1998 Regular Session
To: Ways and Means
By: Representative Williams
House Bill 1295
(As Passed the House)
AN ACT TO AMEND SECTION 2, CHAPTER 551, LAWS OF 1997, TO CLARIFY THE USE OF PROCEEDS OF STATE GENERAL OBLIGATION BONDS ISSUED FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR THE DEPARTMENT OF AGRICULTURE AND COMMERCE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 2, Chapter 551, Laws of 1997, is amended as follows:
Section 2. (1) (a) A special fund, to be designated as the "1997 Department of Agriculture and Commerce Capital Improvements Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state and investment earnings on amounts in the fund shall be deposited into such fund.
(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of renovation and/or repair of existing facilities and constructing, furnishing and/or equipping facilities for the Department of Agriculture and Commerce as hereinafter described:
Constructing, furnishing and equipping
a metrology laboratory located on
the campus of Alcorn State
Repairs and renovation to the seed
testing laboratory located on the
campus of Mississippi State
GRAND TOTAL $3,485,000.00
(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.
(3) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this section. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration or his designee.
(4) The Department of Finance and Administration is authorized to pay for repair, renovation, furnishing and equipping of facilities.
SECTION 2. This act shall take effect and be in force from and after its passage.