Bill Text | History of Actions | Background | Title |
Description: State budget; authorize Bond Commission to obtain line of credit, suspend provisions requiring cuts to agency budgets during FY06.
Bill Text: [Introduced] [Committee Substitute] [Passed Senate]
| 1 | 09/27 (S) Referred To Appropriations | |
| 2 | 09/29 (S) Title Suff Do Pass Comm Sub | |
| 3 | 09/30 (S) Committee Substitute Adopted | |
| 4 | 09/30 (S) Passed | |
| 5 | 09/30 (S) Immediate Release | |
| 6 | 09/30 (S) Transmitted To House | |
| 7 | 09/30 (H) Referred To Ways and Means | |
| 8 | 10/07 (H) Died In Committee |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | None | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committee:
House Committee:
Principal Author: Gordon
Additional Authors: Little, Burton, Dawkins, Frazier, Gollott, Jackson (11th), Jackson (32nd), Jordan, Walls
Code Sections: A 031-0017-0123, A 027-0104-0013
Title: AN ACT TO AMEND SECTION 31-17-123, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF THE STATE FISCAL OFFICER AND THE STATE TREASURER MAKE A DETERMINATION THAT STATE-SOURCE SPECIAL FUNDS ARE NOT SUFFICIENT TO COVER DEFICIENCIES IN THE GENERAL FUND, THAT THE STATE OF MISSISSIPPI IS UNABLE TO REPAY SPECIAL FUND BORROWING WITHIN THE FISCAL YEAR IN WHICH THE BORROWING WAS DONE OR THAT THE STATE SOURCE FUNDS ARE INSUFFICIENT FOR DISASTER SUPPORT OR ASSISTANCE PURPOSES DUE TO HURRICANES KATRINA AND RITA, AND THAT THE STATE BOND COMMISSION MAKES A DETERMINATION THAT SUCH DEFICIENCY OR INABILITY TO REPAY OR INSUFFICIENCY IS THE RESULT OF A STATE OF EMERGENCY WITHIN THE STATE OF MISSISSIPPI, THE STATE BOND COMMISSION IS AUTHORIZED TO OBTAIN A LINE OF CREDIT, IN AN AMOUNT NOT TO EXCEED $500,000,000.00, FROM A COMMERCIAL LENDER, INVESTMENT BANKING GROUP OR A CONSORTIUM OF EITHER OR BOTH; TO PROVIDE THAT THE LENGTH OF SUCH INDEBTEDNESS SHALL NOT EXTEND BEYOND THREE YEARS FOLLOWING THE ORIGINATION OF THE LINE OF CREDIT; TO PROVIDE THAT SUCH LINE OF CREDIT SHALL BE AUTHORIZED AND APPROVED BY THE STATE BOND COMMISSION AND HAVE SUCH TERMS AND DETAILS AS PROVIDED BY RESOLUTION OF THE STATE BOND COMMISSION; TO PROVIDE THAT SUCH PROCEEDS SHALL BE RECEIVED BY THE STATE TREASURER AND DEPOSITED INTO THE DISASTER RECOVERY FUND AND USED TO COVER DEFICIENCIES IN THE GENERAL FUND, TO REPAY SPECIAL FUND BORROWING AND/OR TO COVER ANY INSUFFICIENCY IN DISASTER SUPPORT OR ASSISTANCE; TO ESTABLISH A DISASTER RECOVERY FUND FOR SUCH PURPOSE; TO PROVIDE THAT UPON THE APPROVAL OF THE STATE FISCAL OFFICER, THE DIRECTOR OF THE MISSISSIPPI EMERGENCY MANAGEMENT AGENCY MAY USE FUNDS FROM THE LINE OF CREDIT TO MATCH FEDERAL FUNDS AND FOR PERSONNEL RELATED EXPENSES DUE TO THE HURRICANE KATRINA AND/OR HURRICANE RITA DISASTERS; TO AMEND SECTION 27-104-13, MISSISSIPPI CODE OF 1972, TO SUSPEND UNTIL JULY 1, 2006, THE REQUIREMENT FOR THE STATE FISCAL OFFICER TO REDUCE ALLOCATIONS OF GENERAL FUNDS AND STATE-SOURCE SPECIAL FUNDS TO STATE AGENCIES WHEN GENERAL FUND REVENUES RECEIVED FOR THE FISCAL YEAR FALL BELOW 98% OF THE SINE DIE GENERAL FUND REVENUE ESTIMATE; AND FOR RELATED PURPOSES.
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