MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Local and Private Legislation; Ways and Means

By: Representative Barnett (92nd)

AN ACT TO AUTHORIZE THE CITY OF BROOKHAVEN, MISSISSIPPI, TO ISSUE BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $3,000,000.00 FOR THE PURPOSE OF ERECTING, REPAIRING AND EQUIPPING BUILDINGS ON PROPERTY OWNED BY THE CITY; TO AUTHORIZE THE CITY TO CONTRACT WITH THE STATE OF MISSISSIPPI FOR THE SALE OR LEASE OF CERTAIN CITY-OWNED PROPERTY; AND FOR RELATED PURPOSES.

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

SECTION 1. The governing authorities of the City of Brookhaven, Mississippi, in their discretion, may issue general obligation bonds of the city in the maximum principal amount of Three Million Dollars ($3,000,000.00) for the purpose of providing funds for erecting, repairing, improving, adorning and equipping buildings on the property owned by the City of Brookhaven formerly operated as Whitworth College.

SECTION 2. Before the issuance of any bonds under this act, the governing authorities of the city shall adopt and publish a resolution declaring their intention to issue such bonds pursuant to Section 21-33-307, Mississippi Code of 1972; however, in the discretion of the governing authorities, the previous adoption of a resolution by the governing authorities on June 2, 1998, declaring the intent of the governing authorities to issue general obligation bonds of the city in the maximum principal amount of Three Million Dollars ($3,000,000.00) for the purpose of erecting, repairing, improving, adorning and equipping buildings to be used as municipal buildings, community centers and a city hall, and the publication of such resolution pursuant to Section 21-33-307, Mississippi Code of 1972, shall be deemed to have satisfied the requirements of this section, and the bonds for the purposes stated in Section 1 of this act may be issued by the governing authorities of the city without any further resolution declaring their intent or publication of such resolution. If the resolution adopted by the governing authorities on June 2, 1998, is deemed to have fulfilled the requirements of this section, bonds in the maximum principal amount of Three Million Dollars ($3,000,000.00) may be issued for the purposes stated in Section 1 of this act, or for the purposes stated in the resolution of June 2, 1998, or for any combination of such purposes; however, the aggregate principal amount of any such bond issue or bond issues shall not exceed Three Million Dollars ($3,000,000.00).

SECTION 3. The governing authorities of the City of Brookhaven may contract with the State of Mississippi or any agency or department of the state for the sale of any buildings, lands or other properties of the city, either now in existence or to be constructed, improved or added to, for such purposes as may be specified in the contract. The sale may be made subject to a reverter to the City of Brookhaven in the event that such buildings, lands or other properties transferred by the city are not used for any of the purposes stated in the contract.

SECTION 4. The governing authorities of the City of Brookhaven may enter into a contract or contracts or other agreement with the State of Mississippi or any department or agency of the state pertaining to the lease of such buildings, lands or other properties, for such term as may be agreed upon mutually and may enter into such other contracts or agreements with the State of Mississippi and any department or agency of the state pertaining to such buildings, lands or other properties, and the use thereof, as may be deemed necessary or appropriate.

SECTION 5. This act, without regard to any statute not referenced in this act, shall be full and complete authority for the issuance of bonds under this act and shall be construed as an additional and alternative method therefor. All powers necessary to be exercised in order to carry out this act are conferred.

SECTION 6. (1) Any bonds issued under this act and the income from such bonds shall be exempt from all State of Mississippi taxation, except inheritance and gift taxes.

(2) Any bonds issued under this act shall be legal investments for commercial banks, savings and loan associations and insurance companies organized under the laws of this state.

SECTION 7. Any bonds issued under this act shall be validated in the manner provided by Chapter 13, Title 31, Mississippi Code of 1972, and to that end, the city clerk shall be directed to make up a transcript of all legal papers and proceedings relating to the bonds and to certify and forward the transcript to the state bond attorney for the institution of validation proceedings.

SECTION 8. Except as otherwise provided in this act, bonds authorized under this act shall be issued in accordance with Sections 21-33-301 through 21-33-329, Mississippi Code of 1972.

SECTION 9. This act shall take effect and be in force from and after its passage.