MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Ways and Means

By: Representative Williams

AN ACT TO AMEND SECTION 65-4-25, MISSISSIPPI CODE OF 1972, TO INCREASE FROM $105,000,000.00 TO $140,000,000.00, THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE ECONOMIC DEVELOPMENT HIGHWAY ACT; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 65-4-25, Mississippi Code of 1972, is amended as follows:

65-4-25. The Mississippi Department of Economic and Community Development, acting through its executive director, is authorized, at one time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Economic Development Highway Fund established in Section 65-4-15, Mississippi Code of 1972. Upon the adoption of a resolution by the Executive Director of the Mississippi Department of Economic and Community Development, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, the executive director shall deliver a certified copy of his resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall 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 principal amount of bonds issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, shall not exceed One Hundred Forty Million Dollars ($140,000,000.00) in the aggregate.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.