SPRINGFIELD, Mo. – As the midterm election is just eight days away, KOLR10 is explaining both sides of ballot issues.
Missouri Amendment One looks at expanding the state treasurer’s investment options. The House and Senate unanimously voted to put Amendment One on the ballot, with only one representative opposing.
“Do you want to amend the Missouri Constitution to: allow the general assembly to override the current constitutional restrictions of state investments by the state treasurer; and allow state investments in municipal securities possessing one of the top five highest long term ratings or the highest short term rating?”
Right now there are seven investment types the treasurer can make, according to a investment policy document on the state treasurer’s website:
- Time Deposits
- Linked Deposits
- U.S. Treasury and Federal Agency Services
- Commercial Paper
- Bankers’ Acceptances
- Repurchase Agreements
- Reverse Repurchase Agreements
If Amendment One passes, the secretary of state’s website said it would give the state treasurer the ability to invest in municipal securities. Municipal securities are bonds that help fund things like schools and roads. The resolution passed by the general assembly said the amendment would also change certain bond durations from five years to seven years. The secretary of state’s website also said there would be no tax impact if voters approved Amendment One.
If the amendment does not pass, the state treasurer would only make investments that are already approved in the constitution.