Bills Filed After Failed Mo. Sweetener Plant
JEFFERSON CITY (AP) - New Missouri legislation would add requirements for officials involved in economic development projects.
Several House lawmakers filed the bills Monday in response to a failed project to build an artificial sweetener plant in Moberly. Construction of the factory for Mamtek U.S. Inc. stopped last fall after the company missed a payment on $39 million in bonds issued by Moberly. State government offered $17 million of incentives but none were paid.
The legislation would require local governments to get insurance for municipal bonds for economic development projects and to hold a public hearing before issuing bonds.
The bills would also require state and local officials to share information they have about companies seeking development incentives.