History of Actions | Background | Title |
Description: Bonds; limit general obligation bonded indebtedness of the state to 60% of the tax revenue for certain fiscal years.
| 1 | 01/05/99 | (S) | Referred To Finance | |
| 2 | 02/02/99 | (S) | Died In Committee |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
Senate Committee:
Principal Author: Kirby
Additional Author: Thames
Title: AN ACT TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 31-17-5, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE STATE FROM INCURRING GENERAL OBLIGATION BONDED INDEBTEDNESS IN EXCESS OF 60% OF THE TAX REVENUE COLLECTED BY THE STATE TAX COMMISSION AND DEPOSITED IN THE GENERAL FUND IN ANY ONE OF THE FOUR PRECEDING FISCAL YEARS, WHICHEVER YEAR MIGHT BE HIGHER; TO REQUIRE ALL GENERAL OBLIGATION BONDS TO BE ISSUED AND SOLD BY THE STATE BOND COMMISSION; TO PROHIBIT THE STATE BOND COMMISSION FROM SELLING ANY BONDS WHICH, IF ISSUED OR SOLD, WILL CAUSE THE STATE TO INCUR BONDED INDEBTEDNESS IN EXCESS OF THE LIMITATION PROVIDED FOR IN THIS ACT; TO AUTHORIZE SUCH BONDED INDEBTEDNESS TO BE EXCEEDED UNDER CERTAIN CIRCUMSTANCES; AND FOR RELATED PURPOSES.
End Of Document
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