MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Rules

By: Senator(s) Kirby, Hawks, Ross, Scoper, Johnson (19th), Farris, Hewes, White (29th), Stogner, Canon, Minor, Hall, Nunnelee

A CONCURRENT RESOLUTION SUSPENDING THE DEADLINES FOR THE PURPOSE OF THE FURTHER CONSIDERATION AND PASSAGE OF HOUSE BILL NO. 940, 1998 REGULAR SESSION, ENTITLED "AN ACT TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 31-17-5, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE STATE FROM INCURRING GENERAL OBLIGATION BONDED INDEBTEDNESS IN EXCESS OF 60% OF THE TAX REVENUE COLLECTED BY THE STATE TAX COMMISSION AND DEPOSITED IN THE GENERAL FUND IN ANY ONE OF THE FOUR PRECEDING FISCAL YEARS, WHICHEVER YEAR MIGHT BE HIGHER; TO REQUIRE ALL GENERAL OBLIGATION BONDS TO BE ISSUED AND SOLD BY THE STATE BOND COMMISSION; TO PROHIBIT THE STATE BOND COMMISSION FROM SELLING ANY BONDS WHICH, IF ISSUED OR SOLD, WILL CAUSE THE STATE TO INCUR BONDED INDEBTEDNESS IN EXCESS OF THE LIMITATION PROVIDED FOR IN THIS ACT; TO AUTHORIZE SUCH BONDED INDEBTEDNESS TO BE EXCEEDED UNDER CERTAIN CIRCUMSTANCES; AND FOR RELATED PURPOSES." 

BE IT RESOLVED BY THE SENATE OF THE STATE OF MISSISSIPPI, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN, That the following bill is hereby exempt from the timetable for consideration of bills provided by Joint Rule No. 40, and that consent is hereby given for further consideration of House Bill No. 940, 1998 Regular Session, entitled "AN ACT TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 31-17-5, MISSISSIPPI CODE OF 1972, TO PROHIBIT THE STATE FROM INCURRING GENERAL OBLIGATION BONDED INDEBTEDNESS IN EXCESS OF 60% OF THE TAX REVENUE COLLECTED BY THE STATE TAX COMMISSION AND DEPOSITED IN THE GENERAL FUND IN ANY ONE OF THE FOUR PRECEDING FISCAL YEARS, WHICHEVER YEAR MIGHT BE HIGHER; TO REQUIRE ALL GENERAL OBLIGATION BONDS TO BE ISSUED AND SOLD BY THE STATE BOND COMMISSION; TO PROHIBIT THE STATE BOND COMMISSION FROM SELLING ANY BONDS WHICH, IF ISSUED OR SOLD, WILL CAUSE THE STATE TO INCUR BONDED INDEBTEDNESS IN EXCESS OF THE LIMITATION PROVIDED FOR IN THIS ACT; TO AUTHORIZE SUCH BONDED INDEBTEDNESS TO BE EXCEEDED UNDER CERTAIN CIRCUMSTANCES; AND FOR RELATED PURPOSES."