Missouri Constitution
Article III
LEGISLATIVE DEPARTMENT
Section 37
August 28, 2007
Limitation on state debts and bond issues.
Section 37. The general assembly shall have no power to
contract or authorize the contracting of any liability of the
state, or to issue bonds therefor, except (1) to refund
outstanding bonds, the refunding bonds to mature not more than
twenty-five years from date, (2) on the recommendation of the
governor, for a temporary liability to be incurred by reason of
unforeseen emergency or casual deficiency in revenue, in a sum
not to exceed one million dollars for any one year and to be paid
in not more that five years from its creation, and (3) when the
liability exceeds one million dollars, the general assembly as on
constitutional amendments, or the people by the initiative, may
also submit a measure containing the amount, purpose and terms of
the liability, and if the measure is approved by a majority of
the qualified electors of the state voting thereon at the
election, the liability may be incurred, and the bonds issued
therefor must be retired serially and by installments within a
period not exceeding twenty-five years from their date. Before
any bonds are issued under this section the general assembly
shall make adequate provision for the payment of the principal
and interest, and may provide an annual tax on all taxable
property in an amount sufficient for the purpose.
Source: Const. of 1875, Art. IV, § 44.
Missouri General Assembly