Amendment vs bill Committee Amendment No 1 (Adopted) (Voice Vote) vs As Passed the upper

Struck = removed from the bill ยท added = the amendment's new text.

Previous
Latest
MISSISSIPPI LEGISLATURE REGULAR SESSION 2022 By:
Adopted COMMITTEE AMENDMENT NO 1 PROPOSED TO Senate Bill No.
Senator(s) Harkins To:
2841 BY:
Finance SENATE BILL NO.
Committee Amend by striking all after the enacting clause and inserting in lieu thereof the following:
2841 AN ACT TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, WHICH SETS OUT THE POWERS AND DUTIES OF THE STATE BOND COMMISSION, TO EXTEND THE REVERTER ON THE PROVISION OF LAW GRANTING THE STATE BOND COMMISSION THE AUTHORITY TO DETERMINE THE APPROPRIATE METHOD FOR THE SALE OF BONDS, INCLUDING THE NEGOTIATION OF THE SALE OF BONDS AS AN ALTERNATIVE TO THE ISSUANCE AND SALE BONDS ON SEALED BIDS AT PUBLIC SALE;
AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
[Through June 30, * * * 2026, this section shall read as follows:] 57-75-15.
[Through June 30, * * * 2025, this section shall read as follows:] 57-75-15.
(1) Upon notification to the authority by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the authority as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or more series for the purposes herein set out.
(1) Upon notification to the authority by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the authority as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) more series for the purposes herein set out.
Upon such notification, the authority may thereafter, from time to time, S.
Upon such notification, the authority may thereafter, from time to time, declare the necessity for the issuance of general obligation bonds as authorized by this section and forward such declaration to the State Bond Commission, provided that before such notification, the authority may enter into agreements with the United States government, private companies and others that will commit the authority to direct the State Bond Commission to issue bonds for eligible undertakings set out in subsection (4) of this section, conditioned on the siting of the project in the state.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ G1/2 22/SS08/R147 PAGE 1 (icj\kr) declare the necessity for the issuance of general obligation bonds as authorized by this section and forward such declaration to the State Bond Commission, provided that before such notification, the authority may enter into agreements with the United States government, private companies and others that will commit the authority to direct the State Bond Commission to issue bonds for eligible undertakings set out in subsection (4) of this section, conditioned on the siting of the project in the state.
The authority, with the express direction of the State Bond Commission, is authorized to expend any remaining proceeds of bonds issued under the authority of this act prior to January 1, 1998, for the purpose of financing projects as then defined in Section 57-75-5(f)(ii) or for any other projects as defined in Section S.
The authority, with the express direction of the State Bond Commission, is authorized to expend any remaining proceeds of bonds issued under the authority of this act prior to January 1, 1998, for the 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) purpose of financing projects as then defined in Section 57-75-5(f)(ii) or for any other projects as defined in Section 57-75-5(f)(ii), as it may be amended from time to time.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 2(icj\kr) 57-75-5(f)(ii), as it may be amended from time to time.
(e) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(v) and for facilities S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (e) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(v) and for facilities related to such projects shall not exceed Thirty-eight Million Five Hundred Thousand Dollars ($38,500,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 3(icj\kr) related to such projects shall not exceed Thirty-eight Million Five Hundred Thousand Dollars ($38,500,000.00).
The amount of bonds that may be issued under this paragraph for projects defined in Section 57-75-5(f)(xii) may be reduced by the amount of any federal or local funds made available for such projects.
The amount of bonds that may be issued under this paragraph for projects defined 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) in Section 57-75-5(f)(xii) may be reduced by the amount of any federal or local funds made available for such projects.
No bonds S.
No bonds shall be issued under this paragraph until local governments in or near the county in which the project is located have irrevocably committed funds to the project in an amount of not less than Two Million Five Hundred Thousand Dollars ($2,500,000.00) in the aggregate;
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 4(icj\kr) shall be issued under this paragraph until local governments in or near the county in which the project is located have irrevocably committed funds to the project in an amount of not less than Two Million Five Hundred Thousand Dollars ($2,500,000.00) in the aggregate;
(m) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xv) shall not exceed Five Hundred Thousand Dollars ($500,000.00).
(m) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xv) shall not exceed 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) Five Hundred Thousand Dollars ($500,000.00).
S.
(n) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xvi) shall not exceed Ten Million Dollars ($10,000,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 5(icj\kr) (n) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xvi) shall not exceed Ten Million Dollars ($10,000,000.00).
(s) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxi) shall not exceed Two Hundred Ninety-three Million Nine Hundred Thousand Dollars ($293,900,000.00).
(s) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxi) shall not exceed Two Hundred Ninety-three Million Nine Hundred Thousand Dollars 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) ($293,900,000.00).
S.
(t) Bonds issued under the authority of this section for Tier One suppliers shall not exceed Thirty Million Dollars ($30,000,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 6(icj\kr) (t) Bonds issued under the authority of this section for Tier One suppliers shall not exceed Thirty Million Dollars ($30,000,000.00).
(y) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxvi) shall not exceed S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (y) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxvi) shall not exceed Thirty-five Million One Hundred Thousand Dollars ($35,100,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 7(icj\kr) Thirty-five Million One Hundred Thousand Dollars ($35,100,000.00).
(i) Defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement, relocation and with respect to state-owned property, operation and maintenance of the project and any facility related to the project S.
(i) Defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement, 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) relocation and with respect to state-owned property, operation and maintenance of the project and any facility related to the project located within the project area, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts and environmental impact studies;
Show all 194 changed rows (154 more)
Previous
Latest
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 8(icj\kr) located within the project area, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts and environmental impact studies;
(vi) Defraying the cost of marketing and promotion of a project as defined in Section 57-75-5(f)(iv)1, Section S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (vi) Defraying the cost of marketing and promotion of a project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi) or Section 57-75-5(f)(xxii).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 9(icj\kr) 57-75-5(f)(xxi) or Section 57-75-5(f)(xxii).
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (xiii) Providing grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv);
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 10(icj\kr) (xiii) Providing grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv);
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (xxii) Providing grants and loans as authorized in Section 57-75-11(tt);
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 11(icj\kr) (xxii) Providing grants and loans as authorized in Section 57-75-11(tt);
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) Reimbursements under this paragraph (b)(i) shall satisfy any applicable federal tax law requirements.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 12(icj\kr) Reimbursements under this paragraph (b)(i) shall satisfy any applicable federal tax law requirements.
The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which S.
The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) reimbursements are sought.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 13(icj\kr) reimbursements are sought.
bear such registration S.
bear such registration 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) privileges;
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 14(icj\kr) privileges;
(6) All bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to S.
(6) All bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) and need not comply with the provisions of the Uniform Commercial Code.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 15(icj\kr) and need not comply with the provisions of the Uniform Commercial Code.
The State Bond Commission, when issuing any bonds under the authority of this section, may provide that the bonds, at the option of the state, may be called in for payment and redemption S.
The State Bond Commission, when issuing any bonds under the authority of this section, may provide that the bonds, at the option of the state, may be called in for payment and redemption 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) at the call price named therein and accrued interest on such date or dates named therein.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 16(icj\kr) at the call price named therein and accrued interest on such date or dates named therein.
Any resolution providing for the issuance of general obligation bonds under the provisions of this S.
Any resolution providing for the issuance of general obligation bonds under the provisions of this 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 17(icj\kr) section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a fixed fee or commission and for all other costs and expenses of S.
The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a fixed fee or commission and for all other costs and expenses of 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) issuance and service, including paying agent costs.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 18(icj\kr) issuance and service, including paying agent costs.
and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of the state and all municipalities and other S.
and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of the state and all municipalities and other 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) political subdivisions thereof for the purpose of securing the deposit of public funds.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 19(icj\kr) political subdivisions thereof for the purpose of securing the deposit of public funds.
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (b) In the event that all or any part of the bonds and notes are purchased, they shall be cancelled and returned to the loan and transfer agent as cancelled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the cancelled bonds, notes and coupons, together with any other cancelled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 20(icj\kr) (b) In the event that all or any part of the bonds and notes are purchased, they shall be cancelled and returned to the loan and transfer agent as cancelled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the cancelled bonds, notes and coupons, together with any other cancelled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation.
(d) Any monies repaid to the state from loans authorized in Section 57-75-11(hh) shall be deposited into the Mississippi Major Economic Impact Authority Sinking Fund unless the State Bond Commission, at the request of the authority, shall S.
(d) Any monies repaid to the state from loans authorized in Section 57-75-11(hh) shall be deposited into the Mississippi Major Economic Impact Authority Sinking Fund unless the State Bond Commission, at the request of the authority, shall 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) determine that such loan repayments are needed to provide additional loans as authorized under Section 57-75-11(hh).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 21(icj\kr) determine that such loan repayments are needed to provide additional loans as authorized under Section 57-75-11(hh).
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (b) The proceeds of the money borrowed under this subsection may be utilized by the authority for the purpose of defraying all or a portion of the costs incurred by the authority with respect to acquisition options and planning, design and environmental impact studies with respect to a project defined in Section 57-75-5(f)(xi) or Section 57-75-5(f)(xxix).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 22(icj\kr) (b) The proceeds of the money borrowed under this subsection may be utilized by the authority for the purpose of defraying all or a portion of the costs incurred by the authority with respect to acquisition options and planning, design and environmental impact studies with respect to a project defined in Section 57-75-5(f)(xi) or Section 57-75-5(f)(xxix).
[From and after July 1, * * * 2026, this section shall read as follows:] 57-75-15.
[From and after July 1, * * * 2025, this section shall read as follows:] 57-75-15.
(1) Upon notification to the authority by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the authority as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or S.
(1) Upon notification to the authority by the enterprise that the state has been finally selected as the site for the project, the State Bond Commission shall have the power and is hereby authorized and directed, upon receipt of a declaration from the authority as hereinafter provided, to borrow money and issue general obligation bonds of the state in one or 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) more series for the purposes herein set out.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 23(icj\kr) more series for the purposes herein set out.
The authority, with the express direction of the State Bond Commission, is authorized to expend any remaining proceeds of bonds issued under the authority of this act prior to January 1, 1998, for the S.
The authority, with the express direction of the State Bond Commission, is authorized to expend any remaining proceeds of bonds issued under the authority of this act prior to January 1, 1998, for the 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) purpose of financing projects as then defined in Section 57-75-5(f)(ii) or for any other projects as defined in Section 57-75-5(f)(ii), as it may be amended from time to time.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 24(icj\kr) purpose of financing projects as then defined in Section 57-75-5(f)(ii) or for any other projects as defined in Section 57-75-5(f)(ii), as it may be amended from time to time.
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (e) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(v) and for facilities related to such projects shall not exceed Thirty-eight Million Five Hundred Thousand Dollars ($38,500,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 25(icj\kr) (e) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(v) and for facilities related to such projects shall not exceed Thirty-eight Million Five Hundred Thousand Dollars ($38,500,000.00).
The amount of bonds that may be issued under this paragraph for projects defined S.
The amount of bonds that may be issued under this paragraph for projects defined 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) in Section 57-75-5(f)(xii) may be reduced by the amount of any federal or local funds made available for such projects.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 26(icj\kr) in Section 57-75-5(f)(xii) may be reduced by the amount of any federal or local funds made available for such projects.
(m) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xv) shall not exceed S.
(m) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xv) shall not exceed 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) Five Hundred Thousand Dollars ($500,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 27(icj\kr) Five Hundred Thousand Dollars ($500,000.00).
(s) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxi) shall not exceed Two Hundred Ninety-three Million Nine Hundred Thousand Dollars S.
(s) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxi) shall not exceed Two Hundred Ninety-three Million Nine Hundred Thousand Dollars 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) ($293,900,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 28(icj\kr) ($293,900,000.00).
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (y) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxvi) shall not exceed Thirty-five Million One Hundred Thousand Dollars ($35,100,000.00).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 29(icj\kr) (y) Bonds issued under the authority of this section for projects defined in Section 57-75-5(f)(xxvi) shall not exceed Thirty-five Million One Hundred Thousand Dollars ($35,100,000.00).
(i) Defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement, S.
(i) Defraying all or any designated portion of the costs incurred with respect to acquisition, planning, design, construction, installation, rehabilitation, improvement, 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) relocation and with respect to state-owned property, operation and maintenance of the project and any facility related to the project located within the project area, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts and environmental impact studies;
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 30(icj\kr) relocation and with respect to state-owned property, operation and maintenance of the project and any facility related to the project located within the project area, including costs of design and engineering, all costs incurred to provide land, easements and rights-of-way, relocation costs with respect to the project and with respect to any facility related to the project located within the project area, and costs associated with mitigation of environmental impacts and environmental impact studies;
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (vi) Defraying the cost of marketing and promotion of a project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi) or Section 57-75-5(f)(xxii).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 31(icj\kr) (vi) Defraying the cost of marketing and promotion of a project as defined in Section 57-75-5(f)(iv)1, Section 57-75-5(f)(xxi) or Section 57-75-5(f)(xxii).
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (xiii) Providing grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv);
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 32(icj\kr) (xiii) Providing grant funds or loans to an enterprise owning, leasing or operating a project defined in Section 57-75-5(f)(xiv);
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (xxii) Providing loans as authorized in Section 57-75-11(tt);
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 33(icj\kr) (xxii) Providing loans as authorized in Section 57-75-11(tt);
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) Reimbursements under this paragraph (b)(i) shall satisfy any applicable federal tax law requirements.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 34(icj\kr) Reimbursements under this paragraph (b)(i) shall satisfy any applicable federal tax law requirements.
The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which S.
The Mississippi Development Authority shall maintain an accounting of actual costs incurred for each project for which 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) reimbursements are sought.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 35(icj\kr) reimbursements are sought.
bear such registration S.
bear such registration 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) privileges;
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 36(icj\kr) privileges;
(6) All bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to S.
(6) All bonds issued under the provisions of this section shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by this chapter, the State Bond Commission shall not be required to 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) and need not comply with the provisions of the Uniform Commercial Code.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 37(icj\kr) and need not comply with the provisions of the Uniform Commercial Code.
The State Bond Commission, when issuing any bonds under the authority of this section, may provide that the bonds, at the S.
The State Bond Commission, when issuing any bonds under the authority of this section, may provide that the bonds, at the 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) option of the state, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 38(icj\kr) option of the state, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.
Any resolution providing for the S.
Any resolution providing for the 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) issuance of general obligation bonds under the provisions of this section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 39(icj\kr) issuance of general obligation bonds under the provisions of this section shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.
The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a S.
The State Bond Commission is authorized to provide for the compensation of any purchaser of the notes by payment of a 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) fixed fee or commission and for all other costs and expenses of issuance and service, including paying agent costs.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 40(icj\kr) fixed fee or commission and for all other costs and expenses of issuance and service, including paying agent costs.
and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of the state and all municipalities and other S.
and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of the state and all municipalities and other 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) political subdivisions thereof for the purpose of securing the deposit of public funds.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 41(icj\kr) political subdivisions thereof for the purpose of securing the deposit of public funds.
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (b) In the event that all or any part of the bonds and notes are purchased, they shall be cancelled and returned to the loan and transfer agent as cancelled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the cancelled bonds, notes and coupons, together with any other cancelled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation.
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 42(icj\kr) (b) In the event that all or any part of the bonds and notes are purchased, they shall be cancelled and returned to the loan and transfer agent as cancelled and paid bonds and notes and thereafter all payments of interest thereon shall cease and the cancelled bonds, notes and coupons, together with any other cancelled bonds, notes and coupons, shall be destroyed as promptly as possible after cancellation but not later than two (2) years after cancellation.
(d) Any monies repaid to the state from loans authorized in Section 57-75-11(hh) shall be deposited into the Mississippi Major Economic Impact Authority Sinking Fund unless the State Bond Commission, at the request of the authority, shall S.
(d) Any monies repaid to the state from loans authorized in Section 57-75-11(hh) shall be deposited into the Mississippi Major Economic Impact Authority Sinking Fund unless the State Bond Commission, at the request of the authority, shall 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) determine that such loan repayments are needed to provide additional loans as authorized under Section 57-75-11(hh).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 43(icj\kr) determine that such loan repayments are needed to provide additional loans as authorized under Section 57-75-11(hh).
S.
22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) (b) The proceeds of the money borrowed under this subsection may be utilized by the authority for the purpose of defraying all or a portion of the costs incurred by the authority with respect to acquisition options and planning, design and environmental impact studies with respect to a project defined in Section 57-75-5(f)(xi) or Section 57-75-5(f)(xxix).
B.
No.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 PAGE 44(icj\kr) (b) The proceeds of the money borrowed under this subsection may be utilized by the authority for the purpose of defraying all or a portion of the costs incurred by the authority with respect to acquisition options and planning, design and environmental impact studies with respect to a project defined in Section 57-75-5(f)(xi) or Section 57-75-5(f)(xxix).
S.
Further, amend by striking the title in its entirety and inserting in lieu thereof the following:
B.
AN ACT TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, WHICH SETS OUT THE POWERS AND DUTIES OF THE STATE BOND COMMISSION, TO EXTEND THE REVERTER ON THE PROVISION OF LAW GRANTING THE STATE BOND COMMISSION THE AUTHORITY TO DETERMINE THE APPROPRIATE METHOD FOR THE SALE OF BONDS, INCLUDING THE NEGOTIATION OF THE SALE OF 22/HR12/SB2841A.J *HR12/SB2841A.J* P(BS/AM) BONDS AS AN ALTERNATIVE TO THE ISSUANCE AND SALE BONDS ON SEALED BIDS AT PUBLIC SALE;
No.
AND FOR RELATED PURPOSES.
2841 *SS08/R147* ~ OFFICIAL ~ 22/SS08/R147 ST:
22/HR12/SB2841A.J *HR12/SB2841A.J* PAGE 46 (BS/AM)
State Bond Commission;
extend reverter on PAGE 45(icj\kr) authority to determine appropriate method for the sale of bonds.