Mississippi HB 1136: Bonds; revise use of proceeds of bonds authorized for the John C. Robinson Aviation Museum and Jackson State University.

Bill Text

HB1136 (As Introduced) - 2018 Regular Session 

MISSISSIPPI LEGISLATURE

2018 Regular Session

To: Ways and Means

By: Representative Smith

House Bill 1136

AN ACT TO AMEND SECTION 8, CHAPTER 580, LAWS OF 2007, TO 
REVISE THE PURPOSES FOR WHICH BONDS AUTHORIZED TO BE ISSUED FOR THE JOHN C. 
ROBINSON MISSISSIPPI AVIATION MUSEUM FUND MAY BE UTILIZED; TO AMEND SECTION 1, 
CHAPTER 511, LAWS OF 2016, TO REVISE THE PURPOSES FOR WHICH THE PROCEEDS OF 
BONDS AUTHORIZED TO BE ISSUED FOR CAPITAL IMPROVEMENTS AT JACKSON STATE 
UNIVERSITY MAY BE USED; AND FOR RELATED PURPOSES.

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

���� SECTION 1.� Section 
8, Chapter 580, Laws of 2007, is amended as follows:

���� Section 8.� 
(1)� As used in this section, the following words shall have the meanings 
ascribed herein unless the context clearly requires otherwise:

��������� (a)� "Accreted 
value" of any bond means, as of any date of computation, an amount equal 
to the sum of (i) the stated initial value of such bond, plus (ii) the interest 
accrued thereon from the issue date to the date of computation at the rate, 
compounded semiannually, that is necessary to produce the approximate yield to 
maturity shown for bonds of the same maturity.

��������� (b)� "State" 
means the State of Mississippi.

��������� (c)� 
"Commission" means the State Bond Commission.

���� (2)� (a)� (i)� A 
special fund, to be designated as the "John C. Robinson Mississippi 
Aviation Museum Fund" is created within the State Treasury.� The fund 
shall be maintained by the State Treasurer as a separate and special fund, 
separate and apart from the General Fund of the state.� Unexpended amounts 
remaining in the fund at the end of a fiscal year shall not lapse into the 
State General Fund, and any interest earned or investment earnings on amounts 
in the fund shall be deposited into such fund.

������������� (ii)� Monies 
deposited into the fund shall be disbursed by the Department of Finance and 
Administration to the John C. Robinson "Brown Condor" Association to 
pay the costs of * * *architectural 
planning and museum consultants construction, repair, renovation, 
furnishing and equipping a building leased from the City of Gulfport for 
the John C. Robinson Mississippi Aviation Museum in Gulfport, Mississippi.

��������� (b)� Amounts deposited 
into such special fund shall be disbursed to pay the costs of the projects 
described in paragraph (a) of this subsection.� Promptly after the commission 
has certified, by resolution duly adopted, that the projects described in 
paragraph (a) of this subsection shall have been completed, abandoned, or 
cannot be completed in a timely fashion, any amounts remaining in such special 
fund shall be applied to pay debt service on the bonds issued under this 
section, in accordance with the proceedings authorizing the issuance of such 
bonds and as directed by the commission.

���� (3)� (a)� The 
commission, at one time, or from time to time, may declare by resolution the 
necessity for issuance of general obligation bonds of the State of Mississippi 
to provide funds for all costs incurred or to be incurred for the purposes 
described in subsection (2) of this section.� Upon the adoption of a resolution 
by the Department of Finance and Administration, declaring the necessity for 
the issuance of any part or all of the general obligation bonds authorized by 
this subsection, the department shall deliver a certified copy of its 
resolution or resolutions to the commission.� Upon receipt of such resolution, 
the commission, in its discretion, may act as the issuing agent, prescribe the 
form of the bonds, advertise for and accept bids, 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 total amount of 
bonds issued under this section shall not exceed Two Hundred Fifty Thousand 
Dollars ($250,000.00).� No bonds shall be issued under this section from and 
after July 1, 2011.

��������� (b)� Any investment 
earnings on amounts deposited into the special fund created in subsection (2) 
of this section shall be used to pay debt service on bonds issued under this 
section, in accordance with the proceedings authorizing issuance of such bonds.

���� (4)� The principal of 
and interest on the bonds authorized under this section shall be payable in the 
manner provided in this subsection.� Such bonds shall bear such date or dates, 
be in such denomination or denominations, bear interest at such rate or rates 
(not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 
1972), be payable at such place or places within or without the State of 
Mississippi, shall mature absolutely at such time or times not to exceed twenty-five 
(25) years from date of issue, be redeemable before maturity at such time or 
times and upon such terms, with or without premium, shall bear su