MISSISSIPPI LEGISLATURE
2018 Regular Session
To: Finance
By: Senator(s) Blackmon, Fillingane, Kirby, Horhn, Dawkins, Jordan, Jackson (11th), Blackwell, McMahan
AN ACT TO AMEND SECTION 31-17-3, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE POWERS OF THE STATE BOND COMMISSION IN CONNECTION WITH ANY STATE BONDS AUTHORIZED TO BE ISSUED BY AN ACT OF THE LEGISLATURE ARE LIMITED TO PERFORMING CERTAIN ADMINISTRATIVE AND PROCEDURAL FUNCTIONS RELATING TO THE ISSUANCE OF THE BONDS; TO AUTHORIZE THE COMMISSION TO PERFORM ANY OTHER POWERS AND DUTIES IN CONNECTION WITH ANY STATE BONDS AUTHORIZED TO BE ISSUED BY AN ACT OF THE LEGISLATURE THAT ARE SPECIFICALLY GRANTED TO THE COMMISSION IN THAT ACT OF THE LEGISLATURE; TO PROVIDE THAT THE COMMISSION IS NOT AUTHORIZED TO MAKE A DETERMINATION THAT ANY STATE BONDS SHOULD NOT BE ISSUED BASED ON THE COMMISSION'S EVALUATION OF THE RELATIVE MERITS OF THE PROJECTS BEING FUNDED BY THE BONDS OR THE APPROPRIATENESS OF THE POLICY OF ISSUING THE BONDS; TO PROVIDE THAT IF ALL OF THE CONDITIONS THAT ARE PRESCRIBED FOR THE ISSUANCE OF THE BONDS IN THE ACT OF THE LEGISLATURE AUTHORIZING THE ISSUANCE OF THE BONDS HAVE BEEN MET AS REQUIRED IN THAT ACT, THEN THE COMMISSION SHALL ISSUE THE BONDS AS PROVIDED IN THAT ACT; TO PROVIDE THAT THE PROVISIONS OF THIS ACT SHALL APPLY ONLY TO STATE BONDS AUTHORIZED TO BE ISSUED BY ACTS OF THE LEGISLATURE THAT ARE ENACTED ON OR AFTER THE EFFECTIVE DATE OF THIS ACT; 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 powers of the State Bond Commission in connection with any state bonds authorized to be issued by an act of the Legislature are limited to performing the following administrative and procedural functions relating to the issuance of the bonds:
(a) Acting as the issuing agent for the bonds;
(b) Prescribing the form of the bonds;
(c) Determining the appropriate method for sale of the bonds;
(d) Advertising for and accepting bids or negotiating the sale of the bonds;
(e) Determining when the bonds are to be sold;
(f) Issuing and selling the bonds; and
(g) Doing any other things necessary and advisable in connection with the issuance and sale of the bonds.
In addition, the commission is authorized to perform any other powers and duties in connection with any state bonds authorized to be issued by an act of the Legislature that are specifically granted to the commission in that act of the Legislature.
However, the commission is not authorized to make a determination that any state bonds should not be issued, or to withhold the issuance of any state bonds, based on the commission's evaluation of the relative merits of the projects being funded by the bonds or the appropriateness of the policy of issuing the bonds. If all of the conditions that are prescribed for the issuance of the bonds in the act of the Legislature authorizing the issuance of the bonds have been met as required in that act, then the commission shall issue the bonds as provided in that act.
(2) The State Bond
Commission, with the approval and consent of the State Auditor of Public Accounts
and the * * * 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 * * * 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.
SECTION 2. The provisions of Section 31-17-3 as amended by Section 1 of this act shall apply only to state bonds authorized to be issued by acts of the Legislature that are enacted on or after the effective date of this act.
SECTION 3. This act shall take effect and be in force from and after its passage.