SB2939_H_Amend

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.

(2) (a) (i) A special fund, to be designated as the "2017 North Central MS Regional Rail Authority Loan 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 North Central MS Regional Rail Authority for the purpose of refinancing certain acquisition costs of the rail line that extends from Southaven, Mississippi, to a point near Canton, Mississippi, and to provide funds to refurbish and improve such rail line as determined necessary by the Mississippi Development Authority.

(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) For the purposes of providing for the payment of the principal of and interest on bonds issued under this section, there is created in the State Treasury a special fund to be known as the "2017 North Central MS Regional Rail Authority Loan Bond Sinking Fund." The bond sinking fund shall consist of monies deposited into the fund from lease payments as provided in paragraph (b) of this subsection and such other amounts as may be paid into the bond sinking fund by appropriation or other authorization by the Legislature. Monies in the bond sinking fund shall be used to pay the debt service requirements of the bonds issued under this section. Unexpended amounts remaining in the bond sinking 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 bond sinking fund shall be deposited into the bond sinking fund.

(b) (i) The North Central MS Regional Rail Authority has acquired the rail line described in subsection (2)(a) of this section and has entered into a binding agreement dated June 23, 2015, with an entity which leases the rail line from the North Central MS Regional Rail Authority for commercial purposes, with the lease payments being paid into a bond sinking fund in the State Treasury created under Section 1(3), Chapter 518, Laws of 2014, to pay the debt service requirements of the bonds issued under Section 1, Chapter 518, Laws of 2014. The North Central MS Regional Rail Authority and the entity leasing the rail line under the agreement dated June 23, 2015, shall either amend such lease or enter into a new lease to provide adequate lease payments to pay the debt service requirements for both the bonds issued under Section 1, Chapter 518, Laws of 2014, and the bonds issued under this section, and to extend the term of the lease to be not less than fifteen (15) years from the date of issuance of the bonds issued under this section. The amount equal to the increase in the payments from such amended or new lease above the payments from the lease of June 23, 2015, shall be deposited into the special bond sinking fund created in paragraph (a) of this subsection. The lease payments paid by the entity over an amended or new lease term shall be in an amount at least sufficient to retire both the general obligation bonds issued under this section and the bonds issued under Section 1, Chapter 518, Laws of 2014, within fifteen (15) years from the date of issuance of the bonds issued under this section. If the amount deposited in the sinking funds created under paragraph (a) of this subsection and Section 1(3), Chapter 518, Laws of 2014, is insufficient to pay the annual debt service on both the bonds issued under this section and the bonds issued under Section 1, Chapter 518, Laws of 2014, the North Central MS Rail Authority shall sell the rail line for not less than its market value and the proceeds of the sale shall be applied, on a pro rata basis, to pay the debt service on the bonds issued under this section and the bonds issued under Section 1, Chapter 518, Laws of 2014, and any other financing to the North Central MS Regional Rail Authority permitted by subparagraph (ii) of this paragraph (b), in accordance with the proceedings authorizing the issuance of such bonds and as directed by the Commission.

(ii) Subject to the Department of Finance and Administration determining that the collateral value of the rail line will remain sufficient to secure the payment of both the bonds issued under this section and the bonds issued under Section 1, Chapter 518, Laws of 2014, the Department of Finance and Administration and the North Central MS Regional Rail Authority may enter into one or more agreements, including, without limitation, an intercreditor agreement, with any third party lender to the North Central MS Regional Rail Authority, and further allow the North Central MS Regional Rail Authority to grant to any such third party lender a security interest or other lien in the assets of the rail line as collateral for one or more loans provided by such third party lender to the North Central MS Regional Rail Authority. Subject to the Department of Finance and Administration making such determination, any intercreditor agreement or other agreements entered into among the Department of Finance and Administration, the North Central MS Regional Rail Authority and any third party lender may allow the security interests or other liens of such third party lender to be pari passu with the liens of the state in the rail line which secure the payment of both the bonds issued under this section and the bonds issued under Section 1, Chapter 518, Laws of 2014.

(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 (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 issuing agent, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, 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). No bonds shall be issued under this section after July 1, 2022.

(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.

(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 issuing agent for the bonds authorized under this section, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, 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 may sell such bonds on sealed bids at public sale or may negotiate the sale of the bonds for such price as it may determine to be for the best interest of the State of Mississippi. All interest accruing on such bonds so issued shall be payable semiannually or annually.

If such bonds are sold by sealed bids at public sale, notice of the sale 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, 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. The principal of and the interest on the bonds shall be payable primarily from the bond sinking fund created in subsection (3) of this section. If the funds available in the bond sinking fund and any 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.

(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 (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.

(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 herein provided, 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 2. Section 1, Chapter 518, Laws of 2014, is brought forward 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:

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

(2) (a) (i) A special fund, to be designated as the "2014 North Central MS Regional Rail Authority Loan 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 North Central MS Regional Rail Authority for the acquisition of the rail line that extends from Southaven, Mississippi, to a point near Canton, Mississippi, as determined necessary by the Mississippi Development Authority.

(3) (a) For the purposes of providing for the payment of the principal of and interest on bonds issued under this section, there is created in the State Treasury a special fund to be known as the "2014 North Central MS Regional Rail Authority Loan Bond Sinking Fund." The bond sinking fund shall consist of monies deposited into the fund from lease payments as provided in paragraph (b) of this subsection and such other amounts as may be paid into the bond sinking fund by appropriation or other authorization by the Legislature. Monies in the bond sinking fund shall be used to pay the debt service requirements of the bonds issued under this section. Unexpended amounts remaining in the bond sinking 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 bond sinking fund shall be deposited into the bond sinking fund.

(b) If the North Central MS Regional Rail Authority acquires the rail line, it may enter into any binding agreement with a railroad or other entity providing that the railroad or other entity shall lease the rail line from the North Central MS Regional Rail Authority for commercial purposes. The North Central MS Regional Rail Authority may enter into any lease of the rail line to a railroad or other entity for commercial purposes, and the payments from any such lease shall be deposited into the special bond sinking fund created in paragraph (a) of this subsection. The lease payments paid by the railroad or other entity over a lease term shall be in an amount at least sufficient to retire the general obligation bonds issued under this section within fifteen (15) years of the commencement of the initial lease of the rail line by the North Central MS Regional Rail Authority. If the amount deposited in the sinking fund is insufficient to pay the annual debt service on the bonds issued under this section, the North Central MS Rail Authority shall sell the rail line for not less than its market value and the proceeds of the sale shall be applied to pay the 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.

(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 (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 issuing agent, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under this section shall not exceed Thirty Million Dollars ($30,000,000.00). No bonds shall be issued under this section after July 1, 2018.

(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 herein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 3. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

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

(2) (a) (i) A special fund, to be designated the "2017 Reunion Parkway/Interstate 55 Interchange 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 associated with design, engineering, land acquisition and construction of the Reunion Parkway/Interstate 55 interchange project in Madison County, Mississippi.

(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, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, 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 Eight Million Dollars ($8,000,000.00); however, not more than Five Million Dollars ($5,000,000.00) of such bonds may be issued in any one (1) fiscal year. No bonds shall be issued under this section after July 1, 2021.

(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 issuing agent for the bonds authorized under this section, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, 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 may sell such bonds on sealed bids at public sale or may negotiate the sale of the bonds for such price as it may determine to be for the best interest of the State of Mississippi. All interest accruing on such bonds so issued shall be payable semiannually or annually.

If such bonds are sold by sealed bids at public sale, notice of the sale 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, selected by the commission.

(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:

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

(2) (a) (i) A special fund, to be designated the "2017 City of Louisville Access Road 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 the City of Louisville, Mississippi, in paying costs associated with constructing a road and other transportation infrastructure in the City of Louisville, Mississippi, that will provide and improve access to land owned by the city designated for an economic development project on or near the location of Winston Plywood & Veneer.

(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, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, 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 Three Million Dollars ($3,000,000.00). No bonds shall be issued under this section after July 1, 2021.

(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.

SECTION 5. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

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

(2) (a) (i) A special fund, to be designated the "2017 Municipalities and Counties Bridge 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 Office of State Aid Road Construction, as follows:

1. One-half (1/2) of such monies shall be used to assist municipalities in this state in paying costs associated with the costs of repair, rehabilitation, replacement, reconstruction and/or construction of bridges in municipalities, including those bridges on state designated highways that are maintained by municipalities; and

2. One-half (1/2) of such monies shall be used to assist counties in this state in paying costs associated with the costs of repair, rehabilitation, replacement, reconstruction and/or construction of bridges in counties, including those bridges on state designated highways that are maintained by counties.

(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 Office of State Aid Road Construction, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the office 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, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under this section shall not exceed Fifty Million Dollars ($50,000,000.00). No bonds shall be issued under this section after July 1, 2021.

(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 Office of State Aid Road Construction under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

(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.

SECTION 6. Section 27-31-104, Mississippi Code of 1972, is amended as follows:

[Through June 30, 2022, this section shall read as follows:]

(a) A private company (as such term is defined in Section 57-61-5 * * *~~, Mississippi Code of 1972~~) having a minimum capital investment of One Hundred Million Dollars ($100,000,000.00); * * *or

(b) A qualified business (as such term is defined in Section 57-117-3) meeting minimum criteria established by the Mississippi Development Authority * * *.; or

(c) A private company (as such term is defined in Section 57-61-5) having a minimum capital investment of One Hundred Million Dollars ($100,000,000.00) from any source or combination of sources, provided that a majority of the capital investment is from private sources, when such project is located within a geographic area for which a Presidential Disaster Declaration was issued on or after January 1, 2014.

(2) A county board of supervisors may enter into a fee-in-lieu agreement on behalf of the county and any county school district, and a municipality may enter into such a fee-in-lieu agreement on behalf of the municipality and any municipal school district located in the municipality; however, if the project is located outside the limits of a municipality but within the boundaries of the municipal school district, then the county board of supervisors may enter into such a fee-in-lieu agreement on behalf of the school district granting a fee-in-lieu of ad valorem taxes for school district purposes.

(3) Any grant of a fee-in-lieu of ad valorem taxes shall be evidenced by a written agreement negotiated by the enterprise and the county board of supervisors and/or municipal authority, as the case may be, and given final approval by the Mississippi Development Authority as satisfying the requirements of this section.

(4) The minimum sum allowable as a fee-in-lieu shall not be less than one-third (1/3) of the ad valorem levy, including ad valorem taxes for school district purposes, and except as otherwise provided, the sum allowed shall be apportioned between the county or municipality, as appropriate, and the school districts in such amounts as may be determined by the county board of supervisors or municipal governing authority, as the case may be, however, except as otherwise provided in this section, from the sum allowed the apportionment to school districts shall not be less than the school districts' pro rata share based upon the proportion that the millage imposed for the school districts by the appropriate levying authority bears to the millage imposed by such levying authority for all other county or municipal purposes. Any fee-in-lieu agreement entered into under this section shall become a binding obligation of the parties to the agreement, be effective upon its execution by the parties and approval by the Mississippi Development Authority and, except as otherwise provided in Section 17-25-23 or Section 57-75-33, or any other provision of law, continue in effect for a period not to exceed twenty (20) years commencing on the date that the fee-in-lieu granted thereunder begins in accordance with the agreement; however, no particular parcel of land, real property improvement or item of personal property shall be subject to a fee-in-lieu for a duration of more than ten (10) years. Any such agreement shall be binding, according to its terms, on future boards of supervisors of the county and/or governing authorities of a municipality, as the case may be, for the duration of the agreement.

(5) The fee-in-lieu may be a stated fraction or percentage of the ad valorem taxes otherwise payable or a stated dollar amount. If the fee is a fraction or percentage of the ad valorem tax levy, it shall be annually computed on all ad valorem taxes otherwise payable, including school taxes, as the same may vary from year to year based upon changes in the millage rate or assessed value and shall not be less than one-third (1/3) of that amount. If the fee is a stated dollar amount, said amount shall be the higher of the sum provided for fixed payment or one-third (1/3) of the total of all ad valorem taxes otherwise payable as annually determined during each year of the fee-in-lieu.

(6) Notwithstanding Section 27-31-111, the parties to a fee-in-lieu may agree on terms and conditions providing for the reduction, suspension, termination or reinstatement of a fee-in-lieu agreement or any fee-in-lieu period granted thereunder upon the cessation of operations by project for twelve (12) or more consecutive months or due to other conditions set forth in the agreement.

(7) For a project as defined in Section 57-75-5(f)(xxi) and located in a county that is a member of a regional economic development alliance created under Section 57-64-1 et seq., the members of the regional economic development alliance may divide the sum allowed as a fee-in-lieu in a manner as determined by the alliance agreement, and the boards of supervisors of the member counties may then apportion the sum allowed between school district purposes and all other county purposes.

(8) For a project as defined in Section 57-75-5(f)(xxvi), the board of supervisors of the county in which the project is located may negotiate with the school district in which the project is located and apportion to the school district an amount of the fee-in-lieu that is agreed upon in the negotiations different than the amount provided for in subsection (3) of this section.

(9) For a project as defined in Section 57-75-5(f)(xxviii), the annual amount of the fee-in-lieu apportioned to the county shall not be less than the amount necessary to pay the debt service on bonds issued by the county pursuant to Section 57-75-37(3)(c).

[From and after July 1, 2022, this section shall read as follows:]

27-31-104. (1) County boards of supervisors and municipal authorities are each hereby authorized and empowered to enter into an agreement with an enterprise granting, and pursuant to such agreement grant a fee-in-lieu of ad valorem taxes, including ad valorem taxes levied for school purposes, for projects totaling over One Hundred Million Dollars ($100,000,000.00). In addition to those new enterprises enumerated in Section 27-31-101, * * *~~Mississippi Code of 1972,~~ the term "projects," as used in this section, shall include a private company (as such term is defined in Section 57-61-5 * * *~~, Mississippi Code of 1972~~) having a minimum capital investment of One Hundred Million Dollars ($100,000,000.00). The term "projects," as used in this section, also shall include a private company (as such term is defined in Section 57-61-5) having a minimum capital investment of One Hundred Million Dollars ($100,000,000.00) from any source or combination of sources, provided that a majority of the capital investment is from private sources, when such project is located within a geographic area for which a Presidential Disaster Declaration was issued on or after January 1, 2014.

(9) For a project as defined in Section 57-75-5(f)(xxviii), the annual amount of the fee-in-lieu apportioned to the county shall not be less than the amount necessary to pay the annual debt service on bonds issued by the county pursuant to Section 57-75-37(3)(c).

SECTION 7. The minimum capital investment requirements of Section 27-31-104, as amended by this act, shall apply to any project for which initial capital investment for the project was made on or after July 1, 2014.

SECTION 8. (1) An amount equal to the use tax revenue collected from voluntary taxpayers and deposited into the State General Fund during the preceding fiscal year shall be allocated and distributed in the manner provided in this section. For the purposes of this section, the term "voluntary taxpayer" means a taxpayer that does not have nexus with this state for sales tax purposes but voluntarily collects and remits use tax to this state on behalf of this state. In addition, if after July 1, 2017, taxpayers that were not required to collect and remit use tax to this state because of the ruling in Quill Corp. v. North Dakota, 504 U.S. 298 (1992), are required after enactment of a law by the Congress of the United States or by a ruling of the Supreme Court of the United States allowing the state to require such taxpayers to collect and remit use tax to this state, then an amount equal to the use tax collected from such taxpayers and deposited into the State General Fund during the preceding fiscal year, not to exceed Two Hundred Million Dollars ($200,000,000.00), shall be allocated and distributed in the manner provided in this section.

(2) (a) An amount equal to sixty percent (60%) of such use tax revenue shall be deposited into a special fund that is hereby 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 fund shall consist of monies deposited therein as provided in this paragraph (a) and monies from any other source designated for deposit into such fund. Monies in the fund may be expended by the Department of Transportation, upon appropriation by the Legislature, for repair, maintenance and/or reconstruction of roads, streets and bridges in the state. However, the Legislature shall not initially appropriate monies in the fund for such use by the Department of Transportation unless the department provides the Legislature with evidence that has been certified by the Legislative Budget Office that for the initial fiscal year for which the monies are available for appropriation, the department has reallocated or otherwise scheduled for use during the applicable fiscal year funds in the department budget of not less than Twenty-five Million Dollars ($25,000,000.00) for repair, maintenance and/or reconstruction of roads, streets and bridges in the state and that such funds were not allocated and used for such purposes in the department's budget for the previous fiscal year. For subsequent fiscal years, the Legislature shall not appropriate monies in the fund for use by the Department of Transportation unless the department provides the Legislature with evidence that has been certified by the Legislative Budget Office, that for the applicable fiscal year the department has not and will not reallocate such amount of funds away from repair, maintenance and/or reconstruction of roads, streets and bridges in the state. Any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund.

(b) An amount equal to twenty-five percent (25%) of such use tax revenue shall be deposited into a special fund that is hereby 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 fund shall consist of monies deposited therein as provided in this paragraph (b) and monies from any other source designated for deposit into such fund. Monies in the fund may be expended by the Office of State Aid Road Construction, upon appropriation by the Legislature, to provide funds to assist counties in this state in paying costs associated with the repair, maintenance and/or reconstruction of roads, streets and bridges in counties. 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. Funds provided to counties under this paragraph (b) shall be allocated and distributed to counties in the following proportions:

(i) One-third (1/3) shall be allocated to all counties in equal shares,

(ii) One-third (1/3) shall be allocated to counties based on the proportion that the total number of rural road miles in a county bears to the total number of rural road miles in all counties of the state, and

(iii) One-third (1/3) shall be allocated to counties based on the proportion that the rural population of a county bears to the total rural population in all counties of the state, according to the latest federal decennial census.

(c) (i) An amount equal to fifteen percent (15%) of such use tax revenue shall be deposited into a special fund that is hereby 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 fund shall consist of monies deposited therein as provided in this paragraph (c) and monies from any other source designated for deposit into such fund. Monies in the fund may be expended by the Office of State Aid Road Construction, upon appropriation by the Legislature, to provide grants to assist municipalities in this state in paying costs associated with the repair, maintenance and/or reconstruction of roads, streets and bridges in municipalities. 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.

(ii) The Office of State Aid Road Construction shall establish a program to make grants to municipalities for the purpose of assisting such municipalities in paying costs associated with the repair, maintenance and/or reconstruction of roads, streets and bridges in municipalities. The maximum amount of a grant made to a municipality under this paragraph (c) cannot exceed One Million Five Hundred Thousand Dollars ($1,500,000.00). A municipality may apply to the Office of State Aid Road Construction for a grant under this paragraph (c) in the manner provided for in this subparagraph (ii). A municipality desiring a grant under this paragraph (c) must submit an application to the Office of State Aid Road Construction. The application must include a description of the project for which the grant is requested, the cost of the project for which the grant is requested, the amount of the grant requested and any other information required by the Office of State Aid Road Construction.

(iii) The Office of State Aid Road Construction shall have all powers necessary to implement and administer the program established under this paragraph (c), and the Office of State Aid Road Construction shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this paragraph (c).

(3) The Department of Revenue shall make the distributions required under this section on or before January 31, 2018, and each succeeding January 31 thereafter.

SECTION 9. Section 8 of this act shall be codified as a separate section in Chapter 67, Title 27, Mississippi Code of 1972.

SECTION 10. In any year in which the official sine die general fund revenue estimate for the next fiscal year reflects a growth in general fund revenue of more than two percent (2%) above the general fund revenue estimate adopted for the current fiscal year, as certified by the Legislative Budget Office, fifty percent (50%) of the amount of the growth in revenue above two percent (2%), not to exceed One Hundred Million Dollars ($100,000,000.00), shall be deposited into the following special funds in the State Treasury:

(a) An amount equal to sixty percent (60%) of the revenue subject to this section shall be deposited into the special fund created in subsection (2)(a) of Section 8 of this act;

(b) An amount equal to twenty-five percent (25%) of the revenue subject to this section shall be deposited into the special fund created in subsection (2)(b) of Section 8 of this act; and

(c) An amount equal to fifteen percent (15%) of the revenue subject to this section shall be deposited into the special fund created in subsection (2)(c) of Section 8 of this act.

SECTION 11. This act shall take effect and be in force from and after July 1, 2017.