MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Finance

By: Senator(s) Farris

AN ACT TO AMEND SECTIONS 56 AND 57, CHAPTER 522, LAWS OF 1999, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS FOR THE MISSISSIPPI LIBRARY COMMISSION; TO AMEND SECTION 76, CHAPTER 522, LAWS OF 1999, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR GRANTS MADE BY THE MISSISSIPPI LIBRARY COMMISSION TO PUBLIC LIBRARIES FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 56, Chapter 522, Laws of 1999, is amended as follows:

Section 56. (1) (a) A special fund, to be designated as the "1999 Library Commission 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 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, furniture, equipment and/or technology for facilities as hereinafter described:

Mississippi Library Commission $12,500,000.00.

Construct on state-owned or donated land a new facility to house the Mississippi Library Commission.

(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 State Bond Commission ("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 56 through 73 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.

SECTION 2. Section 57, Chapter 522, Laws of 1999, is amended as follows:

Section 57. (1) The commission, 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 56 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 56 through 73 of this act shall not exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000.00). The bonds authorized under Sections 56 through 73 of this act shall not be issued before February 1, 2000, nor shall any of the funds be obligated before that date.

(2) Any investment earnings on amounts deposited into the special fund created in Section 56 of this act shall be used to pay debt service on bonds issued under Sections 56 through 73 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 3. Section 76, Chapter 522, Laws of 1999, is amended as follows:

Section 76. (1) The Mississippi Library Commission, 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 the grant program authorized in Section 75 of this act. Upon the adoption of a resolution by the Mississippi Library Commission, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Mississippi Library Commission 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 74 through 90 of this act shall not exceed Twenty Million Dollars ($20,000,000.00).

(2) Any investment earnings on amounts deposited into the special fund created in Section 75 of this act shall be used to pay debt service on bonds issued under Sections 74 through 90 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 4. This act shall take effect and be in force from and after its passage.