Mississippi HB 1198: Bonds; authorize issuance to assist City of Pearl with U.S. Highway 80 lighting project.

Bill Text

H. B. No. 1198 *HR26/R1751* ~ OFFICIAL ~ R3/5
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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2024

By: Representative Newman

HOUSE BILL NO. 1198

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF PEARL, MISSISSIPPI, 2
IN PAYING COSTS ASSOCIATED WITH CONSTRUCTION, RECONSTRUCTION, 3
UPGRADES AND OTHER IMPROVEMENTS TO A PORTION OF U.S. HIGHWAY 80 IN 4
THE CITY OF PEARL, BEGINNING AT OR NEAR PEARSON ROAD AND RUNNING 5
TO OR NEAR PIRATE COVE, AS PART OF THE CITY'S U.S. HIGHWAY 80 6
LIGHTING PROJECT; AND FOR RELATED PURPOSES. 7
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 8
SECTION 1. (1) As used in this act, the following words 9
shall have the meanings ascribed herein unless the context clearly 10
requires otherwise: 11
(a) "State" means the State of Mississippi. 12
(b) "Commission" means the State Bond Commission. 13
(2) The principal of and interest on the bonds authorized 14
under this act shall be payable in the manner provided in this 15
subsection. Such bonds shall bear such date or dates, be in such 16
denomination or denominations, bear interest at such rate or rates 17
(not to exceed the limits set forth in Section 75-17-101, 18
Mississippi Code of 1972), be payable at such place or places 19
within or without the State of Mississippi, shall mature 20

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absolutely at such time or times not to exceed twenty-five (25) 21
years from date of issue, be redeemable before maturity at such 22
time or times and upon such terms, with or without premium, shall 23
bear such registration privileges, and shall be substantially in 24
such form, all as shall be determined by resolution of the 25
commission. 26
(3) The bonds authorized by this act shall be signed by the 27
chairman of the commission, or by his facsimile signature, and the 28
official seal of the commission shall be affixed thereto, attested 29
by the secretary of the commission. The interest coupons, if any, 30
to be attached to such bonds may be executed by the facsimile 31
signatures of such officers. Whenever any such bonds shall have 32
been signed by the officials designated to sign the bonds who were 33
in office at the time of such signing but who may have ceased to 34
be such officers before the sale and delivery of such bonds, or 35
who may not have been in office on the date such bonds may bear, 36
the signatures of such officers upon such bonds and coupons shall 37
nevertheless be valid and sufficient for all purposes and have the 38
same effect as if the person so officially signing such bonds had 39
remained in office until their delivery to the purchaser, or had 40
been in office on the date such bonds may bear. However, 41
notwithstanding anything herein to the contrary, such bonds may be 42
issued as provided in the Registered Bond Act of the State of 43
Mississippi. 44

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(4) All bonds and interest coupons issued under the 45
provisions of this act have all the qualities and incidents of 46
negotiable instruments under the provisions of the Uniform 47
Commercial Code, and in exercising the powers granted by this act, 48
the commission shall not be required to and need not comply with 49
the provisions of the Uniform Commercial Code. 50
(5) The commission shall act as issuing agent for the bonds 51
authorized under this act, prescribe the form of the bonds, 52
determine the appropriate method for sale of the bonds, advertise 53
for and accept bids or negotiate the sale of the bonds, issue and 54
sell the bonds so authorized to be sold, pay all fees and costs 55
incurred in such issuance and sale, and do any and all other 56
things necessary and advisable in connection with the issuance and 57
sale of such bonds. The commission is authorized and empowered to 58
pay the costs that are incident to the sale, issuance and delivery 59
of the bonds authorized under this act from the proceeds derived 60
from the sale of such bonds. The commission may sell such bonds 61
on sealed bids at public sale or may negotiate the sale of the 62
bonds for such price as it may determine to be for the best 63
interest of the State of Mississippi. All interest accruing on 64
such bonds so issued shall be payable semiannually or annually. 65
If such bonds are sold by sealed bids at public sale, notice 66
of the sale shall be published at least one time, not less than 67
ten (10) days before the date of sale, and shall be so published 68
in one or more newspapers published or having a general 69

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circulation in the City of Jackson, Mississippi, selected by the 70
commission. 71
The commission, when issuing any bonds under the authority of 72
this act, may provide that bonds, at the option of the State of 73
Mississippi, may be called in fo