MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Finance

By: Senator(s) Dearing, Thames, Johnson (38th), Woodfield, Carter, Posey, Johnson (19th)

AN ACT TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR STATE PARKS; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF REPAIRS TO THE DAM AT ARCHUSIA WATER PARK IN CLARKE COUNTY, MISSISSIPPI; AND FOR RELATED PURPOSES.  

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. As used in Sections 1 through 17 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "State" means the State of Mississippi.

(c) "Commission" means the State Bond Commission.

SECTION 2. (1) (a) A special fund, to be designated as the "1998 State Parks 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, upon recommendation of the Department of Wildlife, Fisheries and Parks, to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings, providing utilities for and/or equipping facilities for state parks as hereinafter described:

Buccaneer

Construction of 6 elevated duplex cabins with

utilities and parking.

Renovation and repair of infrastructure and/or facilities.

Construction of 500-person picnic pavilion with rest rooms.

Casey Jones

Renovation and repair of infrastructure and/or facilities.

Clarkco

Construction of campground bathhouse.

Renovation and repair of infrastructure and/or facilities.

Florewood

Renovation and repair of infrastructure and/or facilities.

George Cossar

Renovation and repair of infrastructure and/or facilities.

Great River Road

Renovation and repair of infrastructure and/or facilities.

Golden Memorial

Renovation and repair of infrastructure and/or facilities.

Holmes County

Renovation and repair of infrastructure and/or facilities.

Hugh White

Renovation and repair of infrastructure and/or facilities.

John Kyle

Construction of 20-unit lodge with utilities, parking and roads.

Renovation and repair of infrastructure and/or facilities.

J.P. Coleman

Renovation and repair of infrastructure and/or facilities.

Construction of 20 large marina slips.

Construction of marina parking.

Construction of 30 campsites with a bathhouse, and

access roads and utilities for such facilities.

Lake Dockery

Renovation and repair of infrastructure and/or facilities.

Lake Lincoln

Construction of 2 duplex cabins and utilities and

parking for such facilities.

Construction of maintenance building, road and utilities.

Renovation and repair of infrastructure and/or facilities.

Lake Lowndes

Construction of 2 duplex cabins and parking and utilities

for such facility.

Construction of 100-person picnic facility with rest rooms.

Renovation and repair of infrastructure and/or facilities.

LeFleur's Bluff

Construction of 3 elevated duplex cabins and parking and

utilities for such facility.

Renovation and repair of infrastructure and/or facilities.

Construction of 30 campsites with bathhouse and

access road and utilities for such facilities.

Legion

Renovation and repair of infrastructure and/or facilities.

Leroy Percy

Renovation and repair of infrastructure and/or facilities.

Natchez

Loop road construction with utilities.

Renovation and repair of infrastructure and/or facilities.

Construction of 4-group camp cabins with dining facilities,

roads, parking and utilities for such facility.

Construction of 30 campsites with a bathhouse and an access

road and utilities for such facility.

Paul Johnson

Renovation and repair of infrastructure and/or facilities.

Construction of 30 campsites with a bathhouse and

access roads and utilities for such facilities.

Percy Quin

Renovation and repair of infrastructure and/or facilities.

Construction of 50-unit lodge and roads, parking and

utilities for such facility.

Roosevelt

Renovation and repair of infrastructure and/or facilities.

Construction of 20-unit lodge and roads, parking and

utilities for such facility.

Shepard

Renovation and repair of infrastructure and/or facilities.

Tombigbee

Construction of 30 campsites with bathhouse and

access roads and utilities for such facilities.

Renovation and repair of infrastructure and/or facilities.

Tishomingo

Construction of 2 duplex cabins and utilities and parking

for such facilities.

Renovation and repair of infrastructure and/or facilities.

Trace

Construction of campground bathhouse.

Renovation and repair of infrastructure and/or facilities.

Wall Doxey

Renovation and repair of infrastructure and/or facilities.

Winterville Mounds

Construction of 100-person picnic pavilion with rest rooms.

Construction of a maintenance building and

utilities for such facility.

Renovation and repair of infrastructure and/or facilities.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section upon recommendation of the Department of Wildlife, Fisheries and Parks. 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 Sections 1 through 17 of 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, upon recommendation of the Department of Wildlife, Fisheries and Parks, 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 construction, repair, renovation, furnishing and equipping of facilities described in subsection (1) of this section upon recommendation of the Department of Wildlife, Fisheries and Parks.

SECTION 3. (1) The commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in Section 2 of this act. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Department of Finance and Administration shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the 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. The total amount of bonds issued under Sections 1 through 17 of this act shall not exceed Ten Million Dollars ($10,000,000.00).

(2) Any investment earnings on amounts deposited into the special fund created in Section 2 of this act shall be used to pay debt service on bonds issued under Sections 1 through 17 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 4. The principal of and interest on the bonds authorized under Sections 1 through 17 of this act shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

SECTION 5. The bonds authorized by Sections 1 through 17 of this act shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

SECTION 6. All bonds and interest coupons issued under the provisions of Sections 1 through 17 of this act have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by Sections 1 through 17 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 7. The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 17 of this act, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 1 through 17 of this act from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bond shall be published at least one (1) time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.

The commission, when issuing any bonds under the authority of Sections 1 through 17 of this act, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

SECTION 8. The bonds issued under the provisions of Sections 1 through 17 of this act are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.

SECTION 9. Upon the issuance and sale of bonds under the provisions of Sections 1 through 17 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 2 of this act. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

SECTION 10. The bonds authorized under Sections 1 through 17 of this act may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 1 through 17 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 17 of this act shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

SECTION 11. The bonds authorized under the authority of Sections 1 through 17 of this act may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

SECTION 12. Any holder of bonds issued under the provisions of Sections 1 through 17 of this act or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under Sections 1 through 17 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 17 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 13. All bonds issued under the provisions of Sections 1 through 17 of this act shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

SECTION 14. Bonds issued under the provisions of Sections 1 through 17 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 15. The proceeds of the bonds issued under Sections 1 through 17 of this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 16. 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, premium, if any, and interest on, or the accreted value of, all bonds issued under Sections 1 through 17 of this act; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

SECTION 17. Sections 1 through 17 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 1 through 17 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 18. As used in Sections 18 through 34 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "State" means the State of Mississippi.

(c) "Commission" means the State Bond Commission.

SECTION 19. (1) (a) A special fund, to be designated as the "Archusia Water Park Dam Repair 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. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under Sections 18 through 34 of this act.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of repairs to the dam at the Archusia Water Park in Clarke County, Mississippi.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the project 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 Sections 18 through 34 of 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 the cost of repairs to the dam at Archusia Water Park in Clarke County, Mississippi.

SECTION 20. (1) The commission, at one (1) time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in Section 19 of this act. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Department of Finance and Administration shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the 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. The total amount of bonds issued under Sections 18 through 34 of this act shall not exceed Five Hundred Thousand Dollars ($500,000.00).

(2) Any investment earnings on amounts deposited into the special fund created in Section 19 of this act shall be used to pay debt service on bonds issued under Sections 18 through 34 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 21. The principal of and interest on the bonds authorized under Section 20 of this act shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

SECTION 22. The bonds authorized by Section 20 of this act shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

SECTION 23. All bonds and interest coupons issued under the provisions of Sections 18 through 34 of this act have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by Sections 18 through 34 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 24. The commission shall act as the issuing agent for the bonds authorized under Section 20 of this act, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 18 through 34 of this act from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bond shall be published at least one (1) time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.

The commission, when issuing any bonds under the authority of Sections 18 through 34 of this act, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

SECTION 25. The bonds issued under the provisions of Sections 18 through 34 of this act are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.

SECTION 26. Upon the issuance and sale of bonds under the provisions of Sections 18 through 34 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 20 of this act. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

SECTION 27. The bonds authorized under Sections 18 through 34 of this act may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 18 through 34 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 18 through 34 of this act shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

SECTION 28. The bonds authorized under the authority of Sections 18 through 34 of this act may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

SECTION 29. Any holder of bonds issued under the provisions of Sections 18 through 34 of this act or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under Sections 18 through 34 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 18 through 34 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 30. All bonds issued under the provisions of Sections 18 through 34 of this act shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

SECTION 31. Bonds issued under the provisions of Sections 18 through 34 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 32. The proceeds of the bonds issued under Sections 18 through 34 of this act shall be used solely for the purposes therein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 33. 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, premium, if any, and interest on, or the accreted value of, all bonds issued under Sections 18 through 34 of this act; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

SECTION 34. Sections 18 through 34 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 18 through 34 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 35. This act shall take effect and be in force from and after its passage.