House committee votes to finalize $301M in road, bridge bonds
The Missouri House Budget Committee convened Thursday morning and voted to support Senate Concurrent Resolution 14, which would give approval to the office of administration to strike a bond agreement with the Federal Highways and Transportation Commission.
In a brief hearing that saw no discussion, the final vote tally was 24 in favor, two in opposition and a single abstention.
Missouri Department of Transportation director Patrick McKenna called the plan a “compromise” between House and Senate lawmakers.
“It’s always difficult to advance things,” said McKenna. “It’s always difficult to direct funding to policy issues. It’s a move forward. It’s a shot in the arm. It doesn’t solve all of our problems, but for certain bridge projects, it does.”
The vote comes after lawmakers were divided on Gov. Mike Parson’s strategy for funding road and bridge repair across the state, which involved a more than $300 million package.
The text of the resolution is as follows:
This concurrent resolution expresses support for issuance of bonds by the Highways and Transportation Commission to pay for construction and repair of 215 bridges on the state highway system, as selected by the Commission, not to exceed $301,000,000.
This resolution expresses approval for debt service to be paid from future appropriations by the General Assembly from the General Revenue Fund and expresses the intent to appropriate funds in the future in an amount sufficient to pay the debt service on the bonds.
The resolution authorizes and directs the Office of Administration, and other offices deemed appropriate by the Office of Administration, to assist the Commission in issuing the bonds, and to execute and deliver a financing agreement for payment of debt service on the bonds.
This resolution shall take effect upon acceptance by the Missouri Department of Transportation of a federal grant for road and bridge purposes.
Missouri lawmakers have until Friday to approve a finalized state budget and send it to the governor for a signature.
The final day of the 2019 legislative session is May 18.
