1998 Regular Session
To: Ways and Means
By: Representatives Barnett (116th), Cameron, Fredericks, Janus, Ketchings, Peranich, Ryan, Simpson
House Bill 1699
AN ACT TO AMEND SECTION 65-39-5, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM AMOUNT OF BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR THE GAMING COUNTIES INFRASTRUCTURE PROGRAM; TO EXPRESS THE INTENT OF THE LEGISLATURE THAT THE MISSISSIPPI TRANSPORTATION COMMISSION ADOPT RESOLUTIONS CALLING FOR THE ISSUANCE OF BONDS AS OFTEN AND AS FREQUENTLY AS MAY BE NECESSARY TO INSURE THE AVAILABILITY OF SUFFICIENT FUNDS TO PROVIDE TIMELY COMPLETION OF GAMING COUNTIES INFRASTRUCTURE PROJECTS; TO AMEND SECTION 65-39-3, MISSISSIPPI CODE OF 1972, TO RESTRICT THE USE OF MONIES IN THE GAMING COUNTIES BOND SINKING FUND TO THE PAYMENT OF INTEREST AND PRINCIPAL ON BONDS AND NOTES ISSUED FOR THE PURPOSE OF PROVIDING FUNDS FOR GAMING COUNTIES INFRASTRUCTURE PROJECTS, AND TO DELETE THE AUTHORITY TO TRANSFER MONIES IN THE GAMING COUNTIES BOND SINKING FUND TO THE GAMING COUNTIES STATE ASSISTED INFRASTRUCTURE FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 65-39-5, Mississippi Code of 1972, is amended as follows:
65-39-5. (1) The Mississippi Transportation Commission, at one time or from time to time, may declare by resolution the necessity for the issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred by the Transportation Commission and the Mississippi Department of Transportation in constructing and reconstructing highways and performing the projects authorized under Section 65-39-1. It is the intent of the Legislature that the Transportation Commission adopt such a resolution or resolutions as often and as frequently as may be necessary to insure the availability of sufficient funds to provide timely completion of all projects authorized under Section 65-39-1.
(2) The amount of bonds issued under Sections 65-39-5 through 65-39-33 of this section shall not exceed Four Hundred Million Dollars ($400,000,000.00).
(3) Upon the adoption of a resolution by the Mississippi Transportation Commission declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Transportation Commission shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of any such resolution, the State Bond Commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds.
SECTION 2. Section 65-39-3, Mississippi Code of 1972, is amended as follows:
65-39-3. There is created in the State Treasury a special fund to be designated as the "Gaming Counties Bond Sinking Fund." Such monies as the Legislature directs or provides to be deposited into the fund may be expended, upon legislative appropriation, only to pay the interest on and principal of bonds issued pursuant to Sections 65-39-5 through 65-39-33 or to pay the interest on and principal of notes issued under Section 31-17-127 for the purpose of providing funds for infrastructure projects under Section 65-39-1. * * * Unexpended amounts remaining in the sinking fund at the end of the fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the sinking fund shall be deposited to the credit of the sinking fund.
SECTION 3. This act shall take effect and be in force from and after July 1, 1998.