MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Finance

By: Senator(s) Farris, Bean, Scoper, Stogner

AN ACT TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF THE ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING OF THE ADVANCED CENTER FOR TECHNOLOGY PARTNERSHIP WHICH IS A JOINT AND COOPERATIVE EFFORT OF THE ECONOMIC DEVELOPMENT AUTHORITY OF JONES COUNTY, THE AREA DEVELOPMENT PARTNERSHIP, LOCAL COMMUNITY AND JUNIOR COLLEGES, PUBLIC SCHOOLS, BUSINESS, INDUSTRY AND GOVERNMENT; TO ESTABLISH AND EMPOWER A BOARD OF DIRECTORS FOR THE CENTER; TO ESTABLISH AND EMPOWER ADVISORY COUNCILS FOR THE CENTER; AND FOR RELATED PURPOSES.

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

SECTION 1. As used in this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "Board" means the Board of Directors of the Southeast Mississippi Advanced Center for Technology Partnership established in Section 2.

(c) "Center" means the Southeast Mississippi Center for Technology Partnership established in Section 2.

(d) "State" means the State of Mississippi.

(e) "Commission" means the State Bond Commission.

SECTION 2. (1) The purpose of this act is to provide the necessary funding for the acquisition, construction, equipping and furnishing of the Southeast Mississippi Advanced Center for Technology Partnership in Hattiesburg, Mississippi, and in Ellisville, Mississippi. The development of the center shall be a joint and cooperative effort of the Economic Development Authority of Jones County, the Area Development Partnership, local community and junior colleges, area public school systems, and local business, industry, economic development and government entities. The center shall have two facilitation sites: the Jones County training site shall be located on or near the campus of Jones County Junior College in Ellisville, Mississippi, and the Hattiesburg campus of Pearl River Community College will be the location for the Forrest County training site. Each college may offer courses and programs at the respective center training sites. Each training site will have designated technology focuses that employers from the areas can access.

The mission of the center is to:

(a) Act as a center for industrial training and lifelong learning by providing professional development programs, workshops, training sessions and conferences as well as credit and noncredit courses (academic and continuing education units);

(b) Act as a center for "cutting edge" and under-used technology development and training;

(c) Be a resource and assistance center for community and economic development;

(d) Be a resource center for faculty (teachers), staff development and students in the area of advanced technology, both under-used and futuristic, and business/industry trends and needs;

(e) Be a comprehensive industrial training center for new and future workforce entrants, and re-training of workforce by coordinating existing and new services;

(f) Be a center with a network system which provides a coalition of partners that can reflect the trend of bridging resources within a community with international resources;

(g) Be an advanced skills center that focuses on an innovative economic development collaboration of educators, government and private sector partners; and

(h) Be a training, research and development service and public relations arm of the local colleges and the economic development entities of the area.

(2) The Southeast Mississippi Center for Advanced Technology Partnership shall be administered by a 14-member Board of Directors representative of Jones County Junior College, Pearl River Community College, local business, industry, economic development and government entities, to be composed of the following members:

(a) The President of Jones County Junior College;

(b) The President of Pearl River Community College;

(c) The Executive Director of the Jones County Economic Development Authority;

(d) The Executive Director of the Area Development Partnership;

(e) One (1) member of the Board of Trustees of the Jones County Junior College District, to be designated by the board of trustees on an annual basis;

(f) One (1) member of the Board of Trustees of the Pearl River Community College District, to be designated by the board of trustees on an annual basis;

(g) Three (3) representatives of area business and industry to be appointed by the Jones County Economic Development Authority for four-year terms of office;

(h) Three (3) representatives of area business and industry to be appointed by the Area Development Partnership for four-year terms of office;

(i) One (1) representative of the community-at-large to be appointed by the Jones County Economic Development Authority for a four-year term of office; and

(j) One (1) representative of the community-at-large to be appointed by the Area Development Partnership for a four-year term of office.

Appointments to the Board of Directors of the Southeast Mississippi Center for Technology Partnership shall be made within ninety (90) days of the passage of this act, and members may be reappointed to the board. The board shall organize by electing a chairman from its membership who shall serve for two (2) years and may be reappointed. The board shall meet upon call of the chairman and shall adopt rules for the conduct of meetings and the transaction of business. The duties of the Board shall be the general government of the center and the direction of the administration thereof. The board shall have full power to do all things necessary to the successful operation of the center and the training sites located therein, which shall include, but not be limited to, the power to contract, employ and hold title to real and personal property. The board shall annually prepare a budget which shall contain a detailed estimate of the revenues and expenses anticipated for the ensuing year for general operation and maintenance and capital outlays for the center.

(3) Each county served by the center shall be represented by an Advisory Council to the Board of Directors which will provide employer feedback for the development of technology training programs. Each Advisory Council will determine training and technology requirements and establish the necessary curriculum for the center in each respective county, subject to the approval of the board of directors. The two (2) advisory councils shall be composed of ten (10) members each, and shall meet upon the call of the board of directors. The appointments to the advisory councils shall be made as follows:

(a) The Jones County Junior College District Advisory Council shall be composed of: three (3) appointees of the local Work Force Council to be made by the Board of Trustees of the Jones County Junior College District, three (3) manufacturing employers appointed by the Jones County Economic Development Authority, three (3) business representatives appointed by the Jones County Economic Development Authority, and the Executive Director of the Jones County Economic Development Authority.

(b) The Pearl River Community College District Advisory Council shall be composed of: three (3) appointees of the local Work Force Council to be made by the Board of Trustees of the Pearl River Community College District, three (3) manufacturing employers appointed by the Area Development Partnership, three (3) business representatives appointed by the Area Development Partnership and the Executive Director of the Area Development Partnership.

SECTION 3. (1) A special fund, to be designated the "1999 Advanced Center for Technology Partnership Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state, and investment earnings on amounts in the fund shall be deposited into such fund. The expenditure of monies deposited into the fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by the Department of Finance and Administration. Monies deposited into such fund shall be allocated and disbursed according to the provisions of this act.

(2) Monies deposited into the fund shall be disbursed to pay the costs of the development, acquisition, construction, equipping and furnishing of the Advanced Center for Technology Partnership. Monies in the fund shall be allocated and disbursed, through the Department of Finance and Administration, to pay the costs associated with the acquisition, construction, equipping and furnishing of the center.

SECTION 4. (1) The Department of Finance and Administration, 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 Sections 2 and 3 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 State Bond 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 amount of bonds issued under this act shall not exceed Eleven Million Dollars ($11,000,000.00).

(2) Any investment earnings on amounts deposited into the 1999 Advanced Center for Technology Partnership Fund created in Section 3 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.

(3) Upon the completion or abandonment of the project described in Sections 2 and 3 of this act, as evidenced by a resolution adopted by the Department of Finance and Administration certifying that all such projects have been completed or abandoned, the balance, if any, remaining in the 1999 Advanced Center for Technology Partnership Fund shall be promptly applied to pay debt service on bonds issued under this act, in accordance with the proceedings authorizing the issuance of such bonds.

SECTION 5. The principal of and interest on the bonds authorized under this act shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

SECTION 6. The bonds authorized by this act shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

SECTION 7. All bonds and interest coupons issued under the provisions of this act have all the qualities and incidents of negotiable instruments under the provisions of the Mississippi Uniform Commercial Code, and in exercising the powers granted by this act, the commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.

SECTION 8. The commission shall act as the issuing agent for the bonds authorized under this act, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this act from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bond shall be published at least one (1) time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.

The commission, when issuing any bonds under the authority of this act, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

SECTION 9. The bonds issued under the provisions of this act are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.

SECTION 10. Upon the issuance and sale of bonds under the provisions of this act, the commission shall transfer the proceeds of any such sale or sales to the 1999 Advanced Center for Technology Partnership Fund created in Section 3 of this act. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

SECTION 11. The bonds authorized under this act may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this act. Any resolution providing for the issuance of bonds under the provisions of this act shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

SECTION 12. The bonds authorized under the authority of this act may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

SECTION 13. Any holder of bonds issued under the provisions of this act or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this act, or under such resolution, and may enforce and compel performance of all duties required by this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 14. All bonds issued under the provisions 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 15. Bonds issued under the provisions of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 16. The proceeds of the bonds issued under this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 17. The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this act; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

SECTION 18. The provisions of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 19. This act shall take effect and be in force from and after its passage.