MISSISSIPPI LEGISLATURE
2005 Regular Session
To: Finance
By: Senator(s) Robertson
AN ACT TO AMEND SECTIONS 37-151-23 AND 37-151-25, MISSISSIPPI CODE OF 1972, TO REMOVE PROVISIONS THAT AUTHORIZE THE DEPOSIT OF STATE EDUCATION TECHNOLOGY BONDS INTO THE STATE PUBLIC SCHOOL EDUCATION TECHNOLOGY FUND AND THE TECH-PREP FUND; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT BONDS FOR CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT SHALL NOT BE ISSUED AFTER APRIL 1, 2005; TO AMEND SECTIONS 69-27-345 AND 69-27-347, MISSISSIPPI CODE OF 1972, TO REDUCE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO FUND THE REVOLVING FUND ADMINISTERED BY THE STATE SOIL AND WATER CONSERVATION FUND TO PAY THE COST OF MACHINERY AND EQUIPMENT ACQUIRED BY THE COMMISSION FOR SOIL AND WATER CONSERVATION DISTRICTS; TO AMEND SECTION 4, CHAPTER 538, LAWS OF 1985, TO REDUCE THE AMOUNT OF STATE REVENUE BONDS THAT MAY BE ISSUED FOR CERTAIN IMPROVEMENTS AT THE STATE FIRE ACADEMY; TO AMEND CHAPTER 2, LAWS OF THE FIRST EXTRAORDINARY SESSION OF 1989, TO REDUCE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY ISSUED UNDER SUCH LAW BY REMOVING A PROVISION THAT AUTHORIZES THE ISSUANCE OF BONDS FOR AN OFFICE BUILDING FOR THE HIGHWAY DEPARTMENT; TO REPEAL Sections 37-101-401 THROUGH 37-101-431, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $15,000,000.00 FOR THE PURCHASE OF EQUIPMENT NECESSARY TO THE OPERATIONS OF THE INSTITUTIONS OF HIGHER LEARNING; TO REPEAL SECTIONS 37-151-27 THROUGH 37-151-57, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZES THE ISSUANCE OF STATE EDUCATION TECHNOLOGY BONDS IN THE AMOUNT OF $60,000,000.00 FOR THE STATE PUBLIC SCHOOL EDUCATION TECHNOLOGY FUND AND THE TECH-PREP FUND; TO REPEAL SECTION 1, CHAPTER 501, LAWS OF 1985, WHICH AUTHORIZES THE ISSUANCE OF STATE REVENUE BONDS IN THE AMOUNT OF $20,000,000.00 FOR USE BY THE VETERANS' FARM AND HOME BOARD TO FINANCE HOMES FOR VETERANS; TO REPEAL CHAPTER 474, LAWS OF 1995, WHICH PROVIDES FOR THE ISSUANCE OF STATE REVENUE BONDS IN THE AMOUNT OF $800,000.00 FOR THE PURPOSE OF RENOVATING AND EXPANDING AND IMPROVING A BUILDING ON THE CAMPUS OF MISSISSIPPI STATE UNIVERSITY FOR THE HOUSING OF THE STATE SEED TESTING LABORATORY AND THE DIVISION OF PLANT INDUSTRY OF THE MISSISSIPPI DEPARTMENT OF AGRICULTURE AND COMMERCE; TO REPEAL CHAPTER 532, LAWS OF 2000, WHICH AUTHORIZES THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $3,000,000.00 FOR THE PURPOSE OF ASSISTING PUBLIC UTILITY DISTRICTS ESTABLISHED BY THE COUNTY FOR THE CONSTRUCTION FOR MASTER PLANNED COMMUNITIES OF WATER PRODUCTION AND DISTRIBUTION FACILITIES AND WASTEWATER TREATMENT AND COLLECTION FACILITIES; TO REPEAL CHAPTER 585, LAWS OF 2001, WHICH AUTHORIZES THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $20,000,000.00 TO PROVIDE FUNDS NECESSARY FOR THE STATE PORT AUTHORITY AT GULFPORT TO ACQUIRE THE RAIL LINE EXTENDING FROM THE STATE PORT AT GULFPORT TO HATTIESBURG, MISSISSIPPI, AND WHICH AUTHORIZES THE ISSUANCE OF STATE REVENUE BONDS IN THE AMOUNT OF $20,000,000.00 TO FUND CERTAIN UPGRADES TO SUCH RAIL LINE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 37-151-23, Mississippi Code of 1972, is amended as follows:
37-151-23. There is hereby created in the State Treasury a special fund to be designated the "State Public School Education Technology Fund." Any unexpended balance in said fund at the end of the fiscal year shall carry over into the subsequent fiscal year and shall not lapse into the State General Fund. School districts shall be required to submit a plan for the use of such funds for education technology to the State Board of Education. The State Board of Education, consistent with policies adopted pursuant to recommendations of the council, shall allocate * * * funds provided from appropriation by the Legislature into the State Public School Education Technology Fund, to school districts based on the approved education technology plan, which demonstrates need consistent with the district's existing technology, for the purchase or lease of education technology for the schools. The State Board of Education is authorized to apply the funds to matching grants from federal or private sources to generate additional funds for the purchase or lease of education technology for the schools.
SECTION 2. Section 37-151-25, Mississippi Code of 1972, is amended as follows:
37-151-25. There is hereby created in the State Treasury a special fund to be designated as the "Tech-Prep Fund." Any unexpended balance in said fund at the end of the fiscal year shall carryover to the succeeding fiscal year and shall not lapse into the State General Fund. The fund shall be credited with any funds appropriated by the Legislature * * * for the implementation of the Tech-Prep program in Grades 7-12 and in the public community colleges and junior colleges through approved programs and from the proceeds of bonds issued under Sections 31 through 51 of Laws, 1997, Chapter 612, and shall be allocated to school districts by the State Board of Education for the following purposes:
(a) Equip labs for hands-on: Career Discovery Course in the 7th grade, Computer Discovery Course in the 8th grade, and Technology Discovery Course in the 9th grade;
(b) Implement application based teaching methodology in existing academic courses;
(c) Develop and implement articulation, integration and sequential course study plans in Vocational and Academic courses;
(d) Administer Occupational Tests;
(e) Implement and Update Career/Educational Plans for each student;
(f) Implement Career Centers for each school;
(g) To provide equipment upgrades to meet technology demands, staff development and teaching materials to implement application based methodology for each of the community college sites.
The State Department of Education is authorized to escalate spending authority based upon the proceeds of bonds issued under Sections 31 through 51 of Laws, 1997, Chapter 612.
No community or junior college shall deny admittance into its Tech-Prep program funded under this section to any student who has graduated from high school with a qualifying grade point average, regardless of the curriculum or coursework completed by the student.
SECTION 3. Section 57-75-15, Mississippi Code of 1972, is amended as follows:
57-75-15. (1) Upon notification to the authority by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the authority as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or more series for the purposes herein set out. Upon such notification, the authority may thereafter from time to time declare the necessity for the issuance of general obligation bonds as authorized by this section and forward such declaration to the State Bond Commission, provided that before such notification, the authority may enter into agreements with the United States government, private companies and others that will commit the authority to direct the State Bond Commission to issue bonds for eligible undertakings set out in subsection (4) of this section, conditioned on the siting of the project in the state.
(2) Upon receipt of any such declaration from the authority, the State Bond Commission shall verify that the state has been selected as the site of the project and shall act as the issuing agent for the series of bonds directed to be issued in such declaration pursuant to authority granted in this section.
(3) (a) Bonds issued under the authority of this section for projects as defined in Section 57-75-5(f)(i) shall not exceed an aggregate principal amount in the sum of Sixty-seven Million Three Hundred Fifty Thousand Dollars ($67,350,000.00).
(b) Bonds issued under the authority of this section for projects as defined in Section 57-75-5(f)(ii) shall not exceed Sixty-one Million Dollars ($61,000,000.00). The authority, with the express direction of the State Bond Commission, is authorized to expend any remaining proceeds of bonds issued under the authority of this act prior to January 1, 1998, for the purpose of financing projects as then defined in Section 57-75-5(f)(ii) or for any other projects as defined in Section 57-75-5(f)(ii), as it may be amended from time to time. If any proceeds of bonds issued for projects related to the Meridian Naval Auxiliary Air Station ("NAAS") are used for the development of a water and sewer service system by the City of Meridian, Mississippi, to serve the NAAS and if the City of Meridian annexes any of the territory served by the water and sewer service system, the city shall repay the State of Mississippi the amount of all bond proceeds expended on any portion of the water and sewer service system project; and if there are any monetary proceeds derived from the disposition of any improvements located on real property in Kemper County purchased pursuant to this act for projects related to the NAAS and if there are any monetary proceeds derived from the disposition of any timber located on real property in Kemper County purchased pursuant to this act for projects related to the NAAS, all of such proceeds (both from the disposition of improvements and the disposition of timber) commencing July 1, 1996, through June 30, 2010, shall be paid to the Board of Education of Kemper County, Mississippi, for expenditure by such board of education to benefit the public schools of Kemper County. No bonds shall be issued under this paragraph (b) until the State Bond Commission by resolution adopts a finding that the issuance of such bonds will improve, expand or otherwise enhance the military installation, its support areas or military operations, or will provide employment opportunities to replace those lost by closure or reductions in operations at the military installation or will support critical studies or investigations authorized by Section 57-75-5(f)(ii); however, not more than One Million Dollars ($1,000,000.00) in the aggregate shall be authorized for such studies or investigations.
(c) Bonds issued under the authority of this section for projects as defined in Section 57-75-5(f)(iii) shall not exceed Ten Million Dollars ($10,000,000.00). No bonds shall be issued under this paragraph after December 31, 1996.
(d) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(iv) shall not exceed Three Hundred Fifty-one Million Dollars ($351,000,000.00). An additional amount of bonds in an amount not to exceed Twelve Million Five Hundred Thousand Dollars ($12,500,000.00) may be issued under the authority of this section for the purpose of defraying costs associated with the construction of surface water transmission lines for a project defined in Section 57-75-5(f)(iv) or for any facility related to the project. No bonds shall be issued under this paragraph after June 30, 2005.
(e) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(v) and for facilities related to such projects shall not exceed Thirty-eight Million Five Hundred Thousand Dollars ($38,500,000.00). No bonds shall be issued under this paragraph after April 1, 2005.
(f) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(vii) shall not exceed Five Million Dollars ($5,000,000.00). No bonds shall be issued under this paragraph after June 30, 2006.
(g) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(viii) shall not exceed Four Million Five Hundred Thousand Dollars ($4,500,000.00). No bonds shall be issued under this paragraph after June 30, 2007.
(h) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(ix) shall not exceed Five Million Dollars ($5,000,000.00). No bonds shall be issued under this paragraph after June 30, 2007.
(i) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(x) shall not exceed Five Million Dollars ($5,000,000.00). No bonds shall be issued under this paragraph after April 1, 2005.
(j) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xii) shall not exceed Twenty-three Million Seven Hundred Thousand Dollars ($23,700,000.00). No bonds shall be issued under this paragraph until local governments in or near the county in which the project is located have irrevocably committed funds to the project in an amount of not less than Two Million Five Hundred Thousand Dollars ($2,500,000.00) in the aggregate. No bonds shall be issued under this paragraph after June 30, 2008.
(k) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xiii) shall not exceed Three Million Dollars ($3,000,000.00). No bonds shall be issued under this paragraph after June 30, 2009.
(l) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xiv) shall not exceed Ten Million Dollars ($10,000,000.00). No bonds shall be issued under this paragraph until local governments in the county in which the project is located have irrevocably committed funds to the project in an amount of not less than Two Million Dollars ($2,000,000.00). No bonds shall be issued under this paragraph after June 30, 2009.
(m) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xv) shall not exceed Five Hundred Thousand Dollars ($500,000.00). No bonds shall be issued under this paragraph after June 30, 2009.
(n) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xvi) shall not exceed Ten Million Dollars ($10,000,000.00). No bonds shall be issued under this paragraph after June 30, 2009.
(o) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xvii) shall not exceed Three Million Five Hundred Thousand Dollars ($3,500,000.00). No bonds shall be issued under this paragraph after June 30, 2009.
(4) (a) The proceeds from the sale of the bonds issued under this section may be applied for the following purposes:
(i) Defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement, relocation and with respect to state-owned property, operation and maintenance of the project and any facility related to the project located within the project area, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts and environmental impact studies;
(ii) Defraying the cost of providing for the recruitment, screening, selection, training or retraining of employees, candidates for employment or replacement employees of the project and any related activity;
(iii) Reimbursing the Mississippi Development Authority for expenses it incurred in regard to projects defined in Section 57-75-5(f)(iv) prior to November 6, 2000. The Mississippi Development Authority shall submit an itemized list of expenses it incurred in regard to such projects to the Chairmen of the Finance and Appropriations Committees of the Senate and the Chairmen of the Ways and Means and Appropriations Committees of the House of Representatives;
(iv) Providing grants to enterprises operating projects defined in Section 57-75-5(f)(iv)1;
(v) Paying any warranty made by the authority regarding site work for a project defined in Section 57-75-5(f)(iv)1;
(vi) Defraying the cost of marketing and promotion of a project as defined in Section 57-75-5(f)(iv)1. The authority shall submit an itemized list of costs incurred for marketing and promotion of such project to the Chairmen of the Finance and Appropriations Committees of the Senate and the Chairmen of the Ways and Means and Appropriations Committees of the House of Representatives;
(vii) Providing for the payment of interest on the bonds;
(viii) Providing debt service reserves;
(ix) Paying underwriters' discount, original issue discount, accountants' fees, engineers' fees, attorneys' fees, rating agency fees and other fees and expenses in connection with the issuance of the bonds;
(x) For purposes authorized in paragraphs (b), (c), (d), (e) and (f) of this subsection (4);
(xi) Providing grants to enterprises operating projects defined in Section 57-75-5(f)(v), or, in connection with a facility related to such a project, for any purposes deemed by the authority in its sole discretion to be necessary and appropriate;
(xii) Providing grant funds or loans to a public agency or an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(ii); and
(xiii) Providing grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv).
Such bonds shall be issued from time to time and in such principal amounts as shall be designated by the authority, not to exceed in aggregate principal amounts the amount authorized in subsection (3) of this section. Proceeds from the sale of the bonds issued under this section may be invested, subject to federal limitations, pending their use, in such securities as may be specified in the resolution authorizing the issuance of the bonds or the trust indenture securing them, and the earning on such investment applied as provided in such resolution or trust indenture.
(b) (i) The proceeds of bonds issued after June 21, 2002, under this section for projects described in Section 57-75-5(f)(iv) may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority in providing assistance related to a project for which funding is provided from the use of proceeds of such bonds. The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. Reimbursements under this paragraph (b)(i) shall not exceed Three Hundred Thousand Dollars ($300,000.00) in the aggregate. Reimbursements under this paragraph (b)(i) shall satisfy any applicable federal tax law requirements.
(ii) The proceeds of bonds issued after June 21, 2002, under this section for projects described in Section 57-75-5(f)(iv) may be used to reimburse reasonable actual and necessary costs incurred by the Department of Audit in providing services related to a project for which funding is provided from the use of proceeds of such bonds. The Department of Audit shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. The Department of Audit may escalate its budget and expend such funds in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. Reimbursements under this paragraph (b)(ii) shall not exceed One Hundred Thousand Dollars ($100,000.00) in the aggregate. Reimbursements under this paragraph (b)(ii) shall satisfy any applicable federal tax law requirements.
(c) (i) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(ix) may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority in providing assistance related to a project for which funding is provided for the use of proceeds of such bonds. The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. Reimbursements under this paragraph shall not exceed Twenty-five Thousand Dollars ($25,000.00) in the aggregate.
(ii) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(ix) may be used to reimburse reasonable actual and necessary costs incurred by the Department of Audit in providing services related to a project for which funding is provided from the use of proceeds of such bonds. The Department of Audit shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. The Department of Audit may escalate its budget and expend such funds in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. Reimbursements under this paragraph shall not exceed Twenty-five Thousand Dollars ($25,000.00) in the aggregate. Reimbursements under this paragraph shall satisfy any applicable federal tax law requirements.
(d) (i) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(x) may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority in providing assistance related to a project for which funding is provided for the use of proceeds of such bonds. The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. Reimbursements under this paragraph shall not exceed Twenty-five Thousand Dollars ($25,000.00) in the aggregate.
(ii) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(x) may be used to reimburse reasonable actual and necessary costs incurred by the Department of Audit in providing services related to a project for which funding is provided from the use of proceeds of such bonds. The Department of Audit shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. The Department of Audit may escalate its budget and expend such funds in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. Reimbursements under this paragraph shall not exceed Twenty-five Thousand Dollars ($25,000.00) in the aggregate. Reimbursements under this paragraph shall satisfy any applicable federal tax law requirements.
(e) (i) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(xii) may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority in providing assistance related to a project for which funding is provided from the use of proceeds of such bonds. The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. Reimbursements under this paragraph (e)(i) shall not exceed Twenty-five Thousand Dollars ($25,000.00) in the aggregate.
(ii) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(xii) may be used to reimburse reasonable actual and necessary costs incurred by the Department of Audit in providing services related to a project for which funding is provided from the use of proceeds of such bonds. The Department of Audit shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. The Department of Audit may escalate its budget and expend such funds in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. Reimbursements under this paragraph (e)(ii) shall not exceed Twenty-five Thousand Dollars ($25,000.00) in the aggregate. Reimbursements under this paragraph (e)(ii) shall satisfy any applicable federal tax law requirements.
(f) (i) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(xiii), (f)(xiv), (f)(xv), (f)(xvi) and (f)(xvii) may be used to reimburse reasonable actual and necessary costs incurred by the Mississippi Development Authority in providing assistance related to a project for which funding is provided from the use of proceeds of such bonds. The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. Reimbursements under this paragraph (f)(i) shall not exceed Twenty-five Thousand Dollars ($25,000.00) for each project.
(ii) The proceeds of bonds issued under this section for projects described in Section 57-75-5(f)(xiii), (f)(xiv), (f)(xv), (f)(xvi) and (f)(xvii) may be used to reimburse reasonable actual and necessary costs incurred by the Department of Audit in providing services related to a project for which funding is provided from the use of proceeds of such bonds. The Department of Audit shall maintain an accounting of actual costs incurred for each project for which reimbursements are sought. The Department of Audit may escalate its budget and expend such funds in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. Reimbursements under this paragraph (f)(ii) shall not exceed Twenty-five Thousand Dollars ($25,000.00) for each project. Reimbursements under this paragraph (f)(ii) shall satisfy any applicable federal tax law requirements.
(5) The principal of and the interest on the bonds shall be payable in the manner hereinafter set forth. The bonds shall bear date or dates; be in such denomination or denominations; bear interest at such rate or rates; be payable at such place or places within or without the state; mature absolutely at such time or times; be redeemable before maturity at such time or times and upon such terms, with or without premium; bear such registration privileges; and be substantially in such form; all as shall be determined by resolution of the State Bond Commission except that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from the date thereof and extending not more than twenty-five (25) years from the date thereof. The bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be imprinted on or affixed thereto, attested by the manual or facsimile signature of the Secretary of the State Bond Commission. Whenever any such bonds have been signed by the officials herein 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 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 the delivery of the same to the purchaser, or had been in office on the date such bonds may bear.
(6) All bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.
(7) The State Bond Commission shall sell the 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 date of delivery of the bonds to the purchaser. The bonds shall bear interest at such rate or rates not exceeding the limits set forth in Section 75-17-101 as shall be fixed by the State Bond Commission. All interest accruing on such bonds so issued shall be payable semiannually or annually; provided that the first interest payment may be for any period of not more than one (1) year.
Notice of the sale of any bonds shall be published at least one time, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals with a large national circulation, to be selected by the State Bond Commission.
The State Bond Commission, when issuing any bonds under the authority of this section, may provide that the bonds, at the option of the state, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.
(8) State bonds issued under the provisions of this section shall be the general obligations of the state and backed by the full faith and credit of the state. The Legislature shall appropriate annually an amount sufficient to pay the principal of and the interest on such bonds as they become due. All bonds shall contain recitals on their faces substantially covering the foregoing provisions of this section.
(9) The State Treasurer is authorized 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 payable out of any funds appropriated by the Legislature under this section for such purpose, in such amounts as may be necessary to pay when due the principal of and interest on all bonds issued under the provisions of this section. 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.
(10) The bonds may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this chapter. Any resolution providing for the issuance of general obligation bonds under the provisions of this section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
(11) In anticipation of the issuance of bonds hereunder, the State Bond Commission is authorized to negotiate and enter into any purchase, loan, credit or other agreement with any bank, trust company or other lending institution or to issue and sell interim notes for the purpose of making any payments authorized under this section. All borrowings made under this provision shall be evidenced by notes of the state which shall be issued from time to time, for such amounts not exceeding the amount of bonds authorized herein, in such form and in such denomination and subject to such terms and conditions of sale and issuance, prepayment or redemption and maturity, rate or rates of interest not to exceed the maximum rate authorized herein for bonds, and time of payment of interest as the State Bond Commission shall agree to in such agreement. Such notes shall constitute general obligations of the state and shall be backed by the full faith and credit of the state. Such notes may also be issued for the purpose of refunding previously issued notes. No note shall mature more than three (3) years following the date of its issuance. The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a fixed fee or commission and for all other costs and expenses of issuance and service, including paying agent costs. Such costs and expenses may be paid from the proceeds of the notes.
(12) The bonds and interim notes authorized under the authority of this section may be validated in the First Judicial District of the Chancery Court 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 county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the State Bond Attorney, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.
(13) Any bonds or interim notes issued under the provisions of this chapter, a transaction relating to the sale or securing of such bonds or interim notes, their transfer and the income therefrom shall at all times be free from taxation by the state or any local unit or political subdivision or other instrumentality of the state, excepting inheritance and gift taxes.
(14) All bonds issued under this chapter shall be legal investments for trustees, other fiduciaries, 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 the state and all municipalities and other political subdivisions thereof for the purpose of securing the deposit of public funds.
(15) The Attorney General of the State of Mississippi shall represent the State Bond Commission in issuing, selling and validating bonds herein provided for, and the Bond Commission is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds authorized hereunder all necessary administrative, legal and other expenses incidental and related to the issuance of bonds authorized under this chapter.
(16) There is hereby created a special fund in the State Treasury to be known as the Mississippi Major Economic Impact Authority Fund wherein shall be deposited the proceeds of the bonds issued under this chapter and all monies received by the authority to carry out the purposes of this chapter. Expenditures authorized herein shall be paid by the State Treasurer upon warrants drawn from the fund, and the Department of Finance and Administration shall issue warrants upon requisitions signed by the director of the authority.
(17) (a) There is hereby created the Mississippi Economic Impact Authority Sinking Fund from which the principal of and interest on such bonds shall be paid by appropriation. All monies paid into the sinking fund not appropriated to pay accruing bonds and interest shall be invested by the State Treasurer in such securities as are provided by law for the investment of the sinking funds of the state.
(b) In the event that all or any part of the bonds and notes are purchased, they shall be cancelled and returned to the loan and transfer agent as cancelled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the cancelled bonds, notes and coupons, together with any other cancelled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation. A certificate evidencing the destruction of the cancelled bonds, notes and coupons shall be provided by the loan and transfer agent to the seller.
(c) The State Treasurer shall determine and report to the Department of Finance and Administration and Legislative Budget Office by September 1 of each year the amount of money necessary for the payment of the principal of and interest on outstanding obligations for the following fiscal year and the times and amounts of the payments. It shall be the duty of the Governor to include in every executive budget submitted to the Legislature full information relating to the issuance of bonds and notes under the provisions of this chapter and the status of the sinking fund for the payment of the principal of and interest on the bonds and notes.
(d) Any monies repaid to the state from loans authorized in Section 57-75-11(hh) shall be deposited into the Mississippi Major Economic Impact Authority Sinking Fund unless the State Bond Commission, at the request of the authority, shall determine that such loan repayments are needed to provide additional loans as authorized under Section 57-75-11(hh). For purposes of providing additional loans, there is hereby created the Mississippi Major Economic Impact Authority Revolving Loan Fund and loan repayments shall be deposited into the fund. The fund shall be maintained for such period as determined by the State Bond Commission for the sole purpose of making additional loans as authorized by Section 57-75-11(hh). 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 on amounts in such fund shall be deposited to the credit of the fund.
(e) Any monies repaid to the state from loans authorized in Section 57-75-11(ii) shall be deposited into the Mississippi Major Economic Impact Authority Sinking Fund.
(18) (a) Upon receipt of a declaration by the authority that it has determined that the state is a potential site for a project, the State Bond Commission is authorized and directed to authorize the State Treasurer to borrow money from any special fund in the State Treasury not otherwise appropriated to be utilized by the authority for the purposes provided for in this subsection.
(b) The proceeds of the money borrowed under this subsection may be utilized by the authority for the purpose of defraying all or a portion of the costs incurred by the authority with respect to acquisition options and planning, design and environmental impact studies with respect to a project defined in Section 57-75-5(f)(xi). The authority may escalate its budget and expend the proceeds of the money borrowed under this subsection in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds.
(c) The authority shall request an appropriation or additional authority to issue general obligation bonds to repay the borrowed funds and establish a date for the repayment of the funds so borrowed.
(d) Borrowings made under the provisions of this subsection shall not exceed Five Hundred Thousand Dollars ($500,000.00) at any one time.
SECTION 4. Section 69-27-345, Mississippi Code of 1972, is amended as follows:
69-27-345. The State Soil and Water Conservation Commission is authorized, at one time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the revolving fund established in Section 69-27-343. Upon the adoption of a resolution by the commission, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 69-27-345 through 69-27-365, the commission shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The amount of bonds issued under Sections 69-27-345 through 69-27-365 shall not exceed Five Hundred Thousand Dollars ($500,000.00) in the aggregate.
SECTION 5. Section 69-27-347, Mississippi Code of 1972, is amended as follows:
69-27-347. For the payment of such bonds and the interest thereon, the full faith, credit, and taxing power of the State of Mississippi are hereby irrevocably pledged. If the Legislature finds that there are sufficient funds available in the General Fund of the State Treasury to pay maturing principal and accruing interest of the bonds, and if the Legislature appropriates such available funds for the purpose of paying such maturing principal and accruing interest, then the maturing principal and accruing interest of the bonds shall be paid from appropriations made by the Legislature from the General Fund of the State Treasury.
* * *
All monies in such revolving fund which are not necessary to pay accruing bonds and interest shall be invested by the State Treasurer in such securities as are provided by law for the investment of funds of the state, and the earnings on such investments shall be transferred by the Treasurer into the revolving fund created in Section 69-27-343.
SECTION 6. Section 4, Chapter 538, Laws of 1985, is amended as follows:
Section 4. The State Fire Academy, acting through the Bureau of Building, Grounds and Real Property Management of the Governor's Office of General Services is authorized to issue revenue bonds or notes in an aggregate amount not to exceed Two Million Two Hundred Thousand Dollars ($2,200,000.00) to provide funds for the purpose of capital improvements at the State Fire Academy and to pledge revenue as provided in Section 45-11-5(3), Mississippi Code of 1972, to pay such indebtedness incurred.
Upon the adoption of a resolution by the bureau declaring the necessity for the issuance of any part or all of the bonds authorized by this section, the bureau shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon the receipt of same, the State Bond Commission shall act as the issuing agent, prescribe the form of the bonds or notes, issue and sell the bonds or notes 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. For the payment of such bonds or notes and the interest thereon, the revenue derived from the taxes levied in Section 45-11-5(3), Mississippi Code of 1972, are hereby irrevocably pledged. Such bonds or notes shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates not to exceed a maximum rate to maturity than that allowed in Section 75-17-103, Mississippi Code of 1972, be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty (20) years, be redeemable prior to 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 State Bond Commission. Such bonds or notes shall be signed by the Chairman of the State Bond Commission or by his facsimile signature, and the official seal of the State Bond Commission shall be affixed thereto, attested by the Secretary of the State Bond Commission. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to 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 the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
Upon the issuance and sale of such bonds, the State Bond Commission shall transfer the proceeds of any such sale or sales to a special fund hereby created in the State Treasury to be known as the "State Fire Academy Construction Bond Fund". The proceeds of such bonds shall be used by the bureau for capital improvement projects but may also be used to pay costs incident to the issuance and sale of such bonds, and shall be disbursed solely upon the order of the bureau under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
Revenue bonds may be issued without any other proceeding or the happening of any other conditions or things than those proceedings, conditions and things which are specified or required in this act. The revenue bonds authorized under this act may, in the discretion of the authority, be validated by the Chancery Court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Sections 31-13-1 through 31-13-11, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the state's bond attorney and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.
SECTION 7. Chapter 2, Laws of the First Extraordinary Session of 1989, is amended as follows:
Section 1. As used in this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a) "Office of General Services" shall mean the Governor's Office of General Services, acting through its Bureau of Building, Grounds and Real Property Management, or any successor thereto.
(b) "Board" shall mean the State Fiscal Management Board or its successor.
(c) "Public facility" shall mean any building or other facility owned by the State of Mississippi, or by any agency, department or political subdivision of the State of Mississippi, which is occupied, used or under the control of the State of Mississippi, or any agency or department of the State of Mississippi.
Section 2. (1) A special fund, to be designated the "Mississippi Public Facilities Asbestos Abatement Fund," is hereby created within the State Treasury. Monies deposited into such fund shall be allocated and disbursed, in the discretion of the Office of General Services, to pay costs of and relating to asbestos abatement (removal of friable asbestos) in public facilities.
(2) A special fund, to be designated the "Mississippi Public Facilities Roofing and Waterproofing Fund," is hereby created within the State Treasury. Amounts deposited into such fund shall be allocated and disbursed, in the discretion of the Office of General Services, to pay costs of and relating to the repair and replacement of roofs of public facilities and the waterproofing of foundations and other parts of public facilities.
(3) A special fund, to be designated the "1990 Capital Improvement Fund," is hereby created in the State Treasury. Monies deposited into such fund shall be expended to construct and equip new facilities, additions or renovations of projects for agencies or their successors, hereinafter described:
AMOUNT AGENCY NAME PROJECT ALLOCATED Dept/Public Construct main forensic laboratory.....$1,255,000
Safety Construct and renovate dormitory/
academic building...................$2,622,200
Construct buildings to comply with
the Mississippi Commercial Driver's
License Law created by House Bill
646, 1989 Regular Session...........$ 622,000
Dept/Youth Construct cafeteria and cold storage
Services and purchase equipment..............$1,200,000
Clinic addition - Columbia campus...$ 205,000
The Fiscal Management Board
and the Office of General Services
shall first study and evaluate
this property and determine whether
or not the purchase of such property
is a prudent investment to provide
state-owned facilities in which
to locate state offices. No part
of this allocation may be expended
to purchase such property unless
the board and office find it in the
best interest of the state to do so.
Governor's Renovate electrical system -
Office of General Woolfolk Building...................$ 865,000
Services
Dept. of
Mental Health
Boswell RC New community group home.............$ 280,000
New sewer system..................$ 511,000
East MS SH New community group home..............$ 280,000
Renovate care unit................$ 950,000
Ellisville SS Update fire alarm system..............$ 242,000
New community group home..........$ 280,000
Hudspeth RC Emergency power source............$ 232,000
New community group home..........$ 280,000
Replace floor coverings...........$ 246,420
North MS RC New community group home..............$ 280,000
South MS RC New community group home (Two)........$ 560,000
Mississippi SH Life safety upgrade-
Renovate Bldg 33 $ 745,000
Life safety upgrade-
Renovate Bldg 23 $ 124,674
New community group home..........$ 280,000
The Department of Health may issue
certificates of need for the new
construction of, addition to,
or expansion of any such projects
described above for the Department
of Mental Health.
Educational TVTransmitters and antennae..............$ 3,950,000
Dept/Public Acquire "Weems property"..........$ 1,350,000
Health Underwood Building - Labs.........$ 419,500
Underwood Building - Offices......$ 833,125
The Fiscal Management Board
and the Office of General Services
shall first study and evaluate
this property and determine whether
or not the purchase of such property
is a prudent investment to provide
state-owned facilities in which
to locate state offices. No part
of this allocation may be expended
to purchase such property unless
the board and office find it in the
best interest of the state to do so.
Dept/Rehab Construction on state-owned land
Services of new facilities to house the
department........................$ 6,575,000
Math and Science School
facilities at Mississippi
University for Women
Repair and renovation.............$ 1,415,000
Purchase of land and structures
thereon located north of Griffith
Street, west of West Street, east
of Lamar Street, and south of
Hamilton Street......................................$ 3,000,000
The Fiscal Management Board
and the Office of General Services
shall first study and evaluate
this property and determine whether
or not the purchase of such property
is a prudent investment to provide
state-owned facilities in which
to locate state offices. No part
of this allocation may be expended
to purchase such property unless
the board and office find it in the
best interest of the state to do so.
Dept/Natural
Resources New Laboratory Bldg ..............$ 500,000
Capital improvements and
repair and renovation at
state parks ......................$ 1,500,000
Matching local and federal funds
made available to acquire and
improve property necessary for the
development of and access to the
Natchez National Historical Park,
if the creation of such national
park is approved by the United
States Congress ..................$ 1,000,000
Dept/Corrections Construction or purchase and
renovation of Community Work
Center............................$ 500,000
Inst. of Higher
Learning
Alcorn State U. Stadium and track - Phase IV......$ 4,300,000
U of MS Med Ctr New laundry facility..............$ 2,700,000
The Office of General Services
shall conduct a study of the
necessity for and feasibility of a
central laundry facility for state
agencies and institutions located
in the Jackson, Mississippi,
metropolitan area. The Office of
General Services shall consult
with the State Department of
Corrections regarding the
practicality of using inmate labor
to work in such facility. The
Office of General Services shall
report its findings to the
Legislature not later than January
15, 1990.
MS State U. School of Forest Resources........$ 500,000
University Repair, renovation and new
System construction......................$ 12,500,000
Community and
Junior Colleges Repair and renovation.............$ 10,000,000
Of this allocation, the
State Board for Community
and Junior Colleges shall
determine where such funds
shall be expended; provided,
however, $2,000,000
shall be expended for the
General Assembly Bldg. at
Coahoma Junior College.
* * *
TOTAL .............................$ 6,102,919
The Office of General Services is authorized to pay up to the amounts stipulated in this section for the purchase of land and buildings. In no case shall the Office of General Services pay an amount in excess of the appraised value of the property to be acquired. The appraised value shall be determined by taking the average of two (2) appraisals performed by different competent appraisers, one (1) to be selected by the Office of General Services and one (1) to be selected by the Department of Audit.
(4) A special fund, to be designated the "Mississippi Public Facilities Capital Improvement Contingency Revolving Fund," is hereby created within the State Treasury. Amounts deposited into such fund shall be disbursed to: (a) pay costs of projects identified in subsection (3) of this section in the event that the actual cost of such project not paid from sources other than the proceeds of the bonds authorized pursuant to this act shall exceed the amount specified in subsection (3), provided that the total amount disbursed from such fund with respect to any project may not exceed ten percent (10%) of the amount allocated to such project as set forth in subsection (3); and (b) pay costs of other projects as may be authorized in a subsequent act. Promptly after the State Bond Commission, by resolution duly adopted, shall have certified that all of the projects specified in subsection (3) (and all other projects, if any, the payment of all or part of the cost of which from the Mississippi Public Facilities Capital Improvement Contingency Revolving Fund shall have been authorized in a subsequent act) shall have been completed or abandoned, any amounts remaining in the Mississippi Public Facilities Capital Improvement Contingency Revolving Fund shall be applied to pay debt service on bonds issued pursuant to this act, in accordance with the proceedings authorizing issuance of such bonds.
(5) Each of the funds created pursuant to subsections (1), (2), (3) and (4) above shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state, and investment earnings on amounts in each such fund shall be deposited into such fund. The expenditure of monies deposited into such special funds shall be under the direction of the Office of General Services, and such funds shall be paid by the State Treasurer upon warrants issued by the board, which warrants shall be issued upon requisitions signed by the Executive Director of the Office of General Services.
Section 3. (1) The State Bond Commission is hereby authorized and empowered to declare the necessity for issuance of, and to sell and issue, general obligation bonds of the State of Mississippi in an aggregate principal amount not to exceed Sixty-eight Million Five Hundred Two Thousand Nine Hundred Nineteen Dollars ($68,502,919.00) pursuant to this act, for the purposes of providing funds to be disbursed as hereinafter provided in this section.
(2) The proceeds of the bonds authorized in this act shall be applied as follows:
(a) Three Million Dollars ($3,000,000.00) shall be deposited into the Mississippi Public Facilities Asbestos Abatement Fund created pursuant to Section 2 of this act;
(b) Two Million Dollars ($2,000,000.00) shall be deposited into the Mississippi Public Facilities Roofing and Waterproofing Fund created pursuant to Section 2 of this act;
(c) Sixty-three Million One Hundred Two Thousand Nine Hundred Nineteen Dollars ($63,102,919.00) shall be deposited into the 1990 Capital Improvement Fund created pursuant to Section 2 of this act.
(d) From the balance of the proceeds of such bonds, all costs incident to the issuance and sale of such bonds shall be paid as authorized in Section 7 of this act, and the remaining funds shall be deposited into the Mississippi Public Facilities Capital Improvement Contingency Revolving Fund created pursuant to Section 2 of this act.
(3) The proceeds of such bonds shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds. The costs incident to the issuance and sale of such bonds shall be disbursed by warrant upon requisition of the State Bond Commission, signed by the Governor.
(4) In the event that the amount allocated to any project as set forth in Section 2(3) of this act above shall exceed the actual cost of such project, such excess shall, upon completion of such project, be deposited into the Mississippi Public Facilities Capital Improvement Contingency Revolving Fund. In the event that any project specified in Section 2(3) of this act shall be abandoned, the amount allocated to such project as set forth in Section 2(3) of this act shall, upon receipt by the board of a certificate executed by the chief executive officer of the agency which would have been responsible for administration of such project, and a certificate executed by the Executive Director of the Office of General Services, each certifying that such project has been abandoned, be transferred to the Mississippi Public Facilities Capital Improvement Contingency Revolving Fund.
(5) Any investment earnings on amounts deposited into the 1990 Capital Improvement Fund shall be used to pay debt service on bonds issued pursuant to this act, in accordance with the proceedings authorizing issuance of such bonds.
(6) Upon completion or abandonment of all projects described in Section 2(3) of this act, as evidenced by a resolution adopted by the State Bond Commission certifying that all such projects have been completed or abandoned, the balance, if any, remaining in the 1990 Capital Improvement Fund shall be promptly applied to pay debt service on bonds issued pursuant to this act, in accordance with the proceedings authorizing issuance of such bonds.
(7) All funds allocated under this act for the construction of projects shall be deemed to be sufficient to complete such projects.
Section 4. The principal of and interest on such bonds shall be payable in the manner hereinafter set forth. 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 (20) years, be redeemable prior to 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 State Bond Commission.
Section 5. Such bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to 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 the delivery of the same to the purchaser, or had been in office on the date such bonds may bear. Provided, however, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.
Section 6. All bonds and interest coupons issued under the provisions of this act shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Mississippi Uniform Commercial Code, and in exercising the powers granted by this act, the State Bond Commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.
Section 7. The State Bond Commission shall act as the issuing agent for such bonds, 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 State Bond Commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this act from the proceeds derived from the sale of such bonds. The State Bond Commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale 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; provided that the first interest payment may be for any period of not more than one (1) year.
Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named.
Notice of the sale of any such bond shall be published at least one (1) time, not less than ten (10) days prior to 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 State Bond Commission.
The State Bond Commission, when issuing any bonds under the authority of this act, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption in reverse order of maturity at the call price named therein and accrued interest on such date or dates named therein.
Section 8. The bonds issued under the provisions of this act shall be general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is hereby irrevocably pledged. If the funds appropriated by the Legislature be 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 foregoing provisions of this section.
Section 9. The State Treasurer is hereby authorized, without further process of law, to certify to the board the necessity for warrants, and the board is hereby authorized and directed to issue such warrants payable out of any funds authorized by this act for such purpose, in such amounts as may be necessary to pay when due the principal of and interest on all bonds issued under the provisions 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 10. Such general obligation bonds may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this act. Any resolution providing for the issuance of general obligation bonds under the provisions of this act shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
Section 11. The bonds authorized under the authority of this act may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter 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 the aforesaid statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.
Section 12. Any holder of bonds issued under the provisions of this act or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted hereunder, or under such resolution, and may enforce and compel performance of all duties required by this act to be performed, in order to provide for the payment of bonds and interest thereon.
Section 13. All bonds issued under the provisions of this act shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.
Section 14. Bonds issued under the provisions of this act and income therefrom shall be exempt from all taxation in the State of Mississippi.
Section 15. After occupation by a state agency of any building constructed, purchased, renovated or repaired with the proceeds of bonds issued pursuant to this act, with the exception of any building at an institution of higher learning or a junior or community college, all rents paid therefor by the occupying agency shall be used for the retirement of the bonds issued under this act and to pay utilities and other necessary expenses.
Section 16. The Office of General Services shall study and preplan necessary projects for the construction and/or acquisition of state office buildings and the installation of an energy management system for public facilities owned by the state, excepting any project at the Central High Legislative Services Buildings. Such study and preplanning shall include but not be limited to the facility space needs, the most efficient utilization of space required, the most economical method of design and construction within the bounds of good business judgment, and the approximate cost of such project.
It is the intention of the Legislature that the cost of the study be defrayed out of State Treasury Fund No. 3901.
Section 17. The Department of Natural Resources, and its successor having authority over the state park system, shall cooperate with counties and municipalities in the preparation and implementation of studies for developing and improving the state parks located in the vicinity of an interested municipality or county.
Section 18. (1) No member of the Legislature, elected official or appointed official, or any partner or associate of any member of the Legislature, elected official or appointed official, shall derive any income from the issuance of any bonds or the disposition of any property under this act contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.
(2) In connection with the issuance and sale of bonds authorized under this act, the State Bond Commission shall select a bond attorney or attorneys who are listed in the "Directory of Municipal Bond Dealers of the United States" and who are members in good standing of the Mississippi State Bar Association and licensed to practice law in the State of Mississippi; however, upon a finding by the commission spread on its official minutes that the public interest will best be served thereby, the commission may select any bond attorney or attorneys listed in the "Directory of Municipal Bond Dealers of the United States."
SECTION 8. Sections 37-101-401, 37-101-403, 37-101-405, 37-101-407, 37-101-409, 37-101-411, 37-101-413, 37-101-415, 37-101-417, 37-101-419, 37-101-421, 37-101-423, 37-101-425, 37-101-427, 37-101-429 and 37-101-431, Mississippi Code of 1972, which authorize the issuance of state general obligation bonds in the amount of Fifteen Million Dollars ($15,000,000.00) for the purchase of equipment necessary to the operations of the institutions of higher learning, is repealed.
SECTION 9. Sections 37-151-27, 37-151-29, 27-151-31, 37-151-33, 37-151-35, 37-151-37, 37-151-39, 37-151-41, 37-151-43, 37-151-45, 37-151-47, 37-151-49, 37-151-51, 37-151-53, 37-151-55 and 37-151-57, Mississippi Code of 1972, which authorize the issuance of State Education Technology bonds in the amount of Sixty Million Dollars ($60,000,000.00) for the State Public School Education Technology Fund and the Tech-Prep Fund, are repealed.
SECTION 10. Section 1, Chapter 501, Laws of 1985, which authorizes the issuance of state revenue bonds in the amount of Twenty Million Dollars ($20,000,000.00) for use by the Veterans' Farm and Home Board to finance homes for veterans, is repealed.
SECTION 11. Chapter 474, Laws of 1995, which provides for the issuance of state revenue bonds in the amount of Eight Hundred Thousand Dollars ($800,000.00) for the purpose of renovating and expanding and improving a building on the campus of Mississippi State University for the housing of the State Seed Testing Laboratory and the Division of Plant Industry of the Mississippi Department of Agriculture and Commerce, is repealed.
SECTION 12. Chapter 532, Laws of 2000, which authorizes the issuance of state general obligation bonds in the amount of Three Million Dollars ($3,000,000.00) for the purpose of assisting public utility districts established by the county for the construction for master planned communities of water production and distribution facilities and wastewater treatment and collection facilities, is repealed.
SECTION 13. Chapter 585, Laws of 2001, which authorizes the issuance of state general obligation bonds in the amount of Twenty Million Dollars ($20,000,000.00) to provide funds necessary for the State Port Authority at Gulfport to acquire the rail line extending from the State Port at Gulfport to Hattiesburg, Mississippi, and which authorizes the issuance of state revenue bonds in the amount of Twenty Million Dollars ($20,000,000.00) to fund certain upgrades to such rail line, is repealed.
SECTION 14. This act shall take effect and be in force from and after its passage.