Senate Bill 2190

AN ACT TO AMEND SECTION 31-17-3, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE STATE BOND COMMISSION SHALL NOT ISSUE AND SELL ANY GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI EXCEPT FOR BONDS AUTHORIZED FOR CRITICAL REPAIRS TO TRANSPORTATION INFRASTRUCTURE THAT AFFECT PUBLIC SAFETY UNLESS THE BALANCE OF THE WORKING CASH-STABILIZATION RESERVE FUND IS AT LEAST 7-1/2% OF THE TOTAL GENERAL FUND APPROPRIATIONS FOR THE CURRENT FISCAL YEAR, AND

THE MISSISSIPPI DEPARTMENT OF TRANSPORTATION CERTIFIES TO THE STATE BOND COMMISSION THAT CRITICAL REPAIRS TO THE TRANSPORTATION INFRASTRUCTURE THAT AFFECT PUBLIC SAFETY HAVE BEEN COMPLETED; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 31-17-3, Mississippi Code of 1972, is amended as follows:

31-17-3. (1) The State Bond Commission, with the approval and consent of the State Auditor of Public Accounts and the * * *~~Chairman of the State Tax Commission~~ Commissioner of Revenue, is hereby authorized to purchase outstanding bonds of the State of Mississippi, retire such bonds, and pay the purchase price thereof out of any surplus remaining in the State Treasury at the end of any fiscal year, all in accord with the provisions of Sections 31-17-21 through 31-17-25. The State Bond Commission, with the consent and approval of the State Auditor of Public Accounts and the * * * ~~Chairman of the State Tax Commission~~ Commissioner of Revenue, shall determine the amount of bonds to be purchased, the maximum price to be paid therefor not to exceed par and accrued interest, and the date upon which it will receive proposals to purchase such bonds, all in accord with the provisions of Sections 31-17-21 through 31-17-25.

(2) From and after July 1, 2017, the State Bond Commission shall not issue and sell any general obligation bonds of the State of Mississippi except for bonds authorized for critical repairs to transportation infrastructure that affect public safety unless:

(a) The balance of the principal and interest in the Working Cash-Stabilization Reserve Fund is at least seven and one-half percent (7-1/2%) of the total general fund appropriations for the current fiscal year; and

(b) The Mississippi Department of Transportation certifies to the State Bond Commission that critical repairs to the transportation infrastructure that affect public safety have been completed.

SECTION 2. This act shall take effect and be in force from and after July 1, 2017.