House Concurrent Resolution 52

A CONCURRENT RESOLUTION PROPOSING AN AMENDMENT TO THE MISSISSIPPI CONSTITUTION OF 1890, TO CREATE A NEW SECTION TO PROHIBIT THE LEGISLATURE AND THE GOVERNING AUTHORITIES OF ANY COUNTY, MUNICIPALITY OR OTHER POLITICAL SUBDIVISION OF THE STATE, FROM AND AFTER JANUARY 1, 2007, FROM AUTHORIZING THE ISSUANCE OF ANY BONDS, NOTES OR OTHER OBLIGATIONS OF INDEBTEDNESS THAT PLEDGE THE FULL FAITH AND CREDIT OF THE STATE OR POLITICAL SUBDIVISION IF ANY OF THE PROCEEDS MAY BE USED FOR THE PAYMENT OF OR TO DEFRAY COSTS NECESSARILY INCURRED BY ANY AGENCY, DEPARTMENT, INSTITUTION OR INSTRUMENTALITY OF THE STATE OR POLITICAL SUBDIVISION IN ITS DAY-TO-DAY OPERATION OF CONDUCTING BUSINESS OR DELIVERING SERVICES; AND FOR RELATED PURPOSES.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI, That the following amendment to the Mississippi Constitution of 1890 is proposed to the qualified electors of the state:

AMEND the Mississippi Constitution of 1890, to create a new section to read as follows:

"Section 115A. From and after January 1, 2007, neither the Legislature nor the governing authorities of any county, municipality or other political subdivision of the state may authorize the issuance of any bonds, notes or other forms of obligation representing any indebtedness that pledge the full faith and credit of the state or of the county, municipality or political subdivision if any of the proceeds may be used for the payment of or to defray costs necessarily incurred by any agency, department, institution or instrumentality of the state, county, municipality or political subdivision in its day-to-day operation of conducting business or delivering services, including but not limited to, expenses and costs related to salaries, travel expenses, office rental, office equipment or supplies, motor vehicles and utility costs."

BE IT FURTHER RESOLVED, That this proposed amendment shall be submitted by the Secretary of State to the qualified electors at an election to be held on the first Tuesday after the first Monday of November 2006, as provided by Section 273 of the Constitution and by general law.

BE IT FURTHER RESOLVED, That the explanation of this proposed amendment for the ballot shall read as follows: "This proposed constitutional amendment prohibits the Legislature and any county, municipality or political subdivision of the state, from and after January 1, 2007, from issuing any bonds, notes or other obligations of indebtedness that pledge the full faith and credit of the state or political subdivision if any of the proceeds may be used for the payment of or to defray costs necessarily incurred by any agency, department, institution or instrumentality of the state or political subdivision in its day-to-day operation of conducting business or delivering services."