JEFFERSON CITY, Mo. – House Budget Committee Chairman Rick Stream proposed a bonding proposal Monday that would fund construction of a new Fulton State Hospital with five years of revenue bonds.

The legislation, House Bill 2020, would provide nearly $47 million for annual payments over five years in revenue bonds to fund renewal of the more than 160 year old hospital.

“The plan is that we’ll pay for the new hospital over the next five years using revenue bonds as the governor proposed,” Stream said. “Instead of 25 years, it will be five years, saving the taxpayers $120 million.”

Stream was joined by House Speaker Tim Jones, R-Eureka, and other members of Republican leadership. Rep. Jeannie Riddle, R-Fulton, joined them in praise of Stream’s proposal.

“I feel confident today saying the members of this General Assembly want to build this hospital and want to do it now,” Riddle said. “This House has a plan of its own for funning the construction of a new, maximum security mental hospital.”

Stream said he has spoken with Nixon’s office and that they told them they were on board with changing the time frame frame 25 years to five years in order to save money on interest payments. Under his proposal, the state will pay $30 million on interest instead of $150 million under Nixon’s proposal, he said.

“We’re all in this,” Stream said. “We’re going to finish it in five years.”

Scott Holste, a spokesman for Gov. Jay Nixon, said Nixon appreciated the General Assembly for “responding” to his call during the state of the state address to replace the deteriorating state facility.

“We applaud Chairman Stream for working on a bipartisan plan to issue bonds to address this issue so that the project can begin without needless delay,” Holste said. “As this continues to move through the process, we look forward to working with members of the Senate and others to fund this project in the most cost-effective way possible.”