Adopted

COMMITTEE AMENDMENT NO 1 PROPOSED TO

Senate Bill No. 3201

BY: Committee

     Amend by striking all after the enacting clause and inserting in lieu thereof the following:

 


     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 "2007 Capital Improvements 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, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities for agencies or their successors as hereinafter described:

          NAME                      PROJECT             AMOUNT

                                                       ALLOCATED

INSTITUTIONS OF HIGHER LEARNING................ $   2,683,775.00

Jackson State University....................... $   2,683,775.00

     Furnishing and equipping of the

       School of Engineering......$ 2,000,000.00

     Repair, renovation,

       construction, furnishing and

       equipping of the E-City

       Center Building............$   683,775.00

STATE AGENCIES................................. $  58,575,500.00

Department of Human Services................... $   7,750,000.00

     Repair and renovation of

       buildings and facilities

       at the Columbia Training

       School and the Oakley Training

       School.....................$ 7,750,000.00

Department of Wildlife, Fisheries and Parks..... $  1,500,000.00

     Repair, renovation, furnishing

       and equipping of facilities,

       repair, renovation, replacement

       and improvement of dams, spillways

       and infrastructure.........$ 1,500,000.00

Department of Mental Health..................... $ 17,825,500.00

     Construction, furnishing and

       equipping of a new maintenance

       compound and related facilities

       at Mississippi State

       Hospital...................$ 1,300,000.00

     Repair, renovation, replacement

       and improvement of water system

       and related facilities at

       Boswell Regional Center....$ 1,562,500.00

     Repair, renovation and

       replacement of cafeteria

       at East Mississippi

       State Hospital.............$ 4,263,000.00

     Demolition, renovation and

       replacement of laundry

       facilities at East

       Mississippi State

       Hospital...................$ 1,300,000.00

     Construction, furnishing

       and equipping of a fifty-bed

       receiving unit at East

       Mississippi State

       Hospital...................$ 4,500,000.00

     Construction, furnishing and

       equipping of a crisis intervention

       mental health facility in

       Marshall County............$ 1,500,000.00

     Construction, furnishing and

       equipping of two (2) intermediate

       care facilities for the mentally

       retarded (community group homes)

       for the Department of

       Mental Health in Laurel,

       Mississippi................$ 2,000,000.00

     Construction, furnishing and

       equipping of an intermediate

       care facility for the mentally

       retarded (community group home)

       for the Department of Mental

       Health in Jasper County,

       Mississippi................$ 1,400,000.00

Department of Finance and Administration....... $  12,000,000.00

     Repair and renovation of the

       New Capitol..................$ 1,000,000.00

     Repair and renovation of

       buildings and facilities

       of the Mississippi Schools

       for the Blind and Deaf.......$ 3,000,000.00

     Construction, furnishing and

       equipping of the Mississippi

       Industries for the Blind

       building and facilities in

       Jackson, Mississippi.........$ 8,000,000.00

Department of Archives and History.............. $ 10,000,000.00

     Phase I of construction,

       furnishing and equipping of

       the New Museum of Mississippi

       History building.............$10,000,000.00

Mississippi Authority for Educational Television$  4,500,000.00

     Replacement and upgrade of

       radio transmitters and

       antennas and related

       facilities...................$ 3,500,000.00

     Upgrade of microwave system

       and related facilities.......$ 1,000,000.00

Department of Corrections....................... $  5,000,000.00

     Repair and renovation of

       buildings and facilities, repair,

       renovation and improvement of

       infrastructure at the State

       Penitentiary at Parchman.....$ 2,000,000.00

     Repair and renovation of

       buildings and facilities, repair,

       renovation, replacement and

       improvement of infrastructure

       at the Central Mississippi

       Correctional Facility in

       Rankin County................$ 2,000,000.00

     Repair and renovation of

       buildings and facilities, repair,

       renovation, replacement and

       improvement of infrastructure

       at the South Mississippi

       Correctional Institution

       at Leakesville...............$ 1,000,000.00

TOTAL.............................................$ 61,259,275.00

          (b)  (i)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in paragraph (a) of this subsection.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into the special fund, then the agency or institution of higher learning for which any unused monies are allocated under paragraph (a) of this subsection shall provide an accounting of such unused monies to the commission.  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.

              (ii)  Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in paragraph (a) of this subsection.  An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management.  Reimbursement of reasonable actual and necessary costs for a project shall not exceed two percent (2%) of the proceeds of bonds issued for such project.  Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

          (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.

          (d)  Any amounts allocated to an agency or institution of higher learning that are in excess of that needed to complete the projects at such agency or institution of higher learning that are described in paragraph (a) of this subsection may be used for general repairs and renovations at the agency or institution of higher learning to which such amount is allocated.

     (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 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 section, the Department of Finance and Administration 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 Sixty-one Million Two Hundred Fifty-nine Thousand Two Hundred Seventy-five Dollars ($61,259,275.00).  No bonds shall be issued under this section after July 1, 2011.

          (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.  Section 1, Chapter 538, Laws of 2006, is amended as follows:

     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 "2006 Capital Improvements 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, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities for agencies or their successors as hereinafter described:

          NAME                      PROJECT             AMOUNT

                                                       ALLOCATED

Alcorn State University......................... $  2,000,000.00

     Furnishing and equipping of

       dining facility..............$ 2,000,000.00

Jackson State University........................ $  1,600,000.00

     Phase II of structure,

       repair and renovation

       of John W. Dixon Hall........$ 1,600,000.00

Mississippi Valley State University............. $  2,000,000.00

     Furnishing and equipping of

       the business school..........$ 2,000,000.00

Department of Finance and Administration........ $ 18,300,000.00

     Completion of the

       Sillers/Justice block........$18,300,000.00

Mississippi Department of Information

  Technology Services........................... $ 23,500,000.00

     Construction, furnishing and

       equipping of a cooperative

       data center and a building to

       house the Mississippi Department

       of Information Technology Services

       and related tenant build-out

       and moving expenses..........$23,500,000.00

TOTAL........................................... $ 47,400,000.00

          (b)  (i)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in paragraph (a) of this subsection.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into the special fund, then the agency or institution of higher learning for which any unused monies are allocated under paragraph (a) of this subsection shall provide an accounting of such unused monies to the commission.  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.

              (ii)  Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in paragraph (a) of this subsection.  An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management.  Reimbursement of reasonable actual and necessary costs for a project shall not exceed two percent (2%) of the proceeds of bonds issued for such project.  Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

          (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.

          (d)  Any amounts allocated to an agency or institution of higher learning that are in excess of that needed to complete the projects at such agency or institution of higher learning that are described in paragraph (a) of this subsection may be used for general repairs and renovations at the agency or institution of higher learning to which such amount is allocated.

     (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 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 section, the Department of Finance and Administration 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 Forty-seven Million Four Hundred Thousand Dollars ($47,400,000.00).  No bonds shall be issued under this section after July 1, 2010.

          (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)  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 Phase I of 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.

              (iii)  In making expenditures of monies in the special fund, at least twenty percent (20%) of the monies expended for the purposes described in subparagraph (ii) of this paragraph (a) during any fiscal year shall be expended with companies that are small business concerns owned and controlled by socially and economically disadvantaged individuals.  The term "socially and economically disadvantaged individuals" shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 USCS 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this subparagraph (iii).  The purpose of the minimum expenditures requirement of this subparagraph (iii) is to attempt to maximize access to federal funds that may be made available for the purposes described in subparagraph (ii) of this paragraph (a).

              (iv)  In addition to the requirements of subparagraph (iii) of this paragraph (a), the Wireless Communication Commission, when awarding contracts for such purposes, shall exhaust all efforts to contract with businesses that are domiciled in the State of Mississippi, provided that the minimum requirements of subparagraph (iii) of this paragraph (a) are satisfied.

          (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 Sixty-five Million Dollars ($65,000,000.00); provided, however, that 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.  It is the intent of the Legislature that the bonds authorized under this section shall constitute the first phase of a series of bonds to be authorized for the projects described in subsection (2)(a) of this section, and that additional bonds shall be authorized in subsequent years for continuation and completion of the projects as the projects develop and the need for additional funding is realized.

          (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 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 "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)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of Phase I 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 Thirty-two Million Dollars ($32,000,000.00).  No bonds shall be issued under this section from and after July 1, 2011.  It is the intent of the Legislature that the bonds authorized under this section shall constitute the first phase of a series of bonds to be authorized for the projects described in subsection (2)(a) of this section, and that additional bonds shall be authorized in subsequent years for continuation and completion of the projects as the projects develop and the need for additional funding is realized.

          (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.  (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 "2007 Public School Improvements 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 State Department of Education, to provide funds to school districts in the state for the purposes described in Section 37-61-33(2)(a), (b) and (c), Mississippi Code of 1972.  Monies in the fund shall be distributed by the State Department of Education to the school districts in the state in the proportion that the average daily attendance of each school district bears to the average daily attendance of all school districts within the state. 

          (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.

     (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 State Department of Education, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the State Department of Education 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 Twenty Million Dollars ($20,000,000.00).       (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 State Department of Education 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 6.  (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 "John C. Robinson Mississippi Aviation Museum 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 by the Department of Finance and Administration to the John C. Robinson "Brown Condor" Association to pay the costs of architectural planning and museum consultants for the John C. Robinson Mississippi Aviation Museum in Gulfport, Mississippi.

          (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.

     (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 Two Hundred Seventy-five Thousand Dollars ($275,000.00).  No bonds shall be issued under this section from and after July 1, 2011.

          (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 7.  Section 17-23-11, Mississippi Code of 1972, is amended as follows:

     17-23-11.  (1)  There is established a supplementary rural fire truck acquisition assistance program to be administered by the Department of Insurance for the purpose of assisting counties and municipalities in the acquisition of fire trucks.  The supplementary rural fire truck acquisition assistance program is in addition to the rural fire truck acquisition assistance program established in Section 17-23-1 or any other program by which counties and municipalities acquire fire trucks.

     (2)  There is created in the State Treasury a special fund to be designated as the "Supplementary Rural Fire Truck Fund" which shall consist of funds appropriated or otherwise made available by the Legislature in any manner, and funds from any other source designated for deposit into such fund.  Monies in the fund shall be used for the purpose of assisting counties and municipalities in the acquisition of fire trucks.  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 on amounts in the fund shall be deposited to the credit of the fund.

     (3)  (a)  A county that meets the requirements provided herein may receive an amount of not more than Seventy Thousand Dollars ($70,000.00) per fire truck.  Monies distributed under this section shall be expended only for the purchase of new fire trucks and such trucks must meet the National Fire Protection Association (NFPA) standards in the 1900 series.

          (b)  The board of supervisors of the county shall submit its request for the receipt of monies to the Department of Insurance.  A committee composed of the Commissioner of Insurance, the State Fire Coordinator, the Director of the Rating Bureau and the Director of the State Fire Academy shall review the requests by the boards of supervisors and shall determine whether the county or municipality for which the board of supervisors has requested a truck meets the requirements of eligibility under this section.

          (c)  To be eligible to receive monies under this section:

              (i)  A county or municipality must pledge to set aside or dedicate each year as matching funds, for a period not to extend over ten (10) years, local funds in an amount equal to or not less than one-tenth (1/10) of the amount of monies for which it is requesting distribution from the Supplementary Rural Fire Truck Fund, which pledged monies may be derived from local ad valorem tax authorized by law or from any other funds available to the county or municipality, except for those funds received by municipalities or counties from the Municipal Fire Protection Fund or the County Volunteer Fire Department Fund, as defined in Sections 83-1-37 and 83-1-39.

              (ii)  A municipality must provide adequate documentation of its contract with the county that requires the municipality to provide fire protection in rural areas.  The term "rural areas" means any area within the county located outside the boundaries of an incorporated municipality or any incorporated municipality with a population of two thousand five hundred (2,500) or less.

              (iii)  A county or a municipality, designated by the county, must have exhausted all rounds of applications for fire trucks available to it under Section 17-23-1.

          (d)  The Department of Insurance shall maintain an accurate record of all monies distributed to counties and municipalities and the number of fire trucks purchased and the cost for each fire truck, such records to be kept separate from other records of the Department of Insurance; notify counties and municipalities of the supplementary rural fire truck acquisition assistance program and the requirements for them to become eligible to participate; adopt and promulgate such rules and regulations as may be necessary and desirable to implement the provisions of this section; and file with the Legislature a report detailing how monies made available under this chapter were distributed and spent during the preceding portion of the fiscal year in each county and municipality, the number of fire trucks purchased, the counties and municipalities making such purchases and the cost of each fire truck purchased.

     SECTION 8.  (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 "Hinds Community College FFA Building Repair and Renovation 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, to assist in paying the costs of repair and renovation of the Future Farmers of America building at Hinds Community College.

          (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 Five Hundred Thousand Dollars ($500,000.00).  No bonds shall be issued under this section from and after July 1, 2011.

          (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 9.  (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 "2007 Mississippi Children's Museum 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, to pay the costs described in subsection (3)(a) of this section.

          (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.

     (3)  (a)  Upon the receipt of matching funds or verification that the matching funds described in this paragraph are forthcoming, 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 in an amount not to exceed Two Million Dollars ($2,000,000.00) to provide funds for the:  (a) repair, renovation, remodeling, equipping, furnishing, adding to or improving the old National Guard Armory on the State Fairgrounds in Jackson, Mississippi, or another structure if approved by the Department of Finance and Administration as provided in Section 39-23-3(a), for use as a children's museum; (b) repair, renovation, furnishing and equipping of the facility at the location described in Section 39-23-3(c);(c) construction, furnishing and equipping of a facility at the location described in Section 39-23-3(d); or (d) construction, furnishing and equipping of a facility at a location selected as provided in Section 39-23-3(e).  The issuance of the bonds described in this paragraph and the allocation of such funds are conditioned upon the private sector or local or federal government providing Two Million Dollars ($2,000,000.00) to match the funds provided under this section.  The matching funds required pursuant to this subsection may be provided in the form of cash or in-kind contributions or any combination of cash or in-kind contributions.  In-kind contributions shall include, but not be limited to, the value of exhibits that are contributed to the children's museum.

          (b)  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 section, 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 amount of bonds issued under this section shall not exceed Two Million Dollars ($2,000,000.00).

          (c)  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 10.  Sections 97 through 118, Laws of 2004 Third Extraordinary Session, as amended by Section 13, Chapter 538, Laws of 2006, are amended as follows:

     Section 97.  As used in Sections 97 through 118 of this act, 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.

     Section 98.  (1)  (a)  A special fund, to be designated as the "2004-2005 Institutions of Higher Learning and State Agencies Capital Improvements 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.

          (b)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities for agencies or their successors as hereinafter described:

          NAME                      PROJECT             AMOUNT

                                                       ALLOCATED

INSTITUTIONS OF HIGHER LEARNING................ $ 109,810,000.00

Alcorn State University........................ $  14,600,000.00

     Design, construction,

        furnishing and equipping of

        a new dining facility ....... $12,600,000.00

     Construction of a new baseball

        stadium and field and related

        facilities .................. $ 2,000,000.00

Delta State University.......................... $  7,480,000.00

     Repair and renovation of campus

        buildings and facilities, repair,

        renovation, replacement

        and improvement of campus

        infrastructure and purchase of

        furniture and equipment ..... $ 2,830,000.00

     Repair and renovation of

        Bailey, Kethley and 

        Union Halls ................. $ 4,000,000.00

     Furnishing and equipping of

        Chadwick Dickson Field House,

        construction of visitors

        restrooms and concession

        stand at Parker Field, repairs

        and renovations of Walter

        Sillers Coliseum, construction

        of the Dave "Boo" Ferris

        Baseball Building ........... $   650,000.00

Jackson State University........................ $ 12,000,000.00

     Continuation of Phase II

        of the Lynch

        Street Corridor

        Project to include

        utilities, landscaping,

        irrigation and plaza

        removal, land acquisition,

        site improvements and repair

        and renovation of campus

        buildings and facilities, repair,

        renovation, replacement

        and improvement of campus

        infrastructure and purchase

        of furniture and

        equipment ................... $ 2,000,000.00

     Phase I of repair and renovation of

        the Charles Moore Building .. $ 5,000,000.00

     Phase I of construction of the

        Dansby/Johnson Complex....... $ 2,000,000.00

     Phase I of repair, renovation,

        construction, furnishing and

        equipping of the

        E-City Center Building ...... $   500,000.00

     Land acquisition ............... $ 2,500,000.00

Mississippi University for Women................. $ 8,000,000.00

     Repair and renovation

        of Poindexter Hall .......... $ 7,000,000.00

     Furnishing and equipping

        of Martin Hall and

        South Callaway Hall

        and general repair and

        renovation .................. $ 1,000,000.00

Mississippi State University.................... $ 17,000,000.00

     Phase II of repair and renovation

        and furnishing and equipping

        of Colvard Student Union .... $ 7,000,000.00

     Phase I of repair, renovation,

        furnishing and equipping

        of Harned Hall .............. $ 5,000,000.00

     Repair and renovation of campus

        buildings and facilities, repair,

        renovation, replacement

        and improvement of campus

        infrastructure .............. $ 5,000,000.00

Mississippi State University/Division of Agriculture,

  Forestry and Veterinary Medicine.............. $  5,300,000.00

     Phase II construction and

        furnishing and equipping of

        a new building for the

        Department of Agricultural and

        Biological Engineering ...... $ 4,750,000.00

     Repair and renovation of

        Veterinary Medicine

        facilities .................. $   550,000.00

Mississippi Valley State University............. $  7,750,000.00

     Phase I of design, construction,

        furnishing and equipping a

        wellness center ............. $ 7,000,000.00

     Repair and renovation of campus

        buildings and facilities, repair,

        renovation, replacement

        and improvement of campus

        infrastructure .............. $   750,000.00

University of Mississippi....................... $ 13,250,000.00

     Repair and renovation of campus

        buildings and facilities,

        repair, renovation, replacement

        and improvement of campus

        infrastructure and purchase of

        furniture and equipment ..... $ 9,000,000.00

     Repair, renovation, furnishing

        and equipping of the

        Old Chemistry Building ...... $ 4,000,000.00

     Purchase of furniture and equipment

        at the Institutions of Higher

        Learning Center at

        Southaven, Mississippi ...... $   250,000.00

University Medical Center....................... $  1,980,000.00

     Repair and renovation of campus

        buildings and facilities,

        repair, renovation, replacement

        and improvement of campus

        infrastructure and purchase of

        furniture and equipment ..... $ 1,980,000.00

University of Southern Mississippi.............. $ 12,000,000.00

     Repair and renovation of campus

        buildings and facilities; repair,

        renovation, replacement

        and improvement of campus

        infrastructure; purchase of

        furniture and equipment;

        provide matching funds

        for projects funded

        through private donations

        and federal grants; construction

        of buildings and facilities;

        and land acquisition ........ $ 7,000,000.00

     Phase III of repair and renovation

        of Reed Green Coliseum ...... $ 3,000,000.00

     Design, construction, furnishing

        and equipping of an oceanographic

        support facility ............ $ 2,000,000.00

University of Southern Mississippi/

  Gulf Coast Campuses........................... $  6,500,000.00

     Facility repairs,

        replacements and upgrades

        at Gulf Coast Campuses ...... $ 6,000,000.00

     Repair and renovation of campus

        buildings and facilities,

        repair, renovation, replacement

        and improvement of campus

        infrastructure and purchase

        of furniture and equipment

        at Gulf Park Campus ......... $   500,000.00

University of Southern Mississippi/

  Gulf Coast Research Laboratory................ $  3,950,000.00

     Design, construction, furnishing

        and equipping of a

        research office/laboratory

        facility at the Cedar

        Point Campus ................ $ 3,700,000.00

     Repair and renovation of campus

        buildings and facilities, repair,

        renovation, replacement

        and improvement of campus

        infrastructure and purchase of

        furniture and equipment ..... $   250,000.00

STATE AGENCIES.................................. $ 80,350,000.00

Department of Agriculture and Commerce.......... $  4,070,000.00

     Repair, renovation, demolition,

        improvement and upgrade of

        facilities and

        infrastructure .............. $ 2,000,000.00

     Phase II of the relocation

        of the Mississippi Farmers

        Central Market to the State

        Fairgrounds ................. $ 1,600,000.00

     Roof repairs and necessary heating

        and air conditioning system

        modifications to the Heritage

        Building at the Jim Buck Ross

        Mississippi Agriculture and

        Forestry Museum ............. $   470,000.00

Department of Finance and Administration........ $ 45,600,000.00

     Construction, furnishing and

        equipping of a parking facility

        and cafeteria adjacent to

        the Sillers Building ........ $16,000,000.00

     Tenant build-out, information

        technology and furnishing and

        equipping of the Sillers

        Building .................... $ 3,000,000.00

     Plazas, demolition, landscaping,

        furnishing and equipping and

        related items for occupancy of

        the new Gartin justice facility

        and the pedestrian mall and

        green space located in the Sillers

        Building block .............. $ 6,000,000.00

     Property acquisition, demolition

        and site improvement in

        the vicinity of

        the Capitol Complex ......... $ 2,000,000.00

     Planning and acquisition of property,

        construction of facilities,

        furnishing, equipping and

        relocation of the State Tax

        Commission and/or Mississippi

        Department of Environmental

        Quality ..................... $ 8,000,000.00

     Roofing repairs, repair and/or

        replacement of windows and

        weatherization at the

        Robert E. Lee Building or

        other Capitol Complex

        facilities .................. $ 3,000,000.00

     General repairs and renovations

        at the 101 Capitol

        Centre Building ............. $ 2,000,000.00

     Construction of additions to,

        and general repairs and

        renovations of, the Department

        of Rehabilitation Services

        Building .................... $ 3,000,000.00

     Preplanning for projects listed

        in subsection (5) of this

        section ..................... $ 2,600,000.00

Department of Corrections....................... $  2,500,000.00

     Repair and renovation of existing

        facilities, infrastructure

        repair and expansions and

        furnishing and equipping

        of facilities ............... $ 2,500,000.00

Department of Wildlife, Fisheries and Parks..... $  3,000,000.00

     Construction of minor new facilities,

        additions to, and repair and

        renovation of existing facilities

        and furnishing and equipping

        of facilities, repair to

        dams, spillways and

        other infrastructure ........ $ 3,000,000.00

Mississippi Schools for the Deaf and Blind...... $  1,500,000.00

     Continuation of renovations to

        the Mississippi School for

        the Deaf, Dormitory A

        including furniture and

        equipment; enhancements to

        Phases II and III to include

        audio and video communication,

        furniture, equipment, lockers

        and signage ................. $ 1,500,000.00

Department of Information and Technology

  Services...................................... $  1,800,000.00

     Phase II of installation of

        communications infrastructure

        and related equipment at the

        Capitol Complex, the Education

        and Research Center campus

        and other state buildings

        and connections between such

        locations; preplanning for

        a cooperative data center;

        and delivery system and data

        warehouse infrastructure for

        geographic information/remote

        sensing data ................ $ 1,800,000.00

Department of Human Services.................... $  7,000,000.00

     Repair of existing academic

        center, repair or replacement

        of gymnasium at Columbia and

        other projects at Columbia

        and Oakley to satisfy facility

        requirements requested by

        the Department of Justice ... $ 4,000,000.00

     General repairs and renovations,

        furnishing and equipping of

        facilities and site work at

        the Columbia Training School

        and the Oakley Training

        School ...................... $ 3,000,000.00

Mississippi Industries for the Blind............ $  2,000,000.00

     Phase I of a complete reuse plan

        and construction, furnishing

        and equipping of the Mississippi

        Industries for the Blind Facility

        and State Records Center at

        the old Farmers' Market

        location in Jackson ......... $ 2,000,000.00

Mississippi National Guard...................... $  1,430,000.00

        Provide matching funds to the

        National Guard for

        construction of readiness

        center in Monticello,

        Mississippi ................. $ 1,430,000.00

State Fire Academy.............................. $    200,000.00

     Repair of control tower, general

        repairs and renovations and

        additions to the classroom

        building .................... $   200,000.00

Mississippi Authority for Educational Television$  2,500,000.00

     Necessary upgrades to television

        and radio system ............ $ 2,500,000.00

Department of Public Safety..................... $  2,350,000.00

     Phase I of design, construction,

        furnishing and equipping

        of Highway Safety Patrol

        substations at New Albany,

        Greenwood and Meridian

        Districts ................... $ 2,000,000.00

     Phase II of construction,

        furnishing and equipping of

        a Bureau of Narcotics

        headquarters building

        in the Starkville

        District .................... $   350,000.00

Mississippi Department of Transportation........ $    400,000.00

     Construction, equipping and

        furnishing of a new

        maintenance facility in

        Itawamba County ............. $   400,000.00

Department of Mental Health..................... $  6,000,000.00

     Repair and renovation of

        buildings, facilities

        and infrastructure .......... $ 6,000,000.00

TOTAL........................................... $190,160,000.00

     (2)  (a)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 21 of this act are deposited into the special fund, then the agency or institution of higher learning for which any unused monies are allocated under subsection (1) of this section shall provide an accounting of such unused monies to the commission.  Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section 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 Sections 1 through 21 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

          (b)  Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in subsection (1) of this section.  An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management.  Reimbursement of reasonable actual and necessary costs for a project shall not exceed two percent (2%) of the proceeds of bonds issued for such project.  Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

     (3)  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 section.  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.

     (4)  Any amounts allocated to an agency or institution of higher learning that are in excess of that needed to complete the projects at such agency or institution of higher learning that are described in subsection (1) of this section may be used for general repairs and renovations at the agency or institution of higher learning to which such amount is allocated.

     (5)  The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is authorized to preplan the following projects:

          (a)  Psychiatric receiving units at the Mississippi State Hospital;

          (b)  Additions to the client bed facility at the South Mississippi State Hospital;

          (c)  An anti-terrorism facility for the Mississippi Department of Health;

          (d)  Repair and renovation of the Wise Center at Mississippi State University/Division of Agriculture,

Forestry and Veterinary Medicine;

          (e)  Repair and renovation of the Carpenter Administration Building at Mississippi Valley State University;

          (f)  A new College of Business Facility at the University of Southern Mississippi;

          (g)  Repair and renovation of Hardy Hall at the University of Southern Mississippi/Gulf Park Campus; and

          (h)  Mechanical loop system and central plant at Delta State University.

     The projects authorized in this subsection shall be in addition to the projects authorized in subsection (1) of this section.

     Section 99.  (1)  (a)  A special fund, to be designated as the "2004-2005 Community and Junior Colleges Capital Improvements 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this act.

          (b)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of acquisition of real property, construction of new facilities, equipping and furnishing facilities, including furniture and technology equipment and infrastructure, and addition to or renovation of existing facilities for community and junior college campuses as recommended by the State Board for Community and Junior Colleges.  The amount to be expended at each community and junior college is as follows:

Coahoma..................................... $ 2,429,419.00

Copiah-Lincoln..............................   2,855,078.00

East Central................................   2,622,534.00

East Mississippi............................   3,096,334.00

Hinds.......................................   5,281,200.00

Holmes......................................   3,092,806.00

Itawamba....................................   3,384,549.00

Jones.......................................   3,797,671.00

Meridian....................................   3,004,719.00

Mississippi Delta...........................   3,011,572.00

Mississippi Gulf Coast......................   5,072,211.00

Northeast Mississippi.......................   3,003,704.00

Northwest Mississippi.......................   3,916,749.00

Pearl River.................................   3,001,116.00

Southwest Mississippi.......................   2,430,338.00

GRAND TOTAL................................. $50,000,000.00

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 97 through 118 of this act are deposited into the special fund, then the community college or junior college for which any such monies are allocated under subsection (1) of this section shall provide an accounting of such unused monies to the commission.  Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) 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 Sections 97 through 118 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

     (3)  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 section.  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.

     Section 100.  (1)  (a)  A special fund, to be designated as the "2004-2005 Ayers Settlement Agreement Capital Improvements 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall constitute Ayers bond revenues to be disbursed by the Department of Finance and Administration to pay the costs of capital improvements at Alcorn State University, Jackson State University and Mississippi Valley State University as recommended by the Board of Trustees of State Institutions of Higher Learning in consultation with the presidents of Alcorn State University, Jackson State University and Mississippi Valley State University, in order to comply with the Settlement Agreement in the case of Ayers v. Musgrove.  Projects shall be managed by the Department of Finance and Administration in accordance with the recommendations of the Board of Trustees of State Institutions of Higher Learning.

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.

     (3)  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 section.  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.

     (4)  It is the intent of the Legislature that not less than ten percent (10%) of the amounts authorized to be expended in this section shall be expended with small business concerns owned and controlled by socially and economically disadvantaged individuals.  The term "socially and economically disadvantaged individuals" shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 USCS, Section 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this subsection.

     Section 101.  (1)  (a)  A special fund, to be designated as the "2004-2005 Bureau of Buildings Discretionary 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall be disbursed by the Department of Finance and Administration, to pay the costs of:

              (i)  Correction of structural, environmental and weatherization problems, required site protection, repair of finishes, completion of furnishing and equipping of the Mississippi Valley State University Administration Building and the Greenville Higher Education Center and temporary relocation of occupants of such buildings;

              (ii)  Site improvements, general weatherization, demolition and roofing, environmental, mechanical, electrical and structural repairs required for state-owned facilities, and repair and renovation of state-owned facilities necessary for compliance with the Americans With Disabilities Act; and

              (iii)  Completion of previously authorized projects.

          (c)  In addition to other amounts required to be deposited into the fund, any settlement or award of damages paid to the state as a result of disputes arising out of the construction of Mississippi Valley State University Administration Building or the Greenville Higher Education Center, shall be deposited into the fund.

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.

     (3)  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.

     Section 102.  (1)  (a)  A special fund to be designated as the "2004-2005 Hillcrest Cemetery Repair 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall be disbursed by the Department of Finance and Administration to the City of Holly Springs, Mississippi, to pay the costs of repairs to the historical portion of the Hillcrest Cemetery.

     (2)  Amounts deposited into such special fund shall be disbursed by the Department of Finance and Administration to pay the costs of projects described in subsection (1) of this section.

     (3)  Such funds shall be paid by the State Treasurer to the City of Holly Springs, Mississippi, upon warrants issued by the Department of Finance and Administration, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

     Section 103.  (1)  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 Sections 98 and 99 of this act.  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 section, the Department of Finance and Administration 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.  Except as otherwise provided in Section 102 of this act, the total amount of bonds issued under Sections 97 through 118 of this act shall not exceed Two Hundred Fifty-four Million Three Hundred Sixty Thousand Dollars ($254,360,000.00).  No bonds shall be issued under this section after July 1, 2008.

     (2)  The proceeds of the bonds issued pursuant to this act shall be deposited into the following special funds in not more than the following amounts:

(a)  The 2004-2005 Institutions of Higher Learning Capital and State Agencies Improvements Fund created pursuant

to Section 98 of this act..................... $ 190,160,000.00.

          (b)  The 2004-2005 Community and Junior Colleges Capital Improvements Fund created pursuant to Section 99

of this act................................... $  50,000,000.00.

          (c)  The 2004-2005 Bureau of Buildings Discretionary Fund created pursuant to Section 101 of this

act........................................... $  14,000,000.00.

(d)  The 2004-2005 Hillcrest Cemetery Repair Fund created pursuant to Section 102 of this act................................... $     200,000.00.

     (3)  Any investment earnings on amounts deposited into the special funds created in Sections 98, 99, 101 and 102 of this act shall be used to pay debt service on bonds issued under Sections 97 through 118 of this act, in accordance with the proceedings authorizing issuance of such bonds.

     Section 104.  (1)  The United States District Court for the Northern District of Mississippi having approved the Settlement Agreement in the case of Ayers v. Musgrove and on notification that such agreement has become final and effective according to its terms, including, but not limited to, the exhaustion of all rights to appeal, the commission, at one time, or from time to time, shall 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 Section 100 of this act.  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 section, the Department of Finance and Administration 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 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 pursuant to this section shall not exceed Thirty Million Dollars ($30,000,000.00).

     (2)  The proceeds of the bonds issued pursuant to this section shall be deposited into the special fund created in Section 100 of this act.  Any investment earnings on amounts deposited into the special fund created in Section 100 of this act shall be used to pay debt service on bonds issued under Sections 97 through 118 of this act, in accordance with the proceedings authorizing the issuance of such bonds.

     Section 105.  The principal of and interest on the bonds authorized under Sections 97 through 118 of this act shall be payable in the manner provided in this section.  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.

     Section 106.  The bonds authorized by Sections 97 through 118 of this act 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.

     Section 107.  All bonds and interest coupons issued under the provisions of Sections 97 through 118 of this act 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 97 through 118 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

     Section 108.  The commission shall act as the issuing agent for the bonds authorized under Sections 97 through 118 of this act, 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 Sections 97 through 118 of this act 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 Sections 97 through 118 of this act, 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.

     Section 109.  The bonds issued under the provisions of Sections 97 through 118 of this act 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 section.

     Section 110.  Upon the issuance and sale of bonds under the provisions of Sections 97 through 118 of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 98, 99, 100, 101 and 102 of this act in the amounts provided for in Sections 103(2) and 104 of this act.  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.

     Section 111.  The bonds authorized under Sections 97 through 118 of this act 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 Sections 97 through 118 of this act.  Any resolution providing for the issuance of bonds under the provisions of Sections 97 through 118 of this act 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.

     Section 112.  The bonds authorized under the authority of Sections 97 through 118 of this act 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.

     Section 113.  Any holder of bonds issued under the provisions of Sections 97 through 118 of this act 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 Sections 97 through 118 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 97 through 118 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

     Section 114.  All bonds issued under the provisions of Sections 97 through 118 of this act 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.

     Section 115.  Bonds issued under the provisions of Sections 97 through 118 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

     Section 116.  The proceeds of the bonds issued under Sections 97 through 118 of this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

     Section 117.  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 Sections 97 through 118 of this act; 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.

     Section 118.  Sections 97 through 118 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 97 through 118 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

     SECTION 11.  (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 bonds 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)  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 the Mississippi Community Heritage Preservation Grant Fund created pursuant to Section 39-5-145.  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 section, the Department of Finance and Administration 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 Six Million Five Hundred Thousand Dollars ($6,500,000.00).  No bonds authorized under this section shall be issued after July 1, 2011.

          (b)  The proceeds of bonds issued pursuant to this section shall be deposited into the Mississippi Community Heritage Preservation Grant Fund created pursuant to Section 39-5-145.  Any investment earnings on bonds issued pursuant to 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.

     (3)  The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this section.  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.

     (4)  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.

     (5)  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.

     (6)  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.

     (7)  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 section.

     (8)  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 Mississippi Community Heritage Preservation Grant Fund created in Section 39-5-145, and the proceeds of such bonds shall be disbursed for the purposes provided in Section 39-5-145.

     (9)  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.

     (10)  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.

     (11)  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.

     (12)  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.

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

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

     (15)  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.

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

     SECTION 12.  Section 39-5-145, Mississippi Code of 1972, is amended as follows:

     39-5-145.  (1)  A special fund, to be designated the "Mississippi Community Heritage Preservation Grant 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.  The fund shall consist of any monies designated for deposit therein from any source, including proceeds of any state general obligation bonds designated for deposit therein.  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 the fund.  The expenditure of monies deposited into the fund shall be under the direction of the Department of Finance and Administration, based upon recommendations of the Board of Trustees of the Department of Archives and History, and such funds shall be paid by the State Treasurer upon warrants issued by the Department of Finance and Administration.  Monies deposited into such fund shall be allocated and disbursed according to the provisions of this section.  If any monies in the special fund are derived from proceeds of state general obligation bonds and are not used within four (4) years after the date such bond proceeds are deposited into the special fund, then the Department of Finance and Administration shall provide an accounting of such unused monies to the State Bond Commission.

     (2)  Monies deposited into the fund shall be allocated and disbursed as follows:

          (a)  (i)  Twenty-seven Million One Hundred Fifty Thousand Dollars ($27,150,000.00) shall be allocated and disbursed as grants on a reimbursable basis through the Department of Finance and Administration, based upon the recommendations of the Board of Trustees of the Department of Archives and History, to assist county governments, municipal governments, school districts and nonprofit organizations that have obtained Section 501(c)(3) tax-exempt status from the United States Internal Revenue Service in helping pay the costs incurred in preserving, restoring, rehabilitating, repairing or interpreting (i) historic county courthouses, (ii) historic school buildings, and/or (iii) other historic properties identified by certified local governments.  Where possible, expenditures from the fund shall be used to match federal grants or other grants that may be accessed by the Department of Archives and History, other state agencies, county governments or municipal governments, school districts or nonprofit organizations that have obtained Section 501(c)(3) tax-exempt status from the United States Internal Revenue Service.  Any properties, except those described in paragraphs (b) and (d) of this subsection, receiving monies pursuant to this section must be designated as "Mississippi Landmark" properties prior to selection as projects for funding under the provisions of this section.

              (ii)  One Million Seven Hundred Fifty Thousand Dollars ($1,750,000.00) shall be allocated and disbursed as grants through the Department of Finance and Administration, based upon the recommendations of the Board of Trustees of the Department of Archives and History, to assist county governments in helping pay the costs of historically appropriate restoration, repair and renovation of historically significant county courthouses.  Grants to individual courthouses under this paragraph (a)(ii) shall not exceed Eight Hundred Seventy-five Thousand Dollars ($875,000.00).

          (b)  Two Hundred Fifty Thousand Dollars ($250,000.00) shall be allocated and disbursed as grant funds to the Amory Regional Museum in Amory, Mississippi, to pay the costs of capital improvements, repair, renovation, furnishing and/or equipping of the museum.  The Department of Finance and Administration is directed to transfer Two Hundred Fifty Thousand Dollars ($250,000.00) from the fund to the city on or before December 31, 2004, and the city shall place the funds into an escrow account.  The city may expend the funds from the account only in an amount equal to matching funds that are provided from any source other than the state for the project.  As the funds are withdrawn from the escrow account, the city shall certify to the Department of Finance and Administration the amount of the funds that have been withdrawn and that the funds have been withdrawn are in an amount equal to matching funds required by this paragraph.

          (c)  One Hundred Thousand Dollars ($100,000.00) shall be allocated and disbursed as grant funds to the Jacinto Foundation, Inc., to pay the costs of capital improvements, repairing, renovating, restoring, rehabilitating, preserving, furnishing and/or equipping the courthouse and related facilities in Jacinto, Mississippi.

          (d)  Four Hundred Twenty-five Thousand Dollars ($425,000.00) shall be allocated and disbursed as grant funds to the Oxford-Lafayette County Heritage Foundation to pay the costs of capital improvements, repairing, renovating, restoring, rehabilitating, preserving, furnishing, equipping and/or acquiring the L.Q.C. Lamar Home in Oxford, Mississippi.

          (e)  Seventy-five Thousand Dollars ($75,000.00) shall be allocated and disbursed as grant funds to the City of Columbus, Mississippi Federal/State Programs Department to pay the costs of capital improvements, repairing, renovating, restoring, rehabilitating, preserving, reconstructing, furnishing and/or equipping the Queen City Hotel in Columbus, Mississippi.

          (f)  One Million Dollars ($1,000,000.00) shall be allocated and disbursed as grant funds to the Town of Wesson, Mississippi, to pay the costs of restoration and renovation of the Old Wesson School.

          (g)  Monies in the Mississippi Community Heritage Preservation Grant Fund which are derived from proceeds of state general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Department of Archives and History in providing assistance directly related to a project described in paragraph (a) of this subsection for which funding is provided under this section.  Reimbursement may be made only until such time as the project is completed.  An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Mississippi Department of Archives and History.  Reimbursement of reasonable actual and necessary costs for a project shall not exceed three percent (3%) of the proceeds of bonds issued for such project.  Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

     (3)  (a)  The Board of Trustees of the Department of Archives and History shall receive and consider proposals from county governments, municipal governments, school districts and nonprofit organizations that have obtained Section 501(c)(3) tax-exempt status from the United States Internal Revenue Service for projects associated with the preservation, restoration, rehabilitation, repair or interpretation of (a) historic courthouses, (b) historic school buildings and/or (c) other historic properties identified by certified local governments.  Proposals shall be submitted in accordance with the provisions of procedures, criteria and standards developed by the board.  The board shall determine those projects to be funded and may require matching funds from any applicant seeking assistance under this section.  This subsection shall not apply to projects described in subsection (2)(a)(ii), (2)(b), (2)(c), (2)(d), (2)(e) and (2)(f) of this section.

          (b)  The Board of Trustees of the Department of Archives and History shall receive and consider proposals from county governments for projects associated with historically appropriate restoration, repair and renovation of historically significant county courthouses.  Proposals shall be submitted in accordance with the provisions of procedures, criteria and standards developed by the board.  The board shall determine those projects to be funded and may require matching funds from any applicant seeking assistance under this section.  This subsection shall not apply to projects described in subsection (2)(a)(i), (2)(b), (2)(c), (2)(d), (2)(e) and (2)(f) of this section.

     (4)  The Department of Archives and History shall publicize the Community Heritage Preservation Grant program described in this section on a statewide basis, including the publication of the criteria and standards used by the department in selecting projects for funding.  The selection of a project for funding under the provisions of this section shall be made solely upon the deliberate consideration of each proposed project on its merits.  The board shall make every effort to award the grants in a manner that will fairly distribute the funds in regard to the geography and cultural diversity of the state.  This subsection shall not apply to projects described in subsection (2)(b), (2)(c), (2)(d), (2)(e) and (2)(f) of this section.

     (5)  With regard to any project awarded funding under this section, any consultant, planner, architect, engineer, exhibit contracting firm, historic preservation specialist or other professional hired by a grant recipient to work on any such project shall be approved by the board before their employment by the grant recipient.

     (6)  Plans and specifications for all projects initiated under the provisions of this section shall be approved by the board before the awarding of any contracts.  The plans and specifications for any work involving "Mississippi Landmark" properties shall be developed in accordance with "The Secretary of the Interior's Standards for the Treatment of Historic Properties."

     SECTION 13.  The Legislature recognizes a need for a civil rights museum in Mississippi to promote the educational and social  development of Mississippians and to honor those persons who have made significant contributions toward the advancement of civil rights in Mississippi and the United States.  The Legislature further recognizes that a civil rights museum would be of great economic and cultural importance to Mississippi.

     SECTION 14.  (1)  A facility to house the Mississippi Civil Rights Museum shall be located on a site recommended by the Department of Finance and Administration.  The site shall be on vacant or historically significant property.

     (2)  (a)  The museum shall be under the supervision and control of the Board of Trustees of the Department of Archives and History;

          (b)  The duties and powers of the Board of Trustees of the Department of Archives and History shall include, in addition to other duties and powers granted or prescribed by law, the following:

              (i)  To promulgate rules and regulations governing the operation of the Mississippi Civil Rights Museum;

              (ii)  To promulgate rules and regulations governing the acquisition of furniture and furnishings, including, but not limited to, paintings and objects of art and the acquisition of documents for the Mississippi Civil Rights Museum;

          (c)  To promote the donation, bequest, devise or loaning of money or property, real or personal, from any agency of the United States, state or local government, any person, firm, corporation, association or group, for the purpose of the operation, administration and maintenance of the Mississippi Civil Rights Museum;

          (d)  To acquire, preserve, restore or operate any real or personal property deemed significant for historical, architectural or cultural reasons, to expend funds for such purposes, to enter into contracts or agreements with any agency of the United States or any person, firm, corporation or association for the purpose of the operation, administration and maintenance of the Mississippi Civil Rights Museum, and to do any and all things which may be necessary or desirable to carry out such purpose; and

          (e)  To review and approve any major changes in the architecture, furnishings, objects of art and other matters effecting the repair, preservation, operation, maintenance or protection of property of the Mississippi Civil Rights Museum.

     (3) (a)  A special fund to be designated as the "Mississippi Civil Rights Museum Fund," is created in 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.  The special fund shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund.  Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund.

     (b)  Monies in the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of maintaining and operating the Mississippi Civil Rights Museum.

     SECTION 15.  (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 "2007 Mississippi Civil Rights Museum 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

              (ii)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of Phase I of designing, preplanning the construction of, and the construction, equipping and furnishing of the Mississippi Civil Rights Museum authorized pursuant to Section 14 of this act.

          (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.

          (d)  The Department of Finance and Administration is authorized to pay for the cost of designing, preplanning the construction of, and the construction, equipping and furnishing of, the Mississippi Civil Rights Museum authorized pursuant to Section 14 of this act.

     (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 of Finance and Administration 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 Twenty Million Dollars ($20,000,000.00).  It is the intent of the Legislature that the bonds authorized under this section shall constitute the first phase of a series of bonds to be authorized for the projects described in subsection (2)(a) of this section, and that additional bonds shall be authorized in subsequent years for continuation and completion of the projects as the projects develop and the need for additional funding is realized.

          (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, and 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 bond 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, 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 therein 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 therein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.

     SECTION 16.  (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 the "2007 Armed Forces Museum 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

              (ii)  Monies deposited into the fund shall be disbursed, in the discretion of the Adjutant General, to pay the costs of the construction, equipping and furnishing of additions to and the expansion of the Armed Forces Museum Building at Camp Shelby.

          (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 Adjutant General 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 Adjutant General, and such funds shall be paid by the State Treasurer upon warrants issued by the Adjutant General, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

          (d)  The Adjutant General is authorized to pay for the construction, equipping and furnishing of the projects described in subsection (1) of this section.

     (3)  (a)  The Adjutant General, 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 declaration by the Adjutant General, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the Adjutant General 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 Million Dollars ($2,000,000.00).

          (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 bond 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 Adjutant General 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 17.  (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 "North Mississippi Fish Hatchery Improvements 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, to pay the costs of construction, furnishing, equipping, repair and renovation of the North Mississippi Fish Hatchery in Oakland, Mississippi.

          (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 subsection (1) 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 One Million One Hundred Thousand Dollars ($1,100,000.00).  No bonds shall be issued under this section from and after July 1, 2011.

          (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 18.  (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)  A special fund, to be designated as the "2007 County and Municipality Livestock Facility Improvements 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.

Monies in the fund shall be used to make grants to counties and municipalities to provide funds for the construction, renovation and expansion of livestock facilities as provided in this subsection.

          (b)  The Department of Agriculture and Commerce shall establish a grant program to make grants to counties and municipalities to provide funds for the construction, renovation and expansion of livestock facilities.  A county or municipality that receives a grant from the Department of Agriculture and Commerce shall be required to match the amount of the grant with an equal amount of cash, which shall be used together with the grant for the construction, renovation or expansion of livestock facilities in the county or municipality; provided, however, that a portion of such matching funds, not to exceed Twenty-five Thousand Dollars ($25,000.00), may be provided in the form of in-kind contributions satisfactory to the Department of Agriculture and Commerce.  The amount of any grant that the Department of Agriculture and Commerce may provide for the construction, renovation or expansion of livestock facilities at any one (1) location shall not be more than Five Hundred Thousand Dollars ($500,000.00).  The construction, renovation or expansion of livestock facilities using grants from the Department of Agriculture and Commerce shall not be required to be performed by or under the supervision of the Bureau of Building, Grounds and Real Property Management of the Department of Finance and Administration.

          (c)  The Department of Agriculture and Commerce shall adopt necessary rules and regulations to govern the administration of the program described in this subsection, including, but not limited to, rules and regulations governing applications for grants and rules and regulations providing for the equitable distribution of grant funds.

     (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 Agriculture and Commerce, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the Department of Agriculture and Commerce 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 Five Million Dollars ($5,000,000.00).

          (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 Agriculture and Commerce 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 19.  (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 "2007 Greenville Higher Education Center Improvement 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, to pay the costs of repair and renovation of the Greenville Higher Education 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 Four Hundred Fifty-eight Thousand Dollars ($458,000.00).  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 20.  (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 "2007 Chalmers Institute Repair and Renovation 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, to pay the costs of the repair and renovation of the Chalmers Institute in Holly Springs, Mississippi.

          (b)  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 Nine Hundred Thousand Dollars ($900,000.00).  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 21.  Section 5, Chapter 538, Laws of 2006, is amended as follows:

     Section 5.  (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 "2006 Southern Arts and Entertainment Center 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 construction, furnishing, equipping and repairs and renovations at the Southern Arts and Entertainment Center created in Section 39-25-1.

          (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 subsection (1) 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 Four Million Dollars ($4,000,000.00).  No bonds shall be issued under this section from and after July 1, 2010.

          (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 (1) 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 22.  Section 3, Chapter 14, Laws of 2005 Fifth Extraordinary Session, is amended as follows:

     Section 3.  (1)  The Mississippi Development Authority (hereinafter referred to as the "authority") is authorized and empowered to utilize any funds acquired pursuant to Section 5 of this act and any funds otherwise provided for the purposes expressed in this act from any source, to establish a disaster loan program with federally insured financial institutions or other approved lending institutions according to rules and regulations of the authority to provide short-term bridge loans to small business owners in this state for the purpose of assisting such small businesses in returning to business as quickly as possible. 

     (2)  The amount of any loan granted under this act shall be not less than One Thousand Dollars ($1,000.00) nor more than Twenty-five Thousand Dollars ($25,000.00).  The term of any loan made under this section shall be ninety (90) days or one hundred eighty (180) days as determined by the authority based upon the circumstances of the business applying for the loan.  However, upon request by the issuing financial institution, the authority may extend the term of any loan made under this act up to an additional one hundred eighty (180) days, and, upon the request of the issuing financial institution, the authority may extend the term of any loan up to an additional three hundred sixty (360) days beyond the term of any such extension.  The proceeds of the loans authorized under this act shall be used only for the purpose of maintaining or restarting the business in the area for which a disaster declaration by the Governor for Hurricane Katrina was issued.

     (3)  To be eligible for the loans authorized under this act, small businesses shall:

          (a)  Be located in the area for which a disaster declaration for Hurricane Katrina was issued by the Governor;

          (b)  Have been established in the area for which the disaster declaration of the Governor for Hurricane Katrina was issued for not less than one (1) year prior to the declaration;

          (c)  Have employed not less than two (2) nor more than one hundred (100) persons immediately prior to the disaster declaration;

          (d)  Have suffered physical damage as a direct result of the disaster; and

          (e)  Be at least fifty-one percent (51%) owned by Mississippi residents, or, in the case of a Mississippi nonprofit corporation, controlled by Mississippi residents.

     (4)  Using assessments of the disaster impacted areas, the authority shall designate the area, and the counties in the area, in which a small business must be located to be eligible to participate in the program.  The authority shall develop, adopt and publish reasonable rules and regulations for the operation of the loan program established under this act.  The rules and regulations shall govern the use of loan proceeds, terms of loans, loan interest rates and fees, the loan approval process and any other matters the authority considers appropriate.  For purposes of the program established by this act, the authority shall be exempt from the Mississippi Administrative Procedures Law.

     SECTION 23.  (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)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to aid in the construction, furnishing and equipping of the University of Mississippi Medical Center Research Park 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.

          (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 Five Million Dollars ($5,000,000.00).  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 24.  (1)  Upon completion of construction of the stadium described in Section 4(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 25.  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 26.  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 27.  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 28.  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 29.  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 30.  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 31.  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 32.  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 33.  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 34.  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 35.  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 36.  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 37.  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 38.  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 39.  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 40.  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 41.  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 42.  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 43.  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 44.  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 45.  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 46.  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 47.  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 48. 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 49.  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 50.  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 51.  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 52.  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 53.  Section 6, Chapter 538, Laws of 2006, is amended as follows:

     Section 6.  (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)  "Commission" means the State Bond Commission.

          (c)  "Project" means an economic development and tourism destination facility in Hancock County, Mississippi, that will feature a space, science and education center. * * *

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

          (e)  "Authority" means the Mississippi Development Authority.

     (2)  The authority may use the proceeds from general obligation bonds issued under this section for the project as it considers necessary to further the project.

     (3)  (a)  (i)  A special fund, to be designated as the "Infinity Space, Science and Education Center 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 authority, to pay the costs incurred for the construction, furnishing and equipping the project.

          (b)  Amounts deposited into such special fund shall be disbursed to pay the costs of the project.  If any monies in the special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into such fund, then the authority shall provide an accounting of such unused monies to the commission.  Promptly after the commission has certified, by resolution duly adopted, that the project 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.  Before monies in the special fund may be used for the project, the authority shall require that the developer and operator of the project enter into binding commitments regarding at least the following:

              (i)  That a certain minimum number of jobs will be created over a certain period of time as determined by the authority (which jobs must be held by persons eligible for employment in the United States under applicable state and federal law); and

              (ii)  That if any such commitments are not satisfied, an amount equal to all or a portion of the funds provided by the state under this section as determined by the authority shall be repaid.

     (4)  (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 (3) of this section.  No bonds shall be issued under this section until the authority is provided proof that the funds from private, local or federal sources have been irrevocably dedicated to the project in the amount of not less than Ten Million Dollars ($10,000,000.00).  Upon the adoption of a resolution by the authority, declaring that funds have been irrevocably dedicated in the required amount and declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the authority 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 Ten Million Dollars ($10,000,000.00).  No bonds shall be issued under this section after July 1, 2011.

          (b)  Any investment earnings on amounts deposited into the special fund created in subsection (3) 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.

     (5)  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 (20) 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.

     (6)  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.

     (7)  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.

     (8)  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.

     (9)  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 for such purposes 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.

     (10)  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 (3) of this section.  The proceeds of such bonds shall be disbursed solely upon the order of the authority under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

     (11)  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.

     (12)  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.

     (13)  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.

     (14)  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.

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

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

     (17)  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.

     (18) 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 54.  (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 "Forks of the Road Interpretive Center 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, to assist in paying the costs of the planning, design and construction of the Forks of the Road Interpretive Center in Natchez, Mississippi.

          (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 Two Million Dollars ($2,000,000.00).  No bonds shall be issued under this section from and after July 1, 2011.

          (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 55.  (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 "Natchez Association for the Preservation of African Culture (NAPAC) 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, to the Natchez Association for the Preservation of African Culture to assist the association in carrying out its objectives regarding the preservation of African culture.

          (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 Two Million Dollars ($2,000,000.00).  No bonds shall be issued under this section from and after July 1, 2011.

          (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 56.  Sections 1 through 24, Chapter 522, Laws of 2003, as amended by Chapter 411, Laws of 2004, as amended by Section 186, Chapter 1, Laws of 2004 Third Extraordinary Session, as amended by Section 14, Chapter 538, Laws of 2006, are amended as follows:

     Section 1.  As used in Sections 1 through 24 of this act, 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.

     Section 2.  (1)  (a)  A special fund to be designated as the "2003 IHL and State Agencies Capital Improvements 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.

          (b)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control, to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities for agencies or their successors as hereinafter described:

         NAME                      PROJECT          AMOUNT

                                                     ALLOCATED

INSTITUTIONS OF HIGHER LEARNING................. $ 63,760,000.00

Alcorn State University......................... $  2,500,000.00

     Complete renovation of the baseball

        field, to include dugouts, bleachers,

        concession stands, backstops

        and fencing ................ $   500,000.00

     Repair and renovation of campus

        buildings and facilities and repair,

        renovation, replacement and improvement

        of campus infrastructure ... $ 2,000,000.00

Delta State University.......................... $  6,200,000.00

     Construction of new campus

        buildings and facilities, and

        repair, renovation, replacement

        and improvement of campus

        infrastructure, including

        repairs and renovations of

        the Chadwick-Dickson

        Building ................... $ 3,000,000.00

     Repair, renovation and

        restoration of the 

        Cutrer House at the

        Clarksdale Center and

        repair, renovation and

        restoration of the Coahoma

        Community College - Delta

        State University Education

        Center ..................... $ 2,500,000.00

     Purchase of two (2)

        airplanes and three (3)

        flight simulators for the

        Gibson-Gunn Aviation

        School ..................... $   700,000.00

Jackson State University........................ $  6,400,000.00

     Acquisition of land adjacent

        to campus in the surrounding

        neighborhood ............... $   500,000.00

     Parking construction, paving and

        repair and renovation of campus

        buildings and facilities ... $ 1,500,000.00

     Acquisition and installation

        of any equipment necessary

        in establishing and maintaining

        a digital transmission system

        for TV23 ................... $ 1,000,000.00

     Construction of a new

        baseball stadium and field

        and related facilities ..... $ 1,500,000.00

     Work necessary to correct

        drainage problems on the

        west side of the campus .... $   400,000.00

     Phase II of construction of

        the Lynch Street Corridor

        Project, including landscaping

        and irrigation for the

        project .................... $ 1,500,000.00

Mississippi University for Women................ $  4,500,000.00

     Repair and renovation of

        Martin Hall for

        purpose of housing the

        School of Nursing .......... $ 4,500,000.00

Mississippi State University.................... $  8,960,000.00

     Phase I of repair and renovation

        of Colvard Student

        Union ...................... $ 8,000,000.00

     Expansion of the North

        Mississippi Research

        and Extension Center ....... $   960,000.00

Mississippi State University/Division of Agriculture,

  Forestry and Veterinary Medicine.............. $  4,750,000.00

     Phase I construction of

        a new building for the

        Department of

        Agricultural and

        Biological Engineering ..... $ 4,750,000.00

Mississippi Valley State University............. $  5,000,000.00

     Repair and renovation of campus

        buildings and facilities and

        repair, renovation, replacement

        and improvement of campus

        infrastructure ............. $ 4,000,000.00

     Design through construction

        documents and Phase I of

        construction of a wellness

        center ..................... $ 1,000,000.00

University of Mississippi....................... $  9,000,000.00

     Renovation of Farley Hall ..... $ 5,000,000.00

     Final phase of renovation

        of Bryant Hall ............. $ 2,500,000.00

     Final phase of relocation

        of the Physical Plant ...... $ 1,000,000.00

     Repair and renovation of campus

        buildings and facilities and

        repair, renovation, replacement

        and improvement of campus

        infrastructure ............. $   500,000.00

University Medical Center....................... $  4,000,000.00

     To aid in the purchase or,

        to construct, furnish and

        equip a clinical/teaching

        facility as determined by

        the Vice Chancellor for

        Health Affairs for the

        University Medical Center

        to be in the best interest of

        the University Medical Center

        and approved by the Board

        of Trustees of State

        Institutions of

        Higher Learning ............ $ 4,000,000.00

University of Southern Mississippi.............. $  8,000,000.00

     Repair and renovation of the

        Reed Green Multipurpose

        Facility ................... $ 3,000,000.00

     Completion of construction

        of the Polymer Institute

        Product Process Unit/Building

        to house donated equipment

        from industry .............. $ 2,000,000.00

     Repair and renovation of

        campus buildings, facilities

        and infrastructure ......... $ 3,000,000.00

University of Southern Mississippi/

  Gulf Coast Campuses........................... $  2,000,000.00

     Facility repairs, replacements

        and upgrades ............... $ 2,000,000.00

University of Southern Mississippi/

  Gulf Coast Research Laboratory................ $    750,000.00

     Repair and renovation of campus

        buildings and facilities and

        repair, renovation, replacement

        and improvement of campus

        infrastructure ............. $   750,000.00

University of Southern Mississippi/

  Stennis Space Center.......................... $  1,000,000.00

     Completion of expansion,

        furnishing and equipping

        of the High Performance

        Visualization Center ....... $ 1,000,000.00

Education and Research Center................... $    700,000.00

     Repair, renovation, furnishing

        and equipping of

        buildings, facilities

        and infrastructure ......... $   700,000.00

STATE AGENCIES.................................. $ 55,434,000.00

Department of Human Services.................... $  2,000,000.00

     Renovation of cottages

        and construction of a visitors

        center and staff housing at

        Columbia and Oakley

        Training Schools ........... $ 2,000,000.00

Department of Public Safety..................... $  1,000,000.00

     Construction of a vehicle

        maintenance facility ....... $ 1,000,000.00

Department of Agriculture and Commerce.......... $  4,000,000.00

     Repair, renovation, replacement,

        demolition, improvement and

        upgrade of facilities and

        infrastructure at the State

        Fairgrounds and construction

        of facilities necessary to relocate

        the retail portion of the

        Mississippi Farmers Central Market

        to the State Fairgrounds ... $ 4,000,000.00

Department of Education......................... $  2,984,000.00

     Renovation, furnishing and

        equipping of Dobyns Hall

        at the Mississippi Schools

        for the Blind and Deaf ..... $ 1,984,000.00

     Equipping, furnishing and other

          start-up costs for the

          Mississippi School for the

          Arts, including,

          but not limited to, computer

          equipment; visual art, music

          and theater supplies; cafeteria

          equipment and supplies;

          textbooks; classroom supplies;

          infirmary and residential

          life supplies ............ $ 1,000,000.00

Department of Mental Health..................... $  6,200,000.00

     Completion of construction

        of mental health crisis

        intervention centers first

        authorized by Chapter 463,

        Laws of 1999 ............... $ 2,400,000.00

     Construction of a

        maintenance/warehouse

        building at the Mississippi

        State Hospital ............. $ 1,400,000.00

     Completion of furnishing and

        equipping of nursing

        home facilities at

        the East Mississippi

        State Hospital ............. $ 1,000,000.00

     Construction, furnishing and

        equipping of two (2)

        intermediate care facilities

        for the mentally retarded

        (community group homes) .... $ 1,400,000.00

Department of Finance and Administration........ $ 19,500,000.00

     Completion of construction, equipping

        and furnishing of a justice

        facility to accommodate the

        Supreme Court, Court of Appeals

        and State Law Library ...... $16,000,000.00

     Acquisition of real property

        and improvements located

        thereon in the vicinity of the

        New Capitol for use as

        part of the Capitol

        Complex .................... $ 1,000,000.00

     To continue an ongoing program for

        repair and renovation of state-owned

        facilities necessary for

        compliance with the Americans

        With Disabilities Act ...... $ 1,000,000.00

     To continue an ongoing program for

        repair and renovation of state

        institutions of higher learning

        necessary for compliance with

        the Americans With Disabilities

        Act ........................ $ 1,000,000.00

     Development of requirements

          and Phase I of the

          implementation of a

          construction and property

          management information

          system .................. $    500,000.00

Department of Wildlife, Fisheries and Parks..... $    750,000.00

     Construction, furnishing and

        equipping of two (2) duplex

        cabins at Trace State Park

        and utility connections,

        road extensions and

        parking areas for

        such cabins ............... $    325,000.00

     Construction, furnishing and

        equipping of two (2) duplex

        cabins at Lake Lowndes State

        Park and utility connections,

        road extensions and parking

        areas for such cabins ..... $    325,000.00

     A proposed plan which the Department

        of Wildlife, Fisheries and Parks

        shall provide not later than

        December 1, 2003, for an eighty-

        to one-hundred-fifty-acre general

        purpose lake located in, adjacent

        to or in close proximity to the

        Tuscumbia Wildlife Management

        Area located in Alcorn County,

        Mississippi.  This plan shall

        consist of an exact location

        for the proposed lake with

        detailed property descriptions,

        preliminary plans and specifications

        for the lake and shall be made

        available not later than

        December 1, 2003 .......... $    100,000.00

Mississippi Forestry Commission................. $  1,000,000.00

     Repair, renovation of equipment

        storage facilities and

        equipping of facilities

        and construction of new

        storage facilities

        and related costs ......... $  1,000,000.00

State Veterans Affairs Board.................... $    900,000.00

     Repair and renovation of the

        state veterans homes ...... $    900,000.00

Mississippi Library Commission.................. $  3,500,000.00

     Furnishing and equipping

        of the new Mississippi

        Library Commission

        Building and moving/relocation

        expenses and other necessary

        expenses associated with

        such facility ............. $ 3,000,000.00

     Acquiring and implementing a

        statewide, technology

        standards-compliant

        interlibrary loan/booksharing

        system .................... $   500,000.00

Mississippi National Guard...................... $  1,900,000.00

     Provide matching funds to the

        National Guard for construction

        of an armory in Kosciusko,

        Mississippi ............... $ 1,400,000.00

     Provide matching funds to the

        National Guard for armory

        maintenance and repair

        projects .................. $   500,000.00

Department of Archives and History.............. $  1,500,000.00

     Finalization of architectural and

        exhibit design through

        construction documents and

        limited site preparation/

        improvement for the new

        State Historical Museum

        authorized by Chapter 560,

        Laws of 1998 .............. $ 1,500,000.00

Department of Information Technology Services... $  1,900,000.00

     Phase I of installation of

        communications infrastructure

        and related equipment at the

        Capitol Complex, the Education

        and Research Center Campus

        and other state buildings

        and connections between such

        locations ................. $ 1,900,000.00

Mississippi Veterinary Diagnostic Laboratory.... $  6,000,000.00

     Phase II of construction,

        furnishing and equipping and

        moving and relocation of the

        Mississippi Veterinary Diagnostic

        Laboratory in Jackson

        and related expenses ...... $ 6,000,000.00

State Fire Academy.............................. $  2,300,000.00

     Construction, equipping and

        furnishing a new burn building

        with gas fire simulators

   and other related facilities

   at State Fire Academy

   in Rankin County .......... $ 2,300,000.00

TOTAL........................................... $119,194,000.00

     (2)  (a)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 24 of this act are deposited into the special fund, then the agency or institution of higher learning for which any unused monies are allocated under subsection (1) of this section shall provide an accounting of such unused monies to the commission.  Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section 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 Sections 1 through 24 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

          (b)  Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in subsection (1) of this section.  Reimbursement may be made only until such time as the project is completed.  An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management.  Reimbursement of reasonable actual and necessary costs for a project shall not exceed three percent (3%) of the proceeds of bonds issued for such project.  Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

     (3)  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 section.  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.

     (4)  Any amounts allocated to an agency or institution of higher learning that are in excess of that needed to complete the projects at such agency or institution of higher learning that are described in subsection (1) of this section may be used for general repairs and renovations or previously authorized capital projects at the agency or institution of higher learning to which such amount is allocated.  In addition, any funds allocated to Delta State University under subsection (1) of this section that are in excess of that needed to complete the projects for which the funds are allocated, may be used for the repair and renovation of and improvements to the Gibson-Gunn Aviation School and related buildings and facilities and the purchase of flight simulators and other equipment.

     (5)  The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is authorized to preplan or continue planning of the following projects:

          (a)  Continuation of preplanning of Phase I of repair and renovation or construction of dining facilities at Alcorn State University;

          (b)  Construction of a new men's dormitory at Alcorn State University; 

          (c)  Renovation of Dansby Hall, Johnson Hall and Charles Moore Hall at Jackson State University;

          (d)  Renovation of Poindexter Hall at the Mississippi University for Women; and

          (e)  Relocation of State Records Center.

     The projects authorized in this subsection shall be in addition to the projects authorized in subsection (1) of this section.

     (6)  The use of monies allocated to Delta State University under subsection (1) of this section for use at the Coahoma Community College - Delta State University Education Center shall be conditioned upon Coahoma County, Mississippi, providing matching funds in an amount not less than the monies allocated to such center under subsection (1) of this section. 

     Section 3.  (1)  (a)  A special fund to be designated as the "2003 Community and Junior Colleges Capital Improvements 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under Sections 1 through 24 of this act.

          (b)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of acquisition of real property, construction of new facilities, equipping and furnishing facilities, including furniture and technology equipment and infrastructure, and addition to or renovation of existing facilities for community and junior college campuses as recommended by the State Board for Community and Junior Colleges.  The amount to be expended at each community and junior college is as follows:

Coahoma..................................... $   578,799.00

Copiah-Lincoln..............................     683,117.00

East Central................................     614,715.00

East Mississippi............................     709,527.00

Hinds.......................................   1,341,127.00

Holmes......................................     738,315.00

Itawamba....................................     776,873.00

Jones.......................................     930,845.00

Meridian....................................     710,056.00

Mississippi Delta...........................     747,822.00

Mississippi Gulf Coast......................   1,185,439.00

Northeast Mississippi.......................     742,672.00

Northwest Mississippi.......................     949,992.00

Pearl River.................................     716,262.00

Southwest Mississippi.......................     574,439.00

GRAND TOTAL................................. $12,000,000.00

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 24 of this act are deposited into the special fund, then the community college or junior college for which any such monies are allocated under subsection (1) of this section shall provide an accounting of such unused monies to the commission.  Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section 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 Sections 1 through 24 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

     (3)  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 section.  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.

     Section 4.  (1)  (a)  A special fund to be designated as the "2003 Mississippi State-Owned Buildings and IHL Repair and Renovation 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.

          (b)  Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of repair and renovation of state-owned buildings and facilities, and repair and renovation of state institutions of higher learning, including having environmental studies or other studies performed for the purpose of determining, assessing and/or correcting problems regarding black mold and other hazardous substances; however, Five Hundred Thousand Dollars ($500,000.00) shall be disbursed by the Department of Finance and Administration to pay the cost of repairs and renovations at the Mississippi School for the Deaf and the Mississippi School for the Blind.

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in subsection (1) of this section.  If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 24 of this act are deposited into the special fund, then the Department of Finance and Administration shall provide an accounting of such unused monies to the commission.  Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section 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 Sections 1 through 24 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

     (3)  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 section.  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.

     Section 5.  (1)  (a)  A special fund to be designated as the "2003 Ayers Settlement Agreement Capital Improvements 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall constitute Ayers bond revenues to be disbursed by the Department of Finance and Administration to pay the costs of capital improvements at Alcorn State University, Jackson State University and Mississippi Valley State University as recommended by the Board of Trustees of State Institutions of Higher Learning in order to comply with the Settlement Agreement in the case of Ayers v. Musgrove.

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.

     (3)  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 section.  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.

     (4)  It is the intent of the Legislature that not less than ten percent (10%) of the amounts authorized to be expended in this section shall be expended with small business concerns owned and controlled by socially and economically disadvantaged individuals.  The term "socially and economically disadvantaged individuals" shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 USCS, Section 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this subsection.

     Section 6.  (1)  (a)  A special fund to be designated as the "2003 Mississippi EDNET 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall be disbursed by the Department of Finance and Administration to the Mississippi EDNET Institute, to pay the costs of engineering, procuring and installing equipment and facilities consisting of digital microwave interconnect and support equipment, digital video encoding and decoding equipment, digital ITFS transmission equipment, antennas and transmission lines and/or any equipment useful in establishing or maintaining a digital or analog transmission or origination system in order to complete the existing but incomplete EDNET ITFS statewide network.

     (2)  Amounts deposited into such special fund shall be disbursed to the Mississippi EDNET Institute to pay the costs of projects described in subsection (1) of this section.

     (3)  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 to the Mississippi EDNET Institute 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.

     Section 7.  (1)  (a)  A special fund to be designated as the "2003 Chalmers Institute Repair and Renovation 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall be disbursed by the Department of Finance and Administration, to pay the costs of repairs and renovations of the Chalmers Institute in Holly Springs, Mississippi.

     (2)  Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.

     (3)  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 section.  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.

     Section 8.  (1)  (a)  A special fund to be designated as the "2003 Hillcrest Cemetery Repair 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 to the credit of the fund.  Monies in the fund may not be used or expended for any purpose except as authorized under this section.

          (b)  Monies deposited into the fund shall be disbursed by the Department of Finance and Administration to the City of Holly Springs, Mississippi, to pay the costs of repairs to the historical portion of the Hillcrest Cemetery.

     (2)  Amounts deposited into such special fund shall be disbursed by the Department of Finance and Administration to pay the costs of projects described in subsection (1) of this section.

     (3)  Such funds shall be paid by the State Treasurer to the City of Holly Springs, Mississippi, upon warrants issued by the Department of Finance and Administration, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

     Section 9.  (1)  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 Sections 2, 3, 4, 6, 7 and 8 of this act.  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 section, the Department of Finance and Administration 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.  Except as otherwise provided in Section 10 of this act, the total amount of bonds issued under Sections 1 through 24 of this act shall not exceed One Hundred Thirty-nine Million Four Hundred Eighty-four Thousand Dollars ($139,484,000.00).  No bonds shall be issued under this section after July 1, 2008.

     (2)  The proceeds of the bonds issued pursuant to Sections 1 through 24 of this act shall be deposited into the following special funds in not more than the following amounts:

(a)  The 2003 IHL Capital and State Agencies Improvements Fund created pursuant to Section 2 of this

act............................................ $119,194,000.00.

          (b)  The 2003 Community and Junior College Capital Improvements Fund created pursuant to Section 3 of this

act............................................ $ 12,000,000.00.

          (c)  The 2003 Mississippi State-Owned Buildings and IHL Repair and Renovation Fund created pursuant to Section 4

of this act.................................... $  3,000,000.00.

          (d)  The 2003 Mississippi EDNET Fund created pursuant to

Section 6 of this act.......................... $    900,000.00.

(e)  The 2003 Chalmers Institute Repair and Renovation

Fund created pursuant to Section 7 of this act. $     90,000.00.

          (f)  The 2003 Hillcrest Cemetery Fund created pursuant

to Section 8 of this act....................... $    300,000.00.

          (g)  The Rural Fire Truck Fund created pursuant to Section 17-23-1 for the rural fire truck acquisition assistance

program........................................ $  4,000,000.00.

     (3)  Any investment earnings on amounts deposited into the special funds created in Sections 2, 3, 4, 6, 7 and 8 of this act shall be used to pay debt service on bonds issued under Sections 1 through 24 of this act, in accordance with the proceedings authorizing issuance of such bonds.

     Section 10.  (1)  The United States District Court for the Northern District of Mississippi having approved the Settlement Agreement in the case of Ayers v. Musgrove and on notification that such agreement has become final and effective according to its terms, including, but not limited to, the exhaustion of all rights to appeal, the commission, at one time, or from time to time, shall 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 Section 5 of this act.  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 section, the Department of Finance and Administration 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 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 pursuant to this section shall not exceed Fifteen Million Dollars ($15,000,000.00).

     (2)  The proceeds of the bonds issued pursuant to this section shall be deposited into the special fund created in Section 6 of this act.  Any investment earnings on amounts deposited into the special fund created in Section 5 of this act shall be used to pay debt service on bonds issued under Sections 1 through 24 of this act, in accordance with the proceedings authorizing the issuance of such bonds.

     Section 11.  The principal of and interest on the bonds authorized under Sections 1 through 24 of this act shall be payable in the manner provided in this section.  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.

     Section 12.  The bonds authorized by Sections 1 through 24 of this act 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.

     Section 13.  All bonds and interest coupons issued under the provisions of Sections 1 through 24 of this act 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 1 through 24 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

     Section 14.  The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 24 of this act, 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 Sections 1 through 24 of this act 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 Sections 1 through 24 of this act, 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.

     Section 15.  The bonds issued under the provisions of Sections 1 through 24 of this act 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 section.

     Section 16.  Upon the issuance and sale of bonds under the provisions of Sections 1 through 24 of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 2, 3, 4, 5, 6, 7 and 8 of this act in the amounts provided for in Sections 9(2) and 10 of this act.  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.

     Section 17.  The bonds authorized under Sections 1 through 24 of this act 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 Sections 1 through 24 of this act.  Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 24 of this act 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.

     Section 18. The bonds authorized under the authority of Sections 1 through 24 of this act 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.

     Section 19.  Any holder of bonds issued under the provisions of Sections 1 through 24 of this act 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 Sections 1 through 24 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 24 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

     Section 20.  All bonds issued under the provisions of Sections 1 through 24 of this act 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.

     Section 21.  Bonds issued under the provisions of Sections 1 through 24 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

     Section 22.  The proceeds of the bonds issued under Sections 1 through 24 of this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

     Section 23.  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 Sections 1 through 24 of this act; 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.

     Section 24.  Sections 1 through 24 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

     SECTION 57.  This act shall take effect and be in force from and after its passage.


     Further, amend by striking the title in its entirety and inserting in lieu thereof the following:

 


     AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS FOR INSTITUTIONS OF HIGHER LEARNING AND STATE AGENCIES; TO AMEND SECTION 1, CHAPTER 538, LAWS OF 2006, TO INCREASE THE AMOUNT OF BONDS AUTHORIZED TO BE ISSUED FOR THE CONSTRUCTION, FURNISHING AND EQUIPPING OF A COOPERATIVE DATA CENTER AND A BUILDING TO HOUSE THE MISSISSIPPI DEPARTMENT OF INFORMATION TECHNOLOGY SERVICES; 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 PROVIDE THAT A CERTAIN PORTION OF THE MONIES EXPENDED FOR SUCH PURPOSES DURING ANY FISCAL YEAR MUST BE EXPENDED WITH COMPANIES THAT ARE SMALL BUSINESS CONCERNS OWNED AND CONTROLLED BY SOCIALLY AND ECONOMICALLY DISADVANTAGED INDIVIDUALS; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR CONSTRUCTION OF A STADIUM ON THE CAMPUS OF JACKSON STATE UNIVERSITY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO SCHOOL DISTRICTS IN THE STATE FOR CAPITAL IMPROVEMENTS; TO AMEND SECTIONS 3 THROUGH 18, CHAPTER 541, LAWS OF 2001, AS LAST AMENDED BY SECTION 9, CHAPTER 538, LAWS OF 2006, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED FOR THE PURPOSE OF PROVIDING FUNDS FOR THE BUILDING FUND FOR THE ARTS; TO AMEND SECTION 39-11-13, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO AND TO EXTEND THE DATE OF REPEAL ON THE PROVISION WHICH PROVIDES THAT MONIES IN THE BUILDING FUND FOR THE ARTS WHICH ARE DERIVED FROM PROCEEDS OF BONDS ISSUED AFTER A CERTAIN DATE MAY BE USED TO REIMBURSE CERTAIN COSTS INCURRED BY THE MISSISSIPPI ARTS COMMISSION IN PROVIDING ASSISTANCE RELATED TO PROJECTS FOR WHICH GRANT FUNDS ARE PROVIDED FROM THE USE OF PROCEEDS FROM SUCH BONDS; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR ARCHITECTURAL PLANNING AND MUSEUM CONSULTANTS FOR THE JOHN C. ROBINSON MISSISSIPPI AVIATION MUSEUM IN GULFPORT, MISSISSIPPI; TO AMEND SECTION 17-23-11, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM AMOUNT OF FUNDS THAT A COUNTY MAY RECEIVE UNDER THE SUPPLEMENTAL SUPPLEMENTARY RURAL FIRE TRUCK ACQUISITION; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE REPAIR AND RENOVATION OF THE FUTURE FARMERS OF AMERICA BUILDING AT HINDS COMMUNITY COLLEGE; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE CONSTRUCTION, FURNISHING AND EQUIPPING OF A CHILDREN'S MUSEUM IN HINDS COUNTY, MISSISSIPPI; TO AMEND SECTIONS 97 THROUGH 118, LAWS OF 2004 THIRD EXTRAORDINARY SESSION, AS AMENDED BY SECTION 13, CHAPTER 538, LAWS OF 2006, TO INCREASE THE AMOUNT OF BONDS AUTHORIZED FOR CERTAIN CAPITAL IMPROVEMENTS AT ALCORN STATE UNIVERSITY; TO REVISE THE PURPOSES FOR WHICH CERTAIN BOND PROCEEDS MAY BE USED AT JACKSON STATE UNIVERSITY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR THE MISSISSIPPI COMMUNITY HERITAGE PRESERVATION GRANT FUND; TO AMEND SECTION 39-5-145, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO PROVIDE FOR THE CREATION OF THE MISSISSIPPI CIVIL RIGHTS MUSEUM; TO PROVIDE THAT THE MISSISSIPPI CIVIL RIGHTS MUSEUM SHALL BE UNDER THE SUPERVISION AND CONTROL OF THE DEPARTMENT OF ARCHIVES AND HISTORY; TO PROVIDE FOR THE POWERS AND DUTIES OF THE DEPARTMENT OF ARCHIVES AND HISTORY REGARDING THE MUSEUM; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI IN THE AMOUNT OF $50,000,000.00 FOR THE PURPOSE OF PROVIDING FUNDING FOR CONSTRUCTION OF THE MISSISSIPPI CIVIL RIGHTS MUSEUM; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR IMPROVEMENTS TO THE JACKSON ZOO; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI TO PROVIDE FUNDS FOR THE CONSTRUCTION OF ADDITIONS TO AND THE EXPANSION OF THE ARMED FORCES MUSEUM BUILDING LOCATED AT CAMP SHELBY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR IMPROVEMENTS TO THE NORTH MISSISSIPPI FISH HATCHERY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF PROVIDING FUNDS FOR GRANTS TO COUNTIES AND MUNICIPALITIES FOR THE CONSTRUCTION, RENOVATION AND EXPANSION OF LIVESTOCK FACILITIES; TO AUTHORIZE THE DEPARTMENT OF AGRICULTURE AND COMMERCE TO PROVIDE GRANTS TO COUNTIES AND MUNICIPALITIES FOR SUCH PURPOSES; TO PROVIDE THAT A COUNTY OR MUNICIPALITY THAT RECEIVES A GRANT UNDER THIS ACT MUST PROVIDE CERTAIN MATCHING FUNDS; TO LIMIT THE MAXIMUM AMOUNT FOR WHICH A GRANT MAY BE MADE FOR ANY ONE LOCATION; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR IMPROVEMENTS TO THE GREENVILLE HIGHER EDUCATION CENTER; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR IMPROVEMENTS TO THE CHALMERS INSTITUTE IN HOLLY SPRINGS, MISSISSIPPI; TO AMEND SECTION 5, CHAPTER 538, LAWS OF 2006, TO DELETE THE PROVISION REQUIRING THE DEDICATION OF CERTAIN PRIVATE MATCHING FUNDS BEFORE STATE GENERAL OBLIGATION BONDS MAY BE ISSUED FOR THE SOUTHERN ARTS AND ENTERTAINMENT CENTER; TO AMEND SECTIONS 210 THROUGH 226, CHAPTER 1, LAWS OF 2004 THIRD EXTRAORDINARY SESSION, AS LAST AMENDED BY SECTION 11, CHAPTER 538, LAWS OF 2006, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS AUTHORIZED TO BE ISSUED FOR THE MISSISSIPPI MUSEUM OF ART; TO AMEND SECTION 3, CHAPTER 14, LAWS OF 2005 FIFTH EXTRAORDINARY SESSION, TO REVISE THE LENGTH OF TIME FOR WHICH THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY EXTEND LOANS MADE UNDER THE MISSISSIPPI DISASTER SMALL BUSINESS BRIDGE LOAN ACT; 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 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; TO AMEND SECTION 6, CHAPTER 538, LAWS OF 2006, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS AT A SPACE, SCIENCE AND EDUCATION FACILITY IN HANCOCK COUNTY, MISSISSIPPI, TO REVISE CERTAIN PROVISIONS REGARDING JOB CREATION COMMITMENTS THAT MUST BE SATISFIED BEFORE SUCH FUNDS MAY BE USED AND TO REVISE CERTAIN PROVISIONS REGARDING OWNERSHIP OF THE FACILITY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE FORKS OF THE ROAD INTERPRETIVE CENTER IN THE CITY OF NATCHEZ, MISSISSIPPI; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE NATCHEZ ASSOCIATION FOR THE PRESERVATION OF AFRICAN CULTURE; TO AMEND SECTIONS 1 THROUGH 24, CHAPTER 522, LAWS OF 2003, AS LAST AMENDED BY SECTION 14, CHAPTER 538, LAWS OF 2006, TO REVISE THE PURPOSES FOR WHICH BOND PROCEEDS MAY BE USED AT DELTA STATE UNIVERSITY; AND FOR RELATED PURPOSES.