MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Ways and Means
By: Representative Roberson
AN ACT TO AMEND SECTION 69-2-19, MISSISSIPPI CODE OF 1972, TO EXTEND THE DATE BY WHICH THE STATE BOND COMMISSION MAY ISSUE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE EMERGING CROPS FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 69-2-19, Mississippi Code of 1972, is amended as follows:
69-2-19. (1) The
Mississippi Development Authority is authorized, at one time, or from time to
time, to declare by resolution the necessity for issuance of negotiable general
obligation bonds of the State of Mississippi to provide funds for the Emerging
Crops Fund established in Section 69-2-13. Upon the adoption of a resolution
by the board, declaring the necessity for the issuance of any part or all of
the general obligation bonds authorized by * * * this section
through Section 69-2-39, the authority shall deliver a certified copy of
its resolution or resolutions to the State Bond Commission. Upon receipt of
same, the State Bond Commission, in its discretion, shall 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
through Section 69-2-39 shall not exceed One Hundred Fourteen Million
Dollars ($114,000,000.00) in the aggregate; however:
(a) An additional
amount of bonds may be issued under * * * this section
through Section 69-2-39 in an amount not to exceed Two Million Dollars
($2,000,000.00), and the proceeds of any such additional bonds shall be used
solely for the purposes described in Section 69-2-13(14); and
(b) An additional
amount of bonds may be issued under * * * this section
through Section 69-2-39 in an amount not to exceed Seventeen Million
Dollars ($17,000,000.00), and the proceeds of such additional bonds shall be used
solely for the purposes described in Section 69-2-13(16).
(2) No bonds may be issued
under * * *
this section through Section 69-2-39 after October 1, * * * 2026.
SECTION 2. This act shall take effect and be in force from and after July 1, 2023.