Missouri Bond Elections.

Missouri currently requires a "supermajority" to approve general obligation bond issues. Either a two-thirds (66.67%) or four-sevenths (57.14%) majority is required, depending on when the election is held. A four-sevenths majority is required for general-obligation bond issues submitted at regular elections in April, in August primaries (in even numbered years) and in November general elections (in even numbered years). At all other elections, a two-thirds majority is required.

The dates and voter requirements for Missouri bond elections in the year 2013 are as follows:

Last Filing Date	Election Date	Voter Requirement for Passage
November 27, 2012	February 5, 2013	Two-thirds
January 22, 2013	April 2, 2013	Four-sevenths
May 28, 2013	August 6, 2013	Two-thirds
August 27, 2013	November 5, 2013	Two-thirds

The dates and voter requirements for Missouri bond elections in the year 2014 are as follows:

Last Filing Date	Election Date	Voter Requirement for Passage
November 27, 2013	February 4, 2014	Two-thirds
January 28, 2014	April 8, 2014	Four-sevenths
May 27, 2014	August 5, 2014	Four-sevenths
August 26, 2014	November 4, 2014	Four-sevenths

WM Financial Strategies
11710 Administration Drive
Suite 7
St. Louis, Missouri 63146
Phone (314) 423-2122
Fax (314) 432-2393
JHoward@munibondadvisor.com