MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Ways and Means

By: Representatives Smith (59th), Eaton, Livingston, Malone, Martinson, Moore (60th), Roberson, Rogers, Weathersby

AN ACT TO AMEND SECTION 2, CHAPTER 447, LAWS OF 1999, TO REVISE THE DESCRIPTION OF THE PROJECT CONTAINED IN SUCH LAW IN ORDER TO AUTHORIZE THE CONSTRUCTION OF TWO ADDITIONAL LANES FOR TRAFFIC ACROSS THE ROSS BARNETT RESERVOIR DAM IN HINDS, MADISON AND RANKIN COUNTIES ADJACENT TO SPILLWAY ROAD; TO AMEND SECTION 3, CHAPTER 447, LAWS OF 1999, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS AUTHORIZED TO BE ISSUED IN SUCH LAW FROM $3,500,000.00 TO $4,950,000.00; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 2, Chapter 447, Laws of 1999, is amended as follows:

Section 2. A special fund, to be designated the "1999 Spillway Road Improvement 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 disbursed to the Pearl River Valley Water Supply District to pay the cost of constructing two (2) additional lanes for traffic across the Ross Barnett Reservoir Dam in Hinds, Madison and Rankin Counties adjacent to Spillway Road; to pay the cost of planning such project; to pay the cost of necessary signaling devices; to pay the cost of lighting; and to pay any other necessary costs of such project.

SECTION 2. Section 3, Chapter 447, Laws of 1999, is amended as follows:

Section 3. (1) Upon recommendation of the Board of Directors of the Pearl River Valley Water Supply District, 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 Section 2 of this act. Upon the adoption of a resolution by the Department of Finance and Administration declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Department of Finance and Administration shall deliver a certified copy of its resolution or resolutions to the 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 Four Million Nine Hundred Fifty Thousand Dollars ($4,950,000.00).

(2) Any investment earnings on amounts deposited into the 1999 Spillway Road Improvement Fund created in Section 2 of this act shall be used to pay debt service on bonds issued under this act, in accordance with the proceedings authorizing issuance of such bonds.

(3) Upon the completion or abandonment of the projects described in Section 2 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 Spillway Road Improvement 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 3. This act shall take effect and be in force from and after its passage.