Adopted
AMENDMENT NO 1 PROPOSED TO
Senate Bill No. 3165
BY: Senator(s) Bryan
AMEND by inserting the following below line 1465 and renumber subsequent section(s) accordingly:
SECTION *. Section 65-4-25, Mississippi Code of 1972, is amended as follows:
65-4-25.
The Mississippi Development Authority, acting through its executive director,
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 Economic Development Highway Fund
established in Section 65-4-15, Mississippi Code of 1972. Upon the adoption of
a resolution by the Executive Director of the Mississippi Development
Authority, declaring the necessity for the issuance of any part or all of the
general obligation bonds authorized by Sections 65-4-25 through 65-4-45,
Mississippi Code of 1972, the executive director shall deliver a certified copy
of his resolution or resolutions to the State Bond Commission. Upon receipt of
the resolution, the State Bond Commission, in its discretion, shall act as the
issuing agent, prescribe the form of the bonds, determine the appropriate
method for the sale of the bonds, advertise for and accept bids or negotiate
the sale of the bonds, 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 principal amount of bonds issued under
Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, shall not exceed
Three Hundred Ninety-six Million Five Hundred Thousand Dollars
($396,500,000.00) in the aggregate. However, an additional amount of bonds may
be issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, in
an amount not to exceed Seven Million Dollars ($7,000,000.00), and the proceeds
of any such additional bonds issued shall be used to provide funding for a high
economic benefit project as defined in Section 65-4-5(1)(c)(vi), Mississippi
Code of 1972. An additional amount of bonds may be issued under Sections 65-4-25
through 65-4-45, in an amount not to exceed * * * Two
Million Dollars ($2,000,000.00), the proceeds of which shall be used to
provide funding for a high economic benefit project as defined in Section 65-4-5(1)(c)(v).
FURTHER, AMEND the title to conform by inserting the following on line 40 after the semicolon:
TO AMEND SECTION 65-4-25, MISSISSIPPI CODE OF 1972, TO INCREASE BY $1,000,000.00 THE AMOUNT OF BONDS AUTHORIZED TO BE ISSUED UNDER THE ECONOMIC DEVELOPMENT HIGHWAY ACT TO PROVIDE FUNDING FOR A HIGH ECONOMIC BENEFIT PROJECT AS DEFINED IN SECTION 65-4-5(1)(C)(V);