New Missouri Legislation Will Help Stimulate Economic Development
JEFFERSON CITY, (SLFP.com), July 10, 2005 - Gov. Matt Blunt has signed bills regarding local government that, among other things, extend the Missouri Qualified Ethanol Producer Incentive Fund, reinstate the waste tire fee and create the Missouri Downtown Revitalization Preservation Program.
In a statement, Blunt said, "The bills I signed today directly impact Missourians as they live, work and do business. Improvements to biodiesel and ethanol laws will benefit Missouri's farm families and our state's economy; local government provisions will give Missouri's communities the tools they need to succeed; and environmental waste fees will help keep Missouri's lakes, streams, rivers and soil clean and safe."
Bills the governor signed today include Senate Bill 355, which focuses on two of Blunt's legislative goals: supporting our agriculture industry and establishing Missouri as a leader in renewable fuels. The bill extends the Missouri Qualified Ethanol Producer Incentive Fund from its current sunset in 2007 to 2015, giving Missouri farm families added confidence to invest in renewable fuels. This bill also allows funding for the Biodiesel Incentive Fund to be derived from General Revenue, helping to ensure Missouri production plants are competitive with surrounding states' facilities.
Blunt has called for a 10 percent ethanol standard in Missouri, reiterating his commitment to positioning Missouri as a national competitor in ethanol production and utilization. He is also the first Missouri Governor to include full funding for the ethanol incentive fund in his budget to the General Assembly.
Senate Bill 355 also allows levee and drainage districts five years after the lapse of their corporate charter to reinstate and establishes the Missouri Wine and Grape Board. Sen. John Griesheimer sponsored the bill.
Blunt also signed the following bills related to local government.
House Bill 58 and Senate Bill 210, sponsored by the chairs of the House and Senate Local Government Committees, Rep. Robert Johnson and Sen. John Griesheimer, enact provisions to improve existing local government legislation and enact meaningful laws affecting political subdivisions. The bills include the local option economic development sales tax and the Missouri Downtown Revitalization Preservation Program, a program for small and mid-sized cities that compliments the existing Missouri Downtown Economic Stimulus Act.
Senate Bill 225, sponsored by Sen. John Cauthorn, reinstates a 50 cent waste tire fee and extends the sunset on the Drycleaner Environmental Response Trust Fund. Provisions will ensure the Department of Natural Resources will have the resources to maintain environmental services at an appropriate level.
House Bill 64 making the popular Sales Tax Holiday an annual event. The holiday will be the first full weekend in August and will exempt certain clothing, school supplies, computers, and related items.
"The bill I signed today will make preparing students for back to school easier on Missouri's hard working families," Blunt said. "Not only can families take advantage of the immediate savings, but also holding a Sales Tax Holiday every year will give families the opportunity to plan purchases in advance knowing the tax break will be available."
Rep. Mike Sutherland sponsored House Bill 64. The bill exempts certain school supplies and related items from state and local sales tax for three days in August. Provisions in the bill allow local governments to opt out of the holiday.
Blunt also signed the following bills regarding economic development.
House Bill 500 helps ensure businesses are responsible for their true unemployment tax liabilities. The legislation prevents State Unemployment Tax Act dumping and, by bringing our state into compliance with a federal mandate, protects Missouri employers' access to more than $990 million in Federal Unemployment Tax Act credits. Rep. Todd Smith sponsored the bill.
House Bill 576, sponsored by Rep. Timothy Flook, ensures agencies consider the impact of their rulemaking actions on small businesses. The bill strengthens the Small Business Regulatory Fairness Board and requires agencies to write more detailed impact statements as part of the rulemaking process. The bill also allows small businesses to petition agencies if the actual impact is not accurately reflected in the impact statement.
Worker Confidence Recovers as Personal Finance Concerns Subside
NEW YORK, (PRNewswire), July 10, 2005 - Confidence among U.S. workers rebounded in June as the Hudson Employment Index(SM) gained three points, from 99.9 to 103.0. That is the highest reading since January's 107.0 Index, but well below the level of 107.5 during the same period one year ago. The increase was driven by improved perceptions of personal finances and a decline in the number of workers concerned about job loss.
After four months of steady decline, 42 percent of workers said their finances are getting better, up from 39 percent a month ago. Conversely, the percent reporting that their situation was getting worse fell three points to 39 percent. Additionally, 45 percent of workers now rate their personal finances as good or excellent, up from 43 percent the previous month.
Workers also expressed an improved sense of confidence in their companies' hiring plans. The number who said their companies are hiring held steady at 31 percent, but the number reporting that their organizations are laying workers off fell from 19 percent to 17 percent. Also, fewer U.S. workers are concerned about personal job loss, as that figure dropped one point to 21 percent.
"The rebound in worker confidence we saw this month has more to do with workers' self-interests than with companies' overall hiring plans," said Jeff Anderson, senior vice president, Hudson, North America. "Even as employees are feeling more secure in their jobs and finances, employers are still facing the prospect of the summer lull in business activity."
Managers, who typically have been more optimistic regarding hiring plans than the national average, fell more in line with the overall workforce this month. In June, the number of managers expecting their companies to hire declined to 32 percent, compared to 35 percent in May.
Similar to the overall results, confidence among IT workers recovered in June after plummeting in May. Optimism also rose among the other occupational sector polls for healthcare, accounting & finance, and manufacturing.
City Closes on $263 Million In Airport Refunding Bonds
ST. LOUIS, (SLFP.com), July 10, 2005 - The city of St. Louis closed today on $263 million in refunding and restructuring bonds saving taxpayers $3.2 million.
This transaction also creates a $38 million cash flow savings at the airport over the 2006-2011 period. This allows for $30 million to be deposited into a Debt Service Stabilization Fund to enhance bondholder security and provide future financial flexibility to the city and the airport. The remaining $8 million in cash flow savings will be deposited into the Airport Development Fund to provide the airlines with rate relief and enhance the competitive position of the airport.
"This financial transaction takes advantage of favorable interest rates and smart debt management saves taxpayer dollars, stated St. Louis Comptroller Darlene Green.
All $263 million in bonds are insured for the highest possible bond rating (AAA) which makes the city's bonds attractive to investors.
Local firms participating on this transaction include White Coleman & Associates, LLC; Armstrong Teasdale, LLP; The Cochran Law Firm; and Berean Capital, Inc. Green also credited her staff and the city's financial advisors for working together with Lambert Airport and the board of aldermen to identify the financial needs of the city.
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