Mississippi Legislature
2005 5th Extraordinary Session

House Bill 43

Main Menu


Bill Text

History of Actions

Amendments

Background

Title

Description: State budget; authorize Bond Commission to obtain line of credit, and suspend provisions requiring cuts to agency budgets during FY06.

Bill Text: [Introduced] [Passed House] [Sent to Governor]

History of Actions:

1 09/29 (H) Referred To Ways and Means
2 09/30 (H) Title Suff Do Pass As Amended
3 09/30 (H) Amended
4 09/30 (H) Passed As Amended
5 09/30 (H) Immediate Release
6 09/30 (H) Transmitted To Senate
7 09/30 (S) Referred To Appropriations
8 10/04 (S) Title Suff Do Pass As Amended
9 10/04 (S) Amended
10 10/04 (S) Passed As Amended
11 10/04 (S) Immediate Release
12 10/04 (S) Returned For Concurrence
13 10/05 (H) Decline to Concur/Invite Conf
14 10/05 (H) Conferees Named Watson,Howell,Reynolds
15 10/05 (S) Conferees Named Gordon,Little,Burton
16 10/07 (H) Conference Report Filed
17 10/07 (S) Conference Report Filed
18 10/07 (H) Conference Report Adopted
19 10/07 (H) Immediate Release
20 10/07 (S) Conference Report Adopted
21 10/11 (H) Enrolled Bill Signed
22 10/11 (S) Enrolled Bill Signed
23 10/12 Approved by Governor

Amendments/Conference Report:

Adopted [H] Committee Amendment No 1
Adopted [S] Committee Amendment No 1
   
[S] Amendment Report for House Bill No. 43

Conference Report

Background Information:

Effective datePassage
DispositionLaw
DeadlineNone
RevenueNo
Vote type requiredThree/Fifths
Chapter number12

House Committee:

Senate Committee:

Principal Author: Watson

Additional Authors: Howell, Scott

Code Sections: A 031-0017-0123, A 027-0104-0013, A 027-0033-0077, A 027-0065-0075

Title: AN ACT TO AMEND SECTION 31-17-123, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF THE STATE FISCAL OFFICER AND THE STATE TREASURER MAKE A DETERMINATION THAT STATE-SOURCE SPECIAL FUNDS ARE NOT SUFFICIENT TO COVER DEFICIENCIES IN THE GENERAL FUND, THAT THE STATE OF MISSISSIPPI IS UNABLE TO REPAY SPECIAL FUND BORROWING WITHIN THE FISCAL YEAR IN WHICH THE BORROWING WAS DONE OR THAT THE STATE SOURCE FUNDS ARE INSUFFICIENT FOR DISASTER SUPPORT OR ASSISTANCE PURPOSES DUE TO HURRICANES KATRINA AND RITA, AND THAT THE STATE BOND COMMISSION MAKES A DETERMINATION THAT SUCH DEFICIENCY OR INABILITY TO REPAY OR INSUFFICIENCY IS THE RESULT OF A STATE OF EMERGENCY WITHIN THE STATE OF MISSISSIPPI, THE STATE BOND COMMISSION IS AUTHORIZED TO OBTAIN A LINE OF CREDIT, IN AN AMOUNT NOT TO EXCEED $500,000,000.00, FROM A COMMERCIAL LENDER, INVESTMENT BANKING GROUP OR A CONSORTIUM OF EITHER OR BOTH; TO PROVIDE THAT THE LENGTH OF SUCH INDEBTEDNESS SHALL NOT EXTEND BEYOND THREE YEARS FOLLOWING THE ORIGINATION OF THE LINE OF CREDIT; TO PROVIDE THAT SUCH LINE OF CREDIT SHALL BE AUTHORIZED AND APPROVED BY THE STATE BOND COMMISSION AND HAVE SUCH TERMS AND DETAILS AS PROVIDED BY RESOLUTION OF THE STATE BOND COMMISSION; TO PROVIDE THAT SUCH PROCEEDS SHALL BE RECEIVED BY THE STATE TREASURER AND DEPOSITED INTO THE DISASTER RECOVERY FUND AND USED TO COVER DEFICIENCIES IN THE GENERAL FUND, TO REPAY SPECIAL FUND BORROWING AND/OR TO COVER ANY INSUFFICIENCY IN DISASTER SUPPORT OR ASSISTANCE; TO ESTABLISH A DISASTER RECOVERY FUND FOR SUCH PURPOSE; TO PROVIDE THAT UPON THE APPROVAL OF THE STATE FISCAL OFFICER, THE DIRECTOR OF THE MISSISSIPPI EMERGENCY MANAGEMENT AGENCY MAY USE FUNDS FROM THE LINE OF CREDIT TO MATCH FEDERAL FUNDS AND FOR PERSONNEL RELATED EXPENSES DUE TO THE HURRICANE KATRINA AND/OR HURRICANE RITA DISASTERS; TO AMEND SECTION 27-104-13, MISSISSIPPI CODE OF 1972, TO SUSPEND UNTIL JULY 1, 2006, THE REQUIREMENT FOR THE STATE FISCAL OFFICER TO REDUCE ALLOCATIONS OF GENERAL FUNDS AND STATE-SOURCE SPECIAL FUNDS TO STATE AGENCIES WHEN GENERAL FUND REVENUES RECEIVED FOR THE FISCAL YEAR FALL BELOW 98% OF THE SINE DIE GENERAL FUND REVENUE ESTIMATE; TO ESTABLISH AN EMERGENCY AID TO LOCAL GOVERNMENTS LOAN PROGRAM FOR THE PURPOSE OF ASSISTING COUNTIES, INCORPORATED MUNICIPALITIES AND PUBLIC SCHOOL DISTRICTS THAT SUFFER REVENUE LOSSES AS A RESULT OF A NATURAL DISASTER FOR WHICH A STATE OF EMERGENCY HAS BEEN DULY PROCLAIMED; TO PROVIDE THAT THE PROGRAM SHALL BE ADMINISTERED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION; TO CREATE THE EMERGENCY AID TO LOCAL GOVERNMENTS LOAN FUND; TO ESTABLISH THE MAXIMUM AMOUNT OF ANY LOAN UNDER THIS PROGRAM; TO PROVIDE THAT A COUNTY OR SCHOOL DISTRICT THAT RECEIVES A LOAN FROM THE FUND SHALL PLEDGE FOR REPAYMENT OF THE LOAN ANY PART OF THE HOMESTEAD EXEMPTION ANNUAL TAX LOSS REIMBURSEMENT TO WHICH IT MAY BE ENTITLED; TO PROVIDE THAT AN INCORPORATED MUNICIPALITY THAT RECEIVES A LOAN FROM THE FUND OR THE EMERGENCY FUND SHALL PLEDGE FOR REPAYMENT OF THE LOAN ANY PART OF THE SALES TAX REVENUE DISTRIBUTION TO WHICH IT MAY BE ENTITLED; TO MAKE IT CLEAR THAT EVIDENCES OF INDEBTEDNESS WHICH ARE ISSUED PURSUANT TO THIS ACT SHALL NOT BE DEEMED INDEBTEDNESS WITHIN THE MEANING OF CERTAIN DEBT LIMITATIONS; TO GRANT TO THE DEPARTMENT OF FINANCE AND ADMINISTRATION CERTAIN POWERS AND DUTIES WITH REGARD TO THIS ACT; TO AUTHORIZE THE STATE BOND COMMISSION TO DECLARE THE NECESSITY FOR SPECIAL FUNDS TO FUND THE LOANS UNDER THIS PROGRAM; TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO MAKE TRANSFERS FROM THE DISASTER RECOVERY FUND FOR THE PURPOSE OF FUNDING THE LOANS UNDER THIS PROGRAM; TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO ISSUE WARRANTS TO MAKE LOANS UNDER THIS PROGRAM; TO PROVIDE FOR THE DISPOSITION OF ANY UNNEEDED STATE FUNDS IN THE LOAN FUND; TO AMEND SECTIONS 27-33-77 AND 27-65-75, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 10/12/05 at 15:02.

End Of Document
20055E/pdf/History/HB/HB0043.htm