|Date||December 7, 2011 (112th Congress, 1st Session)|
|Staff Contact||Sarah Makin|
On Tuesday, December 6, 2011, the House is scheduled to consider S. J. Res. 22, a joint resolution to grant the consent of Congress to an amendment to the compact between the States of Missouri and Illinois providing that bonds issued by the Bi-State Development Agency may mature in not to exceed 40 years, under a suspension of the rules, requiring a two-thirds majority for passage.
S. J. Res. 22 was introduced by Sen. McCaskill (D-MO) on June 28, 2011, and was referred to the House Committee on the Judiciary. The Senate approved S. J. Res. 22 by unanimous consent on September 27, 2011.
S. J. Res. 22 would grant the consent of Congress to an amendment to the compact between the States of Missouri and Illinois providing that bonds issued by the Bi-State Development Agency mature not more than 40 years (currently, 30 years) from date of issuance.
The resolution would include the following whereas clauses:
The resolution would give Congress the right to alter, amend, or repeal this joint resolution is expressly reserved. Finally, the resolution would reserve the right of Congress to require the disclosure and furnishings of such information or data by the Bi-State Development Agency as is deemed appropriate by Congress.
According to the House Committee on the Judiciary, S. J. Res. 22 illustrates the federalist system at work through the Constitution. The Constitution recognizes that states may make compacts with one another. An interstate compact is essentially a contract between two or more states, which usually is made by the states enacting identical legislation setting forth the terms of the compact.
S. J. Res. 22 gives the consent of Congress to an amendment to the interstate compact between Missouri and Illinois, which the states originally formed in 1949 to create the Bi-State Development Agency in the St. Louis metropolitan region. Congress previously has approved amendments to this compact on three occasions. The compact allows the Agency to issue 30-year bonds. Missouri and Illinois both have enacted legislating amending the compact to allow the Agency to issue 40-year bonds. Revenue from the bonds may be used to finance the “City-Arch-River 2015” initiative, a local development project designed to better integrate the Gateway Arch and the Jefferson National Expansion Memorial into the whole St. Louis metropolitan area, including on the Illinois side of the Mississippi River.
The Congressional Budget Office (CBO) has no released a cost estimate of S. J. Res. 22 as of press time.