MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Local and Private; Finance

By: Senator(s) Williamson

AN ACT TO AUTHORIZE THE CITY OF PHILADELPHIA, MISSISSIPPI, TO ISSUE BONDS IN THE MAXIMUM PRINCIPAL AMOUNT OF $1,500,000.00 FOR THE PURPOSE OF CONSTRUCTING AND EQUIPPING A WAREHOUSE FACILITY ON PROPERTY OWNED BY THE CITY; TO AUTHORIZE THE CITY TO LEASE SUCH WAREHOUSE FACILITY; TO AUTHORIZE THE CITY AND THE BOARD OF SUPERVISORS OF NESHOBA COUNTY TO ENTER INTO AN AGREEMENT TO PAY THE DEBT SERVICE ON THE BONDS ISSUED PURSUANT TO THIS ACT IN CERTAIN SITUATIONS; AND FOR RELATED PURPOSES.

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

SECTION 1. The governing authorities of the City of Philadelphia, Mississippi, in their discretion, may issue general obligation bonds of the city in the maximum principal amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) for the purpose of providing funds for constructing and equipping a warehouse facility on property owned by the City of Philadelphia.

SECTION 2. Before the issuance of any bonds under this act, the governing authorities of the city shall adopt and publish a resolution declaring their intention to issue such bonds pursuant to Section 21-33-307, Mississippi Code of 1972.

SECTION 3. This act, without regard to any statute not referenced in this act, shall be full and complete authority for the issuance of bonds under this act and shall be construed as an additional and alternative method therefor. All powers necessary to be exercised in order to carry out this act are conferred.

SECTION 4. (1) Any bonds issued under this act and the income from such bonds shall be exempt from all State of Mississippi taxation, except inheritance and gift taxes.

(2) Any bonds issued under this act shall be legal investments for commercial banks, savings and loan associations and insurance companies organized under the laws of this state.

SECTION 5. Any bonds issued under this act shall be validated in the manner provided by Chapter 13, Title 31, Mississippi Code of 1972, and to that end, the city clerk shall be directed to make up a transcript of all legal papers and proceedings relating to the bonds and to certify and forward the transcript to the State Bond Attorney for the institution of validation proceedings.

SECTION 6. Except as otherwise provided in this act, bonds authorized under this act shall be issued in accordance with Sections 21-33-301 through 21-33-329, Mississippi Code of 1972.

SECTION 7. The City of Philadelphia is authorized and empowered:

(1) To sell, lease, trade, exchange or otherwise dispose of the warehouse facility constructed with the proceeds of bonds issued pursuant to this act to individuals, firms or corporations, public or private, for industrial and warehouse use upon such terms and conditions, and for such considerations, with such safeguards as will best promote and protect the public interest, convenience an necessity, and to execute deeds, leases, contracts, easements and other legal instruments necessary or convenient therefor. Any industrial lease may be executed by the city upon such terms and conditions and for such monetary rental or other considerations as may be found to be in the best interest of the public, upon an order or resolution being spread upon the minutes of the city authorizing same.

(2) To employ engineers, attorneys, accountants, consultants, licensed real estate brokers and appraisers, and such executive and administrative personnel as shall be reasonably necessary to carry out the duties and authority authorized by this section with funds available for such purposes.

SECTION 8. Neshoba County may enter into an agreement with the City of Philadelphia in which Neshoba County agrees to pay the one-half (1/2) of the debt service on the bonds issued pursuant to this act for a period not to exceed five (5) years in the event that the entity that leases the warehouse facility that is constructed with the bond proceeds defaults on the lease of such facility.

SECTION 9. This act shall take effect and be in force from and after its passage.