Billion Dollar Bond Issue

The state has finally paid off a $600 million bond issue passed 30 years ago, but lawmakers may come back asking taxpayers to approve another loan next year.Columbia representative Chris Kelly told ABC 17 News he hopes to get a bond issue on the April ballot to take advantage of low interest rates.Senator Kurt Schaefer is working on the bill too. The billion dollar plan would finance construction at college campuses, repairs at state mental health institutions and office buildings and maybe even new road work.Supporters say several factors make it a good time to issue bonds: Interest rates are low, construction costs are down, Missouri has a long list of capital improvement needs, and now that the 1982 bond initiative is repaid, Missouri has some available cash.State figures show the 1982 initiative cost the state $1.25 billion after all the interest was paid. Lawmakers expect to get the bill pre-filed this week.