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MISSISSIPPI LEGISLATURE REGULAR SESSION 2021 By

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MISSISSIPPI LEGISLATURE REGULAR SESSION 2021 By MISSISSIPPI LEGISLATURE REGULAR SESSION 2021 By: Representative Lamar To: Ways and Means COMMITTEE SUBSTITUTE FOR HOUSE BILL NO. 1364 1 AN ACT TO AUTHORIZE THE ISSUANCE OF STATE REVENUE BONDS TO 2 PROVIDE FUNDS FOR VARIOUS MISSISSIPPI DEPARTMENT OF TRANSPORTATION 3 PROJECTS, TO PROVIDE FUNDS FOR THE 2021 MUNICIPALITIES ROAD AND 4 BRIDGE FUND AND TO PROVIDE FUNDS FOR THE EMERGENCY ROAD AND BRIDGE 5 REPAIR FUND; TO CREATE A SPECIAL BOND SINKING FUND FOR THE PURPOSE 6 OF PAYING THE DEBT SERVICE OF BONDS ISSUED UNDER THIS ACT; TO 7 PROVIDE THAT THE SPECIAL BOND SINKING FUND SHALL CONSIST OF A 8 PORTION OF THE STATE GASOLINE EXCISE TAX REVENUE AND DIESEL FUEL 9 EXCISE TAX REVENUE AND OTHER AMOUNTS AS MAY BE PAID BY 10 APPROPRIATION OR OTHER AUTHORIZATION OF THE LEGISLATURE; TO CREATE 11 IN THE STATE TREASURY A SPECIAL FUND TO BE KNOWN AS THE "2021 12 MUNICIPALITIES ROAD AND BRIDGE FUND"; TO PROVIDE THAT MONIES IN 13 THE FUND SHALL BE UTILIZED BY THE MISSISSIPPI DEPARTMENT OF 14 TRANSPORTATION TO PROVIDE GRANTS TO ASSIST MUNICIPALITIES IN 15 PAYING COSTS ASSOCIATED WITH REPAIR, MAINTENANCE AND 16 RECONSTRUCTION OF ROADS, STREETS AND BRIDGES IN MUNICIPALITIES; TO 17 AMEND SECTION 27-55-11, MISSISSIPPI CODE OF 1972, TO TEMPORARILY 18 INCREASE THE RATE OF THE GASOLINE EXCISE TAX; TO PROVIDE THAT 19 BEGINNING ON JULY 1, 2031, AND EACH SUCCEEDING JULY 1 THEREAFTER, 20 THE RATE OF THE GASOLINE EXCISE TAX SHALL BE INCREASED OR 21 DECREASED BY A PERCENTAGE AMOUNT EQUAL TO THE LESSER OF ONE 22 PERCENT OR THE UNITED STATES INFLATION RATE FOR THE PREVIOUS 23 CALENDAR YEAR ENDING ON DECEMBER 31; TO AMEND SECTIONS 27-55-519 24 AND 27-55-521, MISSISSIPPI CODE OF 1972, TO TEMPORARILY INCREASE 25 THE RATE OF THE SPECIAL FUEL EXCISE TAX ON DIESEL FUEL; TO PROVIDE 26 THAT BEGINNING ON JULY 1, 2031, AND EACH SUCCEEDING JULY 1 27 THEREAFTER, THE RATE OF THE SUCH EXCISE TAXES SHALL BE INCREASED 28 OR DECREASED BY A PERCENTAGE AMOUNT EQUAL TO THE LESSER OF ONE 29 PERCENT OR THE UNITED STATES INFLATION RATE FOR THE PREVIOUS 30 CALENDAR YEAR ENDING ON DECEMBER 31; TO PROVIDE THAT THE TEMPORARY 31 EXCISE TAX INCREASES AUTHORIZED IN THIS ACT SHALL NOT BE LEVIED 32 UNLESS A MAJORITY OF VOTERS VOTING AT A STATEWIDE SPECIAL ELECTION 33 ON THE QUESTION OF THE TAX INCREASES VOTE IN FAVOR OF THE TAX 34 INCREASES; TO PROVIDE FOR A STATEWIDE SPECIAL ELECTION ON THE H. B. No. 1364 *HR26/R1628CS.1* ~ OFFICIAL ~ R3/5 21/HR26/R1628CS.1 PAGE 1 (BS\KW) 35 QUESTION OF WHETHER THE TEMPORARY EXCISE TAX INCREASES AUTHORIZED 36 BY THIS ACT SHALL BE LEVIED; TO AMEND SECTION 27-5-101, 37 MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE REVENUE DERIVED FROM 38 THE TEMPORARY INCREASES OF THE GASOLINE EXCISE TAX AND SPECIAL 39 FUEL EXCISE TAX ON DIESEL FUEL SHALL BE DEPOSITED INTO THE SPECIAL 40 BOND SINKING FUND CREATED IN THIS ACT FOR THE PURPOSE OF PAYING 41 THE DEBT SERVICE OF REVENUE BONDS ISSUED UNDER THIS ACT; TO BRING 42 FORWARD SECTION 23-15-833, MISSISSIPPI CODE OF 1972, WHICH 43 PROVIDES THE HOLDING OF SPECIAL ELECTIONS, FOR THE PURPOSES OF 44 POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES. 45 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 46 SECTION 1. (1) As used in this section, the following words 47 shall have the meanings ascribed herein unless the context clearly 48 requires otherwise: 49 (a) "Accreted value" of any bond means, as of any date 50 of computation, an amount equal to the sum of (i) the stated 51 initial value of such bond, plus (ii) the interest accrued thereon 52 from the issue date to the date of computation at the rate, 53 compounded semiannually, that is necessary to produce the 54 approximate yield to maturity shown for bonds of the same 55 maturity. 56 (b) "State" means the State of Mississippi. 57 (c) "Commission" means the State Bond Commission. 58 (2) (a) (i) A special fund, to be designated the "2021 59 Mississippi Road and Bridge Improvements Fund" is created within 60 the State Treasury, which fund shall consist of funds made 61 available by the Legislature in any manner and funds from any 62 other source designated for deposit into such fund. The fund 63 shall be maintained by the State Treasurer as a separate and 64 special fund, separate and apart from the General Fund of the H. B. No. 1364 *HR26/R1628CS.1* ~ OFFICIAL ~ 21/HR26/R1628CS.1 ST: Bonds; authorize issuance of revenue bonds PAGE 2 (BS\KW) for various transportation projects and temporarily increase gasoline and diesel fuel excise taxes. 65 state. Unexpended amounts remaining in the fund at the end of a 66 fiscal year shall not lapse into the State General Fund, and any 67 interest earned or investment earnings on amounts in the fund 68 shall be deposited into such fund. 69 (ii) Monies deposited into the fund shall be 70 disbursed for the following purposes: 71 1. Construction, reconstruction, repairs, 72 upgrades and other improvements to Interstate 55 and U.S. Highway 73 51 in DeSoto County, Mississippi, beginning at or near the City of 74 Hernando, Mississippi, and progressing north through the 75 Mississippi Highway 302 Interchange; 76 2. Construction of various interchange and 77 geometric improvements to Interstate 20 in Vicksburg, Mississippi; 78 3. Construction, reconstruction, repairs, 79 upgrades and other improvements to Interstate 10 in Hancock 80 County, Mississippi, extending from at or near the Louisiana state 81 line to at or near the Diamondhead Interchange; 82 4. Construction, reconstruction, repairs, 83 upgrades and other improvements to Interstate 10 in Hancock 84 County, Mississippi, extending from at or near the Diamondhead 85 Interchange to at or near the Wolf River; 86 5. Construction and development of 87 Mississippi Highway 601 in Harrison County, Mississippi; H. B. No. 1364 *HR26/R1628CS.1* ~ OFFICIAL ~ 21/HR26/R1628CS.1 ST: Bonds; authorize issuance of revenue bonds PAGE 3 (BS\KW) for various transportation projects and temporarily increase gasoline and diesel fuel excise taxes. 88 6. Construction of improvements to the 89 Interstate 59/U.S. Highway 11 Interchange and the immediate 90 adjacent network; 91 7. Construction, reconstruction, repairs, 92 upgrades and other improvements to Mississippi Highway 15 93 extending from at or near U.S. Highway 80 to at or near Muley 94 Road; 95 8. Construction, reconstruction, repairs, 96 upgrades and other improvements to Mississippi Highway 15 97 extending from at or near Mississippi Highway 9 to at or near U.S. 98 Highway 278; 99 9. Construction, reconstruction, repairs, 100 upgrades and other improvements to Mississippi Highway 15 101 extending from at or near the City of Pontotoc, Mississippi, to at 102 or near King's Creek; 103 10. Construction, reconstruction, repairs, 104 upgrades and other improvements to Mississippi Highway 15 105 extending from at or near the Union County line to at or near the 106 intersection with U.S. Highway 72 in the Town of Walnut, 107 Mississippi; 108 11. Construction, reconstruction, repairs, 109 upgrades and other improvements to Mississippi Highway 16 as part 110 of the Philadelphia Bypass project; H. B. No. 1364 *HR26/R1628CS.1* ~ OFFICIAL ~ 21/HR26/R1628CS.1 ST: Bonds; authorize issuance of revenue bonds PAGE 4 (BS\KW) for various transportation projects and temporarily increase gasoline and diesel fuel excise taxes. 111 12. Construction, reconstruction, repairs, 112 upgrades and other improvements to Mississippi Highway 57 as part 113 of the Vancleave Bypass project; 114 13. Construction, reconstruction, repairs, 115 upgrades and other improvements to U.S. Highway 90 extending from 116 at or near Mississippi Highway 609 to at or near Dolphin Drive; 117 14. Construction, reconstruction, repairs, 118 upgrades and other improvements to Mississippi Highway 19 119 extending from at or near Mississippi 492 to at or near Tucker, 120 Mississippi(census-designated place); 121 15. Construction, reconstruction, repairs, 122 upgrades and other improvements to Mississippi Highway 16 123 extending from at or near the City of Canton, Mississippi, to at 124 or near the City of Philadelphia, Mississippi; 125 16. Construction and development of the 126 Reunion Parkway project from at or near Bozeman Road to at or near 127 Parkway East in Madison County, Mississippi; 128 17. Construction, reconstruction, repairs, 129 upgrades and other improvements to a portion of Mississippi 130 Highway 7 extending south from at or near the boundary of the 131 corporate limits of the City of Oxford, Mississippi, to the 132 existing four-lane of such highway in the City of Water Valley, 133 Mississippi; 134 18. Construction, reconstruction, repairs, 135 upgrades and other improvements to Mississippi Highway 4 extending H. B. No. 1364 *HR26/R1628CS.1* ~ OFFICIAL ~ 21/HR26/R1628CS.1 ST: Bonds; authorize issuance of revenue bonds PAGE 5 (BS\KW) for various transportation projects and temporarily increase gasoline and diesel fuel excise taxes. 136 westward from at or near Interstate 22, which shall include 137 four-laning the portion of Mississippi Highway 4 extending from at 138 or near Interstate 22 to at or near Interstate 55 and Mississippi 139 Highway 740, and which shall include five-laning the portion of 140 Mississippi Highway 4 extending westward from at or near 141 Interstate 55 for approximately three (3) miles; 142 19. Construction of additional lanes for U.S. 143 Highway 51 in Tate County, Mississippi, extending south from at or 144 near West Main Street to at or near the Panola County, 145 Mississippi, line, which shall include five-laning the portion of 146 such highway north of Mississippi Highway 740; 147 20.
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