Bill Text | History of Actions | Amendments | Background | Title |
Description: Bonds; issue general obligation and revenue bonds for acquisition and upgrade of rail line between State Port at Gulfport and Hattiesburg.
Bill Text: [Introduced] [Committee Substitute] [Passed Senate]
| 1 | 02/13 (S) Referred To Finance | |
| 2 | 02/15 (S) Title Suff Do Pass Comm Sub | |
| 3 | 02/19 (S) Committee Substitute Adopted | |
| 4 | 02/19 (S) Passed | |
| 5 | 02/20 (S) Transmitted To House | |
| 6 | 02/21 (H) Referred To Ways and Means | |
| 7 | 03/07 (H) Title Suff Do Pass As Amended | |
| 8 | 03/13 (H) Died On Calendar |
| Pending | [H] | Amendment No 1 |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committee:
House Committee:
Principal Author: Hewes
Additional Authors: King, Gollott, Dawkins, Farris, Cuevas, Robertson, Moffatt, Lee, Stogner, Chaney, Dickerson, Dearing, Harvey, Jackson, Smith
Title: AN ACT TO AUTHORIZE THE ISSUANCE OF $20,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS NECESSARY FOR THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ACQUIRE THE RAIL LINE EXTENDING FROM THE STATE PORT AT GULFPORT, MISSISSIPPI, TO THE CITY OF HATTIESBURG, MISSISSIPPI; TO PROVIDE THAT IF THE MISSISSIPPI DEVELOPMENT AUTHORITY ACQUIRES THE RAIL LINE, IT MAY ENTER INTO ANY AGREEMENT WITH A RAILROAD OR OTHER ENTITY PROVIDING THAT UPON COMPLETION OF REPAIRS AND UPGRADES TO THE RAIL LINE, THE RAILROAD OR OTHER ENTITY WILL LEASE THE RAIL LINE FROM THE STATE FOR COMMERCIAL PURPOSES; TO AUTHORIZE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ENTER INTO CONTRACTS OR OTHER AGREEMENTS WITH ANY PERSON, CORPORATION, ASSOCIATION, PARTNERSHIP, GOVERNMENTAL UNIT OR OTHER ENTITY NECESSARY TO PERFORM REPAIRS AND UPGRADES TO THE RAIL LINE; TO AUTHORIZE THE ISSUANCE OF $20,000,000.00 IN STATE REVENUE BONDS TO PROVIDE FUNDS FOR REPAIRS AND UPGRADES TO SUCH RAIL LINE NECESSARY TO PROVIDE INTERMODAL ACCESS TO AND FROM THE STATE PORT AT GULFPORT, MISSISSIPPI; TO PROVIDE THAT THE REVENUE BONDS MAY NOT BE ISSUED UNLESS THE MISSISSIPPI DEVELOPMENT AUTHORITY HAS ENTERED INTO AN AGREEMENT WITH A RAILROAD OR OTHER ENTITY PROVIDING THAT UPON COMPLETION OF REPAIRS AND UPGRADES TO THE RAIL LINE, THE RAILROAD OR OTHER ENTITY WILL LEASE THE RAIL LINE FROM THE STATE FOR COMMERCIAL PURPOSES; TO PROVIDE THAT THE PAYMENTS RECEIVED FROM ANY SUCH LEASE SHALL BE DEPOSITED INTO A SPECIAL BOND SINKING FUND CREATED FOR THE PURPOSE OF RETIRING BONDS ISSUED UNDER THIS ACT; TO PROVIDE THAT MONIES IN SUCH SINKING FUND SHALL BE USED FIRST TO RETIRE REVENUE BONDS ISSUED UNDER THIS ACT; TO PROVIDE THAT WHEN THE BALANCE IN THE SPECIAL BOND SINKING FUND IS EQUAL TO THE NEXT TWO DEBT SERVICE REQUIREMENTS OF THE REVENUE BONDS ISSUED UNDER THIS ACT, THE EXCESS MONIES IN THE FUND SHALL BE USED TO PAY THE DEBT SERVICE REQUIREMENTS OF GENERAL OBLIGATION BONDS ISSUED UNDER THIS ACT UNTIL THE BALANCE IN THE SPECIAL BOND SINKING FUND FALLS BELOW THE AMOUNT EQUAL TO THE NEXT TWO DEBT SERVICE REQUIREMENTS OF THE REVENUE BONDS; AND FOR RELATED PURPOSES.
End Of Document
2001/html/History/SB/SB3145.htm