MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Ways and Means

By: Representatives Williams, Reynolds

AN ACT TO AMEND CHAPTER 449, LAWS OF 1998, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED FOR THE PURPOSE OF REPAIR AND RENOVATION OF THE ADDIE MCBRYDE CENTER LOCATED AT THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 3, Chapter 449, Laws of 1998, is amended as follows:

Section 3. (1) 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 Section 2 of this act. 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 section, the Department of Finance and Administration 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, 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 total amount of bonds issued under this act shall not exceed Six Hundred Thousand Dollars ($600,000.00).

(2) Any investment earnings on amounts deposited into the special funds created in Section 2 of this act shall be used to pay debt service on bonds issued under this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 2. This act shall take effect and be in force from and after its passage.