SB3178_H_Cmte_Amend

SECTION 1. As used in Sections 1 through 21 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 "2004 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, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control 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................. $ 80,150,000.00

Alcorn State University......................... $ 13,500,000.00

Phase I of design construction,

furnishing and equipping of

a new dining facility ....... $12,000,000.00

Construction of a new baseball

stadium and field and related

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

Delta State University.......................... $ 6,750,000.00

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and equipment .. $ 5,900,000.00

Refurbishing of three (3)

airplanes, purchase of two (2)

new airplanes and a dual flight

management system simulator

and construction of a simulator

lab.......................... $ 850,000.00

Jackson State University........................ $ 8,400,000.00

Continuation of Phase II

of the Lynch

Street Corridor

Project to include

utilities, landscaping,

irrigation and plaza

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

Land acquisition, site improvements

and repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and

equipment ................... $ 5,000,000.00

Acquisition and installation of

any equipment necessary in

establishing and maintaining

a digital transmission system

for the university radio station

to be located at the Mississippi

E-center/Jackson State

University................... $ 500,000.00

Preplanning for construction of

a football stadium and related

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

Mississippi University for Women................ $ 5,000,000.00

Repair and renovation and

furnishing and equipping of

Poindexter Hall ............. $ 4,000,000.00

Furnishing and equipping of

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

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

Phase II of repair and renovation

and furnishing and equipping

of Colvard Student Union .... $ 7,000,000.00

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and

equipment ................... $ 1,000,000.00

Mississippi State University/Division of Agriculture,

Forestry and Veterinary Medicine.............. $ 4,750,000.00

Phase II construction and furnishing

and equipping of

a new building for the

Department of

Agricultural and

Biological Engineering ...... $ 4,750,000.00

Mississippi Valley State University............. $ 5,000,000.00

Phase I of construction,

furnishing and equipping a

wellness center ............. $ 4,000,000.00

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and equipment .. $ 1,000,000.00

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

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and

equipment ................... $ 7,000,000.00

University Medical Center....................... $ 7,000,000.00

Repair and renovation of campus

buildings and facilities,

repair, renovation, replacement

and improvement of campus

infrastructure and purchase of

furniture and

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

To aid in the construction, furnishing,

equipping and operating of the

University Medical Center Cancer Institute

as determined by the Vice Chancellor

for Health Affairs for the University

Medical Center to be in the best

interest of the University Medical

Center and approved by the Board

of Trustees of State Institutions

of Higher Learning........... $ 5,000,000.00

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

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and

equipment ................... $ 5,000,000.00

University of Southern Mississippi/

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

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and

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

University of Southern Mississippi/

Gulf Park Campus.................................. $ 5,750,000.00

Phase II of construction, furnishing

and equipping of a nursing/allied health/

science laboratory facility..... $ 5,000,000.00

Repair and renovation of campus

buildings and facilities, repair,

renovation, replacement

and improvement of campus

infrastructure and purchase

of furniture and equipment ..... $ 750,000.00

University of Southern Mississippi/

Stennis Space Center.............................. $ 2,000,000.00

Phase I of construction, furnishing

and equipping of the Oceanographic

Support Facility................ $ 2,000,000.00

Board of Trustees of State Institutions of

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

Preparation of master plans for

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

STATE AGENCIES.................................. $ 42,496,000.00

Department of Agriculture and Commerce.......... $ 2,000,000.00

Repair, renovation, demolition,

improvement and upgrade of

facilities and infrastructure,

and completion of the relocation

of the Mississippi Farmers

Central Market to the State

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

Department of Finance and Administration........ $ 10,000,000.00

Construction, furnishing and

equipping of a parking facility

and cafeteria adjacent to

the Sillers Building ...... $ 9,500,000.00

Lease-purchase of the Barefield

Complex to improve parking

at the Capitol Complex, removal

of back buildings on the site,

site improvements and

resurfacing for parking ..... $ 500,000.00

Department of Environmental Quality............. $ 1,000,000.00

Planning, acquisition of property

and site preparation for

a facility for the

department .................. $ 1,000,000.00

Department of Corrections....................... $ 775,000.00

Repair and renovation of existing

facilities and furnishing

and equipping of

facilities .................. $ 775,000.00

Mississippi State Tax Commission................ $ 1,000,000.00

Phase I of a project to

relocate the commission

to a central facility,

including property acquisition,

study of space needs,

preplanning and construction,

furnishing and equipping

of the facility ............. $ 1,000,000.00

Department of Wildlife, Fisheries and Parks..... $ 2,350,000.00

Construction of new facilities,

repair and renovation of

existing facilities and

furnishing and equipping

of facilities ............... $ 2,000,000.00

Dam and levee repairs at

Charlie Capps State Lake .... $ 350,000.00

Department of Mental Health..................... $ 2,500,000.00

Planning, construction, furnishing

and equipping of one of four

components at the East

Mississippi State

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

General repair and renovation

and furnishing and equipping

of existing facilities ...... $ 2,000,000.00

Mississippi Schools for the Deaf and Blind...... $ 1,859,000.00

Continuation of renovations to

Dormitory A, enhancements to

Phase II of video and audio

communications, enhancements

to Phase III including lockers,

furniture, equipment and

signage ..................... $ 1,859,000.00

Department of Archives and History.............. $ 4,800,000.00

Design, renovation and repair and

furnishing and equipping of

the Capers Building and site

improvements at the Capers

Building .................... $ 4,800,000.00

Department of Information and Technology Services$ 2,000,000.00

Phase II of installation of

communications infrastructure

and related equipment at the

Capitol Complex, the Education

and Research Center campus

and other state buildings

and connections between such

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

Department of Human Services.................... $ 8,500,000.00

Design, construction, furnishing

and equipping of an academic,

administration, cafeteria and

counseling center building at

the Columbia Training

School ...................... $ 5,500,000.00

General repairs and renovations,

furnishing and equipping of

facilities and site work at

the Columbia Training School

and the Oakley Training

School ...................... $ 3,000,000.00

Mississippi Industries for the Blind............. $ 500,000.00

Phase I of a complete reuse plan

and construction, furnishing

and equipping of the Mississippi

Industries for the Blind Facility

and State Records Center at

the old Farmers' Market

location in Jackson ......... $ 500,000.00

Stennis Space Center............................ $ 3,312,000.00

Renovation and upgrades of

systems at the Lockheed Martin

Laboratory to make the facility

functional for its intended

purpose and reimbursements

to user of the facility for

upgrades to the

facility that were paid

for by the user ............. $ 3,312,000.00

Mississippi National Guard...................... $ 1,900,000.00

Provide matching funds to the

National Guard for construction

of a readiness center in

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

Provide matching funds to the

National Guard for armory

maintenance and repair

projects .................. $ 500,000.00

TOTAL........................................... $122,646,000.00

(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 21 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 21 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.

(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.

(5) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is authorized to preplan a female receiving unit at the Mississippi State Hospital. The project 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 "2004 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..................................... $ 483,115.00

Copiah-Lincoln.............................. 572,057.00

East Central................................ 524,469.00

East Mississippi............................ 615,224.00

Hinds....................................... 1,062,178.00

Holmes...................................... 619,404.00

Itawamba.................................... 674,090.00

Jones....................................... 762,631.00

Meridian.................................... 600,684.00

Mississippi Delta........................... 604,973.00

Mississippi Gulf Coast...................... 1,012,627.00

Northeast Mississippi....................... 602,317.00

Northwest Mississippi....................... 783,229.00

Pearl River................................. 598,346.00

Southwest Mississippi....................... 484,655.00

GRAND TOTAL................................. $10,000,000.00

(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 21 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 21 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 "2004 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 institutions of higher learning 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 v. Musgrove.

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

(3) The institutions of higher learning are 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 institutions of higher learning, and such funds shall be paid by the State Treasurer upon warrants issued by such institutions, which warrants shall be issued upon requisitions signed by the Commissioner of Higher Education, or his designee.

(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 "2004 Bureau of Buildings Discretionary 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:

(i) Correction of structural, environmental and weatherization problems, required site protection, repair of finishes, completion of furnishing and equipping of the Mississippi Valley State University Administration Building and the Greenville Higher Education Center and temporary relocation of occupants of such buildings; and

(ii) General weatherization, roofing, environmental, mechanical, demolition, electrical and structural repairs required on an emergency basis for state-owned facilities.

(2) Amounts deposited into such special fund shall be disbursed 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 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 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. Except as otherwise provided in Section 7 of this act, the total amount of bonds issued under Sections 1 through 21 of this act shall not exceed One Hundred Forty-two Million Six Hundred Forty-six Thousand Dollars ($142,646,000.00). No bonds shall be issued under this section after July 1, 2007.

(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 2004 IHL Capital and State Agencies Improvements Fund created pursuant to Section 2 of this

act............................................ $122,646,000.00.

(b) The 2004 Community and Junior College Capital Improvements Fund created pursuant to Section 3 of this

act............................................ $ 10,000,000.00.

(c) The 2004 Bureau of Buildings Discretionary Fund created pursuant to Section 5 of this act.......................... $ 10,000,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2, 3 and 5 of this act shall be used to pay debt service on bonds issued under Sections 1 through 21 of this act, in accordance with the proceedings authorizing issuance of such bonds.

SECTION 7. (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 described 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 21 of this act, in accordance with the proceedings authorizing the issuance of such bonds.

SECTION 8. The principal of and interest on the bonds authorized under Sections 1 through 21 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 9. The bonds authorized by Sections 1 through 21 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 10. All bonds and interest coupons issued under the provisions of Sections 1 through 21 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 21 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 11. The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 21 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 21 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 21 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 12. The bonds issued under the provisions of Sections 1 through 21 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 13. Upon the issuance and sale of bonds under the provisions of Sections 1 through 21 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) and 7 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 14. The bonds authorized under Sections 1 through 21 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 21 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 21 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 15. The bonds authorized under the authority of Sections 1 through 21 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 16. Any holder of bonds issued under the provisions of Sections 1 through 21 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 21 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 21 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 17. All bonds issued under the provisions of Sections 1 through 21 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 18. Bonds issued under the provisions of Sections 1 through 21 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 19. The proceeds of the bonds issued under Sections 1 through 21 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 20. 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 21 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 21. Sections 1 through 21 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 1 through 21 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 24, Chapter 522, Laws of 2003, are amended as follows:

Section 1. As used in Sections 1 through 24 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 "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, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control, 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................. $ 63,760,000.00

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

Complete renovation of the baseball

field, to include dugouts, bleachers,

concession stands, backstops

and fencing ................ $ 500,000.00

Repair and renovation of campus

buildings and facilities and repair,

renovation, replacement and improvement

of campus infrastructure ... $ 2,000,000.00

Delta State University $ 6,200,000.00

Construction of new campus

buildings and facilities, and

repair, renovation, replacement

and improvement of campus

infrastructure, including

repairs and renovations of

the Chadwick-Dickson

Building ................... $ 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 ..................... $ 2,500,000.00

Purchase of two (2)

airplanes and three (3)

flight simulators for the

Gibson-Gunn Aviation

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

Jackson State University........................ $ 6,400,000.00

Acquisition of land adjacent

to campus in the surrounding

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

Parking construction, paving and

repair and renovation of campus

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

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

Repair and renovation of

Martin Hall for

purpose of housing the

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

Mississippi State University.................... $ 8,960,000.00

Phase I of repair and renovation

of Colvard Student

Union ...................... $ 8,000,000.00

Expansion of the North

Mississippi Research

and Extension Center ....... $ 960,000.00

Mississippi State University/Division of Agriculture,

Forestry and Veterinary Medicine.............. $ 4,750,000.00

Phase I construction of

a new building for the

Department of

Agricultural and

Biological Engineering ..... $ 4,750,000.00

Mississippi Valley State University............. $ 5,000,000.00

Repair and renovation of campus

buildings and facilities and

repair, renovation, replacement

and improvement of campus

infrastructure ............. $ 4,000,000.00

Design through construction

documents and Phase I of

construction of a wellness

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

University of Mississippi....................... $ 9,000,000.00

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

Final phase of renovation

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

Final phase of relocation

of the Physical Plant ...... $ 1,000,000.00

Repair and renovation of campus

buildings and facilities and

repair, renovation, replacement

and improvement of campus

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

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

To aid in the purchase or,

to construct, furnish and

equip a clinical/teaching

facility as determined by

the Vice Chancellor for

Health Affairs for the

University Medical Center

to be in the best interest of

the University Medical Center

and approved by the Board

of Trustees of State

Institutions of

Higher Learning ............ $ 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 Coast 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 and facilities and

repair, renovation, replacement

and improvement of campus

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

University of Southern Mississippi/

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

Completion of expansion,

furnishing and equipping

of the High Performance

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.................................. $ 55,434,000.00

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

Renovation of cottages

and construction of a visitors

center and 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......................... $ 2,984,000.00

Renovation, furnishing and

equipping of Dobyns Hall

at the Mississippi Schools

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

Equipping, furnishing and other

start-up costs for the

Mississippi School for the

Arts, including,

but not limited to, computer

equipment; visual art, music

and theater supplies; cafeteria

equipment and supplies;

textbooks; classroom supplies;

infirmary and residential

life supplies ............ $ 1,000,000.00

Department of Mental Health..................... $ 6,200,000.00

Completion of construction

of mental health crisis

intervention centers first

authorized by Chapter 463,

Laws of 1999 ............... $ 2,400,000.00

Construction of a

maintenance/warehouse

building at the Mississippi

State Hospital ............. $ 1,400,000.00

Completion of furnishing and

equipping of nursing

home facilities at

the East Mississippi

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

Construction, furnishing and

equipping of two (2)

intermediate care facilities

for the mentally retarded

(community group homes) .... $ 1,400,000.00

Department of Finance and Administration........ $ 19,500,000.00

Completion of construction, equipping

and furnishing of a justice

facility to accommodate the

Supreme Court, Court of Appeals

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

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

To continue an ongoing program for

repair and renovation of state-owned

facilities necessary for

compliance with the Americans

with Disabilities Act ...... $ 1,000,000.00

To continue an ongoing program for

repair and renovation of state

institutions of higher learning

necessary for compliance with

the Americans with Disabilities

Act ........................ $ 1,000,000.00

Development of requirements

and Phase I of the

implementation of a

construction and property

management information

system .................. $ 500,000.00

Department of Wildlife, Fisheries and Parks..... $ 750,000.00

Construction, furnishing and

equipping of two (2) duplex

cabins at Trace State Park

and utility connections,

road extensions and

parking areas for

such cabins ............... $ 325,000.00

Construction, furnishing and

equipping of two (2) duplex

cabins at Lake Lowndes State

Park and utility connections,

road extensions and parking

areas for such cabins ..... $ 325,000.00

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

Repair, renovation of equipment

storage facilities and

asbestos removal .......... $ 500,000.00

Construction of facilities

to produce containerized

seedlings ................. $ 500,000.00

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

Repair and renovation of the

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

Mississippi Library Commission.................. $ 3,500,000.00

Furnishing and equipping

of the new Mississippi

Library Commission

Building and moving/relocation

expenses and other necessary

expenses associated with

such facility ............. $ 3,000,000.00

Acquiring and implementing a

statewide, technology

standards-compliant

interlibrary loan/booksharing

system .................... $ 500,000.00

Mississippi National Guard...................... $ 1,900,000.00

Provide matching funds to the

National Guard for construction

of an armory in Kosciusko,

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

Provide matching funds to the

National Guard for armory

maintenance and repair

projects .................. $ 500,000.00

Department of Archives and History.............. $ 1,500,000.00

Finalization of architectural and

exhibit design through

construction documents and

limited site preparation/

improvement for the new

State Historical Museum

authorized by Chapter 560,

Laws of 1998 .............. $ 1,500,000.00

Department of Information Technology Services... $ 1,900,000.00

Phase I of installation of

communications infrastructure

and related equipment at the

Capitol Complex, the Education

and Research Center Campus

and other state buildings

and connections between such

locations ................. $ 1,900,000.00

Mississippi Veterinary Diagnostic Laboratory.... $ 6,000,000.00

Phase II of construction,

furnishing and equipping of the

Mississippi Veterinary Diagnostic

Laboratory in Jackson ..... $ 6,000,000.00

State Fire Academy.............................. $ 2,300,000.00

Construction, equipping and

furnishing a new burn building

with gas fire simulators

and other related

facilities at State Fire Academy

in Rankin County .......... $ 2,300,000.00

TOTAL........................................... $119,194,000.00

(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 24 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 24 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

(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; and

(e) Relocation of State Records Center.

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.

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 Sections 1 through 24 of this act.

Coahoma..................................... $ 578,799.00

Copiah-Lincoln.............................. 683,117.00

East Central................................ 614,715.00

East Mississippi............................ 709,527.00

Hinds....................................... 1,341,127.00

Holmes...................................... 738,315.00

Itawamba.................................... 776,873.00

Jones....................................... 930,845.00

Meridian.................................... 710,056.00

Mississippi Delta........................... 747,822.00

Mississippi Gulf Coast...................... 1,185,439.00

Northeast Mississippi....................... 742,672.00

Northwest Mississippi....................... 949,992.00

Pearl River................................. 716,262.00

Southwest Mississippi....................... 574,439.00

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 24 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) 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 24 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 Mississippi State-Owned Buildings and IHL 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 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; however, Five Hundred Thousand Dollars ($500,000.00) shall be disbursed by the Department of Finance and Administration to pay the cost of repairs and renovations at the Mississippi School for the Deaf and the Mississippi School for the Blind.

(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 24 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 24 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 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 v. Musgrove.

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

Section 6. (1) (a) A special fund to be designated as the "2003 Mississippi EDNET 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 EDNET Institute, to pay the costs of engineering, procuring and installing 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.

(2) Amounts deposited into such special fund shall be disbursed to the Mississippi EDNET Institute 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 EDNET Institute 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 7. (1) (a) A special fund to be designated as the "2003 Chalmers Institute 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 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 repairs and renovations of the Chalmers Institute 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 8. (1) (a) A special fund to be designated as the "2003 Hillcrest Cemetery Repair 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 Holly Springs, Mississippi, to pay the costs of repairs to the historical portion of the Hillcrest Cemetery.

(2) Amounts deposited into such special fund shall be disbursed by the Department of Finance and Administration 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 Holly Springs, Mississippi, upon warrants issued by the 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 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, 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. Except as otherwise provided in Section 10 of this act, the total amount of bonds issued under Sections 1 through 24 of this act shall not exceed One Hundred Thirty-nine Million Four Hundred Eighty-four Thousand Dollars ($139,484,000.00). No bonds shall be issued under this section after July 1, 2006.

(2) The proceeds of the bonds issued pursuant to Sections 1 through 24 of this act shall be deposited into the following special funds in not more than the following amounts:

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

act............................................ $119,194,000.00.

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

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

of this act.................................... $ 3,000,000.00.

(d) The 2003 Mississippi EDNET Fund created pursuant to

Section 6 of this act.......................... $ 900,000.00.

(e) The 2003 Chalmers Institute Repair and Renovation

Fund created pursuant to Section 7 of this act. $ 90,000.00.

(f) The 2003 Hillcrest Cemetery Fund created pursuant

to Section 8 of this act....................... $ 300,000.00.

(g) The Rural Fire Truck Fund created pursuant to Section 17-23-1 for the rural fire truck acquisition assistance

program........................................ $ 4,000,000.00.

(3) Any investment earnings on amounts deposited into the special funds created in Sections 2, 3, 4, 6, 7 and 8 of this act shall be used to pay debt service on bonds issued under Sections 1 through 24 of this act, in accordance with the proceedings authorizing issuance of such bonds.

Section 10. (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 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 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 6 of this act. Any investment earnings on amount deposited into the special fund created in Section 5 of this act shall be used to pay debt service on bonds issued under Sections 1 through 24 of this act, in accordance with the proceedings authorizing the issuance of such bonds.

Section 11. The principal of and interest on the bonds authorized under Sections 1 through 24 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 12. The bonds authorized by Sections 1 through 24 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 13. All bonds and interest coupons issued under the provisions of Sections 1 through 24 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 24 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

Section 14. The commission shall act as the issuing agent for the bonds authorized under Sections 1 through 24 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 24 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 24 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 15. The bonds issued under the provisions of Sections 1 through 24 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 16. Upon the issuance and sale of bonds under the provisions of Sections 1 through 24 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 amounts provided for in Sections 9(2) and 10 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 17. The bonds authorized under Sections 1 through 24 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 24 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 24 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 18. The bonds authorized under the authority of Sections 1 through 24 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 19. Any holder of bonds issued under the provisions of Sections 1 through 24 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 24 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 24 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 20. All bonds issued under the provisions of Sections 1 through 24 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 21. Bonds issued under the provisions of Sections 1 through 24 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 22. The proceeds of the bonds issued under Sections 1 through 24 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 23. 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 24 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 24. Sections 1 through 24 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 23. Sections 1 through 20, Chapter 583, Laws of 2000, as amended by Chapter 550, Laws of 2002, as amended by Chapter 522, Laws of 2003, are 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 "2000 State Agencies Capital Improvements Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration,with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control, 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................. $ 38,472,000.00

Alcorn State University......................... $ 10,324,000.00

Construction, furnishing and

equipping a business school

building suitable to

house an MBA program

and renovations to

other business school

facilities................$ 9,500,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems...................$ 824,000.00

Delta State University.......................... $ 1,941,000.00

Repair, renovation and

restoration of the

Cutrer House at

the Clarksdale

Center....................$ 1,000,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems...................$ 941,000.00

Jackson State University........................ $ 2,677,000.00

Completion of Phase I construction,

furnishing and equipping

of transitional student

housing...................$ 1,500,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems...................$ 1,177,000.00

Mississippi University for Women................ $ 588,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems...................$ 588,000.00

Mississippi State University.................... $ 5,206,000.00

Phase II of renovation

of the Hand

Chemical Teaching

Laboratory................$ 3,500,000.00

Construction, repair, renovation,

furnishing and equipping

of buildings for the

School of Architecture on

Capitol Street in Jackson,

Mississippi...............$ 1,706,000.00

Mississippi State University/Division of

Agriculture, Forestry and

Veterinary Medicine............$ 3,981,000.00

Upgrades to heating

and cooling

systems, repairs

and renovations to

the Wise Center

Complex and purchase

of equipment for such

center.....................$ 3,000,000.00

Construction, repair,

renovation, expansion,

equipping and furnishing

of an open air arena for

the cooperative extension

service....................$ 210,000.00

Repairs, renovations, additions,

construction and improvements

that are necessary for the

Veterinary Diagnostic Laboratory

to assist poultry producers

and processors in diagnosing

and controlling poultry

diseases...................$ 500,000.00

Repair and renovation of

facilities.................$ 271,000.00

Mississippi Valley State University............. $ 5,238,000.00

Phase II of construction,

repair and renovation

of the business

school.....................$ 3,800,000.00

Waste water treatment system

improvements...............$ 850,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems....................$ 588,000.00

University of Mississippi....................... $ 3,500,000.00

Physical plant relocation.....$ 2,000,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

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

University Medical Center........................ $ 388,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems....................$ 388,000.00

University of Southern Mississippi.............. $ 1,058,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems and improvements

to campus technology

infrastructure.............$ 1,058,000.00

University of Southern Mississippi/

Gulf Park Campus............................. $ 2,188,000.00

Repair, renovation,

replacement and

improvement of campus

infrastructure.............$ 1,800,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems....................$ 388,000.00

University of Southern Mississippi/

Gulf Coast Research Laboratory............... $ 1,030,000.00

Matching funds for federal

infrastructure grant

at Cedar Point in

Jackson County,

Mississippi................$ 900,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems....................$ 130,000.00

Education and Research Center................... $ 353,000.00

Roof repair and waterproofing

for campus facilities

and maintenance and

repair of mechanical

systems....................$ 353,000.00

AUTHORITY FOR EDUCATIONAL TELEVISION............ $ 3,500,000.00

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

DEPARTMENT OF MENTAL HEALTH..................... $ 15,286,000.00

Phase I of construction,

furnishing and equipping

of new receiving

units......................$13,786,000.00

Repair and renovation of department

facilities with priority

given to roofing,

waterproofing, HVAC and

infrastructure.............$ 1,500,000.00

DEPARTMENT OF FINANCE AND ADMINISTRATION........ $ 7,000,000.00

Repair and renovation

of the Walter Sillers

Building...................$ 7,000,000.00

MISSISSIPPI NATIONAL GUARD...................... $ 2,600,000.00

Provide matching funds to the

Mississippi National Guard

for construction of an

armory in Vicksburg,

Mississippi................$ 2,600,000.00

MISSISSIPPI SCHOOLS FOR THE BLIND AND DEAF...... $ 4,000,000.00

Construction of a perimeter

fence around the

campuses, renovation of

Saunders Hall and addition

of an academic center to

Building B, a combined

classroom and laboratory

building...................$ 4,000,000.00

DEPARTMENT OF WILDLIFE, FISHERIES AND PARKS..... $ 4,500,000.00

Repair and renovation to road

sub-grade and surface at

state parks as determined

necessary by the Department

of Wildlife, Fisheries

and Parks..................$ 4,250,000.00

Provision of assistance to the

Board of Supervisors of

Tippah County to upgrade

and repair roads within

and leading to Hell Creek

Wildlife Management

Area.......................$ 250,000.00

TOTAL........................................... $ 75,358,000.00

(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 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.

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

(a) Renovation and repair of the Colvard Student Union at Mississippi State University;

(b) Renovation and repair of Guyton Hall and the old Education Building at the University of Mississippi;

(c) Construction of a new music facility or repair and renovation of existing buildings to house the Music Department at the University of Southern Mississippi;

(d) New classroom facilities at the University Medical Center;

(e) Construction of an assembly, wellness and academic center and a science and technology building at Mississippi Valley State University;

(f) Construction of a new administration and operations building on state-owned land for the Department of Environmental Quality;

(g) Construction of a new administration and operations building on state-owned land for the Mississippi Emergency Management Agency; and

(h) Construction and development of parking facilities for state agencies and departments in the vicinity of the New Capitol.

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

(6) Monies allocated to the University of Southern Mississippi/Gulf Coast Research Laboratory at Cedar Point in Jackson County, Mississippi, shall not be used for any project at such institution of higher learning if the property conveyed to the Board of Trustees of State Institutions of Higher Learning, for the use and benefit of the University of Southern Mississippi and the Gulf Coast Research Laboratory, in the Warranty Deed recorded in Book 1075, pages 545-546, in the Office of the Chancery Clerk of Jackson County, Mississippi, reverts to Jackson County, Mississippi.

Section 3. (1) (a) A special fund, to be designated as the "2000 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, with priority given to needs affecting accreditation matters.

(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 4. (1) (a) A special fund, to be designated as the "2000 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.

(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 5. (1) (a) A special fund, to be designated as the "2000 Community and Junior Colleges Capital Improvements Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under Sections 1 through 20 of this act.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of 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.................................... $ 378,642.00

Copiah-Lincoln............................. 545,631.00

East Central............................... 493,120.00

East Mississippi........................... 422,318.00

Hinds...................................... 1,038,386.00

Holmes..................................... 524,229.00

Itawamba................................... 572,757.00

Jones...................................... 752,937.00

Meridian................................... 527,464.00

Mississippi Delta.......................... 557,950.00

Mississippi Gulf Coast..................... 923,908.00

Northeast Mississippi...................... 590,676.00

Northwest Mississippi...................... 667,700.00

Pearl River................................ 549,240.00

Southwest Mississippi...................... 455,044.00

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 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 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 Eighty-nine Million Eight Hundred Fifty-eight Thousand Dollars ($89,858,000.00). No bonds shall be issued under Sections 1 through 20 of this act after July 1, 2003.

(2) The proceeds of the bonds issued pursuant to Sections 1 through 20 of this act shall be deposited into the following special funds in not more than the following amounts:

(a) The 2000 State Agencies Capital Improvements Fund created pursuant to Section 2 of this act........................... $75,358,000.00.

(b) The 2000 IHL Additional Repair and Renovation Fund created pursuant to Section 3 of this act........................... $ 2,500,000.00.

act............................................. $ 3,000,000.00.

(d) The 2000 Community and Junior College Capital Improvements Fund created pursuant to Section 5 of this

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

(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.

The commission, when issuing any bonds under the authority of Sections 1 through 20 of this act, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

Section 11. The bonds issued under the provisions of Sections 1 through 20 of this act are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.

Section 12. Upon the issuance and sale of bonds under the provisions of Sections 1 through 20 of this act, the commission shall transfer the proceeds of any such sale or sales to the special funds created in Sections 2, 3, 4 and 5 of this act in the amounts provided for in Section 6(2) of this act. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

Section 13. The bonds authorized under Sections 1 through 20 of this act may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by Sections 1 through 20 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 1 through 20 of this act shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

Section 14. The bonds authorized under the authority of Sections 1 through 20 of this act may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

Section 15. Any holder of bonds issued under the provisions of Sections 1 through 20 of this act or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under Sections 1 through 20 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 1 through 20 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

Section 16. All bonds issued under the provisions of Sections 1 through 20 of this act shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

Section 17. Bonds issued under the provisions of Sections 1 through 20 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 18. The proceeds of the bonds issued under Sections 1 through 20 of this act shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.

Section 19. The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under Sections 1 through 20 of this act; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

Section 20. Sections 1 through 20 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 1 through 20 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 24. Sections 52 through 63, Chapter 522, Laws of 2003, are amended as follows:

Section 52. As used in Sections 52 through 63 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 53. The purpose of Sections 52 through 63 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 52 through 63 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 52 through 63 of this act except as otherwise may be prescribed in Sections 52 through 63 of this act. The powers conferred by Sections 52 through 63 of this act shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by Sections 52 through 63 of this act shall not affect the powers conferred by any other law. Sections 52 through 63 of this act are remedial in nature and shall be liberally construed.

Section 54. (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 52 through 63 of this act or when in conflict with the provisions in Sections 52 through 63 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 55 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 52 through 63 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 55. (1) This section and other applicable provisions of Sections 52 through 63 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 52 through 63 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, unless those bonds are issued under Section 31-15-1 et seq.

Section 56. 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 * * *;

(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 57. Any interest rate exchange or similar agreements entered into pursuant to Section 56 of this act shall be subject to the following limitations:

(a) The counterparty thereto shall have credit ratings from at least one (1) 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 obligations of such counterparty shall be fully and continuously collateralized by direct obligations of, or obligations the principal and interest on which are guaranteed by the United States of America with a net market value of at least one hundred two percent (102%) of the net market value of the contract of the authorized insurer 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 58. (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 59. Nothing in Sections 52 through 63 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 60. Sections 52 through 63 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 52 through 63 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

Section 61. All variable rate bonds issued under Sections 52 through 63 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 52 through 63 of this act.

Section 62. All variable rate bonds issued under the provisions of Sections 52 through 63 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

Section 63. If any one or more sections, clauses, sentences or parts of Sections 52 through 63 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 52 through 63 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 52 through 63 of this act.

SECTION 25. Section 31-15-3, Mississippi Code of 1972, is amended as follows:

31-15-3. Whenever used in Sections 31-15-1 through 31-15-19, the words "political subdivision" shall be deemed as including the state and any county, city, town, or village, whether operating under the code chapter, a special charter, or the commission form of government; and any supervisors' district, road district, municipal separate school district, rural separate school district, consolidated school district, line separate school district, or school district of any other form.

The words "governing authority," wherever used in the aforesaid sections, shall be understood as referring to the following: for the state, the State Bond Commission; for counties, supervisors' districts, road districts, school districts (other than municipal separate school districts), the board of supervisors of the county; for cities, towns, or villages operating under the code, the board of mayor and aldermen thereof; for cities, towns, or villages operating under special charters, the legislative body thereof created by such charters; for cities, towns, or villages operating under the commission form of government, the council or commission thereof; for municipal separate school districts, the governing authority of the city, town, or village within such district.

SECTION 26. Section 31-15-5, Mississippi Code of 1972, is amended as follows:

31-15-5. (1) The governing authority of any political subdivision may, without an election on the question of the issuance thereof, issue the bonds of such subdivision for the purpose of refunding any bonded indebtedness of such subdivision now or hereafter outstanding, whether such bonded indebtedness shall at the time of such refunding be due or to mature in the future, and regardless of whether the issuance of such refunding bonds shall create a total bonded indebtedness of such subdivision in excess of the then existing statutory limitation of debt.

(2) The board of supervisors of any county may issue the bonds of any county, consolidated school district, rural separate school district or separate road district, for the purpose of refunding the outstanding bonded indebtedness of any such county or district when the same shall mature, whether now due or to become due in the future without notice and without an election on the question of the issuance of same, regardless of whether or not the issuance of such bonds shall create a total bonded indebtedness in excess of the then existing statutory limitation of debt.

(3) Such bonds may be issued in sufficient amount to pay and retire any of the then outstanding bonds, whether matured or to mature in the future, together with interest thereon to the date of the refunding bonds or to such prior date as the governing authority may determine; and such power to refund such bonds and interest may be exercised whenever funds available * * * not sufficient to pay such outstanding bonds and the interest thereon whenever they may mature.

SECTION 27. Section 31-15-7, Mississippi Code of 1972, is amended as follows:

31-15-7. Such refunding bonds shall bear such rate or rates of interest as may be determined by the governing body, not exceeding, however, a net interest cost of seven percent (7%) payable semiannually; shall be in such denomination or denominations and form as may be determined by resolution or order of the governing authority; and shall be executed in behalf of the political subdivision by such officer or officers thereof as may be determined in such resolution or order. * * *

SECTION 28. Section 31-15-9, Mississippi Code of 1972, is amended as follows:

31-15-9. Such refunding bonds shall be sold at public or private sale and shall be issued pursuant to an authorizing resolution of the governing authority for such political subdivision. The resolution * * * providing for the issuance of such bonds may reserve unto the governing authority the right to call in, pay, and redeem such bonds in the manner provided in such resolution.

The board of supervisors may accept county bonds, consolidated school district bonds, rural separate school district bonds or separate road district bonds, as the case may be, at not more than par and interest accruing thereon at the rate fixed in the bonds to be refunded in exchange for said refunding county bonds, consolidated school district bonds, rural separate school district bonds or separate road district bonds, as the case may be. In accepting any bond in exchange for, or in payment of, any such refunding bond, no bond shall be accepted in such exchange or payment that is secured by the property of a smaller or different district, or other subdivision, than that securing the refunding bonds so issued.

SECTION 29. Section 31-15-11, Mississippi Code of 1972, is amended as follows:

31-15-11. All refunding bonds issued under the provisions of Sections 31-15-1 through 31-15-19 shall be general obligations of the political subdivisions issuing same, and the governing authority of such subdivision, except for the state, shall annually levy a tax upon all taxable property therein sufficient to pay the principal of and the interest on such bonds as the same matures and accrues. The full faith, credit, and resources of such subdivision shall be and are hereby irrevocably pledged to the payment of such bonds, both as to principal and interest.

SECTION 30. Section 31-15-17, Mississippi Code of 1972, is amended as follows:

31-15-17. Sections 31-15-1 through 31-15-19, without reference to any other statute, shall be deemed full and complete authority for the issuance of refunding bonds by political subdivisions * * *, and shall be construed as an additional and alternative method therefor. None of the present restrictions, requirements, conditions, or limitations of law applicable to the issuance of bonds by political subdivisions * * * shall apply to the issuance and sale or exchange of bonds under the aforesaid sections, and no proceedings shall be required for the issuance of such bonds other than those provided for and required herein. All powers necessary to be exercised by the governing authority of any such political subdivision in order to carry out the provisions of said sections are hereby conferred.

SECTION 31. Section 31-11-3, Mississippi Code of 1972, is amended as follows:

31-11-3. (1) The Department of Finance and Administration, for the purposes of carrying out the provisions of this chapter, in addition to all other rights and powers granted by law, shall have full power and authority to employ and compensate architects or other employees necessary for the purpose of making inspections, preparing plans and specifications, supervising the erection of any buildings, and making any repairs or additions as may be determined by the Department of Finance and Administration to be necessary, pursuant to the rules and regulations of the State Personnel Board. The department shall have entire control and supervision of, and determine what, if any, buildings, additions, repairs or improvements are to be made under the provisions of this chapter, subject to the approval of the Public Procurement Review Board.

(2) The department shall have full power to erect buildings, make repairs, additions or improvements, and buy materials, supplies and equipment for any of the institutions or departments of the state subject to the approval of the Public Procurement Review Board. In addition to other powers conferred, the department shall have full power and authority as directed by the Legislature, or when funds have been appropriated for its use for these purposes, to:

(a) Build a state office building;

(b) Build suitable plants or buildings for the use and housing of any state schools or institutions, including the building of plants or buildings for new state schools or institutions, as provided for by the Legislature;

(d) Promote and develop the training of returned veterans of the United States in all sorts of educational and vocational learning to be supplied by the proper educational institution of the State of Mississippi, and in so doing allocate monies appropriated to it for these purposes to the Governor for use by him in setting up, maintaining and operating an office and employing a state director of on-the-job training for veterans and the personnel necessary in carrying out Public Law No. 346 of the United States;

(e) Build and equip a hospital and administration building at the Mississippi State Penitentiary;

(f) Build and equip additional buildings and wards at the Boswell Retardation Center;

(g) Construct a sewage disposal and treatment plant at the state insane hospital, and in so doing acquire additional land as may be necessary, and to exercise the right of eminent domain in the acquisition of this land;

(h) Build and equip the Mississippi central market and purchase or acquire by eminent domain, if necessary, any lands needed for this purpose;

(i) Build and equip suitable facilities for a training and employing center for the blind;

(j) Build and equip a gymnasium at Columbia Training School;

(k) Approve or disapprove the expenditure of any money appropriated by the Legislature when authorized by the bill making the appropriation;

(l) Expend monies appropriated to it in paying the state's part of the cost of any street paving;

(m) Sell and convey state lands when authorized by the Legislature, cause said lands to be properly surveyed and platted, execute all deeds or other legal instruments, and do any and all other things required to effectively carry out the purpose and intent of the Legislature. Any transaction which involves state lands under the provisions of this paragraph shall be done in a manner consistent with the provisions of Section 29-1-1;

(n) Collect and receive from educational institutions of the State of Mississippi monies required to be paid by these institutions to the state in carrying out any veterans' educational programs; and

(o) Purchase lands for building sites, or as additions to building sites, for the erection of buildings and other facilities which the department is authorized to erect, and demolish and dispose of old buildings, when necessary for the proper construction of new buildings. Any transaction which involves state lands under the provisions of this paragraph shall be done in a manner consistent with the provisions of Section 29-1-1.

(3) The department shall survey state-owned and state-utilized buildings to establish an estimate of the costs of architectural alterations, pursuant to the Americans with Disabilities Act of 1990, 42 USCS Section 12111 et seq. The department shall establish priorities for making the identified architectural alterations and shall make known to the Legislative Budget Office and to the Legislature the required cost to effectuate such alterations. To meet the requirements of this section, the department shall use standards of accessibility that are at least as stringent as any applicable federal requirements and may consider:

(a) Federal minimum guidelines and requirements issued by the United States Architectural and Transportation Barriers Compliance Board and standards issued by other federal agencies;

(b) The criteria contained in the American Standard Specifications for Making Buildings Accessible and Usable by the Physically Handicapped and any amendments thereto as approved by the American Standards Association, Incorporated (ANSI Standards);

(d) Applicable federal guidelines;

(e) Current literature in the field;

(f) Applicable safety standards; and

(g) Any applicable environmental impact statements.

(4) The department shall observe the provisions of Section 31-5-23, in letting contracts and shall use Mississippi products, including paint, varnish and lacquer which contain as vehicles tung oil and either ester gum or modified resin (with rosin as the principal base of constituents), and turpentine shall be used as a solvent or thinner, where these products are available at a cost not to exceed the cost of products grown, produced, prepared, made or manufactured outside of the State of Mississippi.

(5) The department shall have authority to accept grants, loans or donations from the United States government or from any other sources for the purpose of matching funds in carrying out the provisions of this chapter.

(6) The department shall build a wheelchair ramp at the War Memorial Building which complies with all applicable federal laws, regulations and specifications regarding wheelchair ramps.

(7) The department shall review and preapprove all architectural or engineering service contracts entered into by any state agency, institution, commission, board or authority regardless of the source of funding used to defray the costs of the construction or renovation project for which services are to be obtained. The provisions of this subsection (7) shall not apply to any architectural or engineering contract paid for by self-generated funds of any of the state institutions of higher learning or funds authorized by the Legislature through appropriations or bonds in order to comply with the settlement agreement in the case of Ayers v. Musgrove, nor shall they apply to community college projects that are funded from local funds or other nonstate sources which are outside the Department of Finance and Administration's appropriations or as directed by the Legislature. The provisions of this subsection (7) shall not apply to any construction or design projects of the State Military Department that are funded from federal funds or other nonstate sources.

(8) The department shall have the authority to obtain annually from the state institutions of higher learning information on all building, construction and renovation projects including duties, responsibilities and costs of any architect or engineer hired by any such institutions.

(9) Contracts let or approved by the State Prison Emergency Construction and Management Board when it exercises its emergency powers to remove two thousand (2,000) inmates from county jails are exempt from this section; however, this exemption does not apply to contracts for the construction of private correctional facilities and additional facilities at the South Mississippi Correctional Institution and the Central Mississippi Correctional Facility. This subsection shall stand repealed from and after July 1, 1996.

SECTION 32. As used in Sections 32 through 48 of this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Notes" shall mean notes, replacement notes, refunding notes or similar evidence of indebtedness.

(b) "State-supported debt" shall mean any bonds or other evidence of indebtedness, including bonds to be issued to fund reserve funds and costs of issuance, as previously or hereinafter authorized, from time to time, 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) "Commission" shall mean the State Bond Commission of the state.

SECTION 33. Pending the issuance of any state-supported debt, the commission is hereby authorized in accordance with the provisions of Sections 32 through 48 of this act and on the credit of the state, to make temporary borrowings, from time to time, in anticipation of the issuance of state-supported debt in order to provide funds in such amounts as may, from time to time, be deemed advisable prior to the issuance of state-supported debt. In order to provide for and in connection with such temporary borrowings, the commission is hereby authorized in the name and on behalf of the state, to enter into agreements, which agreements may contain such provisions not inconsistent with the provisions of Sections 32 through 48 of this act, with any banks, trust companies, investment banking firms or other institutions or persons in the United States of America having the power to enter the same:

(a) To purchase or underwrite an issue or series of issues of notes.

(b) To enter into any purchase, loan, line of credit, credit or similar agreements, and to draw monies, from time to time, pursuant to any such agreements on the terms and conditions set forth therein and to issue notes as evidence of borrowings made under any such agreements.

Such agreements may provide for the compensation of any purchasers or underwriters of such notes by payment of a fee or commission, and for all other costs and expenses, including fees for agreements related to the sale and issuance of notes. All costs and expenses of sale and issuance of notes may be paid from the proceeds of the notes or from any other lawfully available source of monies.

SECTION 34. All temporary borrowings made under Sections 32 through 48 of this act shall be evidenced by notes of the state which shall be sold and issued, from time to time, at competitive or negotiated sale, for such amounts not exceeding in the aggregate the applicable statutory and constitutional debt limitation in connection with the related state-supported debt, in such form and in such denominations and subject to terms and condition of sale and issuance, prepayment or redemption and maturity, variable and/or fixed rate or rates of interest, time of payment of interest and other applicable provisions as the commission shall authorize and direct and in accordance with Sections 32 through 48 of this act. All notes issued pursuant to Sections 32 through 48 of this act may be secured by a pledge of: (a) the same source of security as the related state-supported debt, or (b) such other security as the state may lawfully pledge, or both, all as provided by resolution of the commission. Notwithstanding any other provision of law to the contrary, notes may be issued for any otherwise authorized state-supported debt. Except as otherwise provided in Sections 32 through 48 of this act or when in conflict with the provisions of Sections 32 through 48 of this act, such notes shall be subject to the terms and provisions of the legislation authorizing the issuance of such state-supported debt.

SECTION 35. The commission is authorized to provide for the subsequent issuance of replacement notes to refund, upon issuance thereof, such notes, and may specify such other terms and conditions with respect to the replacement notes thereby authorized for issuance as the commission may determine and direct.

SECTION 36. The State Treasurer shall perform all acts and things necessary to pay or cause to be paid, when due, all principal of and interest on the notes and to assure that the same may draw upon any monies available for that purpose pursuant to any purchase, loan, line of credit, credit or similar agreements established with respect thereto, all subject to the authorization and direction of the commission.

SECTION 37. Outstanding notes evidencing such temporary borrowings shall be funded and retired by the issuance and sale of state-supported debt, from time to time, as determined by the commission and must be sold and issued not later than a date four (4) years after the date of issuance of the first notes evidencing such temporary borrowings to the extent that payment of such notes has not otherwise been made or provided for by sources other than proceeds of replacement notes.

SECTION 38. The proceeds of all such temporary borrowings shall be paid to the State Treasurer to be held and disposed of in accordance with such laws of the state authorizing the sale and issuance of the related state-supported debt.

SECTION 39. The commission is hereby authorized to do such other acts and enter into such other agreements as may be needed or be appropriate in connection with the sale, issuance and payment of the notes and any program developed by the commission in relation thereto.

SECTION 40. The purpose of Sections 32 through 48 of this act is to provide full and complete authority for the state, acting by and through the commission, for such temporary borrowings. No procedure or proceedings, publications, notices, consents, limitations, approvals, orders, acts or things, other than those required by Sections 32 through 48 of this act, shall be required for such temporary borrowings or to do any act or perform anything under Sections 32 through 48 of this act except as otherwise may be prescribed in Sections 32 through 48 of this act. The powers conferred by Sections 32 through 48 of this act shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by Sections 32 through 48 of this act shall not affect the powers conferred by any other law. Sections 32 through 48 of this act are remedial in nature and shall be liberally construed.

SECTION 41. This section and other applicable provisions of Sections 32 through 48 of this act, without reference to any other statute, shall be deemed full and complete authority for all such temporary borrowings by the state, and shall be construed as an additional and alternative method therefor.

SECTION 42. Nothing in Sections 32 through 48 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 43. Sections 32 through 48 of this act shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections 32 through 48 of this act shall not be deemed to repeal or to be in derogation of any existing law of the state.

SECTION 44. All notes sold and issued under Sections 32 through 48 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 notes pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect the lien and pledge granted by the state to the holders of any notes issued under Sections 32 through 48 of this act.

SECTION 45. All notes sold and issued under the provisions of Sections 32 through 48 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 46. If any one or more sections, clauses, sentences or parts of Sections 32 through 48 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 32 through 48 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, sentence or part shall not be taken to affect or prejudice in any way the remaining part or parts of Sections 32 through 48 of this act.

SECTION 47. Any notes sold and issued under the provisions of Sections 32 through 48 of this act may be issued in accordance with the provisions of Sections 52 through 63, Chapter 522, Laws of 2003, as amended by House Bill No. 1793, 2004 Regular Session.

SECTION 48. Any notes sold and issued under the provisions of Sections 32 through 48 of this act may, in the discretion of the commission, 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 now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of municipal bonds.

SECTION 49. Sections 1 through 23, Chapter 550, Laws of 2002, as amended by Section 41, Chapter 522, Laws of 2003, 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.

(b) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control, 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................. $ 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 (7) of this

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

Design through construction

documents of a building and

supporting facilities or development of

suitable acquisition and construction

alternatives 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, renovation and demolition

of property, and the construction

and landscaping of a Visitors Center

and related parking facilities

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.

(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. In addition, any funds allocated to Delta State University under subsection (1) of this section that are in excess of that needed to complete the projects at Delta State University that are described in subsection (1) of this section may be used for other capital projects at Delta State University authorized by the Legislature regardless of when authorized.

(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 v. Musgrove.

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

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 described 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 amounts 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 50. As used in Sections 50 through 66 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 51. (1) (a) A special fund, to be designated as the "Highway 98 Access Improvement Program 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 50 through 66 this act.

(b) Money deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to assist Lamar County, Mississippi, in paying the costs associated with construction and improvement of the following segments of roadway in Lamar County that are included in such county's Regional Thoroughfare Program:

(i) Sandy Run Road from Lincoln Road Extension at Oak Grove Road west to U.S. Highway 98;

(ii) Sandy Run Road from Highway 98 north to the Forrest County line;

(iii) West Fourth Street from Sam Rayburn Drive west to the new Sandy Run Road;

(iv) Weathersby Road from just south of U.S. Highway 98 to Lincoln Road Extension;

(v) A new road from Old Highway 11 east to Sandy Run/Hegwood Road.

(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 50 through 66 of this act, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.

SECTION 52. (1) Upon receipt of matching funds or verification that the matching funds described in this subsection are forthcoming, 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 51 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 50 through 66 of this act shall not exceed Five Million Dollars ($5,000,000.00); provided, however, that not more than One Million Dollars ($1,000,000.00) may be issued in any fiscal year. The issuance of the bonds described in this subsection and the allocation of such funds are conditioned upon the private sector or local or federal government providing money to match the amount of bonds that are issued under this section. The matching funds required pursuant to this subsection may be provided in the form of cash or in-kind contributions or any combination of cash or in-kind contributions.

(2) Any investment earnings on amounts deposited into the special fund created in Section 51 of this act shall be used to pay debt service on bonds issued under Sections 50 through 66 of this act in accordance with the proceedings authorizing issuance of such bonds.

SECTION 53. The principal of and interest on the bonds authorized under Sections 50 through 66 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 54. The bonds authorized by Sections 50 through 66 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 and 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 55. All bonds and interest coupons issued under the provisions of Sections 50 through 66 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 50 through 66 of this act, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

SECTION 56. The commission shall act as the issuing agent for the bonds authorized under Sections 50 through 66 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 50 through 66 of this act from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.

Notice of the sale of any such bond shall be published at least one 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 50 through 66 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 57. The bonds issued under the provisions of Sections 50 through 66 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 58. Upon the issuance and sale of bonds under the provisions of Sections 50 through 66 this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in Section 51 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 59. The bonds authorized under Sections 50 through 66 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 50 through 66 of this act. Any resolution providing for the issuance of bonds under the provisions of Sections 50 through 66 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 60. The bonds authorized under the authority of Sections 50 through 66 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 61. Any holder of bonds issued under the provisions of Sections 50 through 66 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 50 through 66 of this act, or under such resolution, and may enforce and compel performance of all duties required by Sections 50 through 66 of this act to be performed, in order to provide for the payment of bonds and interest thereon.

SECTION 62. All bonds issued under the provisions of Sections 50 through 66 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 63. Bonds issued under the provisions of Sections 50 through 66 of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.

SECTION 64. The proceeds of the bonds issued under Sections 50 through 66 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 65. 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 50 through 66 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 66. Sections 50 through 66 of this act shall be deemed to be full and complete authority for the exercise of the powers therein granted, but Sections 50 through 66 of this act shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 67. Section 31-11-30, Mississippi Code of 1972, is amended as follows:

31-11-30. (1) Every capital improvements project, costing Five Million Dollars ($5,000,000.00) or more, which is developed to repair, renovate, construct, remodel, add to or improve a state-owned public building shall be funded by the Legislature in two (2) phases. The two-phase funding requirement shall not apply to capital improvements projects for a state-owned port or where the Legislature finds that an emergency or critical need must be met or a court order complied with. The two (2) phases shall not be funded in the same regular session of the Legislature. Each phase shall be funded in a separate session of the Legislature. Phase 1 shall be a preplanned capital improvements project budget projection for the project and shall be funded first. Phase 2 shall be the actual repair, renovation, construction, remodeling, addition to or improvement of the state-owned public building and the acquisition of furniture and equipment for the capital improvements project and shall be funded second.

(2) For the purposes of this section, the term "preplanned" or "preplanning" means the preliminary planning that establishes the program, scope, design and budget for a capital improvements project.

(3) Every state agency that plans to repair, renovate, construct, remodel, add to or improve a state-owned public building shall submit a preplanned capital improvements project budget projection to the Bureau of Building, Grounds and Real Property Management for evaluation. The bureau shall assess the need for all preplanned projects submitted and shall compile a report on its findings. Any capital improvements project costing less than Five Million Dollars ($5,000,000.00) shall not be required to be preplanned.

(4) Upon the completion of any preplanning for a capital improvements project, if such preplanning is funded with self-generated funds by a state agency, the plan shall be submitted to the bureau for evaluation.

(5) This section shall not apply to capital improvements projects authorized by the Legislature before the 2001 Regular Session of the Legislature.

SECTION 68. This act shall take effect and be in force from and after its passage.