MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Ways and Means

By: Representative Ellington

AN ACT TO AMEND SECTION 6, CHAPTER 521, LAWS OF 1995, TO INCREASE THE AMOUNT OF GENERAL OBLIGATION BONDS AUTHORIZED FOR THE LOCAL GOVERNMENTS AND RURAL WATER SYSTEMS IMPROVEMENTS REVOLVING LOAN FUND; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 6, Chapter 521, Laws of 1995, is amended as follows:

Section 6. The board created in Section 1 of this act, 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 by the board in constructing new water systems or repairing existing water systems described in Section 1 of this act. Upon the adoption of a resolution by the board, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the board shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of such resolution, the State Bond 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 tax exempt or taxable 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 amount of bonds issued under Sections 6 through 20 of this act shall not exceed Twenty-five Million Dollars ($25,000,000.00), the proceeds of which shall be deposited in the revolving fund and Five Million Dollars ($5,000,000.00), the proceeds of which shall be deposited in the emergency fund.

SECTION 2. This act shall take effect and be in force from and after July 1, 2000.