Mississippi SB 3187: Bonds; authorize issuance to assist West Point in paying costs of renovations to Water and Light Department Administrative Building.

Bill Text

S. B. No. 3187 *SS26/R1446* ~ OFFICIAL ~ R3/5
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To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Turner-Ford

SENATE BILL NO. 3187

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF WEST POINT, 2
MISSISSIPPI, IN PAYING THE COSTS ASSOCIATED WITH RENOVATIONS TO 3
THE WATER AND LIGHT DEPARTMENT ADMINISTRATIVE BUILDING; AND FOR 4
RELATED PURPOSES. 5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 6
SECTION 1. (1) The provisions of this section shall apply 7
to every section of this act that relates to the issuance of bonds 8
unless otherwise provided in this act. 9
(2) As used in this act, the following words shall have the 10
meanings ascribed herein unless the context clearly requires 11
otherwise: 12
(a) "State" means the State of Mississippi. 13
(b) "Commission" means the State Bond Commission. 14
(3) The principal of and interest on the bonds authorized 15
under this act shall be payable in the manner provided in this 16
subsection. Such bonds shall bear such date or dates, be in such 17
denomination or denominations, bear interest at such rate or rates 18
(not to exceed the limits set forth in Section 75-17-101, 19

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Mississippi Code of 1972), be payable at such place or places 20
within or without the State of Mississippi, shall mature 21
absolutely at such time or times not to exceed twenty-five (25) 22
years from date of issue, be redeemable before maturity at such 23
time or times and upon such terms, with or without premium, shall 24
bear such registration privileges, and shall be substantially in 25
such form, all as shall be determined by resolution of the 26
commission. 27
(4) The bonds authorized by this act shall be signed by the 28
chairman of the commission, or by his facsimile signature, and the 29
official seal of the commission shall be affixed thereto, attested 30
by the secretary of the commission. The interest coupons, if any, 31
to be attached to such bonds may be executed by the facsimile 32
signatures of such officers. Whenever any such bonds shall have 33
been signed by the officials designated to sign the bonds who were 34
in office at the time of such signing but who may have ceased to 35
be such officers before the sale and delivery of such bonds, or 36
who may not have been in office on the date such bonds may bear, 37
the signatures of such officers upon such bonds and coupons shall 38
nevertheless be valid and sufficient for all purposes and have the 39
same effect as if the person so officially signing such bonds had 40
remained in office until their delivery to the purchaser, or had 41
been in office on the date such bonds may bear. However, 42
notwithstanding anything herein to the contrary, such bonds may be 43

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issued as provided in the Registered Bond Act of the State of 44
Mississippi. 45
(5) All bonds and interest coupons issued under the 46
provisions of this act have all the qualities and incidents of 47
negotiable instruments under the provisions of the Uniform 48
Commercial Code, and in exercising the powers granted by this act, 49
the commission shall not be required to and need not comply with 50
the provisions of the Uniform Commercial Code. 51
(6) The commission shall act as issuing agent for the bonds 52
authorized under this act, prescribe the form of the bonds, 53
determine the appropriate method for sale of the bonds, advertise 54
for and accept bids or negotiate the sale of the bonds, issue and 55
sell the bonds so authorized to be sold, pay all fees and costs 56
incurred in such issuance and sale, and do any and all other 57
things necessary and advisable in connection with the issuance and 58
sale of such bonds. The commission is authorized and empowered to 59
pay the costs that are incident to the sale, issuance and delivery 60
of the bonds authorized under this act from the proceeds derived 61
from the sale of such bonds. The commission may sell such bonds 62
on sealed bids at public sale or may negotiate the sale of the 63
bonds for such price as it may determine to be for the best 64
interest of the State of Mississippi. All interest accruing on 65
such bonds so issued shall be payable semiannually or annually. 66
If such bonds are sold by sealed bids at public sale, notice 67
of the sale shall be published at least one time, not less than 68

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ten (10) days before the date of sale, and shall be so published 69
in one or more newspapers published or having a general 70
circulation in the City of Jackson, Mississippi, selected by the 71
commission. 72
The commission, when issuing any bonds under the authority of 73
this act, may provide that bonds, at the option of the State of 74
Mississippi, may be called in for payme