Mississippi HB 1231: Bonds; authorize issuance to assist Claiborne County with road improvements.

Bill Text

H. B. No. 1231 *HR26/R1656* ~ OFFICIAL ~ R3/5
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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2024

By: Representative Harness

HOUSE BILL NO. 1231

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

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

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

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The commission, when issuing any bonds under the authority of 69
this act, may provide that bonds, at the option of the State of 70
Mississippi, may be called in for payment and redemption at the 71
call price named therein and accrued interest on such date or 72
dates named therein. 73
(6) The bonds issued under the provisions of this act are 74
general obligations of th