MISSISSIPPI LEGISLATURE
2005 Regular Session
To: Finance
By: Senator(s) Ross, Michel, Burton, Moffatt, Robertson, Doxey, Jackson (15th), Morgan, Flowers, Davis, Pickering, Nunnelee, Brown, Hewes, Clarke
AN ACT TO AMEND SECTIONS 69-46-5 AND 69-46-7, MISSISSIPPI CODE OF 1972, TO TRANSFER THE POWERS AND DUTIES OF THE MISSISSIPPI LAND, WATER AND TIMBER RESOURCES BOARD TO THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO REPEAL SECTION 69-46-3, MISSISSIPPI CODE OF 1972, WHICH CREATES THE MISSISSIPPI LAND WATER AND TIMBER RESOURCES BOARD AND PROVIDES FOR ITS PURPOSE, MEMBERSHIP AND MEETINGS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 69-46-5, Mississippi Code of 1972, is amended as follows:
69-46-5. (1) The Mississippi Development Authority shall administer the Mississippi Land, Water and Timber Resources Act and in that regard shall have the following powers and duties:
(a) To develop marketing plans and opportunities for independent farmers in Mississippi;
(b) To encourage the commercialization of new agricultural technology businesses;
(c) To initiate the development of processing facilities for Mississippi agricultural commodities;
(d) To initiate the development of Mississippi wholesale distribution businesses for agricultural inputs and products;
(e) To promote the development of institutional and specialty markets for Mississippi agriculture products;
(f) To encourage additional research for new agricultural product development;
(g) To develop a working relationship with the state offices of the United States Department of Agriculture as may be appropriate for the promotion and development of agriculture in Mississippi;
(h) To promote the rural quality of life in Mississippi through such programs as 4-H, Future Farmers of America and agricultural education;
(i) To encourage, promote and initiate the development of alternative energy strategies, applied research technologies and commercialization enterprises that focus on Mississippi natural resources, including, but not limited to, agriculture, timber and poultry products and byproducts;
(j) To file an annual report with the Governor, Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, with recommendations for any legislation necessary to accomplish the purposes of the Mississippi Land, Water and Timber Resources Act;
(k) To expend funds out of the Mississippi Land, Water and Timber Resources Fund to carry out its powers and duties under the Mississippi Land, Water and Timber Resources Act.
(2) The Mississippi Development Authority may promulgate and enforce rules and regulations, in accordance with the Mississippi Administrative Procedures Law, as may be necessary to carry out the provisions of the Mississippi Land, Water and Timber Resources Act.
(3) The Mississippi Development Authority may provide funds to public entities and private entities through loans, grants, contracts and any other manner the authority determines appropriate for the purposes of carrying out the provisions of the Mississippi Land, Water and Timber Resources Act.
SECTION 2. Section 69-46-7, Mississippi Code of 1972, is amended as follows:
69-46-7. (1) (a) The Mississippi Development Authority may accept and expend funds appropriated or otherwise made available by the Legislature and funds from any other source in order to carry out the provisions of the Mississippi Land, Water and Timber Resources Act. Such funds shall be deposited into a special fund hereby established in the State Treasury to be known as the "Mississippi Land, Water and Timber Resources Fund." Unexpended amounts derived from bond proceeds or private funds, or both, remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on such amounts in the fund shall be deposited to the credit of the fund. All other unexpended amounts remaining in the fund at the end of a fiscal year shall lapse into the State General Fund. The Mississippi Development Authority may provide to the Mississippi Department of Agriculture and Commerce not more than Two Hundred Fifty Thousand Dollars ($250,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 1 through 16 ofChapter 538, Laws of 2001, and/or Sections 1 through 16 of Chapter 542, Laws of 2002, for the purpose of providing additional funds to defray costs incurred by the department in assisting the authority in carrying out the provisions of the Mississippi Land, Water and Timber Resources Act. However, the Mississippi Department of Agriculture and Commerce may not use any portion of such funds for the purpose of hiring any person as an employee as defined in Section 25-3-91(c). The Mississippi Department of Agriculture may escalate its budget and expend such funds, when provided by the authority, in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds. The * * * Mississippi Development Authority may utilize not more than Two Hundred Fifty Thousand Dollars ($250,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 1 through 16 of Chapter 538, Laws of 2001, and/or Sections 1 through 16 of Chapter 542, Laws of 2002, for the purpose of providing additional funds to defray costs incurred by the Mississippi Development Authority in * * * carrying out the provisions of the Mississippi Land, Water and Timber Resources Act. However, the Mississippi Development Authority may not use any portion of such funds for the purpose of hiring any person as an employee as defined in Section 25-3-91(c). The Mississippi Development Authority 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.
(b) (i) The Mississippi Development Authority may provide to the Mississippi Department of Agriculture and Commerce not more than One Hundred Twenty-five Thousand Dollars ($125,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 1 through 16 of Chapter 505, Laws of 2003, and One Hundred Twenty-five Thousand Dollars ($125,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 72 through 87 of Chapter 1, Laws of 2004 Third Extraordinary Session, for the purpose of providing additional funds to defray costs incurred by the department in assisting the authority in carrying out the provisions of the Mississippi Land, Water and Timber Resources Act. However, the Mississippi Department of Agriculture and Commerce may not use any portion of such funds for the purpose of hiring any person as an employee as defined in Section 25-3-91(c). The Mississippi Department of Agriculture and Commerce may escalate its budget and expend such funds, when provided by the authority, in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds.
(ii) The * * * Mississippi Development Authority may utilize not more than One Hundred Twenty-five Thousand Dollars ($125,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 1 through 16 of Chapter 505, Laws of 2003, and One Hundred Twenty-five Thousand Dollars ($125,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 72 through 87 of Chapter 1, Laws of 2004 Third Extraordinary Session, for the purpose of providing additional funds to defray costs incurred by the Mississippi Development Authority in * * * carrying out the provisions of the Mississippi Land, Water and Timber Resources Act. However, the Mississippi Development Authority may not use any portion of such funds for the purpose of hiring any person as an employee as defined in Section 25-3-91(c). The Mississippi Development Authority 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.
(iii) The Mississippi Development Authority may provide to the Department of Audit not more than Fifty Thousand Dollars ($50,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 1 through 16 of Chapter 505, Laws of 2003, and Fifty Thousand Dollars ($50,000.00), in the aggregate, of monies in the fund that are derived from proceeds of bonds issued under Sections 72 through 87 of Chapter 1, Laws of 2004 Third Extraordinary Session, for the purpose of providing additional funds to defray costs incurred by the department in assisting the authority in carrying out the provisions of the Mississippi Land, Water and Timber Resources Act. However, the Department of Audit may not use any portion of such funds for the purpose of hiring any person as an employee as defined in Section 25-3-91(c). The Department of Audit may escalate its budget and expend such funds, when provided by the authority, in accordance with rules and regulations of the Department of Finance and Administration in a manner consistent with the escalation of federal funds.
* * *
(3) In anticipation of the issuance of bonds authorized for the purpose of providing funds for the Mississippi Land, Water and Timber Resources Fund, 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 carrying out the provisions of the Mississippi Land, Water and Timber Resources Act. All borrowings made under this subsection * * * shall be evidenced by notes of the State of Mississippi, which shall be issued from time to time, for such amounts, 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 for bonds in Section 75-17-101, 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 of Mississippi, 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. Borrowings made under the provisions of this subsection * * * shall not exceed the aggregate sum of Five Million Dollars ($5,000,000.00) outstanding at any one time.
SECTION 3. Section 69-46-3, Mississippi Code of 1972, which creates the Mississippi Land Water and Timber Resources Board and provides for its purpose, membership and meetings, is repealed.
SECTION 4. This act shall take effect and be in force from and after July 1, 2005.