Effective 28 Aug 1993

620.1030. New jobs fund created — sources, uses, conditions — conditional effective date. — 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.

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(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.