SB3158 (As Introduced) - 2001 Regular Session

MISSISSIPPI LEGISLATURE

2001 Regular Session

To: Finance

By: Senator(s) Minor

Senate Bill 3158

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF CAPITAL IMPROVEMENTS FOR STATE AGENCIES AND COMMUNITY AND JUNIOR COLLEGES; TO AMEND CHAPTER 502, LAWS OF 1997, TO PROHIBIT THE FURTHER ISSUANCE OF ANY GENERAL OBLIGATION BONDS UNDER SUCH ACT; TO AMEND SECTIONS 1 THROUGH 17, CHAPTER 532, LAWS OF 1995, TO DELETE THE AUTHORITY FOR THE ISSUANCE OF $1,000,000.00 IN STATE GENERAL OBLIGATION BONDS FOR IMPROVEMENTS TO MISSISSIPPI VETERANS MEMORIAL STADIUM THAT WERE CONDITIONED UPON THE AWARDING OF A CANADIAN FOOTBALL LEAGUE FRANCHISE TO THE CITY OF JACKSON AND CERTAIN OTHER CONDITIONS; AND FOR RELATED PURPOSES.

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

SECTION 1. As used in Sections 1 through 19 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.

SECTION 2. (1) (a) A special fund, to be designated as the "2001 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

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING $53,900,000.00

Alcorn State University...............$ 2,500,000.00

Roof repair and waterproofing

for campus facilities

and maintenance, repair

of and additions to mechanical

systems.........$ 2,000,000.00

Completion of the Honor Dormitory

currently under construction

including technology

upgrades........$ 500,000.00

Delta State University................$ 6,900,000.00

Phase II of construction of

the Classroom Administration

building........$ 5,900,000.00

General repair and renovation

of campus

facilities......$ 1,000,000.00

Jackson State University..............$ 8,000,000.00

Phase II of construction of

School of

Business........$ 7,000,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and repair

of and additions to mechanical

systems.........$ 1,000,000.00

Mississippi University for Women......$ 2,500,000.00

Renovation of front campus

buildings and utility

systems.........$ 2,500,000.00

Mississippi State University..........$ 6,500,000.00

Phase III of renovation

of the Hand

Chemical Teaching

Laboratory......$ 6,000,000.00

Preplanning for two

computational analysis

and design facilities and

a center for advanced

vehicular

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

Mississippi State University/Division of

Agriculture, Forestry and

Veterinary Medicine.................$ 2,950,000.00

Bost Center utility repair

and renovation..$ 250,000.00

Renovation of laboratories

for Biotechnology

and Life Sciences

Research use....$ 950,000.00

Preplanning of renovation

of the Pace Seed Lab

to provide modern scientific

facilities......$ 250,000.00

Equipment for life sciences

and the College of Veterinary

Medicine........$ 1,500,000.00

Mississippi Agriculture and Forestry

Experiment Station..................$ 1,800,000.00

Construction of a multi-purpose

building at

Stoneville .....$ 1,800,000.00

Mississippi Valley State University...$ 2,000,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and repair

of and additions to mechanical

systems.........$ 2,000,000.00

University of Mississippi.............$ 6,500,000.00

Renovation of Guyton Hall

to house the School

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

General repair and

renovation of campus

facilities......$ 2,500,000.00

University Medical Center.............$ 3,500,000.00

Construction of a two-story classroom

facility........$ 3,500,000.00

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

Construction of the Center for

International and Continuing

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

Construction of additions to the 3-D

Art Building....$ 500,000.00

Preplanning of the College of

Health and Human Sciences

Building........$ 500,000.00

General repair

and renovation of campus

facilities......$ 1,000,000.00

University of Southern Mississippi/

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

Purchase of furniture and

equipment.......$ 1,500,000.00

University of Southern Mississippi/

Gulf Coast Research Laboratory......$ 250,000.00

Construction of necessary

infrastructure

at Cedar Point in

Jackson County,

Mississippi.....$ 250,000.00

University of Southern Mississippi/

Stennis Space Center................$ 1,500,000.00

Additions to, and

repair and renovation of,

Building 1020 at the Stennis

Space Center to support the

masters program in hydrographic

science.........$1,500,000.00

Education and Research Center......$ 1,500,000.00

General repair and renovation of

facilities......$ 1,500,000.00

AUTHORITY FOR EDUCATIONAL TELEVISION $ 10,300,000.00

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....$10,000,000.00

Purchase of a multi-point

control unit to upgrade the

interactive video

network.........$ 300,000.00

DEPARTMENT OF MENTAL HEALTH $13,000,000.00

Construction of two 120

bed nursing homes

at the East Mississippi State

Hospital........$ 7,500,000.00

Repair and renovation of

Buildings 105 and 106 at

East Mississippi State Hospital

under psychiatric

regulations.....$ 4,500,000.00

Repair and renovation of

state mental health

facilities as

determined necessary

by the Department of

Mental Health...$ 1,000,000.00

DEPARTMENT OF FINANCE AND ADMINISTRATION $ 425,000.00

Repair and renovation

of the Mississippi

Federated Women's Club

Building including

necessary HVAC

improvements....$ 425,000.00

DEPARTMENT OF WILDLIFE, FISHERIES AND PARKS $ 5,000,000.00

Repair and renovation at

state parks as determined

necessary by the Department

of Wildlife, Fisheries

and Parks.......$ 5,000,000.00

TOTAL $82,625,000.00

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 19 of this act are deposited into the special fund, then the agency or institution of higher learning for which any unused monies are allocated under subsection (1) of this section shall provide an accounting of such unused monies to the commission. 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 19 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 an agency or institution of higher learning that are in excess of that needed to complete the projects at such agency or institution of higher learning that are described in subsection (1) of this section may be used for general repairs and renovations at the agency or institution of higher learning to which such amount is allocated.

SECTION 3. (1) (a) A special fund, to be designated as the "2001 Southaven IHL Center 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 constructing and equipping the Institutions of Higher Learning Center at Southaven, Mississippi.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the project described in subsection (1) of this section; provided, however that the use of money in such fund for the project shall be conditioned upon the receipt of funds for such project by the Department of Finance and Administration in the amount of One Million Dollars ($1,000,000.00) from the University of Mississippi, in the amount of One Million Dollars ($1,000,000.00) from Northwest Community College and in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000.00) from DeSoto County. If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 19 of this act are deposited into the special fund, then the Department of Finance and Administration shall provide an accounting of such unused monies to the commission. 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 19 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

SECTION 4. (1) (a) A special fund, to be designated as the "2001 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 19 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 acquisition of real property, construction of new facilities and addition to or renovation of existing facilities for 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 $ 663,710.00

Copiah-Lincoln 902,134.00

East Central 801,802.00

East Mississippi 689,807.00

Hinds 1,779,188.00

Holmes 894,292.00

Itawamba 994,358.00

Jones 1,259,028.00

Meridian 915,605.00

Mississippi Delta 936,919.00

Mississippi Gulf Coast 1,449,840.00

Northeast Mississippi 986,180.00

Northwest Mississippi 1,149,044.00

Pearl River 911,383.00

Southwest Mississippi 746,709.00

GRAND TOTAL $15,000,000.00

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under Sections 1 through 19 of this act are deposited into the special fund, then the community college or junior college for which any such monies are allocated under subsection (1) of this section shall provide an accounting of such unused monies to the commission. 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 19 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

SECTION 5. (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 and 4 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 19 of this act shall not exceed Ninety-nine Million Six Hundred Twenty-five Thousand Dollars ($99,625,000.00). No bonds shall be issued under Sections 1 through 19 of this act after July 1, 2004.

(2) The proceeds of the bonds issued pursuant to Sections 1 through 19 of this act shall be deposited into the following special funds in not more than the following amounts:

(a) The 2001 State Agencies Capital Improvements Fund created pursuant to Section 2 of this act $82,625,000.00.

(b) The 2001 Southaven IHL Center Fund created pursuant to Section 3 of this act $ 2,000,000.00.

act $15,000,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2, 3 and 4 of this act shall be used to pay debt service on bonds issued under Sections 1 through 19 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 6. The principal of and interest on the bonds authorized under Sections 1 through 19 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 7. The bonds authorized by Sections 1 through 19 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 8. All bonds and interest coupons issued under the provisions of Sections 1 through 19 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 19 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 9. The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 19 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 19 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 19 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 10. The bonds issued under the provisions of Sections 1 through 19 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 11. Upon the issuance and sale of bonds under the provisions of Sections 1 through 19 of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 2, 3 and 4 of this act in the amounts provided for in Section 5(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 12. The bonds authorized under Sections 1 through 19 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 19 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 19 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 13. The bonds authorized under the authority of Sections 1 through 19 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 14. Any holder of bonds issued under the provisions of Sections 1 through 19 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 19 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 19 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 15. All bonds issued under the provisions of Sections 1 through 19 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 16. Bonds issued under the provisions of Sections 1 through 19 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 17. The proceeds of the bonds issued under Sections 1 through 19 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 18. 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 19 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 19. Sections 1 through 19 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 1 through 19 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 20. Chapter 502, Laws of 1997, is amended as follows:

Section 1. (1) The Executive Director of the Department of Finance and Administration, at one time or from time to time, may declare the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds to purchase the land and buildings or other structures of the Mississippi College School of Law located in the First Judicial District of Hinds County, Mississippi, on the north and south side of East Griffith Street, Jackson, Mississippi, containing approximately 3.231 acres.

(2) The Department of Finance and Administration shall cause an accurate survey of the property described in subsection (1) of this section to be conducted. The cost of such survey shall be paid by the Department of Finance and Administration from the proceeds of the bonds issued pursuant to this act.

(3) Consideration for the purchase of the above-described property shall not exceed Four Million Dollars ($4,000,000.00) or the average of the fair market price for such real property, whichever is less. The fair market price shall be determined by two (2) professional property appraisers selected by the Department of Finance and Administration and certified and licensed by the Mississippi Real Estate Appraiser Licensing and Certification Board and having the designation of Member Appraisal Institute (MAI). Appraisal fees shall be paid by the Department of Finance and Administration from the proceeds of the bonds issued pursuant to this act.

(4) Upon the declaration of the Executive Director of the Department of Finance and Administration of the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the executive director shall deliver a certified copy of his declaration to the State Bond Commission. Upon receipt of such declaration, the State Bond 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.

(5) The amount of bonds issued under this act shall not exceed Four Million Dollars ($4,000,000.00). No bonds may be issued under this act after the effective date of Senate Bill No. 3158, 2001 Regular Session.

(6) Promptly after the State Bond Commission has certified, by resolution duly adopted, that the property described in subsection (1) of this section shall have been purchased, or cannot be purchased in a timely fashion, any amount of the bonds issued pursuant to the provisions of this act that are unencumbered 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 State Bond Commission.

Section 2. The principal of and interest on the bonds authorized under 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 exceeding 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 (20) 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 determined by resolution of the State Bond Commission.

Section 3. The bonds authorized under 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 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 in this act to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

Section 4. All bonds and interest coupons issued under the provisions 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 this act, the State Bond Commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.

Section 5. The State Bond Commission shall act as the issuing agent for the bonds authorized under 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 all other things necessary and advisable in connection with the issuance and sale of the bonds. 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 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 may 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.

The State Bond Commission, when issuing any bonds under the authority of this act, may provide that the 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 6. The bonds issued under the provisions 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 7. 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 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 on the bonds, on their due dates.

Section 8. Upon the issuance and sale of bonds under this act, the State Bond Commission shall transfer the proceeds of any such sale or sales into a special fund created in the State Treasury to be known as the "Mississippi College School of Law Acquisition Fund." The proceeds of such bonds shall be used solely for the purposes provided in 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 chairman of the commission. The remaining monies in the fund shall be expended solely under the direction 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, and such funds shall be paid by the State Treasurer upon warrants issued by the Department of Finance and Administration.

Section 9. The bonds authorized under 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 that are specified or required by this act. Any resolution providing for the issuance of bonds under 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 10. The bonds authorized under the authority 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 11. Any holder of bonds issued under this act or of any of the interest coupons pertaining to the bonds may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce all rights granted under this act, or under such resolution, and may enforce and compel performance of all duties required by this act to be performed, in order to provide for the payment of bonds and interest on the bonds.

Section 12. All bonds issued under 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 that 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 13. Bonds issued under this act and income from the bonds shall be exempt from all taxation in the State of Mississippi.

Section 14. This act shall be deemed to be full and complete authority for the exercise of the powers granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

Section 15. This act shall take effect and be in force from and after July 1, 1997.

SECTION 21. Sections 1 through 17, Chapter 532, Laws of 1995, are amended as follows:

Section 1. As used in Sections 1 through 17 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(b) "State" means the State of Mississippi.

Section 2. (1) (a) A special fund, to be designated as the "1995 IHL, Community and Junior Colleges and 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 to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under 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 capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities and purchasing real property for public facilities for agencies or their successors as hereinafter described:

AGENCY PROJECT AMOUNT

NAME ALLOCATED

INSTITUTIONS OF HIGHER LEARNING $ 61,550,000.00

Alcorn State University $ 7,000,000.00

Phase II of construction of

an addition to the

existing library.........$ 7,000,000.00

Jackson State University $ 11,200,000.00

Construction of a liberal

arts building............$11,200,000.00

Delta State University $ 4,500,000.00

Library addition project,

Phase II.................$ 4,500,000.00

Mississippi University for Women $ 3,650,000.00

General repairs and

renovation...............$ 1,000,000.00

Renovation of Fine Arts

Building.................$ 2,300,000.00

Equipping Plymouth Bluff

Conference Center........$ 350,000.00

Mississippi State University $ 7,000,000.00

Construction of a Chemical

Engineering Building

or other projects........$ 4,000,000.00

Hand Chemical Laboratory

Renovation...............$ 1,000,000.00

Construction of Plant Sciences

Greenhouse Structures....$ 2,000,000.00

Mississippi Valley State University $ 4,000,000.00

Construction of an

administration

building, Phase I........$ 4,000,000.00

University of Mississippi $ 9,000,000.00

Renovation of old gymnasium...$ 2,500,000.00

Lyceum and Conner Hall

Restoration, Phase I.....$ 6,000,000.00

Preplanning of a Performing

Arts Center..............$ 500,000.00

University of Southern Mississippi $ 7,500,000.00

Instructional Facility,

Phase II.................$ 2,500,000.00

College of the Arts Facility,

Phase II.................$ 5,000,000.00

University of Mississippi Medical Center $ 4,200,000.00

School of Nursing Expansion,

Phase I..................$ 2,500,000.00

Preplanning for Expansion of

Pharmacy Program.........$ 200,000.00

Renovation of Animal

Laboratory...............$ 1,500,000.00

Mississippi Agricultural and Forestry Experiment

Station $ 3,500,000.00

Animal Dairy Sciences Education

and Training Center......$ 3,500,000.00

COMMUNITY AND JUNIOR COLLEGES $ 10,000,000.00

Board Approved Projects:

Coahoma..................$ 445,900.00

Copiah-Lincoln........... 582,900.00

East Central............. 482,400.00

East Mississippi......... 449,900.00

Hinds.................... 1,209,400.00

Holmes................... 522,900.00

Itawamba................. 647,400.00

Jones.................... 841,900.00

Meridian................. 577,900.00

Mississippi Delta........ 619,400.00

Mississippi Gulf Coast... 1,101,900.00

Northeast Mississippi.... 698,400.00

Northwest Mississippi.... 724,900.00

Pearl River.............. 615,400.00

Southwest Mississippi.... 479,400.00

The community and junior college funds may be used for construction of new facilities and additions to or renovation of existing facilities on community and junior college campuses as recommended by the State Board for Community and Junior Colleges. The amount to be expended at each institution is as set out above.

DEPARTMENT OF FINANCE AND ADMINISTRATION $ 8,000,000.00

Bureau of Building, Grounds and Real

Property Management

Repair and renovation of the

old Biloxi Hospital in

Biloxi, Mississippi, to

provide and consolidate

state office space on the

Mississippi Gulf Coast...$ 8,000,000.00

* * *

DEPARTMENT OF MENTAL HEALTH $ 14,000,000.00

Repair and renovation of the

facilities listed in

this paragraph in the

amounts indicated........$ 7,000,000.00

Mississippi State Hospital

$2,000,000.00; East Mississippi State

Hospital $750,000.00; Boswell Regional

Center $1,000,000.00; Ellisville State

School $1,000,000.00; Hudspeth Regional

Center $750,000.00; North Mississippi

Regional Center $750,000.00; South

Mississippi Regional Center $750,000.00

Construction of an adolescent psychiatric

hospital at East Mississippi

State Hospital...........$ 6,500,000.00

Preplanning of the following:

Constructing a Long-term

Adolescent Psychiatric

Residential Facility;

Constructing the South

Mississippi State Hospital;

Food distribution system

modifications at Mississippi

State Hospital...........$ 500,000.00

GRAND TOTAL $ 93,550,000.00

(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 this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

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

Section 3. (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 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 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 17 of this act shall not exceed Ninety-three Million Five Hundred Fifty Thousand Dollars ($93,550,000.00).

(2) Any investment earnings on amounts deposited into the special 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.

Section 4. The principal of and interest on the bonds authorized under Section 3 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 5. The bonds authorized by Section 3 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 6. All bonds and interest coupons issued under the provisions of Sections 1 through 17 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 17 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 7. The commission shall act as the issuing agent for the bonds authorized under Section 3 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 17 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 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 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 17 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 8. The bonds issued under the provisions of Sections 1 through 17 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 9. Upon the issuance and sale of bonds under the provisions of Sections 1 through 17 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 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 10. The bonds authorized under Sections 1 through 17 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 17 of this act. Any resolution providing for the issuance of bonds under the provisions 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 11. The bonds authorized under the authority of Sections 1 through 17 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 12. Any holder of bonds issued under the provisions of Sections 1 through 17 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 this act, or under such resolution, and may enforce and compel performance of all duties required by this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 13. All bonds issued under the provisions of Sections 1 through 17 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 14. Bonds issued under the provisions of Sections 1 through 17 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 15. The proceeds of the bonds issued under Sections 1 through 17 of this act shall be used solely for the purposes therein provided, including the costs incident to the issuance and sale of such bonds.

Section 16. 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 17 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 17. Sections 1 through 17 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 22. This act shall take effect and be in force from and after its passage.