Mississippi SB 3083: Bonds; authorize issuance in amount of $500,000.00 to assist City of Magee in improving city lagoon.

Bill Text

SB3083 (As Introduced) - 2019 Regular Session 

MISSISSIPPI LEGISLATURE

2019 Regular Session

To: Finance

By: Senator(s) Caughman

Senate Bill 3083

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 
BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF MAGEE, MISSISSIPPI, IN PAYING 
COSTS ASSOCIATED WITH THE IMPROVEMENT OF ITS CITY LAGOON; AND FOR RELATED 
PURPOSES.

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

���� SECTION 1.� (1)� As 
used in this section:

��������� (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 "2019 City of Magee Lagoon 
Improvement 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, in the discretion of the Department 
of Finance and Administration, to assist the City of Magee, Mississippi, in 
paying costs associated with the improvement of its city lagoon.

��������� (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.

��������� (c)� The Department of 
Finance and Administration, acting through the Bureau of Building, Grounds and 
Real Property Management, is expressly authorized and empowered to receive and 
expend any local or other source funds in connection with the expenditure of 
funds provided for in this subsection.� The expenditure of monies deposited 
into the special fund shall be under the direction of the Department of Finance 
and Administration, and such funds shall be paid by the State Treasurer upon 
warrants issued by such department, which warrants shall be issued upon 
requisitions signed by the Executive Director of the Department of Finance and 
Administration, or his designee.

���� (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, determine the appropriate method for sale of the bonds, 
advertise for and accept bids or negotiate the sale of the bonds, 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 
Five Hundred Thousand Dollars ($500,000.00).� No bonds shall be issued under 
this section after July 1, 2023.

��������� (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