MISSISSIPPI LEGISLATURE

2001 Regular Session

To: Finance

By: Senator(s) Smith

AN ACT TO AMEND SECTION 69-2-19, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR THE EMERGING CROPS FUND; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 69-2-19, Mississippi Code of 1972, is amended as follows:

69-2-19. The State Department of Economic and Community Development is authorized, at one time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Emerging Crops Fund established in Section 69-2-13. Upon the adoption of a resolution by the board, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 69-2-19 through 69-2-39, the department shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall 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 69-2-19 through 69-2-39 shall not exceed One Hundred Twenty-seven Million Dollars ($127,000,000.00) in the aggregate. No bonds may be issued under Sections 69-2-19 through 69-2-39 after October 1, 2003.

SECTION 2. This act shall take effect and be in force from and after July 1, 2001.