Section 37.410

Title IV EXECUTIVE BRANCH

Chapter 37

Effective - 09 Jun 2003, see footnote   

  37.410.  Fund created, purpose, payments authorized, when. — 1.  There is hereby created a "State Property Preservation Fund" which shall consist of moneys appropriated to the fund by the general assembly for the purpose of repairing or replacing state-owned or leased property damaged from natural or man-made events.

  2.  Moneys appropriated for the purposes of this section and section 37.413 shall be available for the payment of any property loss for covered state-owned or leased buildings provided:

  (1)  A notice of coverage is issued by the commissioner of administration for such property; and

  (2)  The state is obligated to provide evidence of insurance for such property pursuant to a properly executed agreement, contract, or covenant.

  3.  The aggregate of payments from the state property preservation fund or other funds appropriated for this purpose shall not exceed the amounts necessary to repair or restore the covered property to its condition prior to the covered loss or for the defeasance of outstanding debt secured by the property.  No payment shall be made from the state property preservation fund or other funds appropriated for this purpose unless and until the benefits provided to pay the claim by any other policy of property insurance have been exhausted.

  4.  The provisions of section 33.080 notwithstanding, any moneys remaining to the credit of the state property preservation fund at the end of an appropriation period shall not be transferred to general revenue.

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(L. 2003 S.B. 243)

Effective 6-09-03