MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Finance

By: Senator(s) Minor, Dearing

AN ACT TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR STATE AGENCIES AND COMMUNITY AND JUNIOR COLLEGES; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI TO PROVIDE MATCHING FUNDS FOR THE ACQUISITION OF CIVIL WAR BATTLEFIELD SITES; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI FOR CAPITAL IMPROVEMENTS AT CERTAIN STATE PARKS; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE REPAIR, RENOVATION AND RESTORATION OF THE CLARKSDALE CENTER FOR DELTA STATE UNIVERSITY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSES OF RENOVATION, REPAIR AND IMPROVEMENTS TO THE DUNCAN PARK GOLF COURSE IN THE CITY OF NATCHEZ; TO ALLOW LOCAL GOVERNMENTS TO PARTICIPATE IN SUCH GOLF COURSE PROJECT; AND FOR RELATED PURPOSES.

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

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.

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

SECTION 2. (1) (a) A special fund, to be designated as the "2000 State Agencies 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

INSTITUTIONS OF HIGHER LEARNING $54,800,000.00

Alcorn State University...............$ 6,000,000.00

Construction of a fine

arts facility to be

located at

Natchez.......$ 6,000,000.00

Delta State University................$ 6,150,000.00

Phase II of construction

of a classroom and

administration

building......$ 5,000,000.00

Repair, renovation and

restoration of the

Cutrer House at

the Clarksdale

Center........$ 1,150,000.00

Jackson State University..............$ 7,000,000.00

Completion of

construction of

transitional student

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

Mississippi University for Women......$ 4,900,000.00

Phase I of renovation,

repair and restoration

of Keirn Hall,

Poindexter Hall,

Franklin Hall and

Orr Hall......$ 4,900,000.00

Mississippi State University..........$8,500,000.00

Phase II of renovation

of the Hand

Chemical Teaching

Laboratory....$ 8,500,000.00

Mississippi State University/Division

of Agriculture, Forestry and

Veterinary Medicine.................$ 3,500,000.00

Upgrades to heating

and cooling

systems.......$ 1,500,000.00

Repairs and renovations

to the Wise Center

Complex and purchase

of equipment for such

center........$ 2,000,000.00

Mississippi Valley State University...$ 2,750,000.00

Design development of an

assembly, wellness

and academic

center........$ 250,000.00

Phase II of renovation

of the business

school........$ 2,500,000.00

University of Mississippi.............$ 7,000,000.00

Physical plant

relocation....$ 3,000,000.00

Renovation of Guyton

Hall to house

the School of

Education.....$ 4,000,000.00

University of Southern Mississippi....$ 6,000,000.00

Upgrade and expansion of the

communication network

system........$ 4,000,000.00

General renovations and

repairs.......$ 2,000,000.00

University of Southern Mississippi/

Gulf Park Campus....................$ 1,500,000.00

Furniture and equipment

for the Advanced

Education Center

and Library...$ 1,500,000.00

Center of Higher Learning.............$1,500,000.00

Development of infrastructure

and purchase of

equipment for the

High Performance

Computing and

Visualization Center

at the Stennis Space

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

AUTHORITY FOR EDUCATIONAL TELEVISION $ 6,750,000.00

Purchasing and installing

antennas, towers, tower

upgrades, tower sites,

transmission lines,

transmitters and any

equipment useful in

establishing or

maintaining a digital

transmission system

to meet federal

requirements..$ 6,750,000.00

DEPARTMENT OF MENTAL HEALTH $13,646,000.00

Mississippi State Hospital............$13,646,000.00

Phase I of construction

of a single site

200 bed male

receiving unit

STATE FAIR COMMISSION $ 9,500,000.00

Phase I of repairs

renovations and

improvements to the

State Fairgrounds...........$ 9,500,000.00

STATE TAX COMMISSION $ 2,500,000.00

Alcoholic Beverage Control

Division.........................$ 2,500,000.00

Extension of the conveyor

system at the A.B.C.

Liquor Distribution

Warehouse

(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 a state agency 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 "2000 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 $ 504,856.00

Copiah-Lincoln 727,508.00

East Central 657,494.00

East Mississippi 563,090.00

Hinds 1,384,515.00

Holmes 698,971.00

Itawamba 763,677.00

Jones 1,003,915.00

Meridian 703,285.00

Mississippi Delta 743,933.00

Mississippi Gulf Coast 1,231,877.00

Northeast Mississippi 787,568.00

Northwest Mississippi 890,267.00

Pearl River 732,319.00

Southwest Mississippi 606,725.00

(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.

(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 4. (1) (a) A special fund, to be designated as the "2000 Mississippi Department of Archives and History Civil War Battlefield Land Acquisition 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 provide matching funds necessary for the state to receive funds from the Civil War Preservation Trust for the acquisition of land to preserve Civil War battlefields.

(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.

SECTION 5. (1) (a) A special fund, to be designated as the "2000 State Parks 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 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, furnishings, providing utilities for and/or equipping facilities for the following state parks as determined necessary by the Department of Wildlife, Fisheries and Parks and for road repairs and paving at parks statewide:

Clarko $ 82,000.00

Cossar $ 200,000.00

Hugh White $ 438,000.00

J.P. Coleman $ 1,125,000.00

John Kyle $ 750,000.00

Lake Lowndes $ 150,000.00

Legion $ 82,000.00

Leroy Percy $ 313,000.00

Paul B. Johnson $ 400,000.00

Percy Quin $ 1,250,000.00

Roosevelt $ 563,000.00

Tishomingo $ 125,000.00

Tombigbee $ 263,000.00

Wall Doxey $ 275,000.00

Statewide $ 7,000,000.00

Repair and renovation to road sub-grade

and surface to parks as determined

necessary by the Department of

Wildlife, Fisheries and Parks

(c) If all necessary projects are completed at a park without utilizing the full amount of the funds allocated for such park, the Department of Wildlife, Fisheries and Parks may utilize such excess funds as necessary to complete necessary projects at any of the other parks listed in paragraph (b) of this subsection.

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

SECTION 6. (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 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 One Hundred Fifteen Million Twelve Thousand Dollars ($115,012,000.00).

(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 2000 State Agencies Capital Improvements Fund created pursuant to Section 2 of this act $87,196,000.00.

(b) The 2000 Community and Junior Colleges Capital Improvements Fund created pursuant to Section 3 of this

act $12,000,000.00.

(c) The 2000 Mississippi Department of Archives and History Civil War Battlefield Land Acquisition Fund created pursuant to Section 4 of this

act $2,800,000.00.

(d) The 2000 State Parks Capital Improvements Fund created pursuant to Section 5 of this

act $13,016,000.00.

(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. As used in Sections 21 through 37 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Commission" means the Commission on Wildlife, Fisheries and Parks.

(b) "Department" means the Department of Finance and Administration.

SECTION 22. (1) (a) A special fund, to be designated as the "2000 Duncan Park Golf Course Repair, Renovation and 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.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the commission, to pay the costs of necessary repairs, renovations and improvements to the Duncan Park Golf course in Natchez, Mississippi as described in Section 3 of this act.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the project described in Section 23 of this act. Promptly after the commission has certified, by resolution duly adopted, that the projects described in Section 24 of this act 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 21 through 37 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the State Bond Commission.

(3) The Department of Wildlife, Fisheries and Parks may 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 commission, and such funds shall be paid by the State Treasurer upon warrants issued by such commission, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration or his designee.

SECTION 23. (1) Before the issuance of any of the bonds authorized under Sections 21 through 37 of this act, the commission shall forward to the State Bond Commission its resolution declaring the necessity for the issuance of general obligation bonds as authorized by Sections 21 through 37 of this act for the purpose of repairs, renovations and improvements to the Duncan Park Golf Course in Natchez, Mississippi. Such repairs, renovations and improvements shall include, but not be limited to, construction of a clubhouse facility, a golf cart storage facility and maintenance facilities; upgrading of the existing irrigation facilities, wells and irrigation lakes; improvements to the golf practice range; construction of and improvements to cart paths; landscaping of facilities; and construction, renovation and improvements of any other appurtenances related to the operation of such golf facilities and the purchase of all necessary furnishings and equipment.

(2) All contracts for construction performed or related to the projects authorized under Sections 21 through 37 of this act shall be advertised, bid and accepted by the commission in accordance with the same procedure as prescribed for the advertisement and acceptance of bids for the purchase of commodities and contracts for public construction under Section 31-7-1 et seq. Contracts for professional services shall be in accordance with a fair and open procedure similar to that used by the Department of Finance and Administration.

SECTION 24. Upon receipt of a certified copy of a resolution of the commission declaring the necessity for the issuance of any part or all of the bonds authorized by Sections 21 through 37 of this act, the State Bond Commission is authorized and empowered, at one time or from time to time, to declare the necessity for issuance of, and to sell and issue general obligation bonds of the State of Mississippi in the principal amount requested, not to exceed an aggregate principal amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00), for the purposes hereinabove set forth. The State Bond Commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 21 through 37 of this act, from the proceeds derived from the sale of such bonds.

SECTION 25. The principal of and interest on the bonds authorized under Sections 21 through 37 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 limit set forth in Section 28 of this act), 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 State Bond Commission.

SECTION 26. The bonds authorized by Section 24 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 State Bond Commission shall be affixed thereto, attested by the Secretary of the State Bond 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 herein 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 the delivery of the same 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 27. All bonds and interest coupons issued under Sections 21 through 37 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 Sections 21 through 37 of this act, the State Bond Commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.

SECTION 28. The State Bond Commission shall act as the issuing agent for the bonds authorized under Sections 21 through 37 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 State Bond Commission may pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 21 through 37 of this act from the proceeds derived from the sale of the bonds. The State Bond 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 date of delivery of the bonds to the purchaser. All bonds shall bear interest at such rate or rates not exceeding the limits set forth in Section 75-17-101. All interest accruing on such bonds so issued shall be payable semiannually or annually, except that 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 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 State Bond Commission.

The State Bond Commission, when issuing any bonds under the authority of Sections 21 through 37 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 29. The bonds issued under the provisions of Sections 21 through 37 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 hereby 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 30. The State Treasurer is authorized to certify to the Executive Director of the Department of Finance and Administration the necessity for warrants, and the executive director is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of and interest on all bonds issued under the provisions of Sections 21 through 37 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 31. The bonds authorized under Sections 21 through 37 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 21 through 37 of this act. Any resolution providing for the issuance of general obligation bonds under the provisions of Sections 21 through 37 of this act shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.

SECTION 32. The bonds authorized under the authority of Sections 21 through 37 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 33. The proceeds of the bonds authorized in Sections 21 through 37 of this act shall be deposited in a special fund created in Section 22 of this act. The proceeds of such bonds shall be used solely for the purposes provided in Sections 21 through 37 of this act, including the costs incident to the issuance and sale of such bonds. The costs incident to the issuance and sale of such bonds shall be disbursed by warrant upon requisition of the State Bond Commission, signed by the Governor. The expenditure of the remaining money shall be under the direction of the Commission on Wildlife, Fisheries and Parks, and such funds shall be paid by the State Treasurer upon warrants issued by the Executive Director of the Department of Finance and Administration.

SECTION 34. Any holder of bonds issued under the provisions of Sections 21 through 37 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 21 through 37 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 21 through 37 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 21 through 37 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. The provisions of Sections 21 through 37 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 21 through 37 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 37. For the purpose of aiding in the planning, design, undertaking and carrying out of the project specified in Section 23 of this act, any county or municipality, or governmental subdivision thereof, is authorized to contribute funds or property to defray any expenses of the specified project; to furnish or pledge public resources to the project, including but not limited to, buildings, facilities, equipment and employees; or to participate in the effectuation of the specified project in any manner.

SECTION 38. This act shall take effect and be in force from and after its passage.