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

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

Sponsor
Sen. Claire McCaskill

Date
December 7, 2011 (112th Congress, 1st Session)

Staff Contact
Sarah Makin

Floor Situation

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. 

Bill Summary

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:

  • “Whereas 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;
  • “Whereas the Congress in consenting to the compact between Missouri and Illinois creating the Bi-State Development Agency and the Bi-State Metropolitan District provided that no power shall be exercised by the Bi-State Agency until such power has been conferred upon the Bi-State Agency by the legislatures of the States to the compact and approved by an Act of Congress;
  • “Whereas such States previously enacted legislation providing that the Bi-State Agency had the power to issue notes, bonds, or other instruments in writing provided they shall mature in not to exceed 30 years, and Congress consented to such power; and
  • “Whereas such States have now enacted legislation amending this power.”

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.

Background

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.

Cost

The Congressional Budget Office (CBO) has no released a cost estimate of S. J. Res. 22 as of press time.