Mississippi Legislature

1999 Regular Session

Senate Bill 2212

[Introduced]

Instructions Bill Status Menu




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.

History of Actions:

101/05/99(S)Referred To Finance
202/02/99(S)Died In Committee

Background Information:

Effective datePassage
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

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.


Information pertaining to this measure was last updated on 02/02/99 at 17:10.



End Of Document

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