1998 Regular Session
To: Education; Ways and Means
By: Representative Chaney
House Bill 469
(As Passed the House)
AN ACT TO AMEND SECTIONS 37-47-33 and 37-47-45, MISSISSIPPI CODE OF 1972, TO EXTEND THE FINAL MATURITY DATE OF STATE SCHOOL BONDS THAT THE STATE BOND COMMISSION MAY ISSUE TO FUND THE STATE PUBLIC SCHOOL BUILDING FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 37-47-33, Mississippi Code of 1972, is amended as follows:
37-47-33. For the purpose of providing funds to enable the State Department of Education to make loans or advances to school districts as provided by Section 37-47-25, and for the purpose of providing funds for the payment and redemption of certificates of credit issued to school districts under Section 37-47-23, when such funds are not otherwise available, or for either or both of such purposes, the State Bond Commission is * * * authorized and empowered to issue state school bonds under the conditions prescribed in this chapter. The aggregate principal amount of such bonds outstanding at any one (1) time, after deducting the amount of the sinking fund provided for the retirement of bonds issued for such purposes, shall never exceed the sum of One Hundred Million Dollars ($100,000,000.00). Within such limits, however, state school bonds may be issued from time to time under the conditions prescribed in this chapter. None of such bonds so issued shall have a maturity date later than July 1, 2024.
SECTION 2. Section 37-47-45, Mississippi Code of 1972, is amended as follows:
37-47-45. All bonds issued under the authority of this chapter shall mature annually. None of such bonds shall have a final maturity date of more than twenty (20) years from the date of the issuance thereof, and in no event shall the final maturity date of any such bonds be later than July 1, 2024. In issuing such bonds, the State Bond Commission shall be authorized and empowered to provide maturities therefor in such amounts and at such times as the State Bond Commission shall deem appropriate, proper and feasible. No bonds shall be issued and sold under the provisions of this chapter for less than par and accrued interest.
SECTION 3. This act shall take effect and be in force from and after its passage.