MISSISSIPPI LEGISLATURE
2019 Regular Session
To: Ways and Means
By: Representative Ford
AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO INCUR SHORT-TERM DEBT TO PROVIDE FUNDS TO ASSIST IN PAYING COSTS ASSOCIATED WITH THE OPERATION AND MAINTENANCE OF A NATIONAL PARK OR OTHER FEDERAL VISITORS OR RECREATION AREA IN THIS STATE IF FEDERAL FUNDS FOR SUCH PURPOSES ARE UNAVAILABLE DUE TO A SHUTDOWN OF THE FEDERAL GOVERNMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Upon a determination by the Department of Finance and Administration that due to a shutdown of the federal government, federal funds are unavailable for the operation and maintenance of a national park or other federal visitors or recreation area located in this state, the department, with the concurrence of the State Bond Commission, may incur debt, including notes or other evidences of indebtedness, for the purpose of providing funds to assist in paying costs associated with the operation and maintenance of the national park or other federal visitors or recreation area. The amount of funds provided by the department to assist with the operation and maintenance of a national park or other federal visitors or recreation area cannot exceed the amount of funds from private, local and/or other sources that have been irrevocably dedicated for such purposes.
(2) All notes or certificates of indebtedness issued under this section shall mature in approximately equal installments of principal and interest over a period not to exceed one (1) year from the date of issuance thereof. The maximum amount of debt that may be outstanding under this section at any time shall not exceed One Hundred Thousand Dollars ($100,000.00).
SECTION 2. This act shall take effect and be in force from and after July 1, 2019.