Section 620.1001

Title XL ADDITIONAL EXECUTIVE DEPARTMENTS

Chapter 620

Effective - 28 Aug 1992   

  620.1001.  Small business development fund created — distribution — lapse into general revenue prohibited, exception — interest and income to be credited to fund. — 1.  There is hereby established in the state treasury a special trust fund to be known as the "Missouri Small Business Development Centers Fund", which shall consist of all moneys which may be appropriated to it by the general assembly, and in addition may include any gifts, contributions, grants or bequests received from federal, state, private or other sources.

  2.  The department may authorize the state treasurer to make payments from the fund to the host entity to be distributed within the Missouri small business development centers program.  Payments made under sections 620.1000 to 620.1007 to the host entity for the Missouri small business development centers program shall be distributed on a matching basis to other small business development centers in this state.

  3.  Whenever the general assembly has appropriated moneys to be used for making payments as authorized in sections 620.1000 to 620.1007, the department shall enter into a financial agreement with the host entity for the amount of moneys available from the fund.  The department shall notify the state treasurer to disburse payment to the host entity from the fund upon completion of the financial agreement.  Any portion of any state or local moneys allocated under sections 620.1000 to 620.1007 may be used to qualify for matching federal moneys.

  4.  The director shall have administrative control of the moneys from the fund and all moneys from the fund shall be used exclusively for the purpose of sections 620.1000 to 620.1007.  The host entity shall provide controls to ensure proper distribution of the moneys from the fund.

  5.  Any moneys remaining in the fund at the end of any fiscal year shall not lapse to the general revenue fund, as provided in section 33.080, but shall remain in the fund.  The state treasurer shall invest moneys of the fund which are not needed to meet current obligations in the same manner as other state moneys may be invested.  All yield, interest, income, increment and gain received from the investment of moneys of the fund shall be credited to the fund.  If the fund is ever abolished, all moneys in the fund on the effective date of its abolition shall lapse to the general revenue fund of the state.

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(L. 1992 S.B. 661 & 620 § 2)