MISSISSIPPI LEGISLATURE

2003 Regular Session

To: Ways and Means

By: Representative McCoy, Morris, Smith (39th), Guice, Clarke, Scott (80th)

House Bill 1594

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS FOR INSTITUTIONS OF HIGHER LEARNING, STATE AGENCIES AND COMMUNITY AND JUNIOR COLLEGES; TO AUTHORIZE PREPLANNING OF CERTAIN FACILITIES; TO AMEND SECTIONS 1 THROUGH 23, CHAPTER 550, LAWS OF 2002, TO REVISE THE USE OF PROCEEDS OF STATE GENERAL OBLIGATION BONDS ISSUED FOR THE PURPOSE OF IMPROVEMENTS AT ALCORN STATE UNIVERSITY AND IMPROVEMENTS TO NESHOBA COUNTY LAKE, JACKSON STATE UNIVERSITY AND MISSISSIPPI STATE UNIVERSITY; TO AMEND SECTIONS 1 THROUGH 23, CHAPTER 600, LAWS OF 2001, AS AMENDED BY CHAPTER 550, LAWS OF 2002, TO REVISE THE USE OF PROCEEDS OF STATE GENERAL OBLIGATION BONDS ISSUED FOR THE PURPOSE OF IMPROVEMENTS AT DELTA STATE UNIVERSITY; TO AMEND SECTIONS 43 THROUGH 59, CHAPTER 600, LAWS OF 2001, TO REVISE THE USE OF PROCEEDS OF STATE GENERAL OBLIGATION BONDS ISSUED FOR THE PURPOSE OF IMPROVEMENTS TO MISSISSIPPI VETERANS MEMORIAL STADIUM; TO AMEND SECTIONS 1 THROUGH 20, CHAPTER 595, LAWS OF 1999, AS AMENDED BY CHAPTER 361, LAWS OF 2000, TO REVISE THE USE OF PROCEEDS OF STATE GENERAL OBLIGATION BONDS ISSUED FOR THE PURPOSE OF IMPROVEMENTS AT THE UNIVERSITY MEDICAL CENTER; TO AMEND CHAPTER 524, LAWS OF 1995; CHAPTER 560, LAWS OF 1998, AS AMENDED BY CHAPTER 600, LAWS OF 2001; CHAPTER 595, LAWS OF 1998, AS AMENDED BY CHAPTER 583, LAWS OF 2000; AND CHAPTER 522, LAWS OF 1999, AS AMENDED BY CHAPTER 583, LAWS OF 2000, TO DELETE PROVISIONS THAT REQUIRE STATE AGENCIES OCCUPYING FACILITIES FOR WHICH CAPITAL IMPROVEMENTS WERE UNDERTAKEN USING THE PROCEEDS OF GENERAL OBLIGATION BONDS ISSUED PURSUANT TO SUCH CHAPTERS, TO PAY RENT IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL AND INTEREST ON BONDS ISSUED BY SUCH CHAPTER FOR SUCH FACILITIES, AND WHICH PROVIDE FOR THE AMOUNT OF RENT TO BE PAID BY SUCH AGENCIES AFTER SUCH BONDS ARE RETIRED; TO AMEND CHAPTER 578, LAWS OF 1999, AS AMENDED BY CHAPTER 582, LAWS OF 2000, AS AMENDED BY CHAPTER 550, LAWS OF 2002, TO INCREASE THE AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY BE ISSUED FOR THE 1999 HANCOCK COUNTY PORT AND HARBOR COMMISSION AND STENNIS SPACE CENTER IMPROVEMENT FUND; TO AUTHORIZE THE STATE OF MISSISSIPPI TO ISSUE VARIABLE RATE DEBT AND/OR ENTER INTO VARIABLE RATE DEBT INSTRUMENTS; 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.

SECTION 2. (1) (a) A special fund, to be designated as the "2003 IHL 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 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....................$ 62,150,000.00

Alcorn State University............................$ 2,000,000.00

Repair and renovation of

campus buildings, facilities

and infrastructure.........$ 2,000,000.00

Delta State University.............................$ 6,700,000.00

Repair, renovation, replacement

and improvement of campus

infrastructure to correct

drainage problems..........$ 3,000,000.00

Repair, renovation and

restoration of the

Cutrer House at the

Clarksdale Center and

repair, renovation and

restoration of the Coahoma

Community College - Delta

State University Education

Center.....................$ 3,000,000.00

Purchase of two (2)

airplanes and three (3)

flight simulators for the

Gibson-Gunn Aviation

School.....................$ 700,000.00

Jackson State University...........................$ 5,500,000.00

Acquisition of land adjacent

to campus in the surrounding

neighborhood...............$ 500,000.00

Repair and renovation of

campus buildings and

facilities.................$ 600,000.00

Acquisition and installation

of any equipment necessary

in establishing and maintaining

a digital transmission system

for TV23...................$ 1,000,000.00

Construction of a new

baseball stadium and field

and related facilities ....$ 1,500,000.00

Work necessary to correct

drainage problems on the

west side of the campus....$ 400,000.00

Phase II of construction of

the Lynch Street Corridor

Project including landscaping

and irrigation for the

project....................$ 1,500,000.00

Mississippi University for Women...................$ 4,500,000.00

Renovation of Martin Hall for

purpose of housing the

School of Nursing..........$ 4,500,000.00

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

Phase I of renovating and

making additions to the

Colvard Student Union......$ 8,000,000.00

Mississippi State University/Division of Agriculture,

Forestry and Veterinary Medicine.................$ 6,000,000.00

Completion of construction,

furnishing and equipping

of the Mississippi

Veterinary Diagnostic

Laboratory in Rankin

County, Mississippi........$ 6,000,000.00

Mississippi Valley State University................$ 4,500,000.00

Repair and renovation of

campus buildings, facilities

and infrastructure.........$ 4,500,000.00

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

Renovation, furnishing and

equipping of Farley Hall...$ 5,000,000.00

Phase II of physical plant

relocation and

construction...............$ 1,000,000.00

Renovation, furnishing and

equipping of Bryant Hall...$ 2,500,000.00

University Medical Center..........................$ 4,000,000.00

Demolition of the Antonelli

Building and construction,

furnishing and equipping

of a new teaching

facility...................$ 4,000,000.00

University of Southern Mississippi.................$ 8,000,000.00

Repair and renovation of the

Reed Green Multipurpose

Facility...................$ 3,000,000.00

Completion of construction

of the Polymer Institute

Product Process Unit/Building

to house donated equipment

from industry..............$ 2,000,000.00

Repair and renovation of

campus buildings, facilities

and infrastructure.........$ 3,000,000.00

University of Southern Mississippi/

Gulf Park Campus.................................$ 2,000,000.00

Design through construction

documents and Phase I of

construction of a

nursing/allied health/science

laboratory facility........$ 2,000,000.00

University of Southern Mississippi/

Gulf Coast Research Laboratory..................$ 750,000.00

Repair and renovation of

campus buildings, facilities

and infrastructure.........$ 750,000.00

University of Southern Mississippi/

Stennis Space Center............................$ 1,000,000.00

Completion of construction,

furnishing and equipping

of a visualization

center.....................$ 1,000,000.00

Education and Research Center.....................$ 700,000.00

Repair and renovation of

buildings, facilities

and infrastructure.........$ 700,000.00

STATE AGENCIES....................................$ 44,284,000.00

Department of Human Services......................$ 2,000,000.00

Renovation of cottages

and construction of

staff housing at

Columbia and Oakley

Training Schools...........$ 2,000,000.00

Department of Public Safety.......................$ 1,000,000.00

Construction of a vehicle

maintenance facility.......$ 1,000,000.00

Department of Agriculture and Commerce............$ 4,000,000.00

Repair, renovation, replacement,

demolition, improvement and

upgrade of facilities and

infrastructure at the State

Fairgrounds and construction

of facilities necessary to relocate

the retail portion of the

Mississippi Farmers Central Market

to the State Fairgrounds...$ 4,000,000.00

Department of Education...........................$ 1,984,000.00

Renovation of Dobyns Hall

at the Mississippi Schools

for the Blind and Deaf.....$ 1,984,000.00

Department of Finance and Administration..........$ 21,500,000.00

Acquisition of real property

and improvements located

thereon in the vicinity of the

New Capitol for use as

part of the Capitol

Complex....................$ 1,000,000.00

Completion of construction,

furnishing and equipping of a

Justice Facility to accommodate

the Supreme Court, Court of Appeals

and State Law Library......$16,000,000.00

To continue an ongoing program for

repair and renovation of state-owned

facilities necessary for

compliance with the Americans

with Disabilities Act......$ 2,000,000.00

To continue an ongoing program for

repair and renovation of state

institutions of higher learning

necessary for compliance with

the Americans with Disabilities

Act........................$ 2,000,000.00

Development and implementation of

a plan to determine and assess the

capital needs of state agencies and

state institutions of higher learning

for the purpose of determining the priority

to be given and the manner and sequence

in which to address such needs in the

most efficient manner......$ 500,000.00

Department of Mental Health........................$ 2,400,000.00

Demolition of existing warehouse

facility and construction,

furnishing and equipping of

a new warehouse at the

Mississippi State Hospital in

Rankin County, Mississippi.$ 1,400,000.00

Repair and renovation, furnishing

and equipping of nursing homes

at East Mississippi State

Hospital...................$ 1,000,000.00

Department of Wildlife, Fisheries and Parks........$ 2,000,000.00

Phase I development of Moon Lake State

Park in Coahoma County in accordance

with the positive Delta Park Pre-Plan

Study completed on March 1, 1996, as

authorized by Chapter 558, Laws of

1994, including the acquisition of

real property situated adjacent to,

or in close proximity to, Moon Lake;

North 1/2 of Township 29 North,

Range 3 West; South 1/2 of Township

30 North, Range 3 West; North East

1/4 of Township 29 North, Range 4

West; all within Coahoma County,

Mississippi. These funds may be

combined with other available funds

from Coahoma County and/or other

available state and/or federal funds

for land acquisition.......................$ 100,000.00

A proposed plan which the Department

of Wildlife, Fisheries and Parks

shall provide not later than

December 1, 2003, for an eighty-

to one-hundred-fifty-acre general

purpose lake located in, adjacent

to or in close proximity to the

Tuscumbia Wildlife Management

Area located in Alcorn County,

Mississippi. This plan shall

consist of an exact location

for the proposed lake with

detailed property descriptions,

preliminary plans and specifications

for the lake and shall be made

available not later than December 1,

2003.......................$ 100,000.00

Mississippi Forestry Commission...................$ 800,000.00

Expansion of the Waynesboro,

Mississippi, nursery to

produce containerized long

leaf pine seedlings........$ 800,000.00

State Veterans Affairs Board.......................$ 900,000.00

Repair and renovation of the

state veterans homes.......$ 900,000.00

Mississippi Library Commission.....................$ 3,000,000.00

Furnishing and equipping of

the new Mississippi Library

Commission building and

facilities.................$ 3,000,000.00

Mississippi Department of Insurance................$ 2,300,000.00

Construction, furnishing and

equipping of a burn building

with gas fire simulators and

other related facilities at

the State Fire Academy in

Rankin County, Mississippi.$ 2,300,000.00

Authority for Educational Television...............$ 900,000.00

To provide funds to the Mississippi

EDNET Institute for use in

engineering, procuring and

installing engineer, procure and

install equipment and facilities

consisting of digital microwave

interconnect and support equipment,

digital video encoding and decoding

equipment, digital ITFS transmission

equipment, antennas and transmission

lines and/or any equipment useful

in establishing or maintaining a

digital or analog transmission or

origination system in order to

complete the existing but incomplete

EDNET ITFS Statewide Network of

which broadcast channels are

licensed to the State Board of

Education, the Board of Trustees

of State Institutions of Higher

Learning, Mississippi Authority for

Educational Television, the State

Board for Community and Junior

Colleges and the Mississippi EDNET

Institute, for the purpose of

providing services to support

primary and secondary education

and initiatives related to homeland

security and public health and

safety for the citizens of Mississippi,

and to reduce the cost of training

for state, city and county government

agencies...................$ 900,000.00

Mississippi National Guard.........................$ 1,400,000.00Provide matching funds to the Mississippi

National Guard for construction

of an armory in Kosciusko,

Mississippi................$ 1,400,000.00

TOTAL........................................... $106,434,000.00

(2) (a) 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 20 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 20 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(b) Monies in the special fund which are derived from the proceeds of bonds issued under Sections 1 through 20 of House Bill No. 1574, 2003 Regular Session, may be used to reimburse reasonable, actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in subsection (1) of this section. Reimbursement may be made only until such time as the project is completed. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management. Reimbursement of reasonable actual and necessary costs for a project shall not exceed three percent (3%) of the proceeds of bonds issued for such project. Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

(5) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is authorized to preplan or continue planning of the following projects:

(a) Continuation of preplanning of Phase I of repair and renovation or construction of dining facilities at Alcorn State University;

(b) Construction of a new men's dormitory at Alcorn State University;

(d) Renovation of Poindexter Hall at the Mississippi University for Women.

The projects authorized in this subsection shall be in addition to the projects authorized in subsection (1) of this section.

(6) The use of monies allocated to Delta State University under subsection (1) of this section for use at the Coahoma Community College - Delta State University Education Center shall be conditioned upon Coahoma County, Mississippi, providing matching funds in an amount not less than the monies allocated to such center under subsection (1) of this section.

(7) The use of monies allocated to the Department of Wildlife, Fisheries and Parks under subsection (1) of this section for use in the development of Moon Lake State Park in Coahoma County, Mississippi, shall be conditioned upon the receipt of matching funds from Coahoma County, Mississippi, and/or any other source in an aggregate amount not less than the monies allocated to such center under subsection (1) of this section.

SECTION 3. (1) (a) A special fund, to be designated as the "2003 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 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 for Community and Junior Colleges. The amount to be expended at each community and junior college is as follows:

Coahoma...................................... $ 289,399.00

Copiah-Lincoln............................... 341,559.00

East Central................................. 307,357.00

East Mississippi............................. 354,764.00

Hinds........................................ 670,564.00

Holmes....................................... 369,157.00

Itawamba..................................... 388,437.00

Jones........................................ 465,422.00

Meridian..................................... 355,028.00

Mississippi Delta............................ 373,911.00

Mississippi Gulf Coast....................... 592,719.00

Northeast Mississippi........................ 371,336.00

Northwest Mississippi........................ 474,996.00

Pearl River.................................. 358,131.00

Southwest Mississippi........................ 287,220.00

GRAND TOTAL.................................. $6,000,000.00

(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 20 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 20 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 "2003 IHL Additional Repair and Renovation 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 repair and renovation of state institutions of higher learning including having environmental studies or other studies performed for the purpose of determining, assessing and/or correcting problems regarding black mold and other hazardous substances.

(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 20 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 20 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

SECTION 5. (1) (a) A special fund, to be designated as the "2003 Mississippi State-Owned Buildings Repair and Renovation 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 repair and renovation of state-owned buildings and facilities including having environmental studies or other studies performed for the purpose of determining, assessing and/or correcting problems regarding black mold and other hazardous substances.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the 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 20 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 20 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

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 Twenty Million Four Hundred Thirty-four Thousand Dollars ($120,434,000.00). No bonds shall be issued under this section after July 1, 2006.

(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 2003 IHL and State Agencies Capital Improvements Fund created pursuant to Section 2 of this

act............................................ $106,434,000.00.

(b) The 2003 Community and Junior College Capital Improvements Fund created pursuant to Section 3 of this

act............................................ $ 6,000,000.00.

(c) The 2003 IHL Additional Repair and Renovation Fund created pursuant to Section 4 of this act....................... $ 3,000,000.00.

(d) The 2003 Mississippi State-Owned Buildings Repair and Renovation Fund created pursuant to Section 5 of this

act............................................ $ 5,000,000.00.

(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 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 Sections 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. Sections 1 through 23, Chapter 550, Laws of 2002, are amended as follows:

Section 1. As used in Sections 1 through 23 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 "2002 IHL 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 into such fund.

NAME PROJECT AMOUNT

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING................. $ 50,860,000.00

Alcorn State University......................... $ 4,260,000.00

Upgrade of water wells and water treatment

facilities, renovation of Women's Tower,

and repair and renovation of campus

buildings, facilities and

infrastructure.............$ 3,500,000.00

Air conditioning of the

Simmons Technology

Building...................$ 360,000.00

Construction of lighting

for baseball field.........$ 400,000.00

Delta State University.......................... $ 4,100,000.00

Renovation of and additions

to Jobe Hall for use as

a general classroom

building...................$ 3,500,000.00

Purchase of airplanes and

construction of a hanger

to house airplanes and a

simulator..................$ 600,000.00

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

Completion of Phase II

construction, furnishing and

equipping of transitional

student housing............$ 7,500,000.00

Renovation of building and facilities

at the Mississippi E-center/Jackson

State University, build-out expenses

and acquiring and installing any

equipment necessary in

establishing and maintaining

a digital transmission

system for TV23............$ 1,000,000.00

Mississippi University for Women................ $ 3,800,000.00

Demolition, construction, repair

and renovation of campus

facilities, including, but not

limited to, Parkinson Hall,

Callaway Hall and Martin Hall,

and repair, renovation,

replacement and improvement of

campus infrastructure......$ 3,800,000.00

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

Phase I of construction of

a simulation and design

center.....................$ 6,000,000.00

Repair and renovation of campus

buildings, facilities and

infrastructure.............$ 1,000,000.00

Mississippi State University/Division of Agriculture,

Forestry and Veterinary Medicine.............. $ 3,900,000.00

Renovation of the Pace

Seed Technology Building

to accommodate a life

sciences program...........$ 3,000,000.00

Repair and renovation of

facilities.................$ 900,000.00

Mississippi Valley State University............. $ 3,000,000.00

Completion of construction,

furnishing and equipping of

business administration

building...................$ 2,000,000.00

Repair, renovation,

replacement and improvement

of campus drainage and other

infrastructure.............$ 1,000,000.00

University of Mississippi....................... $ 5,500,000.00

Renovation of old Education

Building...................$ 3,500,000.00

Renovation of Bryant Hall.....$ 1,000,000.00

Renovation of Longstreet

Hall.......................$ 1,000,000.00

University Medical Center....................... $ 3,000,000.00

Matching funds for Guyton Hall

expansion..................$ 3,000,000.00

University of Southern Mississippi.............. $ 4,650,000.00

Repair and renovation of campus

buildings and facilities and repair,

renovation, replacement and improvement

of campus infrastructure...$ 4,000,000.00

Completion of renovation

of Polymer Science Research

Center.....................$ 650,000.00

University of Southern Mississippi/

Gulf Coast Campus............................. $ 1,000,000.00

Land acquisition and additional

parking....................$ 1,000,000.00

University of Southern Mississippi/

Gulf Coast Research Laboratory................ $ 650,000.00

Matching funds for construction

of necessary infrastructure at

Cedar Point in Jackson County,

Mississippi................$ 650,000.00

University of Southern Mississippi/

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

Furnishing and equipping of

a visualization center.....$ 250,000.00

Continuation of construction

of additions to and furnishing

of building 1020 at the Stennis

Space Center to support the

masters program in hydrographic

science....................$ 250,000.00

Education and Research Center................... $ 1,000,000.00

Repair, renovation and upgrade of HVAC

in Tower Building..........$ 1,000,000.00

STATE AGENCIES.................................. $ 65,880,000.00

Authority for Educational Television............ $ 2,000,000.00

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

Mississippi Emergency Management Agency......... $ 9,000,000.00

Construction of a building

and related facilities to house

the Mississippi Emergency

Management Agency..........$ 9,000,000.00

Department of Human Services.................... $ 1,300,000.00

Construction, repair and renovation,

furnishing and equipping

of security and medical intake

facilities at the Columbia

Training School in Marion County,

Mississippi................$ 1,300,000.00

Department of Mental Health..................... $ 1,250,000.00

Repair, renovation,

replacement and improvement of

infrastructure at Ellisville

State Hospital.............$ 1,250,000.00

Department of Wildlife, Fisheries and Parks..... $ 4,730,000.00

Improvements to Neshoba

County Lake................$ 680,000.00

Repair, renovation and construction

of roads at state parks as

determined necessary by the

Department of Wildlife, Fisheries

and Parks..................$ 500,000.00

Repair and renovation of bath

facilities at state parks as

determined necessary by the

Department of Wildlife, Fisheries

and Parks..................$ 300,000.00

Repair and renovation of cabins at

state parks as determined necessary

by the Department of Wildlife,

Fisheries and Parks........$ 500,000.00

Additional Funds for the construction of the

North Mississippi Fish

Hatchery...................$ 1,000,000.00

Improvements to the Lyman State

Fish Hatchery..............$ 1,000,000.00

Renovation and repair of the

campground area at the J.P.

Coleman State Park.........$ 450,000.00

Construction of camper pads

at Paul B. Johnson State

Park.......................$ 300,000.00

Department of Finance and Administration........ $ 23,500,000.00

Repair, renovation, equipping

and furnishing of the Walter

Sillers Building, tenant

build-out expenses related to

repair and renovation of the

Walter Sillers Building....$10,000,000.00

To continue an ongoing program for

repair and renovation of state-owned

facilities necessary for

compliance with the Americans

With Disabilities Act......$ 2,500,000.00

To continue an ongoing program for

repair and renovation of state

institutions of higher learning

necessary for compliance with

the Americans With Disabilities

Act........................$ 2,500,000.00

Repair and renovation of

state-owned buildings and facilities

with $500,000.00 of such funds used

for repair and renovation of the

Mississippi Schools for the

Blind and Deaf.............$ 4,500,000.00

Preplanning for projects described

in subsection (6) of this

section....................$ 2,000,000.00

Design through construction

documents of a building and

supporting facilities to house

the Department of Environmental

Quality....................$ 2,000,000.00

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

Construction, furnishing and

equipping of a physical

education facility for the

Mississippi Schools for the

Blind and Deaf.............$ 4,000,000.00

Mississippi Library Commission.................. $ 600,000.00

Additional funds for construction

of the new Mississippi

Library Commission building

and facilities.............$ 600,000.00

Department of Archives and History.............. $ 700,000.00

Repair and renovation of

the Eudora Welty house at

1119 Pinehurst Street in

Jackson, Mississippi, and

acquisition and renovation of property

in the surrounding neighborhood.

Funds authorized for such purposes

may be used as matching funds for

an anticipated National Endowment

for the Humanities Challenge Grant

and other grants that may

become available...........$ 700,000.00

Department of Public Safety..................... $ 1,000,000.00

Construction of a vehicle

maintenance and communications

center and a facility for storage

of confiscated vehicles....$ 1,000,000.00

Department of Agriculture and Commerce.......... $ 4,000,000.00

Preplanning of long-range capital

improvement needs of the State

Fairgrounds, and Phase I of

repair, renovation, replacement

and improvement of infrastructure

at the State Fairgrounds...$ 4,000,000.00

Mississippi Bureau of Narcotics....................$ 400,000.00

Construction of a headquarters

building in Starkville,

Mississippi................$ 400,000.00

Mississippi National Guard.........................$ 1,400,000.00

Provide matching funds to the

National Guard for construction

of an armory in Batesville,

Mississippi................$ 1,400,000.00

Mississippi Veterinary Diagnostic Laboratory.... $ 12,000,000.00

Phase I of construction of the

Mississippi Veterinary Diagnostic

Laboratory in Jackson, Mississippi,

metropolitan area..........$12,000,000.00

TOTAL........................................... $116,740,000.00

(2) (a) 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 23 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(b) Monies in the special fund may be used to reimburse reasonable, actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in subsection (1) of this section. Reimbursement may be made only until such time as the project is completed. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management. Reimbursement of reasonable actual and necessary costs for a project shall not exceed three percent (3%) of the proceeds of bonds issued for such project. Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.

(5) Any funds allocated to the Mississippi University for Women under Sections 1 through 23, Chapter 600, Laws of 2001, that are in excess of that needed to complete the projects for which the funds were allocated, may be used for the projects at the Mississippi University for Women described in subsection (1) of this section. Such funds shall be in addition to the funds authorized for projects at the Mississippi University for Women in subsection (1) of this section.

(6) Any funds allocated to the Department of Wildlife, Fisheries and Parks under subsection (1) of this section for improvements to Neshoba County Lake which are in excess of that needed to complete such project may be used for construction and equipping of the North Mississippi Fish Hatchery for which funding was provided under Sections 1 through 23, Chapter 600, Laws of 2001, as amended by Section 45, Chapter 550, Laws of 2002.

(7) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is authorized to preplan or continue planning of the following projects:

(a) Repair and renovation of the Robert E. Lee Building;

(b) Repair and renovation of the former Naval Reserve Building;

(d) Phase I of repair and renovation or construction of dining facilities at Alcorn State University;

(e) Construction of an Agricultural and Biotechnology Engineering Building and facilities for Mississippi State University/Division of Agriculture, Forestry and Veterinary Medicine;

(f) Repair and renovation of Farley Hall at the University of Mississippi;

(g) Construction of a nursing/allied health/science laboratory facility at the University of Southern Mississippi/Gulf Coast Campus;

(h) Repair and renovation of two (2) nursing homes at the East Mississippi State Hospital; and

(i) Design of a communications infrastructure at the Capitol Complex and Education and Research Center Campus and connectivity between such locations.

The projects authorized in this subsection shall be in addition to the projects authorized in subsection (1) of this section.

Section 3. (1) (a) A special fund, to be designated as the "2002 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 this act.

Coahoma...................................... $ 408,578.00

Copiah-Lincoln............................... 511,609.00

East Central................................. 471,612.00

East Mississippi............................. 514,489.00

Hinds........................................ 1,004,475.00

Holmes....................................... 553,312.00

Itawamba..................................... 581,150.00

Jones........................................ 720,552.00

Meridian..................................... 544,353.00

Mississippi Delta............................ 566,751.00

Mississippi Gulf Coast....................... 878,832.00

Northeast Mississippi........................ 560,672.00

Northwest Mississippi........................ 703,806.00

Pearl River.................................. 542,647.00

Southwest Mississippi........................ 437,162.00

GRAND TOTAL.................................. $9,000,000.00

(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 23 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 23 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 "2002 Ayers Settlement Agreement 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 section.

(b) Monies deposited into the fund shall constitute Ayers bond revenues to be disbursed by the Department of Finance and Administration, to pay the costs of capital improvements at Alcorn State University, Jackson State University and Mississippi Valley State University as recommended by the Board of Trustees of State Institutions of Higher Learning in order to comply with the Settlement Agreement in the case of Ayers vs. Musgrove.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.

(4) It is the intent of the Legislature that not less than ten percent (10%) of the amounts authorized to be expended in this section shall be expended with small business concerns owned and controlled by socially and economically disadvantaged individuals. The term "socially and economically disadvantaged individuals" shall have the meaning ascribed to such term under Section 8(d) of the Small Business Act (15 USCS, Section 637(d)) and relevant subcontracting regulations promulgated pursuant thereto; except that women shall be presumed to be socially and economically disadvantaged individuals for the purposes of this subsection.

Section 5. (1) (a) A special fund, to be designated as the "2002 Mississippi Technology Innovation 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 to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under this section.

(b) Monies deposited into the fund shall be disbursed by the Department of Finance and Administration to the Mississippi Technology Alliance, to pay the costs of computer network equipment, electronic storage devices/systems, incubator build-out and installation, storage and wiring at the Mississippi E-center/Jackson State University.

(2) Amounts deposited into such special fund shall be disbursed to the Mississippi Technology Alliance to pay the costs of projects described in subsection (1) of this section.

(3) 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 to the Mississippi Technology Alliance 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 6. (1) (a) A special fund, to be designated as the "2002 Holly Springs Training Center 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 section.

(b) Monies deposited into the fund shall be disbursed by the Department of Finance and Administration, to pay the costs of renovating, furnishing and equipping a training center in Holly Springs, Mississippi.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section.

Section 7. (1) (a) A special fund, to be designated as the "2002 City of Corinth Civil War Interpretive Center Auditorium 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 section.

(b) Monies deposited into the fund shall be disbursed by the Department of Finance and Administration to the City of Corinth, Mississippi, to pay the costs of constructing the auditorium wing of the Civil War Interpretive Center.

(2) Amounts deposited into such special fund shall be disbursed to the City of Corinth, Mississippi, to pay the costs of projects described in subsection (1) of this section.

(3) Such funds shall be paid by the State Treasurer to the City of Corinth, Mississippi, upon warrants issued by such Department of Finance and Administration, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

Section 8. (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, 5, 6 and 7 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 23 of this act shall not exceed One Hundred Thirty Million Seven Hundred Seventy Thousand Dollars ($130,770,000.00). No bonds shall be issued under this section after July 1, 2005.

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

(a) The 2002 IHL Capital and State Agencies Improvements Fund created pursuant to Section 2 of this

act............................................ $116,740,000.00.

(b) The 2002 Community and Junior College Capital Improvements Fund created pursuant to Section 3 of this

act............................................ $ 9,000,000.00.

(c) The 2002 Mississippi Technology Innovation Center Fund created pursuant to Section 5 of this act.............. $ 1,000,000.00.

(d) The 2002 Holly Springs Training Center Capital Improvements Fund created pursuant to Section 6 of this

act............................................ $ 380,000.00.

(e) The 2002 City of Corinth Civil War Interpretive Center Auditorium Fund created pursuant to Section 7 of this

act............................................ $ 500,000.00.

(f) The Rural Fire Truck Fund created pursuant to Section 17-23-1 for the rural fire truck acquisition assistance program$ 3,150,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2, 3, 5, 6 and 7 of this act shall be used to pay debt service on bonds issued under Sections 1 through 23 of this act, in accordance with the proceedings authorizing issuance of such bonds.

Section 9. (1) The United States District Court for the Northern District of Mississippi having approved the Settlement Agreement in the case of Ayers v. Musgrove and on notification that such agreement has become final and effective according to its terms, including, but not limited to, the exhaustion of all rights to appeal, the commission, at one time, or from time to time, shall 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 describe in Section 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 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 pursuant to this section shall not exceed Fifteen Million Dollars ($15,000,000.00).

(2) The proceeds of the bonds issued pursuant to this section shall be deposited into the special fund created in Section 4 of this act. Any investment earnings on amount deposited into the special fund created in Section 4 of this act shall be used to pay debt service on bonds issued under Sections 1 through 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds.

Section 10. The principal of and interest on the bonds authorized under Sections 1 through 23 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 11. The bonds authorized by Sections 1 through 23 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 12. All bonds and interest coupons issued under the provisions of Sections 1 through 23 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 23 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 13. The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 23 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 23 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.

The commission, when issuing any bonds under the authority of Sections 1 through 23 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 14. The bonds issued under the provisions of Sections 1 through 23 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 15. Upon the issuance and sale of bonds under the provisions of Sections 1 through 23 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, 5, 6 and 7 of this act in the amounts provided for in Sections 8(2) and 9 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 16. The bonds authorized under Sections 1 through 23 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 23 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 23 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 17. The bonds authorized under the authority of Sections 1 through 23 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 18. Any holder of bonds issued under the provisions of Sections 1 through 23 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 23 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 23 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 19. All bonds issued under the provisions of Sections 1 through 23 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 20. Bonds issued under the provisions of Sections 1 through 23 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 21. The proceeds of the bonds issued under Sections 1 through 23 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 22. 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 23 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 23. Sections 1 through 23 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 1 through 23 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 22. Sections 1 through 23, Chapter 600, Laws of 2001, as amended by Section 45, Chapter 550, Laws of 2002, are amended as follows:

Section 1. As used in Sections 1 through 23 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 "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.

NAME PROJECT AMOUNT

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING................. $ 59,710,000.00

Alcorn State University......................... $ 2,000,000.00

Roof repair and waterproofing

for campus facilities and repair

and renovation of and additions

to mechanical systems.......$ 1,000,000.00

Completion of the Honors Dormitory

currently under construction

including furniture and

equipment and technology

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

Furnishing and equipping of the

library.....................$ 500,000.00

Delta State University.......................... $ 6,200,000.00

Phase II of construction, furnishing

and equipping of the Classroom

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

Purchase of two (2) airplanes for the

Gibson-Gunn Aviation

School......................$ 300,000.00

Jackson State University........................ $ 13,250,000.00

Completion of construction,

furnishing and equipping of a

school of business

building....................$13,000,000.00

Construction, furnishing and

equipping a home for the

University President........$ 250,000.00

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

Demolition, construction, repair

and renovation of campus

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

Repair and renovations related

to storm damage occurring during

the month of February 2001, and

general repair and renovation

of campus facilities........$ 1,500,000.00

Mississippi State University.................... $ 9,860,000.00

Phase III of renovation

of the Hand Chemical Teaching

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

Repair and renovations related

to storm damage occurring

during the month of

February 2001...............$ 3,860,000.00

Mississippi State University/Division of

Agriculture, Forestry and

Veterinary Medicine........................... $ 2,200,000.00

Utility upgrades of Bost

Extension Center............$ 250,000.00

Renovation of laboratories for

Biotechnology and Life

Sciences Research use.......$ 950,000.00

Equipment for life sciences

and the College of Veterinary

Medicine....................$ 1,000,000.00

Mississippi Agriculture and Forestry

Experiment Station............................ $ 1,200,000.00

Construction of a multi-purpose

building at Stoneville......$ 1,200,000.00

Mississippi Valley State University............. $ 4,500,000.00

Roof repair and waterproofing

for campus facilities and repair

and renovation of and additions

to mechanical systems and

renovations of dormitories..$ 4,500,000.00

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

Renovation of Guyton Hall

to house the School of

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

General repair and renovation of

campus facilities...........$ 2,000,000.00

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

Construction of a classroom

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

University of Southern Mississippi.............. $ 5,000,000.00

Construction, furnishing and

equipping the Center for

International and Continuing

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

Construction, furnishing and

equipping additions to the 3-D

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

General repair and renovation of

campus facilities...........$ 500,000.00

University of Southern Mississippi/

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

Furnishing and equipping

advanced education center and

library.....................$ 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.......................... $ 250,000.00

Continuation of planning of

construction of additions to

Building 1020 at the Stennis

Space Center to support the

masters program in hydrographic

science.....................$ 250,000.00

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

General repair and renovation of

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

Authority for Educational Television............ $ 4,460,000.00

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...$ 4,460,000.00

Mississippi Forestry Commission................. $ 500,000.00

Construction of a new

training facility...........$ 500,000.00

Department of Mental Health..................... $ 7,500,000.00

Construction, furnishing and

equipping of nursing home facilities

at East Mississippi State Hospital

in order to meet state

licensure requirements......$ 7,500,000.00

Department of Public Safety..................... $ 2,000,000.00

Construction, furnishing and

equipping of a new Highway Safety

Patrol Substation in the Jackson,

Mississippi, metropolitan

area........................$ 2,000,000.00

Department of Wildlife, Fisheries and Parks..... $ 5,150,000.00

Repair and renovation to roads,

parks and cabins at state parks

as determined necessary by the

Department of Wildlife,

Fisheries and Parks.........$ 3,000,000.00

Construction and equipping of

the North Mississippi Fish

Hatchery....................$ 1,000,000.00

Improvements to the Lyman State

Fish Hatchery...............$ 1,000,000.00

Renovation and repair of the

campground area at the John Kyle

State Park including shower facilities

and electrical upgrades.....$ 150,000.00

Department of Finance and Administration........ $ 13,500,000.00

Tenant build-out expenses related

to repair and renovation of the

Walter Sillers Building.....$10,000,000.00

To initiate an ongoing program for

repair and renovation of state-owned

facilities and institutions of

higher learning necessary for

compliance with the Americans

With Disabilities Act.......$ 3,500,000.00

Department of Rehabilitation Services........... $ 100,000.00

Repair and renovation of the Addie

McBryde Center located at the

University of Mississippi Medical Center

in Jackson, Mississippi.....$ 100,000.00

Mississippi Veterans Memorial Stadium........... $ 300,000.00

Repair and renovation necessary

for compliance with the Americans

With Disabilities Act.......$ 300,000.00

Department of Education......................... $ 7,000,000.00

Phase II of construction,

furnishing and equipping of the

Mississippi School of Fine Arts on

the campus of Whitworth College in

Brookhaven, Mississippi.....$ 7,000,000.00

TOTAL........................................... $100,220,000.00

(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 23 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(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. However, any funds allocated to the Mississippi University for Women under subsection (1) of this section, that are in excess of that needed to complete the projects for which the funds were allocated, may be used for the projects at the Mississippi University for Women described in Section 2 of Senate Bill No. 3197, 2002 Regular Session.

(5) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is authorized to preplan or continue planning of the following projects:

(a) Preplan through construction documents the renovation of Martin Hall at the Mississippi University for Women to accommodate the School of Nursing;

(b) Construction of a simulation and design center at Mississippi State University;

(c) Renovation of the Pace Seed Technology Building to accommodate a life sciences program for Mississippi State University/Division of Agriculture, Forestry and Veterinary Medicine;

(d) Construction of a College of Health and Human Sciences Building at the University of Southern Mississippi;

(e) Construction of an academic center at the Columbia Training School in Marion County, Mississippi;

(f) Construction of the Mississippi Veterinary Diagnostic Laboratory in the Jackson, Mississippi, metropolitan area;

(g) Repair and renovation of the Education School Building at the University of Mississippi;

(h) Construction of a building to house the Department of Environmental Quality;

(i) Construction of a building to house the Mississippi Emergency Management Agency;

(j) Relocation of the headquarters of the Mississippi Department of Public Safety to a new location in the Jackson, Mississippi, metropolitan area;

(k) Completion of the construction of transitional student housing at Jackson State University; and

(l) Repair and renovation of Demby Hall at Alcorn State University.

The projects authorized in this subsection shall be in addition to the projects authorized in subsection (1) of this section.

Section 3. (1) (a) A special fund, to be designated as the "2001 IHL Additional Repair and Renovation 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 critical repair and renovation needs of state institutions of higher learning.

(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 23 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 23 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 Mississippi State-Owned Buildings Repair and Renovation 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 repair and renovation of state-owned buildings and facilities and to pay the costs of necessary repairs and renovations to the Mississippi Federated Women's Club Building on property leased to the Mississippi Federation of Women's Clubs, Incorporated, pursuant to Chapter 514, Laws of 1983, as amended.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the 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 23 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

Section 5. (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 23 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

Section 6. (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 23 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.................................... $ 506,969.00

Copiah-Lincoln............................. 721,707.00

East Central............................... 641,441.00

East Mississippi........................... 551,847.00

Hinds...................................... 1,423,351.00

Holmes..................................... 715,434.00

Itawamba................................... 755,486.00

Jones...................................... 1,007,222.00

Meridian................................... 732,484.00

Mississippi Delta.......................... 749,535.00

Mississippi Gulf Coast..................... 1,159,872.00

Northeast Mississippi...................... 788,944.00

Northwest Mississippi...................... 919,235.00

Pearl River................................ 729,106.00

Southwest Mississippi...................... 597,367.00

GRAND TOTAL..................................... $12,000,000.00

(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 23 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

Section 7. (1) (a) A special fund, to be designated as the "2001 Library Construction and 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 the Mississippi Library Commission to be awarded as grants for the following projects in the following amounts:

(i) To assist in purchasing property located at 4931 Arthur Street, Moss Point, Mississippi, for use as a library in the Jackson County/George County Regional

Library System........................................$250,000.00.

(ii) To assist in the construction of a new public library on the campus of Hickory Flat High School in Benton, County................................................$150,000.00.

(iii) To assist in repairs and renovations necessary for the Sardis Regional Library to comply with the Americans With Disabilities Act.......................$150,000.00.

(2) Amounts deposited into such special fund shall be disbursed to pay a portion of the cost of the 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 23 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 project described in subsection (1) of this section has 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(3) 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 8. (1) (a) A special fund, to be designated as the "2001 New Capitol Repair and Renovation 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 repair and renovation of the New Capitol.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the 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 23 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 23 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

Section 9. (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, 5, 6, 7 and 8 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 23 of this act shall not exceed One Hundred Twenty Million Nine Hundred Seventy Thousand Dollars ($120,970,000.00). No bonds shall be issued under Sections 1 through 23 of this act after July 1, 2004.

(2) The proceeds of the bonds issued pursuant to Sections 1 through 23 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.......................... $100,220,000.00.

(b) The 2001 IHL Additional Repair and Renovation Fund created pursuant to Section 3 of this act....................... $ 2,000,000.00.

act............................................ $ 4,000,000.00.

(d) The 2001 Southaven IHL Center Fund created pursuant to Section 5 of this act....................................... $ 2,000,000.00.

(e) The 2001 Community and Junior Colleges Capital Improvements Fund created pursuant to Section 6 of this

act............................................ $ 12,000,000.00.

(f) The 2001 Library Construction and Improvements Fund

created pursuant to Section 7 of this act...... $ 550,000.00.

(g) The 2001 New Capitol Repair and Renovation Fund

created pursuant to Section 8 of this act...... $ 200,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2, 3, 4, 5, 6, 7 and 8 of this act shall be used to pay debt service on bonds issued under Sections 1 through 23 of this act, in accordance with the proceedings authorizing issuance of such bonds.

Section 15. Upon the issuance and sale of bonds under the provisions of Sections 1 through 23 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, 5, 6, 7 and 8 of this act in the amount provided for in Section 9(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 20. Bonds issued under the provisions of Sections 1 through 23 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 23. Sections 43 through 59, Laws of 2001, are amended as follows:

Section 43. As used in Sections 43 through 59 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 44. (1) (a) A special fund, to be designated as the "2001 Mississippi Veterans Memorial Stadium 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, for the purpose of providing funds for the repair and renovation of Mississippi Veterans Memorial Stadium.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the 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 43 through 59 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 45. (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 44 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 43 through 59 of this act shall not exceed Three Million Eight Hundred Thousand Dollars ($3,800,000.00). No bonds shall be issued under Sections 43 through 59 of this act after July 1, 2004. * * *

(2) Any investment earnings on amounts deposited into the special fund created in Section 44 of this act shall be used to pay debt service on bonds issued under Sections 43 through 59 of this act, in accordance with the proceedings authorizing issuance of such bonds.

Section 46. The principal of and interest on the bonds authorized under Sections 43 through 59 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 47. The bonds authorized by Sections 43 through 59 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 48. All bonds and interest coupons issued under the provisions of Sections 43 through 59 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 43 through 59 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 49. The commission shall act as the issuing agent for the bonds authorized under Sections 43 through 59 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 43 through 59 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.

The commission, when issuing any bonds under the authority of Sections 43 through 59 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 50. The bonds issued under the provisions of Sections 43 through 59 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 51. Upon the issuance and sale of bonds under the provisions of Sections 43 through 59 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 44 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 52. The bonds authorized under Sections 43 through 59 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 43 through 59 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 43 through 59 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 53. The bonds authorized under the authority of Sections 43 through 59 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 54. Any holder of bonds issued under the provisions of Sections 43 through 59 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 43 through 59 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 43 through 59 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 55. All bonds issued under the provisions of Sections 43 through 59 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 56. Bonds issued under the provisions of Sections 43 through 59 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 57. The proceeds of the bonds issued under Sections 43 through 59 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 58. 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 43 through 59 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 59. Sections 43 through 59 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 43 through 59 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 24. Sections 1 through 20, Chapter 595, Laws of 1999, as amended by Chapter 361, Laws of 2000, is amended as follows:

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:

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

Section 2. (1) (a) A special fund, to be designated as the "1999 IHL 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.

NAME PROJECT AMOUNT

ALLOCATED

INSTITUTIONS OF HIGHER LEARNING

Alcorn State University......................... $ 6,800,000.00

Improvements to campus water,

waste and mechanical

systems, preplanning of

a business school and

facilities, preplanning,

repair and renovation of

campus facilities and

purchase of equipment

and furniture............$ 6,700,000.00

Preplanning of a Fine Arts

facility to be located at

Natchez................................ $ 100,000.00

Delta State University.......................... $ 4,900,000.00

Phase I of construction of

a classroom and

administration building..$ 4,000,000.00

Repair and renovation of

campus facilities........$ 900,000.00

Jackson State University........................ $ 8,300,000.00

Phase I of construction of

a school of business

building.................$ 7,000,000.00

Preplanning for a building

for a School of

Engineering, preplanning,

repair and renovation

of campus facilities,

renovations necessary

for compliance with

the Americans with

Disabilities Act and

purchase of equipment

and furniture............$ 1,200,000.00

Preplanning of a conference

center................................. $ 100,000.00

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

Renovation, repair and

restoration of campus

facilities...............$ 4,900,000.00

Mississippi State University.................... $10,500,000.00

Construction of a landscape

architecture building,

road construction,

renovation and repair of

campus facilities,

including restoration and

repair of the old YMCA

Building.................$10,500,000.00

Forestry and Wildlife

Research Center........................ $ 3,000,000.00

Construction of a furniture

testing laboratory......$ 3,000,000.00

Mississippi Valley State University............. $ 4,900,000.00

Preplanning of a

wellness center .........$ 300,000.00

Preplanning of a

science and

technology building .....$ 200,000.00

Preplanning, renovation

and repair of campus

facilities and purchase

of equipment and

furniture................$ 4,400,000.00

University Medical Center...................... $ 1,000,000.00

Repair and renovation and furnishing

and equipping of a classroom

facility with not more than

$300,000.00 of such funds used

for furnishing and equipping of

such facility............$ 1,000,000.00

University of Mississippi....................... $10,500,000.00

Phase II of construction of

a performing arts

center...................$10,000,000.00

Renovation and repair of

campus facilities........$ 500,000.00

University of Southern Mississippi.............. $10,500,000.00

Preplanning of a student

services building........$ 500,000.00

Renovation of the Polymer

Science Research

Center...................$ 6,000,000.00

General renovations and

repairs..................$ 4,000,000.00

University of Southern Mississippi/

Gulf Park Campus................................ $ 3,000,000.00

Phase II of construction of

new buildings and

campus infrastructure....$ 3,000,000.00

University of Southern Mississippi/

Gulf Coast Research Lab......................... $ 500,000.00

Repairs and renovations to

campus facilities........$ 500,000.00

University of Mississippi

Advanced Education Center in Tupelo............. $ 1,800,000.00

Construction, equipping,

furnishing, repair and

renovation of the Advanced

Education Center.........$ 1,800,000.00

TOTAL......................................... $70,600,000.00

(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) 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.

(4) Any amounts allocated to an institution of higher learning 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 "1999 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) Except as otherwise provided in paragraph (c) of this subsection 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..................................... $ 626,750.00

Copiah-Lincoln.............................. 881,750.00

East Central................................ 806,000.00

East Mississippi............................ 710,000.00

Hinds....................................... 1,735,250.00

Holmes...................................... 857,000.00

Itawamba.................................... 966,500.00

Jones....................................... 1,258,250.00

Meridian.................................... 881,000.00

Mississippi Delta........................... 923,000.00

Mississippi Gulf Coast...................... 1,561,250.00

Northeast Mississippi....................... 985,250.00

Northwest Mississippi....................... 1,123,250.00

Pearl River................................. 936,500.00

Southwest Mississippi....................... 748,250.00

GRAND TOTAL................................. $15,000,000.00

(c) In addition to the purposes for which monies deposited in the fund are authorized to be disbursed that are provided for in paragraph (b) of this subsection, monies in the fund allocated to Copiah-Lincoln Community college, may be disbursed to pay the cost of the purchase of land in Natchez, Mississippi.

(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.

Section 4. (1) (a) A special fund, to be designated as the "1999 Mississippi ETV Broadcast Center Addition and Digital Television Equipment 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 (i) establishing the transmitters and tower for WMAA-TV; (ii) the construction of an addition to the Mississippi Educational Television Broadcast Center, including necessary furnishings and equipment; and (iii) the purchase and installation of antennas, towers, tower upgrades, tower sites, transmission lines, transmitters and any equipment useful in establishing or maintaining a digital or analog transmission system.

Section 5. (1) (a) A special fund, to be designated as the "1999 Mississippi School of Fine Arts Construction 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, as follows:

(i) Eight Million Four Hundred Thousand Dollars ($8,400,000.00) to pay the cost of constructing, furnishing and equipping the Mississippi School of Fine Arts on the campus of Whitworth College in Brookhaven, Mississippi.

(ii) Three Million Five Hundred Thousand Dollars ($3,500,000.00) to pay the cost of renovations and repairs to, and improvements, furnishings and equipment for, Brookhaven High School that are necessary to enable Brookhaven High School to provide academic offerings to students attending the Mississippi School of Fine Arts.

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 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 Two Million Five Hundred Thousand Dollars ($102,500,000.00).

(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 1999 IHL Capital Improvements Fund created pursuant to Section 2 of this act..................................... $70,600,000.00.

(b) The 1999 Community and Junior Colleges Capital Improvements Fund created pursuant to Section 3 of this

act............................................ $15,000,000.00.

(c) The 1999 Mississippi ETV Broadcast Center Addition and Digital Television Equipment Fund created pursuant to Section 4 of this act$ 5,000,000.00.

(d) The 1999 Mississippi School of Fine Arts Construction Fund created pursuant to Section 5 of this

act............................................ $11,900,000.00.

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.

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 25. Chapter 524, Laws of 1995, is amended as follows:

Section 1. As used in 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 Capitol Facilities 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 and/or equipping facilities, purchasing real property for public facilities for agencies or their successors and payment of the state's share of the cost of improvements to a public street as hereinafter described:

Capitol facilities..........................$44,200,000.00

(i) Woolfolk Building: renovate completely and construct an addition to the Woolfolk State Office Building.

(ii) Woolfolk Parking Garage: construct one or more parking garages west of the Woolfolk Building.

(iii) Robert E. Lee Parking Garage: construct an addition to the Robert E. Lee Building Parking Garage.

(iv) Gartin Building: plan through construction bidding documents the renovation of the Gartin Building.

(v) Sillers Building: plan through construction bidding documents the limited renovation of the Sillers Office Building.

(vi) New office facility: plan through construction bidding documents one or more new office facilities north of the Sillers/Gartin Complex.

(vii) Sillers/Gartin Parking Garage: plan through construction documents one or more parking garages north of the Sillers/Gartin Complex.

(viii) Preplanning: authorize preplanning of a new state office complex on the seat of government lands located with Mississippi Street on the north, Jefferson Street on the east, Amite on the south and North Street on the west complete with necessary parking garages.

(ix) Central High Legislative Services Building: renovate and equip the Central High Legislative Services Building.

(x) High Street improvements: payment of the state's share of the cost of improvements to High Street in Jackson, Mississippi.

(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.

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 this act shall not exceed Forty-four Million Two Hundred Thousand Dollars ($44,200,000.00).

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

Section 18. * * *

Section 19. * * *

* * *

SECTION 26. Chapter 560, Laws of 1998, as amended by Section 60, Chapter 600, Laws of 2001, is amended as follows:

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

(a) "Accreted value" of any bonds 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 "1998 Archives and History 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, additions, renovation, restoration and/or repair of existing facilities, exhibits, furnishing, and/or equipping facilities, preplanning and moving and build-out expenses as hereinafter described:

(i) Archives and History Building: Construct on state-owned land a new Archives and History Building complete with parking.

(ii) Central Mechanical Plant: Construct on state-owned land a new central mechanical and electrical service plant to support the existing facilities located on the Old Capitol Green plus the new Archives and History Building.

(iii) War Memorial Building: Renovate and restore the War Memorial Building.

(iv) Charlotte Capers Building: Plan through construction bidding documents the renovation of the Charlotte Capers Building.

(v) Museum: Plan through construction bidding documents a new museum located on state-owned property in Jackson, Mississippi, bound on the south by Amite Street, on the east by Jefferson Street, on the west by North Street and on the north by Mississippi Street, complete with exhibits interpreting the history and prehistory of the state.

(vi) Old Capitol: Plan through construction bidding documents the renovation and restoration of the Old Capitol.

(vii) Moving and Build-Out Expenses: During the course of the construction and relocation of various state agencies, provide for moving costs, moving archival collections, development and reestablishment of computer networks, communications, partition construction, furnishings and equipment, and other necessary expenses associated with the construction authorized by this act.

(c) All new buildings authorized by this act to be constructed or planned shall be designed to be aesthetically pleasing and compatible with state-owned buildings located nearby. To the extent practicable, all new buildings authorized by this act to be constructed or planned shall be of sustainable design and shall be energy efficient.

(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.

Section 14. Bonds issued under the provisions 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 this act shall be used solely for the purposes therein provided, including the costs incident to the issuance and sale of such bonds.

Section 17. 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 27. Chapter 595, Laws of 1998, as amended by Section 22 of Chapter 583, Laws of 2000, is amended as follows:

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

(a) "Accreted value" of any bonds means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of the 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 "1998 Capitol Facilities 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 the fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the cost of supplemental funding as needed for the Woolfolk Building renovation, addition, mechanical plant and garages authorized by Chapter 524, Laws of 1995; to pay the cost of renovation and repair of the Sillers Office Building; to pay the cost of constructing a new central mechanical and electrical service plant to support the Capitol Complex to be located near the Woolfolk Building; to pay the cost of constructing a pedestrian mall on the Sillers/Gartin block that extends south from the intersection of North Congress Street and George Street to High Street, such mall to have a width of not less than that of the right-of-way of North Congress Street; to pay the cost of planning through construction and bidding documents of a new Court Building to be located on state-owned property; and during the course of the construction and relocation of various state agencies, to pay the cost of moving, reestablishment of computer networks communications, partition construction and other necessary expenses associated with the construction authorized by Chapter 524, Laws of 1995.

(c) All new buildings authorized by this act to be constructed or planned shall be designed to be aesthetically pleasing and compatible with state-owned buildings which are located nearby. To the extent practicable, all new buildings authorized by this act to be constructed or planned shall be of sustainable design and shall be energy efficient.

(2) Amounts deposited into the 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 the 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 the 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, 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 Department of Finance and Administration, and the funds shall be paid by the State Treasurer upon warrants issued by the department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.

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 the resolution, the commission may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of the bonds. The total amount of bonds issued under this act shall not exceed Forty-three Million Dollars ($43,000,000.00).

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. The bonds shall bear a date or dates, be in a denomination or denominations, bear interest at a rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at a place or places within or without the State of Mississippi, shall mature absolutely at a time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at a time or times and upon terms, with or without premium, shall bear registration privileges, and shall be substantially in a form, all as 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 to the bonds and attested by the secretary of the commission. The interest coupons, if any, to be attached to the bonds may be executed by the facsimile signatures of the officers. Whenever any such bonds have been signed by the officials designated to sign the bonds who were in office at the time of the signing, but who may have ceased to be officers before the sale and delivery of the bonds, or who may not have been in office on the date the bonds may bear, the signatures of the officers upon the bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person officially signing the bonds had remained in office until their delivery to the purchaser, or had been in office on the date the bonds may bear. However, notwithstanding anything herein to the contrary, the bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

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 authorized to be sold, pay all fees and costs incurred in the issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of the bonds. The commission may 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 commission shall sell the bonds on sealed bids at public sale, and for a price as it may determine to be for the best interest of the State of Mississippi, but no 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 the bonds 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 time, not less than ten (10) days before the date of sale, and shall be 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.

Section 8. The bonds issued under the provisions of this act are general obligations of the State of Mississippi, and for the payment of the bonds 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 the 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 this act, the commission shall transfer the proceeds of any sale or sales to the special fund created in Section 2 of this act. The proceeds of the bonds shall be disbursed solely upon the order of the Department of Finance and Administration under the restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

Section 11. 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 these 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 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 any and all rights granted under this act, or under the resolution adopted by the commission pursuant to Section 3 of this act, 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 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 the 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 this act and income derived from the bonds shall be exempt from all taxation in the State of Mississippi.

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

Section 16. The State Treasurer may, without further process of law, certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration shall issue the warrants, in 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 the bonds in ample time to discharge the bonds, or the interest thereon, on the due dates thereof.

Section 18. * * *

Section 19. * * *

Section 20. The office space occupied by the Secretary of State on the first floor of the New Capitol on January 1, 1998, shall continue to be occupied and used by the Secretary of State.

SECTION 28. Sections 1 through 90, Chapter 522, Laws of 1999, as amended by Sections 21 and 25, Chapter 583, Laws of 2000, are amended as follows:

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:

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

Section 2. (1) (a) A special fund, to be designated as the "1999 Justice Facility Capital Improvements Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of capital improvements, additions, renovation, and/or repair of existing facilities, furnishing, and/or equipping facilities, and moving and build-out expenses as hereinafter described:

(i) Justice Facility: Construct on state-owned land a new facility to accommodate the Supreme Court, Court of Appeals and State Law Library.

(ii) Moving and Build-Out Expenses: During the course of the construction and relocation of each state agency, provide for moving costs, development and reestablishment of computer networks, communications, partition construction, furnishings and equipment, and other necessary expenses associated with the construction authorized by this act.

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

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 19 of this act shall not exceed Twenty Million Dollars ($20,000,000.00). The bonds authorized under Sections 1 through 19 of this act shall not be issued before February 1, 2000, nor shall any of the funds be obligated before that date.

(2) Any investment earnings on amounts deposited into the special fund created in Section 2 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 4. 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 5. 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 6. 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 7. 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.

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 8. 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 9. 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 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 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 11. 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 12. 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 13. 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 14. 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 15. The proceeds of the bonds issued under Sections 1 through 19 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 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 17. Sections 1 through 19 of this act shall be deemed to be full and complete authority for the exercise of the powers therein 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 18. * * *

Section 19. * * *

Section 20. As used in Sections 20 through 38 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 21. (1) (a) A special fund, to be designated as the "1999 Department of Public Safety Improvements Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of preplanning, capital improvements, additions, renovation and/or repair of existing facilities, exhibits, furnishing, and/or equipping facilities, and purchasing real property for the following public facilities for the Department of Public Safety as recommended by the Commissioner of Public Safety:

(i) Preplanning of construction of a crime laboratory in the Jackson Metropolitan Area;

(ii) Replacement of the heating and cooling unit at the Department of Public Safety Headquarters Building in Jackson, Mississippi;

(iii) Construction of a new Highway Safety Patrol Substation in Highway Safety Patrol District 9;

(iv) Repair and renovation of the Highway Safety Patrol Substation in Highway Safety Patrol District 5;

(v) Construction of a new Highway Safety Patrol Substation, a regional crime laboratory and a new Bureau of Narcotics Building in Highway Safety Patrol District 6;

(vi) Construction of a new Bureau of Narcotics Building in Highway Safety Patrol District 4;

(vii) Construction of a new Highway Safety Patrol Substation and a regional crime laboratory in Highway Safety Patrol District 3.

(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 20 through 38 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

Section 22. (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 21 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 20 through 38 of this act shall not exceed Nine Million Five Hundred Thousand Dollars ($9,500,000.00).

(2) Any investment earnings on amounts deposited into the special fund created in Section 21 of this act shall be used to pay debt service on bonds issued under Sections 20 through 38 of this act, in accordance with the proceedings authorizing issuance of such bonds.

Section 23. The principal of and interest on the bonds authorized under Sections 20 through 38 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 24. The bonds authorized by Sections 20 through 38 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 25. All bonds and interest coupons issued under the provisions of Sections 20 through 38 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 20 through 38 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 26. The commission shall act as the issuing agent for the bonds authorized under Sections 20 through 38 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 20 through 38 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.

The commission, when issuing any bonds under the authority of Sections 20 through 38 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 27. The bonds issued under the provisions of Sections 20 through 38 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 28. Upon the issuance and sale of bonds under the provisions of Sections 20 through 38 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 21 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 29. The bonds authorized under Sections 20 through 38 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 20 through 38 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 20 through 38 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 30. The bonds authorized under the authority of Sections 20 through 38 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 31. Any holder of bonds issued under the provisions of Sections 20 through 38 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 20 through 38 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 20 through 38 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 32. All bonds issued under the provisions of Sections 20 through 38 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 33. Bonds issued under the provisions of Sections 20 through 38 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 34. The proceeds of the bonds issued under Sections 20 through 38 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 35. 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 20 through 38 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 36. Sections 20 through 38 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 20 through 38 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

Section 37. * * *

Section 38. * * *

Section 39. As used in Sections 39 through 55 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 40. (1) (a) A special fund, to be designated as the "1999 Department of Information Technology Services 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, for the purpose of providing funds for renovation, repair, restoration, modernization, additions to, furnishing and/or equipping of the State Data Center located in the Robert E. Lee State Office Building and operated by the Mississippi Department of Information Technology Services.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the 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 39 through 55 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 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 41. (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 40 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 39 through 55 of this act shall not exceed Two Million Dollars ($2,000,000.00).

(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 Sections 39 through 55 of this act, in accordance with the proceedings authorizing issuance of such bonds.

Section 42. The principal of and interest on the bonds authorized under Sections 39 through 55 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 43. The bonds authorized by Sections 39 through 55 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 44. All bonds and interest coupons issued under the provisions of Sections 39 through 55 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 39 through 55 of this act, the commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.

Section 45. The commission shall act as the issuing agent for the bonds authorized under Sections 39 through 55 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 39 through 55 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.

The commission, when issuing any bonds under the authority of Sections 39 through 55 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 46. The bonds issued under the provisions of Sections 39 through 55 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 47. Upon the issuance and sale of bonds under the provisions of Sections 39 through 55 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 40 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 48. The bonds authorized under Sections 39 through 55 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 39 through 55 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 39 through 55 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 49. The bonds authorized under the authority of Sections 39 through 55 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 50. Any holder of bonds issued under the provisions of Sections 39 through 55 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 39 through 55 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 39 through 55 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 51. All bonds issued under the provisions of Sections 39 through 55 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 52. Bonds issued under the provisions of Sections 39 through 55 this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 53. The proceeds of the bonds issued under Sections 39 through 55 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 54. 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 39 through 55 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 55. Sections 39 through 55 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

Section 56. (1) (a) A special fund, to be designated as the "1999 Library Commission Capital Improvements Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and investment earnings on amounts in the fund shall be deposited into such fund.

Mississippi Library Commission.............. $10,000,000.00

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

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in subsection (1) of this section. Promptly after the State Bond Commission ("commission") has certified, by resolution duly adopted, that the projects described in subsection (1) shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under Sections 56 through 73 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

Section 57. (1) The commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in Section 56 of this act. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Department of Finance and Administration shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under Sections 56 through 73 of this act shall not exceed Ten Million Dollars ($10,000,000.00). The bonds authorized under Sections 56 through 73 of this act shall not be issued before February 1, 2000, nor shall any of the funds be obligated before that date.

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

Section 58. The principal of and interest on the bonds authorized under Sections 56 through 73 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 59. The bonds authorized by Sections 56 through 73 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 60. All bonds and interest coupons issued under the provisions of Sections 56 through 73 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 56 through 73 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 61. The commission shall act as the issuing agent for the bonds authorized under Sections 56 through 73 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 56 through 73 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.

The commission, when issuing any bonds under the authority of Sections 56 through 73 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 62. The bonds issued under the provisions of Sections 56 through 73 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 63. Upon the issuance and sale of bonds under the provisions of Sections 56 through 73 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 56 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 64. The bonds authorized under Sections 56 through 73 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 56 through 73 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 56 through 73 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 65. The bonds authorized under the authority of Sections 56 through 73 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 66. Any holder of bonds issued under the provisions of Sections 56 through 73 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 56 through 73 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 56 through 73 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 67. All bonds issued under the provisions of Sections 56 through 73 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 68. Bonds issued under the provisions of Sections 56 through 73 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 69. The proceeds of the bonds issued under Sections 56 through 73 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 70. 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 56 through 73 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 71. Sections 56 through 73 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 56 through 73 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

Section 72. * * *

Section 73. * * *

Section 74. As used in Sections 74 through 90 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 75. (1) (a) A special fund, to be designated as the "1999 Public Libraries Capital Improvements Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Mississippi Library Commission, to provide grants to public libraries to pay the costs of capital improvements, renovation and/or repair of existing facilities, furniture, equipment and or technology for facilities.

(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 74 through 90 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(3) The Mississippi Library Commission 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 Mississippi Library Commission, and such funds shall be paid by the State Treasurer upon warrants issued by the Mississippi Library Commission, which warrants shall be issued upon requisitions signed by the Executive Director of the Mississippi Library Commission, or his designee.

(4) (a) The Mississippi Library Commission shall adopt necessary rules and regulations to govern the administration of the program described in subsection (1) of this section, including, but not limited to, rules and regulations governing applications for grants and rules and regulations providing for the distribution of grant funds. The Mississippi Library Commission shall comply with the provisions of the Mississippi Administrative Procedures Law.

(b) Libraries eligible for grant funds under the program described in subsection (1) of this section shall include, but not be limited to, the following: Benton County Library System, Blackmur Public Library (Yalobusha County), Bolivar County Library System, Carnegie Public Library of Clarksdale and Coahoma County, Carroll County Library System, Central Mississippi Regional Library System (Rankin, Scott, Simpson, and Smith Counties), Columbus-Lowndes Public Library, Copiah-Jefferson Regional Library, Dixie Regional Library System (Calhoun, Chickasaw, and Pontotoc Counties), East Mississippi Regional Library System (Clarke and Jasper Counties), Elizabeth Jones Library (Grenada County), First Regional Library System (DeSoto, Lafayette, Panola, Tate, and Tunica Counties), Greenwood-Leflore Public Library, Hancock County Library System, Harriette Person Memorial Library (Claiborne County), Harrison County Library System, The Library of Hattiesburg, Petal and Forrest County, Homochitto Valley Library Service (Adams and Wilkinson Counties), Humphreys County Library, Jackson-George Regional Library System, Jackson/Hinds Library System, Kemper-Newton Regional Library System, Lamar County Library System, Laurel-Jones County Library System, Lee-Itawamba County Library System, Lincoln-Lawrence-Franklin Regional Library System, Long Beach Public Library (Harrison County), Madison County Library System, Marks-Quitman County Library, Marshall County Library, Meridian-Lauderdale County Public Library, Mid-Mississippi Regional Library System (Attala, Holmes, Leake, Montgomery and Winston Counties), Neshoba County Public Library, Northeast Regional Library System (Alcorn, Prentiss, Tippah, and Tishomingo Counties), Noxubee County Library, Pearl River County Library System, Pike-Amite-Walthall Library System, Pine Forest Regional Library System (Covington, Greene, Perry, and Stone Counties), South Delta Library Services (Issaquena, Sharkey, and Yazoo Counties), South Mississippi Regional Library System (Jefferson Davis and Marion Counties), Starkville-Oktibbeha County Library, Sunflower County Library, Tallahatchie County Library, Tombigbee Regional Library System (Choctaw, Clay, Monroe, and Webster Counties), Union County Library System - Jennie Stephens Smith Library, Warren County-Vicksburg Public Library, Washington County Library, Wayne County Library, and Yalobusha County Public Library. The Mississippi Library Commission may designate other public libraries as eligible for grant funds under the program described in subsection (1) of this section.

Section 76. (1) The Mississippi Library Commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for the grant program authorized in Section 75 of this act. Upon the adoption of a resolution by the Mississippi Library Commission, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Mississippi Library Commission shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under Sections 74 through 90 of this act shall not exceed Thirteen Million Dollars ($13,000,000.00).

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

Section 77. The principal of and interest on the bonds authorized under Sections 74 through 90 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 78. The bonds authorized by Sections 74 through 90 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 79. All bonds and interest coupons issued under the provisions of Sections 74 through 90 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 74 through 90 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 80. The commission shall act as the issuing agent for the bonds authorized under Sections 74 through 90 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 74 through 90 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.

The commission, when issuing any bonds under the authority of Sections 74 through 90 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 81. The bonds issued under the provisions of Sections 74 through 90 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 82. Upon the issuance and sale of bonds under the provisions of Sections 74 through 90 of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 75 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 83. The bonds authorized under Sections 74 through 90 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 74 through 90 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 74 through 90 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 84. The bonds authorized under the authority of Sections 74 through 90 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 85. Any holder of bonds issued under the provisions of Sections 74 through 90 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 74 through 90 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 74 through 90 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 86. All bonds issued under the provisions of Sections 74 through 90 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 87. Bonds issued under the provisions of Sections 74 through 90 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 88. The proceeds of the bonds issued under Sections 74 through 90 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 89. 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 74 through 90 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 90. Sections 74 through 90 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 74 through 90 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 29. Chapter 578, Laws of 1999, as amended by Chapter 582, Laws of 2000, as amended by Section 47, Chapter 550, Laws of 2002, is amended as follows:

Section 1. As used in 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 special fund, to be designated the "1999 Hancock County Port and Harbor Commission and Stennis Space Center 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.

(2) Monies deposited into the fund shall be expended for the following projects:

(a) Construction of necessary utilities, roads, buildings, parking and wastewater treatment systems within the fee area of the Stennis Space Center provided such sites and any improvements thereon have been purchased by the State of Mississippi or the Hancock County Port and Harbor Commission or leased by the State of Mississippi or the Hancock County Port and Harbor Commission for a period of not less than forty-nine (49) years; and

(b) Modification of the Mississippi Army Ammunition Plant at the Stennis Space Center and the construction of a fifty thousand (50,000) square foot addition to such plant for the purpose of manufacturing rockets.

(3) Amounts deposited into such special fund shall be disbursed to pay the costs of the project described in subsection (2) of this section. Monies in the fund which are derived from the proceeds of bonds issued under this act, as amended by House Bill No. 1594, 2003 Regular Session, shall be disbursed to pay final costs for completion of the project described in subsection (2)(a) 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 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 project described in subsection (2) of this section shall have been completed, abandoned, or cannot be completed in a timely fashion, any amount 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. Before monies in such special fund may be used for the project described in subsection (2)(a) of this section, the Department of Economic and Community Development shall require any enterprise for which such project is to be completed to enter into binding commitments regarding at least the following matters: (a) that the enterprise create a certain minimum number of jobs and maintain such jobs for a certain minimum period of time, (b) that the enterprise remain in the project facility for a certain minimum period of time, and (c) that if the enterprise fails to satisfy any such commitment, the enterprise must repay all or a portion of the funds used to complete the project.

(4) 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 3. (1) (a) A special fund, to be designated as the "1999 General Building 1016 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 repairs, renovations and improvements to General Building 1016 at the Tri-State Commerce Park in Tishomingo County, Mississippi, that are necessary to utilize such building for the manufacture of rocket parts.

(2) Amounts deposited into such special fund shall be disbursed to pay the costs of the project described in subsection (1) of this section. Promptly after the commission has certified, by resolution duly adopted, that the project described in subsection (1) of this section shall have been completed, abandoned, or cannot be completed in a timely fashion, any amount 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.

Section 4. (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 and 3 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 this act shall not exceed Thirty-nine Million Eight Hundred Eighty Thousand Dollars ($39,880,000.00). The bonds authorized under this act may not be issued after July 1, 2004, and the bonds authorized under this act, as amended by House Bill No. 1594, 2003 Regular Session, shall be the final bonds authorized for the project described in Section 2(2)(a) of this act.

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

(a) The 1999 Hancock County Port and Harbor Commission and Stennis Space Center Improvement Fund created pursuant to Section 2 of this act $31,880,000.00.

(b) The 1999 General Building 1016 Capital Improvements Fund created pursuant to Section 3 of this act............... $ 8,000,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2 and 3 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.

(4) The proceeds of the bonds issued pursuant to this act shall be used to provide funds for all costs incurred or to be incurred for the purposes described in Sections 2 and 3 of this act as such sections may be amended from time to time.

Section 5. 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 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 6. The bonds authorized by 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 7. 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 Uniform Commercial Code, and in exercising the powers granted by this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 8. The 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 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 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.

Section 9. 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 10. Upon the issuance and sale of bonds under the provisions of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 2 and 3 of this act in the amounts provided for in Section 4(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 11. 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 which are specified or required by 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 12. 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 13. Any holder of bonds issued under the provisions 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 14. All bonds issued under the provisions 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 15. Bonds issued under the provisions of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 16. The proceeds of the bonds issued under this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

Section 17. 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 thereon, on the due dates thereof.

Section 18. This act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 30. As used in Sections 30 through 41 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Variable rate bonds" shall mean state-supported debt which bears interest at a rate or rates which vary from time to time and shall include variable rate refunding bonds.

(b) "Interest rate exchange or similar agreement" shall mean a written contract entered into by the state with a counterparty in connection with state-supported debt to provide for an exchange of payments based upon fixed and/or variable rates, shall include interest rates, caps, collars, floors and similar agreements and options on each of the foregoing, and shall be for exchanges in currency of the United States of America only with such terms determined by the commission to be in the financial best interest of the state.

(c) "State-supported debt" shall mean any bonds or notes, including bonds or notes issued to fund reserve funds and costs of issuance and refunding bonds or refunding notes, currently outstanding or authorized to be issued by the state for which the state is or will be constitutionally obligated to pay debt service or is or will be contractually obligated to pay debt service subject to an appropriation; however, this definition shall not apply to debt issued by the Mississippi Development Bank or similar state agencies or authorities.

(d) "Counterparty" shall mean the provider of or other party to an interest rate exchange or similar agreement.

(e) "State" shall mean the State of Mississippi.

(f) "Commission" shall mean the State Bond Commission of the state.

(g) "Variable rate debt instruments" shall mean variable rate bonds, variable rate refunding bonds and interest rate exchange or similar agreements which result in the state effectively paying interest at a rate or rates which vary from time to time.

(h) "Excluded agreements" shall mean the total notional amount of interest rate exchange or similar agreements entered into for the purpose of reducing, reversing or unwinding another interest rate exchange or similar agreement or eliminating a situation of risk or exposure under an existing interest rate exchange or similar agreement, including, but not limited to, a counterparty downgrade, default, or other actual or potential economic loss.

SECTION 31. The purpose of Sections 30 through 41 of this act is to provide full and complete authority for the state, acting by and through the commission, to issue or enter into variable rate debt instruments. No procedure or proceedings, publications, notices, consents, limitations, approvals, orders, acts or things, other than those required by Sections 30 through 41 of this act, shall be required to issue or enter into any variable rate debt instruments or to do any act or perform anything under Sections 30 through 41 of this act except as otherwise may be prescribed in Sections 30 through 41 of this act. The powers conferred by Sections 30 through 41 of this act shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by Sections 30 through 41 of this act shall not affect the powers conferred by any other law. Sections 30 through 41 of this act are remedial in nature and shall be liberally construed.

SECTION 32. (1) Notwithstanding any other provision of law to the contrary, any otherwise authorized state-supported debt may be issued as variable rate bonds. Except as otherwise provided in Sections 30 through 41 of this act or when in conflict with the provisions in Sections 30 through 41 of this act, such variable rate bonds shall be subject to the terms and provisions of the legislation authorizing the issuance of such state-supported debt.

(2) Variable rate bonds issued by the state pursuant to the provisions of subsections (1) of this section or Section 33 of this act, shall be issued pursuant to an authorizing resolution of the commission. Such variable rate bonds may be issued in one or more series, may bear such date or dates, may bear interest at such rate or rates, varying from time to time, not to exceed that allowed by law for the class of bonds being issued, may be in such denominations, may be subject to such terms of redemption (with or without premium) may be sold at private sale (which sale shall be on such terms and in such manner as the commission shall determine) and may contain such other terms and covenants (including, without limitation, covenants for the security and better marketability of such variable rate bonds), as may be provided by resolution of the commission. Pursuant to the provisions of Sections 30 through 41 of this act, the commission may enter into such agreements as may be necessary in connection with the issuance of such variable rate bonds.

SECTION 33. (1) This section and other applicable provisions of Sections 30 through 41 of this act, without reference to any other statute, shall be deemed full and complete authority for the issuance of variable rate refunding bonds by the state, and shall be construed as an additional and alternative method therefor.

(2) The state, acting by and through the commission, may refund outstanding bonds through the issuance of variable rate refunding bonds. Any such refunding may be effected whether or not the bonds to be refunded shall have then matured or shall thereafter mature.

(3) Variable rate refunding bonds issued pursuant to Sections 30 through 41 of this act may be secured by a pledge of: (a) the same source of security as the bonds to be refunded, or (b) such other security as the state may lawfully pledge, or both; all as may be provided by resolution of the commission.

(4) At the time of the issuance of such variable rate refunding bonds, the commission shall find by resolution that at the time of such refunding, such refunding is expected to result in an overall net present value savings to maturity of not less than two percent (2%) of the bonds being refunded.

SECTION 34. In connection with state-supported debt, the commission shall have the power to:

(a) Enter into interest rate exchange or similar agreements with any person under such terms and conditions as the commission may determine, including, but not limited to, provisions as to default or early termination;

(b) Procure insurance, letters of credit or other credit enhancement with respect to agreements described in paragraph (a) of this section;

(c) Provide security for the payment or performance of its obligations with respect to agreements described in paragraph (a) of this section from such sources and with the same effect as is authorized by applicable law with respect to security for its bonds, notes or other obligations; however, any payment or performance of obligations with respect to agreements described in paragraph (a) of this section in connection with debt obligations which carry the full faith and credit of the state shall be subject to appropriation;

(d) Modify, amend, or replace, such agreements described in paragraph (a) of this section; and

(e) Because of the complexity of agreements described in paragraph (a) of this section, the commission may solicit the provision of such agreements on a competitive or negotiated basis.

SECTION 35. Any interest rate exchange or similar agreements entered into pursuant to Section 34 of this act shall be subject to the following limitations:

(a) The counterparty thereto shall have credit ratings from at least one nationally recognized statistical rating agency that is within the two (2) highest investment grade categories and ratings which are obtained from any other nationally recognized statistical rating agencies shall also be within the three (3) highest investment grade categories, or the payment obligations of the counterparty shall be unconditionally guaranteed by an entity with such credit ratings;

(b) The written contract shall require that should the rating: (i) of the counterparty, if its payment obligations are not unconditionally guaranteed by another entity, or (ii) of the entity unconditionally guaranteeing its payment obligations, if so secured, fall below the rating required by paragraph (a) of this section, that the counterparty pledge collateral to the state in the approximate amount estimated at least quarterly, that would be payable by the counterparty to the state if the counterparty defaulted under the contract on such estimation date, which collateral must be 1. obligations eligible for investment of state funds pursuant to state law or regulations of the State Treasurer, or 2. cash in United States of America dollars and such collateral shall be deposited as agreed to by the commission;

(c) The counterparty has a net worth of at least One Hundred Million Dollars ($100,000,000.00), or the counterparty's obligations under the interest rate exchange or similar agreement are guaranteed by a person or entity having a net worth of at least One Hundred Million Dollars ($100,000,000.00);

(d) The total notional amount of all interest rate exchange or similar agreements for the state to be in effect shall not exceed an amount equal to twenty percent (20%) of the total amount of state-supported debt outstanding as of the initial date of entering into each new agreement; however, such total notional amount shall not include any excluded agreements;

(e) No interest rate exchange or similar agreement shall have a maturity exceeding the maturity of the related state-supported debt;

(f) Each interest rate exchange or similar agreement shall be subject to a finding by the commission that its terms and conditions reflect a fair market value of such agreement as of the date of its execution, regardless of whether such agreement was solicited on a competitive or negotiated basis; and

(g) Each interest rate exchange or similar agreement, including the modification or termination thereof, shall be subject to the approval of the commission or its designee.

SECTION 36. (1) As of the initial date of each issuance of variable rate debt instruments, the total of the principal and notional amounts of such variable rate debt instruments outstanding and in effect shall not exceed an amount equal to twenty percent (20%) of the total principal amount of state-supported debt outstanding.

(2) The limitation contained in subsection (2) of this section shall not include any excluded agreements.

SECTION 37. Nothing in Sections 30 through 41 of this act shall be construed as to apply to or limit any debt obligation or related instrument of the state or any other issuers except those obligations or instruments which are or relate to state-supported debt.

SECTION 38. Sections 30 through 41 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 30 through 41 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 39. All variable rate bonds issued under Sections 30 through 41 of this act shall be fully negotiable in accordance with their terms and shall be "securities" within the meaning of Article 8 of the Uniform Commercial Code, subject to the provisions of such bonds pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect the lien and pledge granted by a governmental unit to the holders of any variable rate bonds issued under Sections 30 through 41 of this act.

SECTION 40. All variable rate bonds issued under the provisions of Sections 30 through 41 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 41. If any one or more sections, clauses, sentences or parts of Sections 30 through 41 of this act shall for any reason be questioned in any court and shall be adjudged unconstitutional or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of Sections 30 through 41 of this act, but shall be confined in its operations to the specific provisions so held invalid, and inapplicability or invalidity of any such section, clause, provision or part shall not be taken to affect or prejudice in any way the remaining part or parts of Sections 30 through 41 of this act.

SECTION 42. This act shall take effect and be in force from and after its passage.