1998 Regular Session
To: Local and Private Legislation; Ways and Means
By: Representative Martinson
House Bill 1870
(As Sent to Governor)
AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF MADISON COUNTY, MISSISSIPPI, TO ISSUE AND SELL GENERAL OBLIGATION BONDS FOR THE PURPOSE OF ACQUIRING AN INDUSTRIAL SITE AND IMPROVEMENTS THEREON, AND FOR IMPROVING, CONSTRUCTING, REPAIRING AND RECONSTRUCTING COUNTY ROADS SERVING THE SITE IF THE PROJECT BEING DEVELOPED AS "PROJECT COUGAR" LOCATES IN MADISON COUNTY, MISSISSIPPI; TO PROVIDE THAT BONDS ISSUED FOR SUCH PURPOSES SHALL BE SUBJECT TO THE 20% LIMITATION ON INDEBTEDNESS IMPOSED BY SECTION 19-9-5, MISSISSIPPI CODE OF 1972; TO AUTHORIZE THE BOARD OF SUPERVISORS OF MADISON COUNTY, MISSISSIPPI, TO TRANSFER FUNDS RECEIVED FROM THE ISSUANCE OF BONDS PURSUANT TO THIS ACT TO ANY PUBLIC AGENCY IN MADISON COUNTY, MISSISSIPPI, TO ACQUIRE AND IMPROVE SUCH INDUSTRIAL SITE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. If the project being developed as "Project Cougar" locates in Madison County, Mississippi, the Board of Supervisors of Madison County, Mississippi, is authorized to issue and sell general obligation bonds of the county for the purpose of acquiring an industrial site and improvements thereon, and for improving, constructing, repairing and reconstructing county roads serving the site, in an amount not to exceed Twenty-five Million Dollars ($25,000,000.00). Any bonds issued pursuant to this act shall be subject to the twenty percent (20%) limitation on indebtedness imposed by Section 19-9-5, Mississippi Code of 1972.
SECTION 2. Before the issuance of any bonds under the provisions of this act, the board of supervisors shall adopt a resolution declaring its intention so to do, stating the maximum amount of bonds proposed to be issued, the purpose for which the bonds are to be issued, and the date upon which the board of supervisors proposes to authorize the issuance of such bonds. Such resolution shall be published once a week for at least three (3) consecutive weeks in at least one (1) newspaper published in the county. The first publication of such resolution shall be made not less than twenty-one (21) days prior to the date fixed in such resolution to authorize the issuance of the bonds, and the last publication shall be made not more than seven (7) days prior to such date. Such notice shall be no less than one-fourth (1/4) page in size and the type used shall be no smaller than eighteen (18) point and surrounded by a one-fourth-inch solid black border. The notice may not be placed in that portion of the newspaper where legal notices and classified advertisements appear. If twenty percent (20%) or one thousand five hundred (1,500) of the qualified electors of the county, whichever is the lesser, shall file a written protest against the issuance of such bonds on or before the date specified in such resolution, then an election on the question of the issuance of such bonds shall be called and held as herein provided. If no such protest be filed, then such bonds may be issued without an election on the question of the issuance thereof at any time within a period of two (2) years after the date specified in the above-mentioned resolution; provided, however, that the board of supervisors, in its discretion, may nevertheless call an election on such question, in which event it shall not be necessary to publish the resolution declaring its intention to issue the bonds as herein provided.
SECTION 3. Whenever an election is to be called as provided in Section 2 of this act, notice of such election shall be signed by the clerk of the board of supervisors and shall be published once a week for at least three (3) consecutive weeks in at least one (1) newspaper published in the county. The first publication of such notice shall be made not less than twenty-one (21) days prior to the date fixed for such election, and the last publication shall be made not more than seven (7) days prior to such date.
SECTION 4. Such election shall be held, as far as is practicable, in the same manner as other elections are held in counties. At such election, all qualified electors of the county may vote, and the ballots used at such election shall have printed thereon a brief statement of the amount and purpose of the proposed bond issue and the words "FOR THE BOND ISSUE" and "AGAINST THE BOND ISSUE," and the voter shall vote by placing a cross (X) or check (U) opposite his choice on the proposition.
SECTION 5. When the results of the election on the question of the issuance of such bonds shall have been canvassed by the election commissioners of the county and certified by them to the board of supervisors, it shall be the duty of such board of supervisors to determine and adjudicate whether or not a majority of the qualified electors who voted thereon in such election voted in favor of the issuance of such bonds, and unless a majority of the qualified electors who voted thereon in such election shall have voted in favor of the issuance of such bonds, then such bonds shall not be issued. If a majority of the qualified electors who vote thereon in such election vote in favor of the issuance of such bonds, then the board of supervisors may issue such bonds, whether in whole or in part, within two (2) years after the date of the election or the date of the final favorable termination of any litigation affecting the issuance of such bonds.
SECTION 6. All bonds issued as hereinabove provided shall be issued and the proceeds managed in accordance with the terms and provisions as contained in Section 19-5-99, Mississippi Code of 1972, and Section 19-9-1 et seq., Mississippi Code of 1972, and such bonds shall be subject to the twenty percent (20%) limitation on indebtedness imposed by Section 19-9-5, Mississippi Code of 1972.
SECTION 7. This act, without reference to any other statute not referred to herein, shall be deemed to be full and complete authority for the borrowing of money and the issuing of bonds as authorized by the board of supervisors and shall be construed as an additional and alternate method therefor.
SECTION 8. Any bonds issued under the provisions of this act shall be validated in the manner provided by law.
SECTION 9. The board of supervisors is authorized to transfer funds received from the issuance of bonds pursuant to this act to any public agency in Madison County, Mississippi, to acquire and improve an industrial site located in Madison County, Mississippi.
SECTION 10. The board of supervisors is further authorized and empowered to adopt any and all lawful resolutions, orders or ordinances and do and perform any and all acts and things necessary and requisite to carry out the purposes of this act.
SECTION 11. This act shall take effect and be in force from and after its passage.