Mississippi HB 1669: Bonds; authorize issuance to assist Scenic Rivers Development Alliance with certain projects.

Bill Text

HB1669 (As Passed the House) - 2019 Regular Session 

MISSISSIPPI LEGISLATURE

2019 Regular Session

To: Ways and Means

By: Representatives Smith, Mims, Harness, Johnson (94th), 
Mangold

House Bill 1669

(As Passed the House)

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 
BONDS TO PROVIDE FUNDS TO ASSIST SCENIC RIVERS DEVELOPMENT ALLIANCE IN PAYING 
COSTS ASSOCIATED WITH REPAIR, RENOVATION AND REHABILITATION OF AND UPGRADES AND 
IMPROVEMENTS TO VARIOUS PARKS, LAKES AND FACILITIES AND PROPERTY IN AMITE 
COUNTY, FRANKLIN COUNTY, PIKE COUNTY, WALTHALL COUNTY AND WILKINSON COUNTY; TO 
AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO 
ASSIST SCENIC RIVERS DEVELOPMENT ALLIANCE IN PAYING COSTS ASSOCIATED WITH THE ACQUISITION 
OF APPROXIMATELY ONE HUNDRED FIFTY ACRES OF LAND FROM THE UNITED STATES 
DEPARTMENT OF AGRICULTURE IN FRANKLIN COUNTY, MISSISSIPPI, CONSTRUCTION AND 
DEVELOPMENT OF A CONFERENCE CENTER AND RELATED BUILDINGS AND FACILITIES ON SUCH 
LAND AND RELATED INFRASTRUCTURE IMPROVEMENTS; 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 "2019 Scenic Rivers Development 
Alliance Improvements 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 Scenic Rivers Development Alliance in 
paying costs associated with repair, renovation and rehabilitation of and 
upgrades and improvements to water supply and treatment systems, wastewater 
treatment systems, irrigation systems, arenas, boat ramps, piers, hiking 
trails, parking areas and facilities, other infrastructure, equipment and/or 
buildings and related facilities at the following: 

������������������ 1.� Ethel 
Vance Park in Amite County, Mississippi; 

������������������ 2.� Okhissa 
Lake and Clear Springs in Franklin County, Mississippi; 

������������������ 3.� Bogue 
Chitto Water Park and Quail Hollow Golf Course in Pike County, Mississippi;

������������������ 4.� Lake 
Walthall, Walthall Range and Walkers Bridge Boat Ramp in Walthall County, 
Mississippi; and 

������������������ 5.� Clark 
Creek Trail, Lake Mary Boat Ramp and Wilkinson County Park, in Wilkinson 
County, Mississippi.�� 

��������� (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.

���� (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 connecti