SB3254 (As Passed the Senate) - 1998 Regular Session

MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Finance

By: Senator(s) Smith

Senate Bill 3254
(As Passed the Senate)

AN ACT TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR INSTITUTIONS OF HIGHER LEARNING; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF CAPITAL IMPROVEMENTS AT COMMUNITY AND JUNIOR COLLEGES; AND FOR RELATED PURPOSES.

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

SECTION 1. As used in 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.

SECTION 2. (1) (a) A special fund, to be designated as the "1998 IHL 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. 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 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 capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities, purchasing real property for public facilities for institutions of higher learning. The amount to be expended at each institution of higher learning is as follows:

NAME AMOUNT

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING

Alcorn State University $ 3,000,000.00

Delta State University $ 4,000,000.00

Jackson State University $12,000,000.00

Mississippi University for Women $ 4,000,000.00

Mississippi State University $ 6,000,000.00

Mississippi Agriculture and Forestry

Experiment Station $ 3,000,000.00

Mississippi Valley State University $ 4,000,000.00

University Medical Center $ 2,000,000.00

University of Mississippi $ 7,000,000.00

University of Southern Mississippi $ 8,000,000.00

University of Southern Mississippi/

Gulf Park Campus $ 6,000,000.00

GRAND TOTAL $59,000,000.00

(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) of this section 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.

SECTION 3. (1) (a) A special fund, to be designated as the "1998 Community and Junior Colleges 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. 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 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 construction of new facilities and addition to or renovation of existing facilities, or community and junior college campuses as recommended by the State Board of Community and Junior Colleges. The amount to be expended at each community and junior college is as follows:

Coahoma. . . . . . . . . . . . . . $ 601,766.67

Copiah-Lincoln. . . . . . . . . . . 809,666.67

East Central. . . . . . . . . . . . 706,766.67

East Mississippi. . . . . . . . . . 641,666.67

Hinds. . . . . . . . . . . . . . . 1,608,366.67

Holmes. . . . . . . . . . . . . . . 783,066.67

Itawamba. . . . . . . . . . . . . . 908,366.67

Jones. . . . . . . . . . . . . . . 1,171,566.67

Meridian. . . . . . . . . . . . . . 843,266.67

Mississippi Delta. . . . . . . . . 856,566.67

Mississippi Gulf Coast. . . . . . . 1,497,766.66

Northeast Mississippi. . . . . . . . 965,066.66

Northwest Mississippi. . . . . . . 1,046,266.66

Pearl River. . . . . . . . . . . . . 864,966.66

Southwest Mississippi. . . . . . . . 694,866.66

GRAND TOTAL. . . . . . . . . . . . . . $14,000,000.00

SECTION 4. (1) The purpose of this section is to provide the necessary funding for the acquisition, construction, equipping and furnishing of the Advanced Center for Technology Partnerships in Hattiesburg, Mississippi. The development of the center is a joint and cooperative effort of Pearl River Community College, Jones County Junior College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, the University of Southern Mississippi, other postsecondary institutions, area public school systems, local business, industry, economic development and government entities. Pearl River Community College, Jones County Junior College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, University of Southern Mississippi and other universities and colleges may offer courses at the Advanced Technology Partnership Center.

The mission of the center is to:

(a) Act as a center for business/industrial training and lifelong learning by providing professional development programs, workshops, training sessions and conferences as well as credit and noncredit courses (academic and continuing education units);

(b) Act as a center for "cutting edge" and under-used technology development and training;

(d) Be a resource center for faculty (teachers), staff development and students in the area of advanced technology, both under-used and futuristic, and business/industry trends and needs;

(e) Be a comprehensive industrial training center for new and future workforce entrants, and retraining of workforce by coordinating existing and new services;

(f) Be a center with a network system which provides a coalition of partners that can reflect the trend of bridging resources within a community with international resources;

(g) Be an advanced skills center that focuses on an innovative economic development collaboration of educators, government and private sector partners; and

(h) Be a training, research and development service and public relations arm of Pearl River Community College, Jones County Junior College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, and the University of Southern Mississippi.

(2) The center shall be located in Hattiesburg, Mississippi, on property controlled by the University of Southern Mississippi and shall be administered by the University of Southern Mississippi in cooperation with Jones County Junior College and Pearl River Community College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, public school systems, local business, industry, economic development and government entities.

(3) A special fund, to be designated the "1998 Advanced Center for Technology Partnerships 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 General Fund and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the 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 the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(4) Monies deposited into the fund shall be disbursed to pay the costs of the development, acquisition, construction, equipping and furnishing of the Advanced Center for Technology Partnerships in Hattiesburg, Mississippi. Monies in the fund shall be allocated and disbursed, through the Department of Finance and Administration, to pay the costs associated with the development, acquisition, construction, equipping and furnishing of the center. Five Hundred Thousand Dollars ($500,000.00) for year one will be used for development.

SECTION 5. (1) (a) A special fund, to be designated the "1998 Mississippi State University-Crosby Arboretum 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 General Fund and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the 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 the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(b) Monies deposited into the fund shall be disbursed to pay the cost of constructing, furnishing and equipping an educational facility at the Mississippi State University Crosby Arboretum.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of project described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the project described in subsection (1) of this section 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.

SECTION 6. (1) (a) A special fund, to be designated the "1998 Alcorn State University-City of Natchez Hospitality, Tourism and Convention Center 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 General Fund and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the 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 the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(b) Monies deposited into the fund shall be disbursed to pay the cost of constructing, furnishing and equipping a hospitality, tourism and convention center to be located in the City of Natchez. Such center shall be jointly operated by Alcorn State University and the City of Natchez and shall be utilized by Alcorn State University to provide educational opportunities to its students.

(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 project described in subsection (1) of this section 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.

SECTION 7. (1) (a) A special fund, to be designated the "1998 Mississippi State University School of Landscape Architecture Building 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 General Fund and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the 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 the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(b) Monies deposited into the fund shall be disbursed to pay the cost of constructing, furnishing and equipping a building for the School of Landscape Architecture at Mississippi State University.

SECTION 8. (1) (a) A special fund, to be designated the "1998 Mississippi Veterans Memorial Stadium Repair and Renovation 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 General Fund and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the 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 the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(b) Monies deposited into the fund shall be disbursed to pay the cost of repair and renovation of Mississippi Veterans Memorial Stadium.

SECTION 9. (1) The purpose of this section is to provide the necessary funding for the acquisition, construction, equipping and furnishing of the Advanced Center for Technology Partnerships in Jones County, Mississippi. The development of the center is a joint and cooperative effort of Pearl River Community College, Jones County Junior College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, the University of Southern Mississippi, other postsecondary institutions, area public school systems, local business, industry, economic development and government entities. Pearl River Community College, Jones County Junior College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, University of Southern Mississippi and other universities and colleges may offer courses at the Advanced Technology Partnership Center.

The mission of the center is to:

(b) Act as a center for "cutting edge" and under-used technology development and training;

(d) Be a resource center for faculty (teachers), staff development and students in the area of advanced technology, both under-used and futuristic, and business/industry trends and needs;

(e) Be a comprehensive industrial training center for new and future workforce entrants, and retraining of workforce by coordinating existing and new services;

(f) Be a center with a network system which provides a coalition of partners that can reflect the trend of bridging resources within a community with international resources;

(g) Be an advanced skills center that focuses on an innovative economic development collaboration of educators, government and private sector partners; and

(2) The center shall be located in Jones County, Mississippi, on property controlled by Jones County Junior College and shall be administered by Jones County Junior College in cooperation with the University of Southern Mississippi and Pearl River Community College, Gulf Coast Community College, Southwest Community College, Copiah-Lincoln Community College, Alcorn State University, public school systems, local business, industry, economic development and government entities.

(3) A special fund, to be designated the "1998 Jones County Advanced Center for Technology Partnerships 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 General Fund and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the 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 the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(4) Monies deposited into the fund shall be disbursed to pay the costs of the development, acquisition, construction, equipping and furnishing of the Advanced Center for Technology Partnerships in Jones County. Monies in the fund shall be allocated and disbursed, through the Department of Finance and Administration, to pay the costs associated with the development, acquisition, construction, equipping and furnishing of the center. Five Hundred Thousand Dollars ($500,000.00) for year one will be used for development.

SECTION 10. (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 Sections 2 through 9 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 this act shall not exceed One Hundred Five Million Seven Hundred Thousand Dollars ($105,700,000.00).

(2) The proceeds of the bonds issued pursuant to this act shall be deposited into the following special funds in not more than the following amounts:

(a) The 1998 IHL Capital Improvements Fund created pursuant to Section 2 of this act $59,000,000.00.

(b) The 1998 Community and Junior Colleges Capital Improvements Fund created pursuant to Section 3 of this

act $14,000,000.00.

this act $ 8,000,000.00.

(d) The 1998 Mississippi State University-Crosby Arboretum Fund created pursuant to Section 5 of

this act $ 1,200,000.00.

(e) The 1998 Alcorn State University-City of Natchez Hospitality, Tourism and Convention Center Fund created pursuant to Section 6 of this act $ 6,000,000.00.

(f) The 1998 Mississippi State University School of Landscape Architecture Building Fund created pursuant to Section 7 of this act $ 2,000,000.00.

(g) The 1998 Mississippi Veterans Memorial Stadium Repair and Renovation Fund Created pursuant to Section 8 of this

act $ 7,500,000.00.

(h) The 1998 Jones County Advanced Center for Technology Partnerships Fund created pursuant to Section 9 of

this act $ 8,000,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2 through 9 of this act shall be used to pay debt service on bonds issued under this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 11. The principal of and interest on the bonds authorized under 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 12. The bonds authorized by 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 13. All bonds and interest coupons issued under the provisions 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 this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 14. The commission shall act as the issuing agent for the bonds authorized under 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 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 bonds 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 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 15. The bonds issued under the provisions 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 16. Upon the issuance and sale of bonds under the provisions of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 2 through 9 of this act in the amounts provided for in Section 10(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 17. The bonds authorized under 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 this act. Any resolution providing for the issuance of bonds under the provisions 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 18. The bonds authorized under the authority 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 19. Any holder of bonds issued under the provisions 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 this act, or under such resolution, and may enforce and compel performance of all duties required by this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 20. All bonds issued under the provisions 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 21. Bonds issued under the provisions of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 22. The proceeds of the bonds issued under this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 23. 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 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 24. This act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 25. This act shall take effect and be in force from and after its passage.