HB1675_S_Amend

***Pending***

AMENDMENT No. 1 PROPOSED TO

House Bill NO. 1675

By Senator(s) Committee

Amend by striking all after the enacting clause and inserting in lieu thereof the following:

SECTION 1. As used in Sections 1 through 20 of 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) "State" means the State of Mississippi.

SECTION 2. (1) (a) A special fund, to be designated as the "1999 IHL Capital Improvements 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. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities for agencies or their successors as hereinafter described:

NAME PROJECT AMOUNT

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING

Alcorn State University $ 5,500,000.00

Improvements to water,

waste and mechanical

systems. . . . . . . . . $ 5,500,000.00

Delta State University $ 4,000,000.00

Phase I of construction of

a classroom and

administration building. $ 4,000,000.00

Jackson State University $ 7,000,000.00

Phase I of construction of

a school of business

building. . . . . . . . $ 7,000,000.00

Mississippi University for Women $ 4,000,000.00

Restoration of campus

landmarks. . . . . . . . $ 4,000,000.00

Mississippi State University $10,000,000.00

Construction of a landscape

architecture building. . $ 3,000,000.00

Renovations of Lee Hall

Auditorium. . . . . . . $ 2,000,000.00

Phase II of north entrance

road construction. . . . $ 1,000,000.00

Renovation of Bowen Hall. . . $ 3,500,000.00

Repair and renovation of

campus facilities. . . . $ 500,000.00

Mississippi State University/

Mississippi Agriculture and

Forestry Experiment Station $ 3,000,000.00

Construction of a furniture

testing laboratory. . . $ 3,000,000.00

Mississippi Valley State University $ 4,000,000.00

Preplanning for an

athletic complex. . . . $ 500,000.00

Renovation of the Business

Education Building. . . $ 3,500,000.00

University Medical Center $ 1,000,000.00

Repair and renovation of a

classroom facility. . . $ 1,000,000.00

University of Mississippi $ 10,000,000.00

Phase II of construction of

a performing arts

center. . . . . . . . . $10,000,000.00

University of Southern Mississippi $ 10,000,000.00

Preplanning of a student

services building. . . . $ 500,000.00

Renovation of the Polymer

Science Research

Center. . . . . . . . . $ 6,000,000.00

General renovations and

repairs. . . . . . . . . $ 3,500,000.00

University of Southern Mississippi/

Gulf Park Campus $ 3,000,000.00

Phase II of construction of

new buildings and

campus infrastructure. . $ 3,000,000.00

University of Mississippi

Advanced Education Center in Tupelo $ 1,800,000.00

Construction, equipping,

furnishing, repair and

renovation of the Advanced

Education Center. . . . $ 1,800,000.00

TOTAL $63,300,000.00

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under Sections 1 through 20 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(3) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this section. The expenditure of monies deposited into the special 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 such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration or his designee.

(4) Any amounts allocated to an institution of higher learning that are in excess of that needed to complete the projects at such institution of higher learning that are described in subsection (1) of this section may be used for general repairs and renovations of the institution of higher learning to which such amount is allocated.

SECTION 3. (1) (a) A special fund, to be designated as the "1999 Community and Junior Colleges Capital Improvements 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. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under Sections 1 through 20 of this act.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of construction of new facilities and addition to or renovation of existing facilities, or community and junior college campuses as recommended by the State Board of Community and Junior Colleges. The amount to be expended at each community and junior college is as follows:

Coahoma . . . . . . . . . . . . . . . . $ 626,750.00

Copiah-Lincoln. . . . . . . . . . . . . 881,750.00

East Central. . . . . . . . . . . . . . 806,000.00

East Mississippi. . . . . . . . . . . . 710,000.00

Hinds . . . . . . . . . . . . . . . . . 1,735,250.00

Holmes. . . . . . . . . . . . . . . . . 857,000.00

Itawamba. . . . . . . . . . . . . . . . 966,500.00

Jones . . . . . . . . . . . . . . . . . 1,258,250.00

Meridian. . . . . . . . . . . . . . . . 881,000.00

Mississippi Delta . . . . . . . . . . . 923,000.00

Mississippi Gulf Coast. . . . . . . . . 1,561,250.00

Northeast Mississippi . . . . . . . . . 985,250.00

Northwest Mississippi . . . . . . . . . 1,123,250.00

Pearl River . . . . . . . . . . . . . . 936,500.00

Southwest Mississippi . . . . . . . . . 748,250.00

GRAND TOTAL . . . . . . . . . . . . . .$15,000,000.00

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under Sections 1 through 20 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

SECTION 4. (1) (a) A special fund, to be designated as the "1999 Mississippi School of Fine Arts Construction 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. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of constructing the Mississippi School of Fine Arts on the campus of Whitworth College in Brookhaven, Mississippi.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(4) The Department of Finance and Administration is authorized to pay for constructing, furnishing and equipping the Mississippi School of Fine Arts on the campus of Whitworth College in Brookhaven, Mississippi.

SECTION 5. (1) (a) A special fund, to be designated as the "1999 Mississippi ETV Broadcast Center Addition and Digital Television Equipment 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. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of the construction of an addition to the Mississippi Educational Television Broadcast Center, including necessary furnishing and equipment and for the purchase and installation of antennas, towers, tower upgrades, transmission lines and any equipment useful in establishing a digital transmission system.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) of this section shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

SECTION 6. (1) The commission, at one (1) 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, 3, 4 and 5 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 Sections 1 through 20 of this act shall not exceed Ninety-five Million Two Hundred Thousand Dollars ($95,200,000.00).

(2) The proceeds of the bonds issued pursuant to Sections 1 through 20 of this act shall be deposited into the following special funds in not more than the following amounts:

(a) The 1999 IHL Capital Improvements Fund created pursuant to Section 2 of this act $63,300,000.00.

(b) The 1999 Community and Junior Colleges Capital Improvements Fund created pursuant to Section 3 of this

act $15,000,000.00.

this act $11,900,000.00.

(d) The 1999 Mississippi ETV Broadcast Center Addition and Digital Television Equipment Fund created pursuant to Section 4 of this act $ 5,000,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2, 3, 4 and 5 of this act shall be used to pay debt service on bonds issued under Sections 1 through 20 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 7. The principal of and interest on the bonds authorized under Sections 1 through 20 of 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 8. The bonds authorized by Sections 1 through 20 of this act shall be signed by the chairman of the 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 9. All bonds and interest coupons issued under the provisions of Sections 1 through 20 of this act have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by Sections 1 through 20 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 10. The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 20 of 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 Sections 1 through 20 of 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 bonds 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 Sections 1 through 20 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 11. The bonds issued under the provisions of Sections 1 through 20 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 12. Upon the issuance and sale of bonds under the provisions of Sections 1 through 20 of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 2, 3, 4 and 5 of this act in the amounts provided for in Section 6(2) 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 13. The bonds authorized under Sections 1 through 20 of 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 Sections 1 through 20 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 20 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 14. The bonds authorized under the authority of Sections 1 through 20 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 15. Any holder of bonds issued under the provisions of Sections 1 through 20 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 Sections 1 through 20 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 20 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 16. All bonds issued under the provisions of Sections 1 through 20 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 17. Bonds issued under the provisions of Sections 1 through 20 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 18. The proceeds of the bonds issued under Sections 1 through 20 of this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 19. 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 Sections 1 through 20 of 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 20. Sections 1 through 20 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 1 through 20 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 21. Section 2, Chapter 538, Laws of 1997, as amended by Chapter 529, Laws of 1998, is amended as follows:

Section 2. (1) (a) A special fund, to be designated as the "1997 IHL and Community and Junior Colleges Capital Improvements 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. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under Sections 2 through 17 of this act.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for agencies or their successors as hereinafter described:

NAME PROJECT AMOUNT

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING $ 75,300,000.00

Alcorn State University $ 5,950,000.00

Construction of a

fire station. . . . . . .$ 700,000.00

Renovations to Revels Hall . .$ 3,000,000.00

Purchase of equipment and

furniture for the

Extension Building . . . $ 1,000,000.00

General repairs and

renovations and purchase

of generators . . . . . .$ 1,250,000.00

Delta State University $ 5,500,000.00

Phase I of construction of

a Physical Education and

Physical Fitness Center .$ 4,000,000.00

General repairs and

renovations . . . . . . .$ 1,500,000.00

Jackson State University $ 12,100,000.00

Phase II of renovations to

Just Hall . . . . . . . .$ 5,000,000.00

Preplanning for School of

Business building . . . .$ 100,000.00

Construction of transitional

student housing . . . . $ 7,000,000.00

Mississippi University for Women $ 5,500,000.00

Renovation of Orr Hall, Columbus

Hall and Shattuck Hall and

general repairs and

renovations . . . . . . .$ 5,500,000.00

Mississippi State University $ 12,750,000.00

Renovations to Hilbun Hall. . $ 4,500,000.00

Historical restoration of

Montgomery Hall to its

original design . . . . $ 5,250,000.00

Construction of a central

cooling plant. . . . . . $ 3,000,000.00

Mississippi State University/

Mississippi Agriculture and

Forestry Experiment Station $ 1,750,000.00

Phase II of construction of

the Central Mississippi

Research and Extension

Building . . . . . . . . $ 1,000,000.00

Phase I of construction of

the Gulf Coast

Research and Extension

Building. . . . . . . . .$ 750,000.00

Mississippi Valley State University $ 5,750,000.00

Phase III of construction of

an Administration

Building . . . . . . . . $ 4,000,000.00

Phase II repair and renovation

of a dining hall and

other repairs . . . . $ 1,750,000.00

University Medical Center . . . . . . . . . . . $ 1,000,000.00

Phase I of restorations to a

classroom facility . . . $ 1,000,000.00

University of Mississippi . . . . . . . . . . . $ 13,000,000.00

Phase III of restorations of

the Lyceum Building . . .$ 4,000,000.00

Matching funds for

Biological Field

Station grant . . . . . .$ 1,500,000.00

Renovations and repairs,

furniture, and/or equipment

for the following buildings:

Faser Hall, Paul B. Johnson

Commons, School of Education

Building, Old Chemistry

Building, Conner Hall,

Bondurant Hall, Fulton Chapel

and Turner Center . . . .$ 7,500,000.00

University of Southern Mississippi $ 9,000,000.00

Completion of renovations of

the Walker Science

Building . . . . . . . . $ 3,000,000.00

Food Service Facility

Addition and renovation

to University Union

Building . . . . . . . . $ 5,000,000.00

High Performance Advanced

Visualization Center at the

John C. Stennis Center . . . $ 1,000,000.00

University of Southern Mississippi/

Gulf Coast Research Lab $ 250,000.00

Repairs and renovations to

campus facilities . . . .$ 250,000.00

University of Southern Mississippi/

Gulf Park Campus $ 250,000.00

Repairs and renovations to

campus facilities . . . $ 250,000.00

Mississippi School for

Mathematics and Science $ 1,000,000.00

University of Mississippi

Advanced Education Center

in Tupelo $ 1,500,000.00

Site development and road

system paving for the Tupelo

Regional Education Park

and equipment for the Advanced

Education Center. . . . . $ 1,500,000.00

COMMUNITY AND JUNIOR COLLEGES $ 25,000,000.00

Coahoma. . . . . . . . . .$ 1,075,069.00

Copiah-Lincoln . . . . . . 1,446,046.00

East Central . . . . . . . 1,262,196.00

East Mississippi . . . . . 1,146,061.00

Hinds . . . . . . . . . . 2,871,705.00

Holmes . . . . . . . . . . 1,397,990.00

Itawamba . . . . . . . . . 1,621,523.00

Jones . . . . . . . . . . 2,092,252.00

Meridian . . . . . . . . . 1,505,388.00

Mississippi Delta . . . . 1,529,416.00

Mississippi Gulf Coast . . 2,674,749.00

Northeast Mississippi . . 1,723,097.00

Northwest Mississippi . . 1,868,357.00

Pearl River . . . . . . . 1,544,707.00

Southwest Mississippi. . . 1,241,444.00

The community and junior college funds may be used for construction of new facilities and additions to or renovation of existing facilities on community and junior college campuses as recommended by the State Board for Community and Junior Colleges. The amount to be expended at each institution is as set out above.

GRAND TOTAL $100,300,000.00

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the projects described in subsection (1) shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under Sections 2 through 17 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(4) The Department of Finance and Administration is authorized to pay for construction, repair, renovation, furnishing and equipping of facilities and the purchase of real property.

SECTION 22. As used in Sections 22 through 39 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(b) "Board" means the Board of Directors of the Southeast Mississippi Advanced Center for Technology Partnership established in Section 23 of this act.

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

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

SECTION 23. (1) The purpose of Sections 22 through 39 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;

(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;

(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 24. (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 Sections 22 through 39 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 25. (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 23 and 24 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 Sections 22 through 39 of 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 24 of this act shall be used to pay debt service on bonds issued under Sections 22 through 39 of this act, in accordance with the proceedings authorizing issuance of such bonds.

(3) Upon the completion or abandonment of the project described in Sections 23 and 24 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 Sections 22 through 39 of this act, in accordance with the proceedings authorizing the issuance of such bonds.

SECTION 26. The principal of and interest on the bonds authorized under Sections 22 through 39 of 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 27. The bonds authorized by Sections 22 through 39 of 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 28. All bonds and interest coupons issued under the provisions of Sections 22 through 39 of this act have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by Sections 22 through 39 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 29. The commission shall act as the issuing agent for the bonds authorized under Sections 22 through 39 of 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 Sections 22 through 39 of 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 Sections 22 through 39 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 30. The bonds issued under the provisions of Sections 22 through 39 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 31. Upon the issuance and sale of bonds under the provisions of Sections 22 through 39 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 24 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 32. The bonds authorized under Sections 22 through 39 of 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 Sections 22 through 39 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 22 through 39 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 33. The bonds authorized under the authority of Sections 22 through 39 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 34. Any holder of bonds issued under the provisions of Sections 22 through 39 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 Sections 22 through 39 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 22 through 39 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 35. All bonds issued under the provisions of Sections 22 through 39 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 36. Bonds issued under the provisions of Sections 22 through 39 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 37. The proceeds of the bonds issued under Sections 22 through 39 of this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

SECTION 38. 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 Sections 22 through 39 of 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 39. The provisions of Sections 22 through 39 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 22 through 39 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 40. This act shall take effect and be in force from and after July 1, 2000, and shall stand repealed from and after July 2, 2000.

Further, amend by striking the title in its entirety and inserting in lieu thereof the following:

AN ACT TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR INSTITUTIONS OF HIGHER LEARNING AND COMMUNITY AND JUNIOR COLLEGES; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI TO CONSTRUCT THE MISSISSIPPI SCHOOL OF FINE ARTS IN BROOKHAVEN, MISSISSIPPI; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR CERTAIN MISSISSIPPI ETV CAPITAL IMPROVEMENTS; TO AMEND SECTION 2, CHAPTER 538, LAWS OF 1997, AS AMENDED BY CHAPTER 529, LAWS OF 1998, TO REVISE THE USE OF PROCEEDS OF STATE GENERAL OBLIGATION BONDS ISSUED FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR THE UNIVERSITY OF SOUTHERN MISSISSIPPI; 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.