1997 Regular Session
To: Agriculture; Ways and Means
By: Representative Holland
House Bill 699
(As Passed the House)
AN ACT TO AUTHORIZE THE BORROWING OF UP TO $1,350,000.00 BY THE DEPARTMENT OF AGRICULTURE AND COMMERCE FOR THE PURPOSE OF RENOVATING, EXPANDING AND IMPROVING A BUILDING ON THE CAMPUS OF MISSISSIPPI STATE UNIVERSITY FOR THE HOUSING OF THE STATE SEED TESTING LABORATORY AND THE DIVISION OF PLANT INDUSTRY OF THE MISSISSIPPI DEPARTMENT OF AGRICULTURE AND COMMERCE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The Mississippi Department of Agriculture and Commerce may borrow an amount not to exceed One Million Three Hundred Fifty Thousand Dollars ($1,350,000.00) to provide funds for the purpose of renovating, expanding and equipping and improving a building on the campus of Mississippi State University for the housing of the State Seed Testing Laboratory and the Division of Plant Industry of the Mississippi Department of Agriculture and Commerce. The Mississippi Department of Agriculture and Commerce shall use fees in the amount of not less than Fifty Thousand Dollars ($50,000.00) annually collected by the State Seed Testing Laboratory and not less than Fifty Thousand Dollars ($50,000.00) annually collected from the registration of pesticides under the Mississippi Pesticide Law of 1975 by the Division of Plant Industry of the Mississippi Department of Agriculture and Commerce for the retirement of the debt.
SECTION 2. The principal of and interest on the debt authorized under Section 1 of this act shall be payable in the manner provided in Section 4 of this act.
SECTION 3. Upon the borrowing of funds under the provisions of Section 1 of this act, the Department of Agriculture and Commerce shall transfer the proceeds of any such funds to a special fund hereby created in the State Treasury to be known as the "Seed Testing Laboratory-Division of Plant Industry Fund." The proceeds of such fund shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be necessary for carrying out the purpose of Section 1 of this act.
SECTION 4. The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, if any, and interest on, or the accreted value of, all debts issued under Section 1 of this act; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such debt in ample time to discharge such debt, or the interest thereon, on the due dates thereof.
SECTION 5. This act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.
SECTION 6. This act shall take effect and be in force from and after its passage.