Missouri Revised Statutes













Chapter 620

Department of Economic Development

←620.1029

Section 620.1030.1

620.1037→

August 28, 2015

New jobs fund created--sources, uses, conditions--conditional effective date.

620.1030. 1. There is hereby created in the state treasury a revolving

fund to be known as the "New Jobs Fund" to be administered by the department

of economic development.



2. The general assembly may appropriate to the new jobs fund, if funds

are available and if requested by the governor, a one-time appropriation of

five million dollars. The fund is to be used to make direct financial

investments in early-stage Missouri businesses that show promise of

significant growth and job creation. Investments from the fund may be in the

form of either debt or equity in a business. The fund's investments shall be

matched by investments of venture capital firms, banks or other sources of

financing. The state investment from the fund may not exceed forty percent

of the total investment in the business.



3. Any moneys remaining in the new jobs fund at the end of the fiscal

year shall not lapse to the general revenue fund, as provided in section

33.080, but shall remain in the new jobs fund.



*4. The provisions of this section shall not become effective unless and

until a proposal submitted by the eighty-seventh general assembly to change

the provisions of Article III of the State Constitution by adding a section

to allow the use of state funds to make direct financial investments in

certain Missouri businesses is submitted to the voters of this state and such

proposal is approved by a majority of the qualified voters of this state

voting on such proposal.



(L. 1993 H.B. 566 § 5)



*Conditional effective date dependent upon constitutional amendment to

Article III. Eighty-seventh general assembly did not take action

on subsection 4 of section 620.1030.







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