MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
JEFFERSON CITY -- A multi-hundred million dollar bond, slated for higher education "life science" construction projects statewide, took a step forward Wednesday evening when the Senate gave the bill first-round approval.
Although winning preliminary approval, several provisions were added on that could cause the bill to face strong opposition in the House, including:
* A requirment for passage of a Southwest Missouri State that has already been rejected by the House
* A tax increase on businesses generating an estimated $50 million per year
The size of the bond now measures $377.5 million -- with community colleges now recieving $22.5 million from the bond as well as the major colleges and universities. The University of Missouri system would recieve about $195 million total, with the MU campus getting about $90 million of that.
The approval of the bill came despite an addition by Sen. Ken Jacob, D-Columbia, that would increase taxes on businesses and generate about $50 million per year. That money would pay off debt from the bond and then, with the leftovers, help fund financial aid for Missouri college students.
Missouri businesses would be able to earn tax credits by hiring students who graduate from schools recieving money from the bond.
Jacob said his plan would give the state a viable way to fund bond payments.
"I have concerns about how we're going to pay for the bonds," Jacob said. "We're going to trade buildings for operating budgets."
There are a total of 16 projects and 14 schools on the list. The projects are supposed to further research in the areas like biology, chemistry, and genetics.
Wednesday night's action represented the first time in months that the bonding had been moved on. The bill had floated around the Senate since February.
At that time, President Pro Tem Peter Kinder, R-Cape Girardeau, and Jacob reached an agreement where Jacob would end his filibuster against changing Southwest Missouri State University's name to Missouri State University.
In return, Kinder would have introduced a bond bill for the UM system only.
During the debate, Kinder said that both the name-change and the bond would be linked together-- if one passed, then the other would pass. But Jacob said that was never part of the deal.
Another complicating element was the fact that both Jacob and Kinder are vying for the Lieutenant Governor's seat -- a fact that Jacob was quick to pounce on.
"Sen. Kinder has become very snuggly with higher education," he said.
The bond will next face intense scrutiny from both the House and another joint committee that reviews appropriations bills.
For that reason, UM system lobbyist Steve Knorr said the system would remain cautious about its chances of securing the money.
"In this business, you take everything one step at a time," he said.