreasurernoless
46	46	17oftenthanannually.
47	47	172.650.1.Allofthestatecertificatesofindebtednessissuedto,andpartof,the
48	48	2seminaryfund,whetheroriginalcertificatesorrenewalsthereof,areherebyconfirmedas
49	49	3sacredobligationsofthestatetosaidfund,andtheyshallbeandremainnonnegotiable,
50	50	4unconvertibleanduntransferablefromthepurposesoftheirissue,andtheyshallremainso
51	51	5muchofthepermanentseminaryfundasisrepresentedbytheiramounts,respectively,until
52	52	6theyshallbeliquidatedbythegeneralassemblybyappropriationandpaymentoftheface
53	53	7amountsthereoftotheseminaryfund.
54	54	8 2.Thegeneralassemblymayprovideforthepartialliquidationofanyandallofsaid
55	55	9certificatesbyappropriationandpaymenttotheseminaryfundofaportionorportionsofthe
56	56	10faceamountsthereofand,inanysuchevent,anewcertificateofindebtednessshallissuefor
57	57	11thebalanceofthefaceamountofsuchpartiallyliquidatedcertificatewhichremainsunpaid
58	58	12aftersuchpartialliquidation.
59	59	13 [3.Whenthecertificatesofindebtednessofthestatetotheseminaryfundshall
60	60	14mature,renewalcertificatesinformsubstantiallysimilartothematuringcertificatesandfor
61	61	15likeamounts,payabletothestatetreasurerastrusteeoftheseminaryfund,withlike
62	62	16maturities,andbearingthesameratesofinterest,payableinlikemanner,asprovidedinthe
63	63	17maturingcertificates,shallbeexecuted,countersigned,andsealedinlikemannerasspecified
64	64	18insection172.611.
65	65	19 4.Upontheexecutionofsuchrenewalcertificates,theyshallbedepositedwiththe
66	66	20statetreasureraspartoftheseminaryfundandthematuredcertificatesofindebtednessshall
67	67	HB1172 2 21beforthwithcancelledbythestatetreasurer.Receiptsforalloriginalandrenewalcertificates
68	68	22ofindebtednessdepositedinthestatetreasury,andnoticesofallcancellationsthereof,shall
69	69	23begivenbythestatetreasurertotheboardofcuratorsofthestateuniversity.]
70	70	[172.651.Wheneveranybondorsecuritieswhichareheldinthe
71	71	2 seminaryfundshallmature,thestatetreasurer,uponorderoftheboardof
72	72	3 curatorsofthestateuniversity,shallpresentthesameforpayment,andshall
73	73	4 holdtheproceedsthereofaspartoftheseminaryfund,andsuchproceedsshall
74	74	5 beimmediatelyreinvestedasinsections172.610to172.720provided.]
75	75	[172.660.1.Thestatetreasurershallbethecustodianofalloriginal
76	76	2 andrenewalcertificatesofindebtednessofthestatetotheseminaryfundand
77	77	3 ofallbondsandsecuritiesinwhichtheseminaryfundshallbeinvested,and
78	78	4 alsoofallmoneysbelongingtosaidseminaryfund,andheandhissureties
79	79	5 shallberesponsibleonhisofficialbondfortheperformanceofhisdutiesin
80	80	6 thesafekeeping,disbursementandinvestmentofallmoneyorpropertyofthe
81	81	7 seminaryfundinaccordancewiththeprovisionsofsections172.610to
82	82	8 172.720.
83	83	9 2.Thestatetreasurershallkeepanaccurateaccountofallcertificates
84	84	10 ofindebtedness,money,bondsandsecuritiesintheseminaryfund,the
85	85	11 maturitiesthereof,theratesofinterestthereon,andthedateswhensaidinterest
86	86	12 ispayable,andshallcertifytotheboardofcuratorsquarter-yearlysuch
87	87	13 accountsandreportsrelatingtheretoasmayberequiredbysaidboard.
88	88	14 3.Thestatetreasurershallincludeineachofhisreportstothegeneral
89	89	15 assemblyafullaccountofallreceiptsandexpendituresonaccountofthe
90	90	16 seminaryfundandtheincometherefromandareportofallinformationinhis
91	91	17 possessionwhichrelatestosuchfundandpropertydedicatedtotheuseofthe
92	92	18 university.]
93	93	[172.661.1.Theboardofcuratorsshallkeeparegularaccountwith
94	94	2 thestatetreasurerandallotherpersonsinrelationtotheseminaryfund.
95	95	3 2.Theboardofcuratorsofthestateuniversityshallrequireallpersons
96	96	4 whoshallhavereceivedanymoneybelongingtosaidfundorincometosettle
97	97	5 theiraccounts,and,inthatname,maysueforandrecoverallmoneysduefrom
98	98	6 anypersononaccountofsuchfundorincome.]
99	99	[172.680.Thestatetreasurer,wheneveranybondsorsecuritiesshall
100	100	2 havebeenpurchasedbytheboardofcuratorsfortheseminaryfundand
101	101	3 paymentthereforanddeliverythereofhavebeenmade,shallplainlystampon
102	102	4 thefaceofeachofsaidbondsorsecuritiesthesewords:"Thisbondisthe
103	103	5 propertyoftheseminaryfund",andshallsignsuchstatement,andthereafter
104	104	6 nobondorsecuritiessostampedshallbenegotiable,butitortheyshallonly
105	105	7 bepayabletothestatetreasurerastrusteeoftheseminaryfund.Theinterest
106	106	8 onallsuchbondsorsecurities,whendue,shallbecollectedbythestate
107	107	9 treasurerandcreditedtothe"StateSeminaryMoneysFund",whichishereby
108	108	10 created,andthepaymentofsuchinterestcertifiedbyhimtotheboardof
109	109	11 curators.]
110	110	HB1172 3 [172.720.Theincomereceivedfromtheseminaryfundshallbepaid
111	111	2 forthemaintenanceofthestateuniversity,itsCollegeofAgricultureand
112	112	3 UniversityofMissouri-Rolla,uponrequisitionbytheboardofcuratorsupon
113	113	4 thecommissionerofadministrationandshallbeappliedasinsections172.610
114	114	5 to172.720.]
115	115	✔
116	116	HB1172 4