Bill Text | History of Actions | Background | Title |
Description: Bonds; issue to fund the Railroad Revitalization Fund for loans for certain railroad projects.
Bill Text: [Introduced]
| 1 | 01/13 (S) Referred To Highways and Transportation;Finance | |
| 2 | 03/31 (S) Died In Committee |
| Effective date | July 1, 2004 | |
| Disposition | Dead | |
| Deadline | Revenue | |
| Revenue | Yes | |
| Vote type required | Three/Fifths |
Senate Committees:
Principal Author: Dearing
Code Sections: A 057-0043-0001, A 057-0043-0003, A 057-0043-0005, A 057-0043-0007, A 057-0043-0009, A 057-0043-0011
Title: AN ACT TO AUTHORIZE THE MISSISSIPPI TRANSPORTATION COMMISSION TO UPDATE THE STATE RAIL PLAN AND REVIEW POTENTIAL RECOMMENDATIONS FOR NEEDED RAIL PROJECTS IN THE STATE; TO AUTHORIZE THE MISSISSIPPI TRANSPORTATION COMMISSION TO CONSTRUCT AND OWN A RAIL LINE, OR A PORTION THEREOF, THAT CONNECTS TO THE RAIL LINE OF A RAILROAD CORPORATION; TO AUTHORIZE THE COMMISSION TO SELL OR LEASE SUCH LINE TO A RAILROAD CORPORATION; TO AUTHORIZE BONDS ISSUED PURSUANT TO THIS ACT TO FUND THE CONSTRUCTION OF SUCH RAIL LINE; TO CREATE A BOND SINKING FUND WITHIN THE RAILROAD REVITALIZATION FUND INTO WHICH SHALL BE DEPOSITED CERTAIN LEASE AND LOAN PAYMENTS AND THE PROCEEDS OF CERTAIN SALES; TO PROVIDE THAT MONEY IN SUCH ACCOUNT SHALL BE UTILIZED TO PAY THE DEBT SERVICE ON THE BONDS ISSUED PURSUANT TO THIS ACT; TO PROVIDE FOR THE ISSUANCE OF $100,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO FUND THE RAIL PROJECTS AUTHORIZED UNDER THIS ACT; TO AMEND SECTIONS 57-43-1, 57-43-3, 57-43-5, 57-43-7, 57-43-9 AND 57-43-11, MISSISSIPPI CODE OF 1972, TO EXPAND THE USES FOR WHICH FUNDS IN THE RAILROAD REVITALIZATION FUND MAY BE UTILIZED; TO PROVIDE THAT GRANTS MADE FROM THE RAILROAD REVITALIZATION FUND SHALL INCLUDE AS A CONDITION THAT, AS A PREREQUISITE TO RECEIVING A GRANT, A RAILROAD CORPORATION SHALL AGREE NOT TO ABANDON ANY SECTION OF RAIL LINE UPON WHICH SUCH GRANT IS SPENT FOR A PERIOD OF NOT LESS THAN TEN YEARS; TO AUTHORIZE COUNTIES AND MUNICIPALITIES TO ENTER INTO AGREEMENTS WITH THE MISSISSIPPI TRANSPORTATION COMMISSION TO RECEIVE A PORTION OF CERTAIN PAYMENTS TO THE RAILROAD REVITALIZATION FUND; TO AUTHORIZE THE MISSISSIPPI TRANSPORTATION COMMISSION TO LOAN MONIES FROM THE RAILROAD REVITALIZATION FUND TO RAILROAD CORPORATIONS FOR CERTAIN RAILROAD PROJECTS THAT THE COMMISSION HAS DETERMINED ARE IN THE PUBLIC INTEREST; TO PROVIDE FOR THE RATE OF INTEREST ON LOANS MADE BY THE COMMISSION; TO PROVIDE THAT AS A CONDITION OF THE RECEIPT OF SUCH A LOAN THAT THE RAILROAD CORPORATION AGREES NOT TO ABANDON ANY SECTION OF RAIL LINE ON WHICH THE PROCEEDS OF SUCH LOAN ARE TO BE SPENT UNTIL THE LOAN HAS BEEN REPAID; AND FOR RELATED PURPOSES.
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