Mississippi SB 2254: Bonds; authorize issuance of general obligation bonds for West Central Mississippi Incubator Grant Program.

Bill Text

SB2254 (As Introduced) - 2020 Regular Session 

MISSISSIPPI LEGISLATURE

2020 Regular Session

To: Finance

By: Senator(s) Thomas

Senate Bill 2254

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 
BONDS TO PROVIDE FUNDS TO DEFRAY THE EXPENSES OF THE WEST CENTRAL MISSISSIPPI 
INCUBATOR GRANT PROGRAM IN HUMPHREYS, MADISON, SHARKEY, SUNFLOWER, WASHINGTON 
AND YAZOO COUNTIES; AND FOR RELATED PURPOSES.

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

���� SECTION 1.� (1)� As 
used in this section, the following words shall have the meanings ascribed 
herein unless the context clearly requires otherwise:

��������� (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 the "2020 West Central Mississippi 
Incubator Grant Program 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 defray the expenses of the West Central 
Mississippi Incubator Grant Program in Humphreys, Madison, Sharkey, Sunflower, 
Washington and Yazoo Counties.

��������� (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 section.� 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 Forty Thousand Dollars ($540,000.00).� No bonds shall be issued under 
this section after July 1, 2024.

��������� (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 i