MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Local and Private; Finance

By: Senator(s) Williamson

AN ACT TO AUTHORIZE THE CITY OF PHILADELPHIA, MISSISSIPPI, TO ISSUE BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,500,000.00 FOR THE PURPOSE OF CONSTRUCTING AND EQUIPPING A WAREHOUSE FACILITY ON PROPERTY OWNED BY THE CITY; AND FOR RELATED PURPOSES.

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

SECTION 1. The governing authorities of the City of Philadelphia, Mississippi, in their discretion, may issue general obligation bonds of the city in the maximum principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) for the purpose of providing funds for constructing and equipping a warehouse facility on property owned by the City of Philadelphia.

SECTION 2. Before the issuance of any bonds under this act, the governing authorities of the city shall adopt and publish a resolution declaring their intention to issue such bonds pursuant to Section 21-33-307, Mississippi Code of 1972.

SECTION 3. This act, without regard to any statute not referenced in this act, shall be full and complete authority for the issuance of bonds under this act and shall be construed as an additional and alternative method therefor. All powers necessary to be exercised in order to carry out this act are conferred.

SECTION 4. (1) Any bonds issued under this act and the income from such bonds shall be exempt from all State of Mississippi taxation, except inheritance and gift taxes.

(2) Any bonds issued under this act shall be legal investments for commercial banks, savings and loan associations and insurance companies organized under the laws of this state.

SECTION 5. Any bonds issued under this act shall be validated in the manner provided by Chapter 13, Title 31, Mississippi Code of 1972, and to that end, the city clerk shall be directed to make up a transcript of all legal papers and proceedings relating to the bonds and to certify and forward the transcript to the State Bond Attorney for the institution of validation proceedings.

SECTION 6. Except as otherwise provided in this act, bonds authorized under this act shall be issued in accordance with Sections 21-33-301 through 21-33-329, Mississippi Code of 1972.

SECTION 7. This act shall take effect and be in force from and after its passage.