Modifies provisions relating to the "Waterways and Ports Trust Fund"

HB 685 modifies Missouri's Waterways and Ports Trust Fund to govern how funds can be used for port infrastructure projects. The fund, which can receive state appropriations and other contributions, may only provide financing for specific capital improvements to river commerce facilities owned or managed by Missouri port authorities. Projects must meet strict criteria: they must be located on port-owned land, funded at least 20% by other sources (limiting fund use to 80% of project costs), approved by the state highways commission, and completed within two years. The fund will expire on December 31, 2033, with remaining balances transferred to the general revenue fund. This bill directly affects Missouri port authorities seeking state funding for river transportation infrastructure.