Silvey – News Release Banner – 010913 copy
Senator Ryan Silvey
17th Senatorial District
For Immediate Release:
Feb. 18, 2015
Capitol Building, Room 331A
Jefferson City, MO 65101
Contact:
(573) 751-5282
Sen. Silvey Files Measure to Prohibit
Governor from Issuing Public Bonds without
Legislative or Voter Approval
JEFFERSON CITY—Senator Ryan Silvey, R-Kansas City, today filed legislation that would bar the executive branch from issuing any new or existing bonds without approval of the Missouri Legislature or voters. Senate Bill 460 is aimed at reinforcing an important check on the executive branch’s funding authority.
Recently, the governor’s office put together a $1 billion stadium project in a bid to keep the St. Louis Rams from leaving the city; taxpayers would be responsible for around $400 million. When lawmakers voiced their concerns about the proposal, the executive branch announced that it does not need legislative or public approval to issue bonds, based on an interpretation of a more than 20-year-old statute.
“The measure isn’t about whether or not we should make an effort to keep a professional sports team in Missouri. It’s not even ultimately about this particular governor, although his current actions are the catalyst,” said Sen. Silvey. “This legislation is about establishing in law that the executive branch does not have the authority to put our state into debt without legislative or public approval. It’s critical we immediately stop what could set a very dangerous precedent in this state.”
Senator Silvey’s measure would specify in law that the executive branch does not have the authority to extend existing bonds or issue new bonds, including bonds for the St. Louis Regional Convention and Sports Complex Authority, without legislative or voter approval.
For more information on Senate Bill 460, please visit Sen. Ryan Silvey’s official Missouri Senate website at www.senate.mo.gov/silvey.
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