MISSISSIPPI LEGISLATURE

2007 Regular Session

To: Ways and Means

By: Representative Reeves, Watson

House Bill 1739

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR CONSTRUCTION OF A STADIUM FOR JACKSON STATE UNIVERSITY ON OR NEAR THE CAMPUS OF THE UNIVERSITY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE CONSTRUCTION, FURNISHING AND EQUIPPING OF THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER RESEARCH PARK AND THE DEMOLITION AND REMOVAL OF THE MISSISSIPPI VETERANS MEMORIAL STADIUM AND RELATED BUILDINGS AND FACILITIES; TO PROVIDE THAT UPON COMPLETION AND OPENING OF A STADIUM FOR JACKSON STATE UNIVERSITY, THE DEPARTMENT OF FINANCE AND ADMINISTRATION SHALL TRANSFER TO THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER THE MISSISSIPPI VETERANS MEMORIAL STADIUM AND RELATED BUILDINGS AND FACILITIES FOR USE BY THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER AS A RESEARCH PARK; TO PROVIDE FOR THE ABOLITION OF THE MISSISSIPPI VETERANS MEMORIAL STADIUM COMMISSION UPON SUCH TRANSFER AND TO TRANSFER ALL ITS RECORDS, DUTIES, RESPONSIBILITIES, ASSETS, CONTRACTUAL RIGHTS AND OBLIGATIONS, PROPERTY RIGHTS, LIABILITIES AND INDEBTEDNESS AND ANY UNEXPENDED BALANCES OF APPROPRIATIONS TO THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE CONSTRUCTION, OPERATION AND MAINTENANCE OF A STATEWIDE WIRELESS COMMUNICATIONS SYSTEM; TO LIMIT THE AMOUNT OF BONDS THAT MAY BE ISSUED DURING CERTAIN STATE FISCAL YEARS; TO BRING FORWARD SECTIONS 55-23-1 THROUGH 57-23-53, MISSISSIPPI CODE OF 1972, WHICH CREATE THE MISSISSIPPI VETERANS MEMORIAL STADIUM COMMISSION AND PROVIDE FOR THE POWERS AND DUTIES OF THE COMMISSION REGARDING THE MISSISSIPPI VETERANS MEMORIAL STADIUM PROPERTY; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "State" means the State of Mississippi.

(c) "Commission" means the State Bond Commission.

(2) (a) (i) A special fund, to be designated as the "Jackson State University Stadium Construction Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(ii) Money deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of designing, preplanning and constructing a stadium for Jackson State University on or near the campus of the university at a site recommended by the President of Jackson State University to the Department of Finance and Administration.

(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this subsection. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

(3) (a) The commission, 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 for the purposes described in subsection (2) of this section. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the department shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the 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 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 total amount of bonds issued under this section shall not exceed Fifty Million Dollars ($50,000,000.00). No bonds shall be issued under this section from and after July 1, 2012.

(b) Any investment earnings on amounts deposited into the special fund created in subsection (2) of this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds.

(4) The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this subsection. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

(5) The bonds authorized by this section shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

(6) All bonds and interest coupons issued under the provisions of this section have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this section, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

(7) The commission shall act as the issuing agent for the bonds authorized under this section, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this section from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bonds shall be published at least one time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.

The commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

(8) The bonds issued under the provisions of this section are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this subsection.

(9) Upon the issuance and sale of bonds under the provisions of this section, the commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

(10) The bonds authorized under this section may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this section. Any resolution providing for the issuance of bonds under the provisions of this section shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

(11) The bonds authorized under the authority of this section may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

(12) Any holder of bonds issued under the provisions of this section or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this section, or under such resolution, and may enforce and compel performance of all duties required by this section to be performed, in order to provide for the payment of bonds and interest thereon.

(13) All bonds issued under the provisions of this section shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.

(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

(16) The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 2. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "State" means the State of Mississippi.

(c) "Commission" means the State Bond Commission.

(2) (a) (i) A special fund, to be designated as the "University of Mississippi Medical Center Research Park Construction Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(ii) Money deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, for the following purposes as determined by the Vice Chancellor for Health Affairs for the University of Mississippi Medical Center to be in the best interests of the University of Mississippi Medical Center and approved by the Board of Trustees of State Institutions of Higher Learning:

1. Twenty-five Million Dollars ($25,000,000.00) shall be used to aid in the construction, furnishing and equipping of the University of Mississippi Medical Center Research Park.

2. Five Million Four Hundred Thousand Dollars ($5,400,000.00) shall be used for the demolition and removal of the Mississippi Veterans Memorial Stadium and related buildings and facilities located on the property generally known as the "Mississippi Veterans Memorial Stadium Property" and more particularly described in Section 55-23-8, Mississippi Code of 1972, provided that such stadium and buildings and facilities have been transferred to the University of Mississippi Medical Center.

(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this subsection. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

(3) (a) The commission, 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 for the purposes described in subsection (2) of this section. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the department shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the 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 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 total amount of bonds issued under this section shall not exceed Thirty Million Four Hundred Thousand Dollars ($30,400,000.00). No bonds shall be issued under this section from and after July 1, 2012.

(b) Any investment earnings on amounts deposited into the special fund created in subsection (2) of this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds.

(4) The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this subsection. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

(5) The bonds authorized by this section shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

(6) All bonds and interest coupons issued under the provisions of this section have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this section, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

(7) The commission shall act as the issuing agent for the bonds authorized under this section, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this section from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bonds shall be published at least one time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.

The commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

(8) The bonds issued under the provisions of this section are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this subsection.

(9) Upon the issuance and sale of bonds under the provisions of this section, the commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

(10) The bonds authorized under this section may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this section. Any resolution providing for the issuance of bonds under the provisions of this section shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

(11) The bonds authorized under the authority of this section may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

(12) Any holder of bonds issued under the provisions of this section or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this section, or under such resolution, and may enforce and compel performance of all duties required by this section to be performed, in order to provide for the payment of bonds and interest thereon.

(13) All bonds issued under the provisions of this section shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.

(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

(16) The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 3. (1) Upon completion of construction of the stadium described in Section 1(2) of this act and the opening of such stadium for Jackson State University athletic events and other athletic and entertainment events, the Department of Finance and Administration, acting on behalf of the State of Mississippi, shall transfer to the University of Mississippi Medical Center the Mississippi Veterans Memorial Stadium and related buildings and facilities located on the property generally known as the "Mississippi Veterans Memorial Stadium Property" and more particularly described in Section 55-23-8, Mississippi Code of 1972. The University of Mississippi Medical Center shall use such property exclusively as a research park.

(2) The Mississippi Veterans Memorial Stadium Commission shall be abolished from and after the date of the transfer of property described in subsection (1) of this section ("transfer date"), and all records, duties, responsibilities, assets, contractual rights and obligations, property rights and any unexpended balances of appropriations of the Mississippi Veterans Memorial Stadium Commission prior to the transfer date shall be transferred to and vested in the University of Mississippi Medical Center after the transfer date. The University of Mississippi Medical Center shall assume all liabilities and indebtedness of the stadium property. However, the Legislature, in its discretion, may retire any obligations on the stadium property by making an appropriation for such purpose from the State General Fund.

SECTION 4. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "State" means the State of Mississippi.

(c) "Commission" means the State Bond Commission.

(2) (a) (i) A special fund, to be designated as the "Statewide Wireless Communications System Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(ii) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, based upon recommendations of the Wireless Communication Commission created in Section 25-53-171, to provide funds for the construction, maintenance and operation of a statewide wireless communications system, including, but not limited to, design and other engineering services, purchase of equipment, purchase and lease of real property, rent or lease of tower space, personnel and other associated project costs.

(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this subsection. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

(3) (a) The commission, 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 for the purposes described in subsection (2) of this section. Upon the adoption of a resolution by the Wireless Communication Commission, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the Wireless Communication Commission shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the 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 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 total amount of bonds issued under this section shall not exceed Two Hundred Million Dollars ($200,000,000.00); provided however, that: (a) not more than Twenty Million Dollars ($20,000,000.00) of bonds may be issued during state fiscal year 2007; (b) not more than Sixty-five Million Dollars ($65,000,000.00) of bonds may be issued during state fiscal year 2008; (c) not more than Fifty Million Dollars ($50,000,000.00) of bonds may be issued during state fiscal year 2009; (d) not more than Fifty Million Dollars ($50,000,000.00) of bonds may be issued during state fiscal year 2010; and (e) not more than Fifteen Million Dollars ($15,000,000.00) of bonds may be issued during state fiscal year 2011. In addition, the amount of bonds authorized to be issued under this section shall be reduced by the amount of any federal funds made available for the purposes described in subsection (2)(a) of this section.

(b) Any investment earnings on amounts deposited into the special fund created in subsection (2) of this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds.

(4) The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this subsection. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

(5) The bonds authorized by this section shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

(6) All bonds and interest coupons issued under the provisions of this section have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this section, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

(7) The commission shall act as the issuing agent for the bonds authorized under this section, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this section from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bonds shall be published at least one time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.

The commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

(8) The bonds issued under the provisions of this section are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this subsection.

(9) Upon the issuance and sale of bonds under the provisions of this section, the commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

(10) The bonds authorized under this section may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this section. Any resolution providing for the issuance of bonds under the provisions of this section shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

(11) The bonds authorized under the authority of this section may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

(12) Any holder of bonds issued under the provisions of this section or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this section, or under such resolution, and may enforce and compel performance of all duties required by this section to be performed, in order to provide for the payment of bonds and interest thereon.

(13) All bonds issued under the provisions of this section shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.

(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

(16) The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 5. Section 55-23-1, Mississippi Code of 1972, is brought forward as follows:

55-23-1. The Legislature hereby finds and determines:

(a) That the Fifty Cents (50) per ticket charge and the one-fourth (1/4) of the amusement tax provided in Section 7 of Chapter 360, Laws of 1979, as amended by Chapter 456, Laws of 1985, have been insufficient in recent years to fully provide for the payment of the principal of and interest on bonds issued under said Chapter 360; that the proceeds of the charge and tax are, upon their deposit to the Mississippi Memorial Stadium Fund, commingled with other amounts intended for the payment of stadium operating costs; that in recent years amounts intended to pay operating costs have been diverted to pay said bonds; and that the imposition of such charge and tax at current levels is causing events not to be conducted at the Mississippi Veterans Memorial Stadium, thereby jeopardizing the continued viability of said stadium; and

(b) That it is the intent of the Legislature, by the enactment of this chapter, to provide a reasonable procedure for the payment of the bonds from the General Fund of the state, without adversely affecting the security interests of the holders of the bonds, in order to provide for the continued viability of the stadium.

SECTION 6. Section 55-23-3, Mississippi Code of 1972, is brought forward as follows:

55-23-3. Sections 55-23-3 through 55-23-11 may be cited as "The Mississippi Veterans Memorial Stadium Act."

SECTION 7. Section 55-23-5, Mississippi Code of 1972, is brought forward as follows:

55-23-5. There is hereby created a commission to be known as "The Mississippi Veterans Memorial Stadium Commission," hereinafter sometimes referred to as the commission, which shall consist of six (6) members as follows:

(a) One (1) member shall be appointed by the Mayor of the City of Jackson, Mississippi;

(b) One (1) member shall be selected by the Board of Trustees of State Institutions of Higher Learning from among the membership of the board or shall be some other person designated by the board;

(c) Two (2) members shall be appointed by the Governor from the state at large outside of Hinds County, Mississippi, and one (1) member shall be appointed by the Governor from Hinds County, Mississippi. The appointee from Hinds County may be selected from a list of three (3) persons submitted by the Hinds County Board of Supervisors to the Governor;

(d) One (1) member shall be the President of Jackson State University, or his designee.

Terms of members shall begin on May 1, 1987, as follows: Of the members appointed by the Governor, one (1) shall serve for a term of one (1) year, one (1) for a term of two (2) years and one (1) for a term of three (3) years; the member appointed by the Mayor of the City of Jackson shall serve for a term of four (4) years; and the member representing the Board of Trustees of State Institutions of Higher Learning shall serve for a term of five (5) years. Upon the expiration of the foregoing terms, members shall serve for terms of five (5) years each. The appointing authority shall fill any vacancy in the above terms by appointment of a member for the unexpired term. Members shall be eligible for reappointment. An appointed member serving on the commission on April 30, 1987, shall be eligible for appointment to the commission for a term beginning May 1, 1987, of either one (1), two (2), three (3), four (4) or five (5) years, if such member is otherwise qualified. One (1) member of the commission appointed by the Governor shall be a person knowledgeable in marketing with at least three (3) years actual experience therein and one (1) member appointed by the Governor shall be a person of recognized ability in a trade or business with at least five (5) years actual experience therein. From and after May 1, 1987, the name of the commission shall be the "Mississippi Veterans Memorial Stadium Commission" and any references in Sections 55-23-3 through 55-23-11 to the Mississippi Memorial Stadium Commission or commission shall mean the Mississippi Veterans Memorial Stadium Commission unless the context clearly indicates a different meaning. From and after May 1, 1987, the stadium shall be known as the "Mississippi Veterans Memorial Stadium." The commission is authorized to accept donations of money, property or services from any public or private source to accomplish any physical replacement or alterations of stadium property necessary to accomplish the renaming of the stadium.

The members of the commission shall serve without compensation except that members shall be paid their actual and necessary expenses in connection with the performance of their duties as members of the commission, including mileage, as authorized in Section 25-3-41, Mississippi Code of 1972, plus a per diem as is authorized by Section 25-3-69, Mississippi Code of 1972, while engaged in the performance of their duties. The expenses, mileage and per diem allowance shall be paid out of the Mississippi Veterans Memorial Stadium Fund.

The commission shall elect from its membership a chairman who shall preside over meetings and a vice chairman who shall preside in the absence of the chairman. Three (3) members of the commission shall constitute a quorum for the transaction of any and all business of the commission.

The powers of the commission shall be exercised by a majority of the members thereof, but it may delegate to one or more of its members, or to its agents and employees, such powers and duties as it may deem proper, and may adopt rules and regulations for the conduct of its business and affairs. The commission shall contract with a certified public accounting firm to conduct audits of concession and novelty sales by vendors at the stadium. The commission shall, as far as is practicable, provide that the cost of such audits shall be paid by the vendor of such concessions or novelties, or both.

The commission shall appoint a director who shall have at least a bachelor's degree from an accredited university or college. The director shall have the responsibility for insuring the marketing of tickets to events conducted in the stadium, in addition to such other duties as the commission may designate. Before entering upon the duties of his office, the director shall give bond to the State of Mississippi in the sum of Fifty Thousand Dollars ($50,000.00), and said bond shall be conditioned upon the faithful discharge and performance of his official duty. The principal and surety on said bond shall be liable thereunder to the state for double the amount of value of any money or property which the state may lose, if any, by reason of any wrongful or criminal act of said director. Said bond, when approved by the commission, shall be filed with the Secretary of State, and the premium thereon shall be paid from the Mississippi Veterans Memorial Stadium Fund.

SECTION 8. Section 55-23-7, Mississippi Code of 1972, is brought forward as follows:

55-23-7. Any construction, renovation, repair and reconstruction to the facilities and property of the Mississippi Veterans Memorial Stadium shall be carried on under the direction of the commission, which is authorized to make and enter into such contracts, agreements and undertakings as may be necessary to effect this purpose. The commission may take any action authorized in Section 55-23-8 relating to the facilities and property of the Mississippi Veterans Memorial Stadium.

SECTION 9. Section 55-23-8, Mississippi Code of 1972, is brought forward as follows:

55-23-8. (1) The Mississippi Veterans Memorial Stadium Commission, in its discretion, is authorized to enter into one or more lease agreements with one or more public or private entities in regard to the granting of a property interest to such public or private entities in all or any part of the real property located in Hinds County, Mississippi, generally known as the "Mississippi Veterans Memorial Stadium Property," being any property under the jurisdiction of the Mississippi Veterans Memorial Stadium Commission and any other state-owned property located in the area bounded on the North by Taylor Street, on the West by North West Street, on the South by Woodrow Wilson Avenue and on the East by North State Street used as part of or in connection with Mississippi Veterans Memorial Stadium, for the purpose of the construction of improvements thereon.

(2) Any lease authorized in this section may be for such consideration as determined appropriate by the Mississippi Veterans Memorial Stadium Commission and may be for a primary term not to exceed twenty-five (25) years and may be renewed for a term not to exceed twenty-five (25) years.

(3) In and for the consideration to be provided under any lease, the Mississippi Veterans Memorial Stadium Commission, in its discretion, is authorized to, on such terms and conditions determined to be appropriate by the Mississippi Veterans Memorial Stadium Commission: (a) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions) permitting use of any property referred to in subsection (1) of this section for parking, access and other uses in connection with events in facilities constructed on property leased from the Mississippi Veterans Memorial Stadium Commission; (b) grant, as part of and for the term of any lease, to any lessee or lessees (or any designee of any such lessee or lessees), one or more easements with respect to all or any part of the property referred to in subsection (1) of this section for vehicle and pedestrian ingress and egress, for vehicle parking and for such other purposes necessary and appropriate for the construction, operation and use of the improvements; (c) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), permitting use by such lessee or lessees (or any designee of any such lessee or lessees) of Mississippi Veterans Memorial Stadium for events; (d) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), pursuant to which the state shall be obligated to purchase improvements constructed on such property and/or any residual rights in connection with such improvements upon terms and for a purchase price, not to exceed Ten Million Dollars ($10,000,000.00), as set forth in or determined in accordance with such agreement; (e) enter into agreements with any such lessee or lessees (or any designee of any such lessee or lessees) providing that such lessee or lessees (or any designee of any such lessee or lessees) shall indemnify and hold harmless the Mississippi Veterans Memorial Stadium Commission for any personal injury or property damage related to events conducted on property leased from the Mississippi Veterans Memorial Stadium Commission; and/or (f) enter into such other agreements with any such lessee or lessees (or any designee of any such lessee or lessees) or any other public or private entities, which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), relating to any such lease and any improvements to be constructed on property leased from the Mississippi Veterans Memorial Stadium Commission as the Mississippi Veterans Memorial Stadium Commission shall determine to be appropriate. However, the State of Mississippi shall not be obligated to purchase any improvements constructed on property leased under this section and/or any residual rights in connection with such improvements unless the construction of all such improvements on the property is complete. The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management shall make the determination regarding whether the construction of the improvements is complete.

(4) Any public body shall be authorized to enter into: (a) agreements (which may extend over any period of time) with the Mississippi Veterans Memorial Stadium Commission, any public body, any party leasing property from the Mississippi Veterans Memorial Stadium Commission (or any designee or designees of any such lessee), and/or any other party to provide or contribute funds in connection with the construction, financing and/or operation of any improvements constructed on property leased from the Mississippi Veterans Memorial Stadium Commission, and any such agreement or agreements and the obligations of any public body thereunder shall not be included in computing amounts subject to any debt limitations applicable to any such public body; and/or (b) agreements (which may extend over any period of time) to lease property from the Mississippi Veterans Memorial Stadium Commission and to provide or contribute funds in connection with the construction, financing and/or operation of any improvements constructed on such property and to lease or sublease any such property or improvements to public or private entities, and any such agreement or agreements shall not be included in computing amounts subject to any debt limitations applicable to any such public body.

(5) The Mississippi Veterans Memorial Stadium Commission, in its discretion, is authorized to enter into all other agreements as may be necessary or appropriate in connection with any financing by any lessee or lessees (or any designee of any such lessee or lessees) of any improvements to be constructed on property leased from the Mississippi Veterans Memorial Stadium Commission.

(6) The provisions of any statutes establishing a role for the Department of Finance and Administration and the State Bond Commission in financing, construction and improvement of buildings on the Veterans Memorial Stadium property shall not apply to the financing, refinancing, construction, repair or improvement of any improvements on any property leased pursuant to this section.

(7) Before entering into any lease or other agreement with any private entity under this section, the Mississippi Veterans Memorial Stadium Commission shall require such entity to enter into a binding commitment providing that if the private entity fails to complete the construction of all improvements commenced by the entity on property leased under this section, such entity shall reimburse the State of Mississippi for costs incurred by the state relating to the improvements. The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management shall make the determination regarding whether the construction of the improvements is complete.

(8) Any lease or other agreement entered into by the Mississippi Veterans Memorial Stadium Commission under this section shall not be valid unless approved by the Department of Finance and Administration, the Public Procurement Review Board and the Attorney General.

(9) The Mississippi Veterans Memorial Stadium Commission may not enter into any lease or other agreement under this section after October 1, 2001.

(10) Any lessee or lessees (or any designee of any such lessee or lessees) of property leased from the Mississippi Veterans Memorial Stadium Commission under this section shall not be considered as being the state, any political subdivision of the state or any officer or servant of the state for the purposes of any liability that may be waived under Section 11-46-1 et seq., Mississippi Code of 1972.

SECTION 10. Section 55-23-9, Mississippi Code of 1972, is brought forward as follows:

55-23-9. The commission shall operate the Mississippi Veterans Memorial Stadium and to that end may employ such agents and employees as may be required in connection therewith. It may enter into contracts for the use of the stadium, and fix the amount of the compensation therefor, and collect the same when due. The commission may take any action authorized in Section 55-23-8 relating to the Mississippi Veterans Memorial Stadium and the property described in Section 55-23-8.

All monies and revenues, including the amusement tax imposed upon the sale of tickets for admission to the stadium, and all other events on stadium property and all monies arising from other use of stadium property, including that realized from the sale of concessions, shall be paid by the commission to the State Treasurer, to be placed to the credit of a special fund to be known as the "Mississippi Veterans Memorial Stadium Operating Fund" and any references in the laws to the "Mississippi Memorial Stadium Fund" or the "Mississippi Veterans Memorial Stadium Fund" shall mean the "Mississippi Veterans Memorial Stadium Operating Fund" unless the context clearly indicates otherwise. Any interest earned on amounts deposited in the Mississippi Veterans Memorial Stadium Operating Fund shall be credited to such special fund. Provided, however, that twenty-five percent (25%) of all profits realized by the commission from the sale of concessions at athletic events when Jackson State University is the home team shall be deposited to the credit of a special auxiliary fund and authorized for expenditure by the Board of Trustees of State Institutions of Higher Learning exclusively for the support of intercollegiate athletics at such university. All expenses incident to the operation and upkeep of the facilities and property managed by the commission shall be paid out of the Mississippi Veterans Memorial Stadium Operating Fund by warrants drawn by the Department of Finance and Administration, which shall be issued on the requisition of the commission.

All tickets sold to an event conducted in the Mississippi Veterans Memorial Stadium shall have printed in an appropriate and prominent place thereon the words A.C. "Butch" Lambert Field.

SECTION 11. Section 55-23-11, Mississippi Code of 1972, is brought forward as follows:

55-23-11. The commission shall promulgate rules and regulations governing the use of the lands and facilities under its supervision. The commission may take any action authorized in Section 55-23-8 relating to the property described in such section.

SECTION 12. Section 55-23-13, Mississippi Code of 1972, is brought forward as follows:

55-23-13. The State Highway Department is hereby authorized and empowered to maintain the driveways which lead to the Mississippi Veterans Memorial Stadium and are a part of the state-owned real property under the jurisdiction of the Mississippi Veterans Memorial Stadium Commission. In carrying out this section, the department is authorized to use its personnel, funds, equipment and machinery, and it may accept donations of funds from said commission, the City of Jackson, and Hinds County, which funds are hereby authorized to be expended, and other grants and bequests for carrying out the provisions of this section.

SECTION 13. Section 55-23-15, Mississippi Code of 1972, is brought forward as follows:

55-23-15. The Mississippi Veterans Memorial Stadium Commission is hereby authorized to utilize certain state-owned land in Hinds County bounded on the east by North State Street, on the north by Taylor Street, on the west by North West Street, and on the south by a street or driveway known as Stadium Drive as a public parking facility establishing reasonable rules and regulations connected with the operation of such a facility, including fees for the privilege of parking. The parking facilities shall not be extended any farther to the east than as the facilities existed on January 1, 1996. Further, the portion of the property described in this section, except the property west of the stadium between the stadium and North West Street, that was undeveloped as of January 1, 1996, shall remain undeveloped unless the Legislature enacts legislation approving the development of such property. The portion of the property described in this section that is west of the stadium between the stadium and North West Street may be developed to provide parking facilities for the Mississippi Department of Transportation offices located on North West Street. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8 relating to the property described in such section.

The Mississippi Veterans Memorial Stadium Commission is authorized to lease such property to the Mississippi Transportation Commission for parking facilities for Department of Transportation offices, notwithstanding the time limitation on leases or other agreements provided in Section 55-23-8(9).

SECTION 14. Section 55-23-17, Mississippi Code of 1972, is brought forward as follows:

55-23-17. The commission is authorized to establish penalties for tow-away or impoundment charges for individual or corporate owners of vehicles violating such rules and regulations; and such other general rules and regulations as may be reasonably necessary.

SECTION 15. Section 55-23-19, Mississippi Code of 1972, is brought forward as follows:

55-23-19. Prior to July 1, 1989, the commission shall contract with the University of Mississippi Medical Center for provision by the medical center of funds in an amount reasonable and necessary to provide the following maintenance of parking facilities at the stadium:

(a) Adequate lighting;

(b) Routine care of the parking surface;

(c) Long-term resurfacing of any parking area utilized by medical center employees, students and patients; and

(d) Security.

In consideration of the funds provided by the medical center, the University of Mississippi Medical Center students, employees, patients and visitors, and all other state employees, will be exempt from payment of any fees imposed by the commission for the use of the parking facilities at the Mississippi Veterans Memorial Stadium when there are no special events being held on the stadium grounds.

SECTION 16. Section 55-23-21, Mississippi Code of 1972, is brought forward as follows:

55-23-21. The Building Commission is hereby authorized and empowered, in addition to all other powers and duties of such commission, to enlarge and renovate the Mississippi Veterans Memorial Stadium in order to provide for a modern stadium having a seating capacity of approximately sixty-two thousand seven hundred thirty-one (62,731) persons, such authority to be conditioned upon a contribution by Hinds County, Mississippi, to the Building Commission of a sum of One Million Dollars ($1,000,000.00) for such enlargement and renovation. The parking facilities shall not be extended any farther to the east than as the facilities existed on January 1, 1996. Further, the portion of the state-owned property on which the stadium and parking facilities are located, except the property west of the stadium between the stadium and North West Street, that was undeveloped as of January 1, 1996, shall remain undeveloped unless the Legislature enacts legislation approving the development of such property. The portion of the state-owned property on which the stadium is located that is west of the stadium between the stadium and North West Street may be developed to provide parking facilities for the Mississippi Department of Transportation offices located on North West Street. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8 relating to the property described in such section.

SECTION 17. Section 55-23-23, Mississippi Code of 1972, is brought forward as follows:

55-23-23. In keeping with the purposes of Sections 55-23-21 through 55-23-43, the Board of Supervisors of Hinds County, Mississippi, is authorized and empowered, in its discretion, to transfer and deliver to the Building Commission a sum of One Million Dollars ($1,000,000.00) out of any funds on hand or received by Hinds County.

When such funds are received by the Building Commission, they shall be deposited at interest in banks located in Hinds County according to the same formula used for the investment of excess state funds, and all interest accruing as a result thereof shall be returned to the Board of Supervisors of Hinds County.

SECTION 18. Section 55-23-25, Mississippi Code of 1972, is brought forward as follows:

55-23-25. Upon receipt of a sum of One Million Dollars ($1,000,000.00) from the Board of Supervisors of Hinds County, the Building Commission is authorized at one time or from time to time to petition by resolution to the State Bond Commission for the issuance of negotiable bonds of the State of Mississippi by the State Bond Commission to provide funds for the purpose of paying all or any part of the cost of enlarging and renovating the Mississippi Veterans Memorial Stadium in accordance with the provisions of Sections 55-23-21 through 55-23-43. The amounts of bonds issued shall not exceed an aggregate sum of Three Million Dollars ($3,000,000.00).

The principal of and the interest on such bonds shall be payable from the Mississippi Veterans Memorial Stadium Bond Sinking Fund, hereby created in the State Treasury, in the manner hereinafter set forth. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times, be redeemable prior to maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the State Bond Commission. Provided, however, that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty-five (25) years from date thereof. Such bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds, who were in the office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser, or had been in office on the date such bonds may bear.

SECTION 19. Section 55-23-27, Mississippi Code of 1972, is brought forward as follows:

55-23-27. All bonds and interest coupons issued under the provisions of Sections 55-23-21 through 55-23-43 shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by Sections 55-23-21 through 55-23-43, the board and/or State Bond Commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.

SECTION 20. Section 55-23-29, Mississippi Code of 1972, is brought forward as follows:

55-23-29. The State Bond Commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. All bonds shall bear interest at such rate or rates not exceeding seven percent (7%) per annum. All interest accruing on such bonds so issued shall be payable semiannually, or annually.

No interest payment due on any bond shall be evidenced by more than one (1) coupon and supplemental coupons will not be permitted; the difference between the highest rate of interest specified for any bond issue shall not exceed the lowest rate of interest specified for the same bond issue by more than one and one-fourth percent (1-1/4 %).

Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named.

Notice of the sale of any such bonds shall be published at least one time, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals with a large national circulation, to be selected by the State Bond Commission.

The State Bond Commission, when issuing any bonds under the authority of Sections 55-23-21 through 55-23-43, shall provide that bonds maturing eleven (11) or more years after the date of the issuance of such bonds may, at the option of the State of Mississippi, be called in for payment and redemption in reverse numerical order at the call price named therein and accrued interest, or on the tenth anniversary of the date of issue, or on any interest payment date thereafter prior to maturity.

SECTION 21. Section 55-23-31, Mississippi Code of 1972, is brought forward as follows:

55-23-31. The bonds issued under the provisions of Sections 55-23-21 through 55-23-43 shall be payable from the Mississippi Veterans Memorial Stadium Bond Sinking Fund and shall be the general obligations of the State of Mississippi and backed by the full faith and credit of the State of Mississippi, and if the funds available in the Mississippi Veterans Memorial Stadium Bond Sinking Fund be insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the foregoing provisions of this section.

SECTION 22. Section 55-23-33, Mississippi Code of 1972, is brought forward as follows:

55-23-33. (1) An additional charge of Fifty Cents (50) per ticket is hereby imposed upon every ticket which is sold (a) to an event conducted in the Mississippi Veterans Memorial Stadium in which there participates any team of a university which is a member of the National Collegiate Athletic Association with the exception of a university located in Hinds County, in which case an additional charge of Twenty-five Cents (25) per ticket shall be imposed, and (b) to any event in which there participates a professional team or in which the entertainers, performers or other participants are professionals. The funds derived from this additional charge shall be paid by the Stadium Commission to the State Treasurer to be deposited in the Mississippi Memorial Stadium Fund and are specifically reserved and dedicated for the payment of the principal of and the interest on bonds issued under the provisions of Sections 55-23-21 through 55-23-43 to enlarge and renovate the Mississippi Memorial Stadium. Upon a determination by the State Treasurer, the additional charge provided by this subsection may cease to be imposed when the other revenue pledged out of the Mississippi Memorial Stadium Fund to retire the bonds is at least one and one tenth (1.1) times the annual debt service plus the obligation to Hinds County or when the fund contains an amount sufficient to retire the amount of bonds then outstanding plus the obligation to Hinds County. If the charge ceases to be imposed as hereinbefore provided and revenues pledged out of the Mississippi Memorial Stadium Fund to retire the bonds fall below one time the annual debt service plus the obligation to Hinds County, then at that time the State Treasurer shall notify the Stadium Commission and the charge shall be restored.

(2) Forty-two percent (42%) of the tax levied pursuant to Section 27-65-22, Mississippi Code of 1972, on gross revenue derived from the sale of admission to events conducted in the Mississippi Veterans Memorial Stadium, which is deposited in the Mississippi Memorial Stadium Fund, is hereby specifically reserved and dedicated for the payment of the principal of and the interest on bonds issued under the provisions of Sections 55-23-21 through 55-23-43 and repayment of the contribution of Hinds County to enlarge and renovate the Mississippi Veterans Memorial Stadium.

(3) It is the intent of the Legislature that a university's share in revenue derived from events conducted at Mississippi Veterans Memorial Stadium not be reduced as a result of the enactment of this section; and, to that end, any proceeds derived from an event at the Mississippi Veterans Memorial Stadium to which a university is entitled shall not be less than that share to which it would otherwise have been entitled prior to the effective date of Sections 55-23-21 through 55-23-43.

(4) Notwithstanding the provisions of subsections (1) and (2) of this section, on and after April 19, 1989, the imposition and deposit of the additional per ticket charge described in subsection (1) of this section and the diversion of the portion of the tax described in subsection (2) of this section shall each be suspended so long as not less than thirty (30) days prior to the first day of each fiscal year of the State of Mississippi either (a) the Legislature has theretofore appropriated for deposit to the Mississippi Veterans Memorial Bond Sinking Fund an amount of moneys from any source sufficient to fully pay in a timely manner all of the principal and interest scheduled to become due in such fiscal year on all bonds theretofore issued and then outstanding under the provisions of Sections 55-23-21 through 55-23-43, plus an amount sufficient to pay all then overdue and unpaid installments of principal and interest on such bonds, if any, or (b) the amount on deposit in the Mississippi Veterans Memorial Stadium Bond Sinking Fund shall be sufficient to fully pay in a timely manner all of the principal and interest scheduled to become due prior to such fiscal year on all bonds theretofore issued and then outstanding under the provisions of Sections 55-23-21 through 55-23-43, plus all of the principal and interest scheduled to become due in such fiscal year on all such bonds, plus an amount sufficient to pay all then overdue and unpaid installments of principal and interest on such bonds, if any. Whenever the State Treasurer shall determine that the conditions of the aforesaid suspensions have not or will not be satisfied as provided in the immediately preceding sentence, the State Treasurer shall notify all appropriate state officials of the same and the imposition and deposit of said additional per ticket charge under subsection (1) of this section and the diversion of said portion of the tax under subsection (2) of this section, each to the Mississippi Veterans Memorial Stadium Bond Sinking Fund, shall be automatically and immediately restored.

SECTION 23. Section 55-23-35, Mississippi Code of 1972, is brought forward as follows:

55-23-35. (1) It is the intent of the Legislature that Hinds County, Mississippi, be fully reimbursed for the amount of money contributed by it to the enlargement and renovation of Mississippi Veterans Memorial Stadium. To that end, the State Treasurer shall pay to the county out of any excess in the Mississippi Veterans Memorial Stadium Bond Sinking Fund not necessary to pay the debt service on bonds issued pursuant to Sections 55-23-21 through 55-23-43 an amount not to exceed Fifty Thousand Dollars ($50,000.00) per year or, in his discretion, a greater sum which will expedite such repayment provided the revenue paid into the fund exceeds that projected at the time of passage of Sections 55-23-21 through 55-23-43; provided, however, the percentage of money paid Hinds County shall not exceed the percentage of the state obligation which has been paid. In the event the state refunds bonds issued under Sections 55-23-21 through 55-23-43, the obligation created hereunder to Hinds County shall not be construed to impair such refunding issue but shall be a continuing subordinate obligation of the state until its repayment is effected.

(2) Notwithstanding the provisions of subsection (1) to the contrary, the Board of Supervisors of Hinds County may forgive and cancel all or any portion of such obligation of the commission or the State of Mississippi incurred pursuant to Sections 55-23-21 through 55-23-43, by resolution duly entered at any regular meeting to be held, or previously held, in calendar year 1989. However, if the Mississippi Veterans Memorial Stadium is sold, or any interest in same is permanently conveyed by the State of Mississippi, then Hinds County shall be paid all sums which were previously forgiven or cancelled by Hinds County in accordance with subsection (1) of this section.

SECTION 24. Section 55-23-37, Mississippi Code of 1972, is brought forward as follows:

55-23-37. The State Treasurer is hereby authorized, without further process of law, to certify to the State Fiscal Management Board the necessity for warrants, and the State Fiscal Management Board is hereby authorized and directed to issue such warrants payable out of the Mississippi Veterans Memorial Stadium Bond Sinking Fund authorized by Sections 55-23-21 through 55-23-43 for such purpose, in such amounts as may be necessary to pay when due the principal of and interest on all bonds issued under the provisions of Sections 55-23-21 through 55-23-43; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of said bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

SECTION 25. Section 55-23-39, Mississippi Code of 1972, is brought forward as follows:

55-23-39. Such general obligation bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified or required by Sections 55-23-21 through 55-23-43. Any resolution providing for the issuance of general obligation bonds under the provisions of Sections 55-23-21 through 55-23-43 shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular, special or adjourned meeting of the State Bond Commission by a majority of its members.

The bonds authorized under the authority of Sections 55-23-21 through 55-23-43 may be validated in the Chancery Court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the State Bond Commission, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.

SECTION 26. Section 55-23-41, Mississippi Code of 1972, is brought forward as follows:

55-23-41. The proceeds of the bonds authorized in Sections 55-23-21 through 55-23-43 and funds appropriated for the enlargement and renovation of the Mississippi Veterans Memorial Stadium, including the funds to be supplied by Hinds County and also including funds from any and all other sources set aside for such enlargement and renovation by the Building Commission shall be used for the purpose of enlarging and renovating all physical components which make up the Mississippi Veterans Memorial Stadium and, except for the funds contributed by Hinds County, shall be deposited in the Mississippi Memorial Stadium Construction Fund, hereby created in the State Treasury. The funds contributed by Hinds County shall be deposited as provided in Section 55-23-23. To that end the commission is hereby authorized and empowered to make and enter into such contracts and execute such instruments containing such reasonably appropriate terms and conditions as, in its discretion, it may deem necessary, proper or advisable for the purpose of carrying out the terms of Sections 55-23-21 through 55-23-43, including the acceptance of that proportion of the cost of improvements required by the terms of Sections 55-23-21 through 55-23-43 to be contributed by Hinds County. Any funds received by the Mississippi Veterans Memorial Stadium Commission under Section 55-23-8 may be used for any purpose authorized in this section or Section 55-23-8, or both.

SECTION 27. Section 55-23-43, Mississippi Code of 1972, is brought forward as follows:

55-23-43. The Building Commission may employ competent architects, engineers and other qualified agents to prepare plans, specifications and such other data as may be necessary to enable it to carry out the purposes of Sections 55-23-21 through 55-23-43 in a manner consistent with sound construction principles. When the plans and specifications have been approved and accepted by the Building Commission, contracts for the various phases of construction shall then be let by the Building Commission in the manner provided by law to competent and responsible firms or individuals whose work shall proceed under the constant inspection of a reliable and competent inspector to be furnished for that purpose by the State Building Commission. All expenses incurred in the enlargement and renovation under the provisions of Sections 55-23-21 through 55-23-43 shall be paid from the Mississippi Memorial Stadium Construction Fund created herein. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8 relating to the property described in such section.

SECTION 28. Section 55-23-45, Mississippi Code of 1972, is brought forward as follows:

55-23-45. The Building Commission is hereby authorized and empowered to repair and remodel the Mississippi Veterans Memorial Stadium and, notwithstanding the seating capacity limitations set out in Sections 55-23-21 through 55-23-43, to enlarge said stadium as funds become available for said purpose. The parking facilities shall not be extended any farther to the east than as the facilities existed on January 1, 1996. Further, the portion of the state-owned property on which the stadium and parking facilities are located, except the property west of the stadium between the stadium and North West Street, that was undeveloped as of January 1, 1996, shall remain undeveloped unless the Legislature enacts legislation approving the development of such property. The portion of state-owned property on which the stadium is located that is west of the stadium between the stadium and North West Street may be developed to provide parking facilities for the Mississippi Department of Transportation offices located on North West Street. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8 relating to the property described in such section.

SECTION 29. Section 55-23-47, Mississippi Code of 1972, is brought forward as follows:

55-23-47. The repairing, remodeling and enlarging of the Mississippi Memorial Stadium shall be carried on throughout in accordance with the provisions of Section 12, Chapter 390, Laws of 1960.

SECTION 30. Section 55-23-49, Mississippi Code of 1972, is brought forward as follows:

55-23-49. The cost of repairing, remodeling and enlarging the Mississippi Veterans Memorial Stadium shall be paid from any funds appropriated by the Legislature for such purposes, or from the sale of revenue bonds or general obligation bonds issued for this purpose, as may be hereafter authorized by the Legislature. The costs of construction of improvements made under Section 55-23-8 may be paid from any funds provided under this section or Section 55-23-8, or both.

SECTION 31. Section 55-23-51, Mississippi Code of 1972, is brought forward as follows:

55-23-51. The athletic field at the Mississippi Veterans Memorial Stadium in Jackson, Mississippi, shall be named the "A.C. (Butch) Lambert Field." The Mississippi Veterans Memorial Stadium Commission shall erect appropriate signs and markers at the stadium to indicate the name of the field.

SECTION 32. Section 55-23-53, Mississippi Code of 1972, is brought forward as follows:

55-23-53. Prior to January 1, 1990, the Board of Trustees of State Institutions of Higher Learning shall develop a proposal to encourage scheduling of football games by Mississippi universities in the Mississippi Veterans Memorial Stadium, which scheduling will acknowledge the obligation of such universities to support the enlarged stadium, the expansion of which was encouraged by such universities.

SECTION 33. This act shall take effect and be in force from and after July 1, 2007.