Mississippi HB 633: Bonds; authorize issuance to assist Towns of Plantersville and Shannon with certain projects.

Bill Text

H. B. No. 633 *HR31/R1592* ~ OFFICIAL ~ R3/5
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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2022

By: Representative Thompson

HOUSE BILL NO. 633

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN OF PLANTERSVILLE, 2
MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH PARK IMPROVEMENTS AND 3
THE PURCHASE OF EQUIPMENT FOR THE TOWN'S POLICE DEPARTMENT AND TO 4
ASSIST THE TOWN OF SHANNON, MISSISSIPPI, IN PAYING COSTS 5
ASSOCIATED WITH CONSTRUCTION, FURNISHING AND EQUIPPING OF A 6
COMMUNITY CENTER; AND FOR RELATED PURPOSES. 7
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 8
SECTION 1. (1) As used in this section, the following words 9
shall have the meanings ascribed herein unless the context clearly 10
requires otherwise: 11
(a) "Accreted value" of any bond means, as of any date 12
of computation, an amount equal to the sum of (i) the stated 13
initial value of such bond, plus (ii) the interest accrued thereon 14
from the issue date to the date of computation at the rate, 15
compounded semiannually, that is necessary to produce the 16
approximate yield to maturity shown for bonds of the same 17
maturity. 18
(b) "State" means the State of Mississippi. 19
(c) "Commission" means the State Bond Commission. 20

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(2) (a) (i) A special fund, to be designated the "2022 21
Towns of Plantersville and Shannon Improvements Fund," is created 22
within the State Treasury. The fund shall be maintained by the 23
State Treasurer as a separate and special fund, separate and apart 24
from the General Fund of the state. Unexpended amounts remaining 25
in the fund at the end of a fiscal year shall not lapse into the 26
State General Fund, and any interest earned or investment earnings 27
on amounts in the fund shall be deposited into such fund. 28
(ii) Monies deposited into the fund shall be 29
disbursed, in the discretion of the Department of Finance and 30
Administration, as follows: 31
1. Two Hundred Thousand Dollars ($200,000.00) 32
of the monies in the fund shall be used to assist the Town of 33
Plantersville, Mississippi, in paying costs associated with park 34
improvements and the purchase of equipment for the town's police 35
department; and 36
2. Three Hundred Thousand Dollars 37
($300,000.00) of the monies in the fund shall be used to assist 38
the Town of Shannon, Mississippi, in paying costs associated with 39
construction, furnishing and equipping of a community center. 40
(b) Amounts deposited into such special fund shall be 41
disbursed to pay the costs of the projects described in paragraph 42
(a) of this subsection. Promptly after the commission has 43
certified, by resolution duly adopted, that the projects described 44
in paragraph (a) of this subsection shall have been completed, 45

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abandoned, or cannot be completed in a timely fashion, any amounts 46
remaining in such special fund shall be applied to pay debt 47
service on the bonds issued under this section, in accordance with 48
the proceedings authorizing the issuance of such bonds and as 49
directed by the commission. 50
(3) (a) The commission, at one time, or from time to time, 51
may declare by resolution the necessity for issuance of general 52
obligation bonds of the State of Mississippi to provide funds for 53
all costs incurred or to be incurred for the purposes described in 54
subsection (2) of this section. Upon the adoption of a resolution 55
by the Department of Finance and Administration, declaring the 56
necessity for the issuance of any part or all of the general 57
obligation bonds authorized by this subsection, the department 58
shall deliver a certified copy of its resolution or resolutions to 59
the commission. Upon receipt of such resolution, the commission, 60
in its discretion, may act as the issuing agent, prescribe the 61
form of the bonds, determine the appropriate method for sale of 62
the bonds, advertise for and accept bids or negotiate the sale of 63
the bonds, issue and sell the bonds so authorized to be sold and 64
do any and all other things necessary and advisable in connection 65
with the issuance and sale of such bonds. The total amount of 66
bonds issued under this section shall not exceed Five Hundred 67
Thousand Dollars ($500,000.00). No bonds shall be issued under 68
this section after July 1, 2026. 69

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(b) Any investment earnings on amounts deposited into 70
the special fund created in subsection (2) of this section shall 71
be used to pay debt service on bonds issued under this section, in 72
accordance with the proceedings authorizing issuance of such 73
bonds. 74
(4) The principal of and interest on the bonds authorized 75
under this section shall be payable in the manner provided in this 76
subsection.