MISSISSIPPI LEGISLATURE

2005 Regular Session

To: Ways and Means

By: Representative Ellington, Gunn, Baker (8th), Staples, Mims, Chism, Beckett, Denny, Davis, Fillingane, Stevens, Lott, Simpson, Guice, Mayhall, Turner, Moore, Snowden, Bounds, Martinson, Rogers (14th), Wells-Smith

House Bill 1236

AN ACT TO PROHIBIT THE LEGISLATURE AND THE GOVERNING AUTHORITIES OF ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE FROM AUTHORIZING THE ISSUANCE OF ANY BONDS, NOTES OR OTHER OBLIGATIONS OF INDEBTEDNESS THAT PLEDGE THE FULL FAITH AND CREDIT OF THE STATE OR POLITICAL SUBDIVISION IF ANY OF THE PROCEEDS MAY BE USED FOR THE PAYMENT OF OR TO DEFRAY COSTS NECESSARILY INCURRED BY ANY AGENCY, DEPARTMENT, INSTITUTION OR INSTRUMENTALITY OF THE STATE OR POLITICAL SUBDIVISION IN ITS DAY-TO-DAY OPERATION OF CONDUCTING BUSINESS OR DELIVERING SERVICES; AND FOR RELATED PURPOSES.

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

     SECTION 1.  Neither the Legislature nor the governing authorities of any county, municipality or other political subdivision of the state may authorize the issuance of any bonds, notes or other forms of obligation representing any indebtedness that pledge the full faith and credit of the state or of the county, municipality or political subdivision if any of the proceeds may be used for the payment of or to defray costs necessarily incurred by any agency, department, institution or instrumentality of the state, county, municipality or political subdivision in its day-to-day operation of conducting business or delivering services, including, but not limited to, expenses and costs related to salaries, travel expenses, office rental, office equipment or supplies, motor vehicles and utility costs.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2005.