Mississippi HB 193: Bonds; authorize issuance to assist City of Greenville in paying costs of repair and renovation of city parks and golf course.

Bill Text

H. B. No. 193 *HR26/R253* ~ OFFICIAL ~ R3/5
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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2023

By: Representative Hines

HOUSE BILL NO. 193

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF GREENVILLE, 2
MISSISSIPPI, IN PAYING THE COSTS ASSOCIATED WITH THE REPAIR AND 3
RENOVATION OF CITY PARKS AND THE GREENVILLE MUNICIPAL GOLF COURSE; 4
AND FOR RELATED PURPOSES. 5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 6
SECTION 1. (1) As used in this act, the following words 7
shall have the meanings ascribed herein unless the context clearly 8
requires otherwise: 9
(a) "State" means the State of Mississippi. 10
(b) "Commission" means the State Bond Commission. 11
(2) The principal of and interest on the bonds authorized 12
under this act shall be payable in the manner provided in this 13
subsection. Such bonds shall bear such date or dates, be in such 14
denomination or denominations, bear interest at such rate or rates 15
(not to exceed the limits set forth in Section 75-17-101, 16
Mississippi Code of 1972), be payable at such place or places 17
within or without the State of Mississippi, shall mature 18
absolutely at such time or times not to exceed twenty-five (25) 19

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years from date of issue, be redeemable before maturity at such 20
time or times and upon such terms, with or without premium, shall 21
bear such registration privileges, and shall be substantially in 22
such form, all as shall be determined by resolution of the 23
commission. 24
(3) The bonds authorized by this act shall be signed by the 25
chairman of the commission, or by his facsimile signature, and the 26
official seal of the commission shall be affixed thereto, attested 27
by the secretary of the commission. The interest coupons, if any, 28
to be attached to such bonds may be executed by the facsimile 29
signatures of such officers. Whenever any such bonds shall have 30
been signed by the officials designated to sign the bonds who were 31
in office at the time of such signing but who may have ceased to 32
be such officers before the sale and delivery of such bonds, or 33
who may not have been in office on the date such bonds may bear, 34
the signatures of such officers upon such bonds and coupons shall 35
nevertheless be valid and sufficient for all purposes and have the 36
same effect as if the person so officially signing such bonds had 37
remained in office until their delivery to the purchaser, or had 38
been in office on the date such bonds may bear. However, 39
notwithstanding anything herein to the contrary, such bonds may be 40
issued as provided in the Registered Bond Act of the State of 41
Mississippi. 42
(4) All bonds and interest coupons issued under the 43
provisions of this act have all the qualities and incidents of 44

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

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The commission, when issuing any bonds under the authority of 70
this act, may provide that bonds, at the option of the State of 71
Mississippi, may be called in for payment and redemption at the 72
call price named therein and accrued interest on such date or 73
dates named therein. 74
(6) The bonds issued under the provisions of th