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MISSISSIPPI LEGISLATURE REGULAR SESSION 2019 By MISSISSIPPI LEGISLATURE REGULAR SESSION 2019 By: Senator(s) Fillingane To: Finance SENATE BILL NO. 3065 1 AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 2 BONDS FOR THE PURPOSE OF GENERAL REPAIRS AND RENOVATIONS OF 3 FACILITIES AT STATE INSTITUTIONS OF HIGHER LEARNING; TO AUTHORIZE 4 THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF 5 MAKING CAPITAL IMPROVEMENTS FOR COMMUNITY AND JUNIOR COLLEGES; TO 6 AUTHORIZE THE ISSUANCE FOR STATE GENERAL OBLIGATION BONDS FOR 7 CERTAIN CAPITAL IMPROVEMENTS AT STATE FACILITIES; TO AUTHORIZE THE 8 ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF 9 $1,000,000.00 TO PROVIDE FUNDS FOR THE MISSISSIPPI SITE 10 DEVELOPMENT GRANT FUND; TO AMEND SECTION 57-1-701, MISSISSIPPI 11 CODE OF 1972, IN CONFORMITY THERETO; TO AUTHORIZE THE ISSUANCE OF 12 STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $1,000,000.00 FOR 13 THE ACE FUND; TO AMEND SECTION 57-61-25, MISSISSIPPI CODE OF 1972, 14 TO INCREASE BY $1,000,000.00 THE AMOUNT OF GENERAL OBLIGATION 15 BONDS THAT MAY BE ISSUED UNDER THE MISSISSIPPI BUSINESS INVESTMENT 16 ACT; TO AMEND SECTION 57-61-36, MISSISSIPPI CODE OF 1972, TO 17 INCREASE BY $1,000,000.00 THE AMOUNT OF BOND PROCEEDS THAT THE 18 MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE 19 MISSISSIPPI BUSINESS INVESTMENT ACT TO MAKE GRANTS OR LOANS TO 20 COUNTIES AND MUNICIPALITIES THROUGH AN EQUIPMENT AND PUBLIC 21 FACILITIES GRANT AND LOAN FUND TO AID IN INFRASTRUCTURE-RELATED 22 IMPROVEMENTS, THE PURCHASE OF EQUIPMENT AND IN THE PURCHASE, 23 CONSTRUCTION OR REPAIR AND RENOVATION OF PUBLIC FACILITIES; TO 24 AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO INCREASE FROM 25 $71,000,000.00 TO $72,000,000.00 THE AMOUNT OF GENERAL OBLIGATION 26 BONDS THAT MAY BE ISSUED UNDER THE MISSISSIPPI MAJOR ECONOMIC 27 IMPACT ACT FOR PROJECTS DESIGNED TO ENHANCE FACILITIES THAT ARE AT 28 RISK FOR CLOSURE PURSUANT TO THE BASE CLOSURE AND REALIGNMENT ACT 29 OF 1991 OR OTHER APPLICABLE FEDERAL LAW; TO AMEND SECTION 65-4-25, 30 MISSISSIPPI CODE OF 1972, TO INCREASE BY $1,000,000.00 THE AMOUNT 31 OF BONDS AUTHORIZED TO BE ISSUED UNDER THE ECONOMIC DEVELOPMENT 32 HIGHWAY ACT; TO AMEND SECTION 25, CHAPTER 533, LAWS OF 2010, AS 33 LAST AMENDED BY SECTION 1, CHAPTER 1, LAWS OF 2011 FIRST 34 EXTRAORDINARY SESSION, TO REDUCE THE AMOUNT OF BONDS THAT MAY BE S. B. No. 3065 *SS26/R1333* ~ OFFICIAL ~ R3/5 19/SS26/R1333 PAGE 1 (tb\rc) 35 ISSUED FOR THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING REVOLVING 36 FUND AND EXTEND UNTIL JULY 1, 2025, THE PERIOD OF TIME DURING 37 WHICH SUCH BONDS MAY BE ISSUED; TO AUTHORIZE THE ISSUANCE OF 38 $1,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS 39 FOR CAPITAL IMPROVEMENTS AT THE STATE-OWNED SHIPYARD LOCATED IN 40 JACKSON COUNTY, MISSISSIPPI; TO PROVIDE THAT THE ISSUANCE OF SUCH 41 BONDS SHALL BE CONDITIONED ON THE LESSEE INCURRING A CERTAIN 42 AMOUNT OF DEBT AND/OR DEDICATING A CERTAIN AMOUNT OF FUNDS FOR 43 CAPITAL IMPROVEMENTS, CAPITAL INVESTMENTS OR CAPITAL UPGRADES TO 44 SHIPYARDS IN MISSISSIPPI OWNED OR LEASED BY SUCH LESSEE; TO BRING 45 FORWARD SECTION 27-104-301, MISSISSIPPI CODE OF 1972, WHICH 46 CREATES THE 2018 TRANSPORTATION AND INFRASTRUCTURE IMPROVEMENTS 47 FUND AND PROVIDES FOR THE DISBURSEMENT ON MONEY IN THE FUND; AND 48 FOR RELATED PURPOSES. 49 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 50 SECTION 1. (1) As used in this section, the following words 51 shall have the meanings ascribed herein unless the context clearly 52 requires otherwise: 53 (a) "Accreted value" of any bond means, as of any date 54 of computation, an amount equal to the sum of (i) the stated 55 initial value of such bond, plus (ii) the interest accrued thereon 56 from the issue date to the date of computation at the rate, 57 compounded semiannually, that is necessary to produce the 58 approximate yield to maturity shown for bonds of the same 59 maturity. 60 (b) "State" means the State of Mississippi. 61 (c) "Commission" means the State Bond Commission. 62 (2) (a) (i) A special fund, to be designated as the "2017 63 IHL Repair and Renovation Fund," is created within the State 64 Treasury. The fund shall be maintained by the State Treasurer as 65 a separate and special fund, separate and apart from the General 66 Fund of the state. Unexpended amounts remaining in the fund at S. B. No. 3065 *SS26/R1333* ~ OFFICIAL ~ 19/SS26/R1333 PAGE 2 (tb\rc) 67 the end of a fiscal year shall not lapse into the State General 68 Fund, and any interest earned or investment earnings on amounts in 69 the fund shall be deposited into such fund. 70 (ii) Monies deposited into the fund shall be 71 disbursed, in the discretion of the Department of Finance and 72 Administration, with the approval of the Board of Trustees of 73 State Institutions of Higher Learning on those projects related to 74 the universities under its management and control to pay the costs 75 of general repair and renovation of existing facilities at 76 institutions of higher learning allocated as follows: 77 AMOUNT 78 NAME ALLOCATED 79 Alcorn State University............................. $ 1,000,000.00 80 Delta State University.............................. $ 1,000,000.00 81 Jackson State University............................ $ 1,000,000.00 82 Mississippi University for Women.................... $ 1,000,000.00 83 Mississippi State University........................ $ 1,000,000.00 84 Mississippi State University/Division of Agriculture, 85 Forestry and Veterinary Medicine.................. $ 1,000,000.00 86 Mississippi Valley State University................. $ 1,000,000.00 87 University of Mississippi........................... $ 1,000,000.00 88 University of Mississippi Medical Center............ $ 1,000,000.00 89 University of Southern Mississippi.................. $ 1,000,000.00 90 TOTAL............................................... $10,000,000.00 S. B. No. 3065 *SS26/R1333* ~ OFFICIAL ~ 19/SS26/R1333 PAGE 3 (tb\rc) 91 (b) (i) Amounts deposited into the special fund shall 92 be disbursed to pay the costs of general repair and renovation of 93 existing facilities at institutions of higher learning. If any 94 money in the special fund is not used within four (4) years after 95 the date the proceeds of the bonds authorized under this section 96 are deposited into the special fund, then the institution of 97 higher learning for which any unused monies are allocated under 98 paragraph (a) of this subsection shall provide an accounting of 99 such unused money to the commission. Promptly after the 100 commission has certified, by resolution duly adopted, that 101 pursuant to an accounting provided by an institution of higher 102 learning under this subparagraph (i) that there is unused money in 103 the special fund, any such amounts remaining in such special fund 104 shall be applied to pay debt service on the bonds issued under 105 this section, in accordance with the proceedings authorizing the 106 issuance of such bonds and as directed by the commission. 107 (ii) Monies in the special fund may be used to 108 reimburse reasonable actual and necessary costs incurred by the 109 Department of Finance and Administration, acting through the 110 Bureau of Building, Grounds and Real Property Management, in 111 administering or providing assistance directly related to general 112 repair and renovation of existing facilities at institutions of 113 higher learning utilizing the funds allocated in paragraph (a) of 114 this subsection. An accounting of actual costs incurred for which 115 reimbursement is sought shall be maintained for each project by S. B. No. 3065 *SS26/R1333* ~ OFFICIAL ~ 19/SS26/R1333 PAGE 4 (tb\rc) 116 the Department of Finance and Administration, Bureau of Building, 117 Grounds and Real Property Management. Reimbursement of reasonable 118 actual and necessary costs shall not exceed two percent (2%) of 119 the proceeds of bonds issued for an institution of higher learning 120 under this section. 121 (c) The Department of Finance and Administration, 122 acting through the Bureau of Building, Grounds and Real Property 123 Management, is expressly authorized and empowered to receive and 124 expend any local or other source funds in connection with the 125 expenditure of funds provided for in this subsection. The 126 expenditure of monies deposited into the special fund shall be 127 under the direction of the Department of Finance and 128 Administration, and such funds shall be paid by the State 129 Treasurer upon warrants issued by such department, which warrants 130 shall be issued upon requisitions signed by the Executive Director 131 of the Department of Finance and Administration, or his designee. 132 (3) (a) The commission, at one time, or from time to time, 133 may declare by resolution the necessity for issuance of general 134 obligation bonds of the State of Mississippi to provide funds for 135 all costs incurred or to be incurred for the purposes described in 136 subsection (2) of this section. Upon the adoption of a resolution 137 by the Department of Finance and Administration declaring the 138 necessity for the issuance of any part or all of the general 139 obligation bonds authorized by this section, the Department of 140 Finance and Administration shall deliver a certified copy of its S. B. No. 3065 *SS26/R1333* ~ OFFICIAL ~ 19/SS26/R1333 PAGE 5 (tb\rc) 141 resolution or resolutions to the commission. Upon receipt of such 142 resolution, the commission, in its discretion, may act as issuing 143 agent, prescribe the form of the bonds, determine the appropriate 144 method for sale of the bonds, advertise for and accept bids or 145 negotiate the sale of the bonds, issue and sell the bonds so 146 authorized to be sold, and do any and all other things necessary 147 and advisable in connection with the issuance and sale of such 148 bonds.
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