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Section 67.1648 Commission may suspend new registration if fund depleted — program debts not to be debts of other political subdivisions or the state.

MO Rev Stat § 67.1648 (2019) (N/A)
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Effective 28 Aug 1999

67.1648. Commission may suspend new registration if fund depleted — program debts not to be debts of other political subdivisions or the state. — If the guarantee fund becomes depleted and payments of guarantees pursuant to the program cannot be made in a timely fashion as required by the program guidelines, the governing commission may temporarily suspend the registration of new members and borrow funds against future tax revenues until such time as the guarantee fund is sufficiently restored. Under no circumstances shall the indebtedness or obligations of a program or a governing commission become an indebtedness or obligation of either the municipality or county in which the program is located or the state of Missouri.

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(L. 1999 S.B. 20)

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