MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Local and Private Legislation

By: Representative Williams

AN ACT TO AMEND CHAPTER 967, LOCAL AND PRIVATE LAWS OF 1995, TO PROVIDE FOR THE POWERS OF THE TATE COUNTY ECONOMIC DEVELOPMENT FOUNDATION, INC., REGARDING THE PROMOTION OF ECONOMIC DEVELOPMENT IN TATE COUNTY, MISSISSIPPI; TO REPEAL CHAPTER 868, LOCAL AND PRIVATE LAWS OF 1983, AS AMENDED BY CHAPTER 804, LOCAL AND PRIVATE LAWS OF 1989, WHICH AUTHORIZES THE BOARD OF SUPERVISORS OF TATE COUNTY TO ESTABLISH AN INDUSTRIAL DEVELOPMENT AUTHORITY AND PROVIDES FOR THE POWERS AND DUTIES OF SUCH AUTHORITY; AND FOR RELATED PURPOSES.

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

SECTION 1. Chapter 967, Local and Private Laws of 1995, is amended as follows:

Section 1. The following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:

(a) "Governing bodies" means the Board of Supervisors of Tate County, Mississippi, and the governing authorities of the Cities of Senatobia and Coldwater, Mississippi.

(b) "Foundation" means the Tate County Economic Development Foundation, Inc., a nonprofit corporation formed for the purposes of improving economic development opportunities for Tate County by uniting planning, economic and industrial development and marketing activities currently provided by several other organizations.

Section 2. The governing bodies are authorized to participate in the foundation in the manner provided in this act.

Section 3. The governing bodies shall each appoint one (1) representative to the foundation board of directors. The representative appointed by the Tate County Board of Supervisors shall be a member of the board of supervisors, and the members appointed by the governing authorities of the Cities of Senatobia and Coldwater shall be members of those respective governing authorities.

Section 4. The governing bodies may enter into written agreements defining the extent of their involvement in the foundation on such matters as:

(a) The providing of funds, personnel and other necessary contributions to support the foundation; and

(b) The duration of the governing bodies' participation in the foundation, and conditions allowing for withdrawal from the foundation.

Section 5. The governing bodies shall provide funding, personnel and other support to the foundation. The amount and type of funding and support shall be jointly determined by the governing bodies, by resolutions duly adopted and spread upon each governing body's minutes. The governing bodies shall be authorized to appropriate funds to support the foundation.

Section 6. Financial contributions made by the governing bodies during the first year of the foundation's operation shall be based on the extent of each governing body's 1994-1995 fiscal year budget expended for those services to be combined in the foundation. Funding for future years shall be jointly determined by the governing bodies, by resolutions duly adopted and spread upon each governing body's minutes. Each governing body is authorized to individually appropriate additional funds to the foundation in any amount deemed appropriate by the governing body.

Section 7. The governing bodies may provide other services and activities, as deemed appropriate by the governing bodies, to the foundation, regardless of whether the services and activities may be outside the scope and intent of the foundation.

Section 8. (1) The foundation is authorized to acquire by gift, purchase or otherwise, and to own, lease, hold, maintain, control and develop real estate and improvements thereon situated within Tate County, Mississippi, either within or without the corporate limits of a municipality, or development, use and operation as one or more industrial park complexes, buildings or sites or economic development districts, referred to herein as "projects" and is further authorized to engage in works of internal improvement therefor, including, but not limited to, construction or contracting for the construction of streets, roads, site improvements, water, sewerage, drainage, pollution and other related facilities necessary or required for industrial or economic development use and development of such projects, and to acquire, purchase, install, lease, construct, own, hold, equip, control, maintain, use, operate and repair other structures and facilities necessary and convenient for the planning, development, use, operation and maintenance of such projects for industrial or economic development purposes, including, but not limited to, water, sewerage, elevators, compressors, warehouses, air and other transportation terminals and pollution control facilities. If the foundation takes by gift or otherwise any land, buildings, or other tangible assets from any persons, firms or corporations, public or private, the foundation may assume all or any part of the liabilities resulting from such acceptance under such terms and conditions as will be in the best interest of the citizens of Tate County, Mississippi.

(2) The foundation may borrow money and issue negotiable promissory notes evidencing the same under the provisions of Sections 11 through 17 of this act, and in addition to or in lieu of the pledges authorized in Section 15 of this act, the foundation may secure such notes by the execution of deeds of trust and mortgages upon any real estate belonging to the foundation not otherwise encumbered.

(3) The foundation may sell, lease, trade, exchange or otherwise dispose of industrial sites and improvements thereon situated within such projects to individuals, firms or corporations, public or private, for all types of industrial, commercial and agricultural uses upon such terms and conditions, for such consideration and with such safeguards as will best promote and protect the public interest, convenience and necessity, and to execute deeds, leases, contracts, easements and other legal instruments necessary or convenient therefor.

(4) The foundation may fix and prescribe fees, charges and rates for the use of any water, sewerage, pollution or other facilities constructed, owned and operated by the foundation in connection with such industrial park and to collect the same from persons, firms and corporations using the same for industrial, commercial or agricultural purposes, except as to rates and charges against common carriers regulated by an agency of the federal government, or the Mississippi Public Service Commission.

(5) The foundation may employ engineers, attorneys, accountants, technicians and consultants upon a fee or retainer basis, and such executive and administrative personnel and other employees as shall be reasonably necessary to carry out the duties and authority authorized by this act; and to determine their qualifications and duties and to establish compensation and other employment benefits as may be advisable to attract and retain proficient personnel. The foundation, in addition to all other authority, may purchase, lease, sell and trade office equipment, purchase necessary supplies, purchase or lease such equipment and vehicles as the foundation deems necessary for economic and industrial development and to carry out the purposes of this act. The foundation may, in addition to all other authority, buy, lease, sell, convey and do all other necessary business transactions for carrying out the purpose and administering the foundation and do all acts necessary and convenient to operate and carry out the duties and intent of such foundation.

(6) The foundation may take all actions and expend such funds of the foundation as shall be necessary for the promotion of economic development in Tate County, Mississippi, including, but not limited to, efforts to develop, promote, and/or expand existing businesses and industries; attracting and promoting new businesses and industries; and promoting tourism, and to take all actions determined by the board to be necessary to promote agribusiness, manufacturing and tourism within Tate County, Mississippi, which are not prohibited by law.

(7) The enumeration of any specific rights and powers contained herein, and elsewhere in this act, where followed by general powers, shall not be construed in a restrictive sense, but rather in as broad and comprehensive a sense as possible to effectuate the purposes of this act.

(8) Any sale or lease of all or part of a project may be executed upon such terms and conditions and for such monetary rental or other consideration as may be found adequate and approved by the foundation in orders or resolutions authorizing the same. Any covenants and obligations of the lessee or sublessee to make expenditures in determined amounts, and within such time or times, for improvements to be erected on the land by such lessee or sublessee and to conduct thereon industrial, commercial, agricultural or public purpose operations in such aggregate payroll amounts and for such period of time or times as may be determined and defined in such sale or lease, and to give preference in employment where practicable to qualified residents of Tate County, Mississippi, in which any such project is situated, shall, if included in such sale or lease, constitute and be deemed sufficient consideration for the execution of any such sale or lease in the absence of a monetary rental or other consideration; any such instrument may contain reasonable provisions giving the lessee the right to remove its or his improvements upon termination of the lease.

(9) The governing bodies, acting jointly or severally, hereinafter sometimes referred to as the "issuer," upon the request of the foundation, may issue bonds, the principal of and interest on which shall be payable solely out of the revenue derived from the sale, operation and leasing of the project and its facilities. The terms, conditions, forms and laws applicable to such bonds shall be as provided in Sections 57-3-11 through 57-3-23, Mississippi Code of 1972.

(10) Contracts for the acquisition, purchase, construction, improvement, equipping, furnishing, leasing and/or selling of a project shall be entered into upon the basis of public bidding pursuant to Section 31-7-1 et seq., Mississippi Code of 1972. The foundation is further authorized, however, to acquire, purchase, construct, improve, lease and sell industrial buildings and land without the necessity of public bidding pursuant to Section 31-7-1 et seq., Mississippi Code of 1972.

Section 9. For the purpose of providing funds to defray the cost of acquiring land and the cost of improving the same and construction of improvements thereon, as provided by this act, the governing bodies, hereinafter sometimes referred to as the "issuer," acting jointly or severally, are authorized to issue the general obligation bonds of such governing bodies in the manner prescribed by Sections 9 through 17 of this act.

Section 10. Any general obligation bonds authorized to be issued under the provisions of Sections 9 through 17 of this act shall be subject to the twenty percent (20%) limitation on indebtedness for counties imposed by Section 19-9-5, Mississippi Code of 1972, or the twenty percent (20%) limitation on indebtedness for municipalities imposed by Section 21-33-303, Mississippi Code of 1972, as the case may be.

Section 11. All bonds issued under the authority of Sections 9 through 17 of this act shall bear interest at such rate or rates not exceeding the rate of interest authorized to be paid by counties or municipalities, as the case may be, shall be in such denomination or denominations, shall be payable, both principal and interest, at such place or places, all as the issuer of the bonds shall determine. All such bonds shall be sold in the manner provided by law for the sale of bonds subject to the restrictions, limitations, requirements or conditions applicable to the borrowing of such money and the issuance of such bonds which are provided by law and shall be sold for not less than par value and shall mature not more than twenty (20) years from date, with or without the right of redemption, with or without premium, all as shall be determined by the issuer of the bonds. No less than one-fiftieth (1/50) of the total issue shall mature during each year during the first five (5) years of the life of such bonds, and not less than one-twenty-fifth (1/25) of the total issue shall mature each year during the succeeding period of ten (10) years of the life of such bonds, and the remainder shall be divided into approximately equal annual payments, with payment to be made each year for the remaining life of such bonds. Such bonds shall be executed on behalf of the issuer in the manner provided by law for general obligation bonds. The interest to accrue on such bonds on and prior to the respective maturity dates thereof shall be represented by interest coupons to be attached to such bonds which shall be payable semiannually, and which coupons shall be executed by the facsimile signatures of the appropriate officers of the issuer.

No bond shall bear more than one (1) rate of interest; each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bond; all bonds of the same maturity shall bear the same rate of interest from date to maturity; all interest accruing on such bonds so issued shall be payable semiannually or annually, except that the first interest coupon attached to any such bond may be for any period not exceeding one (1) year.

No interest payment shall be evidenced by more than one (1) coupon and neither cancelled nor supplemental coupons shall be permitted; the lowest interest rate specified for any bonds issued shall not be less than seventy percent (70%) of the highest interest rate specified for the same bond issue.

Each interest rate specified in any bond must be in multiples of one-eighth of one percent (1/8 of 1%) or in multiples of one-tenth of one percent (1/10 of 1%). Such bonds may be issued and sold in one or more series.

Section 12. Before issuing any bonds under the provisions of Sections 9 through 17 of this act, the governing body of the issuer shall, by resolution spread upon its minutes, declare its intention to issue such bonds for the purposes authorized by Section 9 of this act, and shall state in such resolution the amount of bonds proposed to be issued, and shall likewise fix in such resolution the date upon which the issuer proposes to direct the issuance of such bonds. Notice of such intention shall be published once a week for at least three (3) consecutive weeks in a newspaper published or having a general circulation in Tate County, Mississippi, with the first publication of such notice to be made not less than twenty-one (21) days before the date fixed in the resolution declaring the intent to issue such bonds, and the last publication to be made not more than seven (7) days before such date. If, on or before the date specified in the resolution, twenty percent (20%) or fifteen hundred (1500), whichever is less, of the qualified electors of the issuer proposing to issue such bonds shall file a written protest against the issuance thereof, then an election upon the issuance thereof shall be called and held as hereby provided. If no such protest shall be filed, then the issuer may issue such bonds without an election on the question of the issuance thereof at any time within a period of two (2) years after the date specified in the resolution. If an election is required by the protest of the appropriate number of qualified electors of the issuer, then an election shall be held by the issuer under applicable laws. However, nothing in Sections 9 through 17 of this act shall prevent such issuer from calling an election, whether required by twenty percent (20%) or fifteen hundred (1500), whichever is less, of the qualified electors or not, in which event it shall not be necessary to publish the resolution of the intent above described.

Section 13. At such election, all qualified electors of the issuer may vote and the ballots used in such election shall have printed thereon a brief statement of the amount and purposes of the proposed bond issue and the words "FOR THE BOND ISSUE" and the words "AGAINST THE BOND ISSUE," and the voters shall vote by placing a cross (X) or check (_) opposite their choice on the proposition.

Section 14. When the results of any such election shall have been canvassed by the election commission of the issuer and certified, the issuer may issue the bonds if three-fifths (3/5) of the qualified electors who vote in such an election vote in favor of the issuance of such bonds. If such bond issue shall be approved, the issuer may issue such bonds within two (2) years from the date of such election, or within two (2) years after final favorable determination of any litigation affecting the issuance of such bonds at such time or times and in such amount or amounts, not exceeding that specified in the notice of the election, as shall be deemed proper by the issuer.

Section 15. The full faith, credit and resources of the issuer shall be irrevocably pledged for the repayment of general obligation bonds issued pursuant to Sections 9 through 17 of this act and the interest thereon. If sufficient funds are not available at the beginning of the fiscal year, it shall be the duty of the issuer annually to levy and collect a special tax upon all of the taxable property within the issuer, which shall be sufficient to provide for the payment of the principal and interest on the respective bonds issued, according to the terms thereof. Any income derived from the sale or lease of the property authorized to be acquired by this act shall be applied in one or more of the following manners: (a) the retirement of bonds authorized to be issued under Sections 9 through 17 of this act; (b) further improvement or development of such industrial parks or other related industrial development activities; or (c) payment into the general fund of the county or municipality, as the case may be, to be used for any lawful purpose. Any amounts so paid into the general fund shall be included in the computation of total receipts and subject to the restrictions of Section 27-39-321, Mississippi Code of 1972. The issuer may covenant with or for the benefit of the registered owners of any bonds issued under Sections 9 through 17 of this act with respect to the application of any or all such income and shall, by resolution adopted prior to or promptly after receipt of any such income, determine, in its discretion, subject only to the restrictions set forth above and any covenants made to or for the benefit of any registered owners of such bonds, the manner in which such income shall be applied.

Section 16. The bonds issued under Sections 9 through 17 of this act shall be exempt from all taxation in the State of Mississippi; however, unless otherwise provided by the general laws of this state, any lessee or purchaser shall not be exempt from ad valorem taxes on industrial sites and improvements thereon nor shall purchases required to establish the project and financed by bond proceeds be exempt from taxation in the State of Mississippi.

Section 17. All bonds issued under the provisions of Sections 9 through 17 of this act shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

Section 18. The carrying out of the corporate purposes of the foundation is in all respects for the benefit of the people of Tate County, Mississippi, and is a public purpose, and the foundation will be performing an essential governmental function in the exercise of the powers conferred upon it by this act.

Section 19. In addition to rights, duties and powers now or hereafter conferred upon the governing bodies, the governing bodies, acting jointly or severally, at the request of the foundation, may, in their discretion, make available all tax revenue in the general fund of the governing bodies which is otherwise unappropriated and to utilize funds generated from levies for economic or industrial development purposes, including the ad valorem tax authorized in Section 19-9-111, Mississippi Code of 1972, for the operating and general support of the foundation.

Section 20. The foundation, in addition to the monies which may be received by it from the sale of bonds and from the collection of revenues, rents and earnings derived under this act, shall have the authority to accept from any public or private agency, or from any individual, grants for or in aid of the construction of any project, or for the payment of bonds, and to receive and accept contributions from any source, of money or property or other things of value to be held, used and applied only for the purposes for which such grants or contributions may be made.

Section 21. The Board of Supervisors of Tate County, Mississippi, may, in its discretion, by duly adopted resolution (a) dissolve the Tate County Economic Development District (the "District") created under Section 19-5-99, Mississippi Code of 1972, and further to transfer or sell all or any part of the assets, liabilities and other responsibilities and obligations of the district to the foundation under such terms and conditions as may be in the best interest of the county or as may be required by law, existing bond resolutions, existing contracts or any other requirements in order to effectuate the intent of this act and (b) consolidate, transfer or sell all or any part of any other lands and improvements thereon and any other asset of the county related to industrial and economic development, to the foundation on such terms and conditions as may be in the best interest of the county or as may be required by law, existing bond resolutions, existing contracts or any other requirement in order to effectuate the intent of this act.

Section 22. The governing authorities of the City of Senatobia (the "City") may, in their discretion, by duly adopted resolution, transfer or sell all or any part of the assets, liabilities and other responsibilities and obligations of the City's Industrial Park created under Section 57-5-1 et seq., Mississippi Code of 1972, to the foundation under such terms and conditions as may be in the best interest of the city or as may be required by state or federal law, existing bond resolutions, existing contract or any other requirement in order to effectuate the intent of this act.

Section 23. The foundation may (a) apply for and accept grants and loans on behalf of the governing bodies from the State of Mississippi or the United States of America or any agency thereof and (b) contract with any agency of the State of Mississippi and the United States of America for the development of Tate County, Mississippi.

Section 24. This act shall be deemed to be full and complete authority for the exercise of the powers herein granted in Tate County, Mississippi, as it is the intent of this act that the foundation shall be the exclusive economic and industrial development agency of the governing bodies.

SECTION 2. Chapter 868, Local and Private Laws of 1983, as amended by Chapter 804, Local and Private Laws of 1989, which authorizes the Board of Supervisors of Tate County, Mississippi, to establish an industrial development authority and provides for the powers and duties of such authority, is repealed.

SECTION 3. This act shall take effect and be in force from and after its passage.