Missouri Revised Statutes













Chapter 620

Department of Economic Development

←620.1000

Section 620.1001.1

620.1003→

August 28, 2015

Small business development fund created--distribution--lapse into general revenue prohibited, exception--interest and income to be credited to fund.

620.1001. 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.



(L. 1992 S.B. 661 & 620 § 2)







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