Establishes the "Strengthening HBCUs Act"

HB 3416 creates a dedicated "Strengthening HBCUs Fund" in Missouri's state treasury, funded by redirecting 1% of excursion gambling boat proceeds and 1% of net lottery proceeds - previously allocated to other education funds - to support historically Black colleges and universities (HBCUs) in Missouri. The fund provides state funding for two specific purposes: capital projects eligible under the federal HBCU Capital Financing Program or activities covered by the federal Strengthening HBCUs Program. Missouri HBCUs meeting federal eligibility criteria (as defined in the bill) may use these funds on an equal basis, with the requirement that they supplement - not replace - existing state appropriations. The fund is designated to remain available year-to-year without reverting to general revenue, and interest earned on investments is credited back to the fund.