Bill Text: MS HB1386 | 2016 | Regular Session | Introduced
Bill Title: Oil Spill settlement funds; use portion to pay debt service of bonds issued for road and bridge improvements.
Sponsorship: Bipartisan Bill
Status: (Failed) 2016-03-07 - Died On Calendar [HB1386 Detail]
Download: Mississippi-2016-HB1386-Introduced.html
MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Ways and Means
By: Representative Smith
House Bill 1386
AN ACT TO CREATE A SPECIAL BOND SINKING FUND IN THE STATE TREASURY FOR THE PURPOSE OF PAYING DEBT SERVICE ON BONDS ISSUED UNDER HOUSE BILL NO. , 2016 REGULAR SESSION, TO PAY THE COSTS OF REPAIR, REHABILITATION, REPLACEMENT, CONSTRUCTION AND/OR RECONSTRUCTION OF ROADS AND BRIDGES IN THE STATE; TO AMEND SECTION 27-103-302, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A PORTION OF CERTAIN FUNDS RECEIVED BY OR ON BEHALF OF THE STATE OF MISSISSIPPI THROUGH A NEGOTIATED SETTLEMENT FOR ECONOMIC DAMAGES IN CONNECTION WITH THE DEEPWATER HORIZON OIL SPILL SHALL BE DEPOSITED INTO THE SPECIAL BOND SINKING FUND CREATED IN THIS ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. There is created a special bond sinking fund in the State Treasury for the purpose of providing for the payment of the principal of and interest upon bonds issued under House Bill No. , 2016 Regular Session, to pay the costs of repair, rehabilitation, replacement, construction and/or reconstruction of roads and bridges in this state. The special bond sinking fund shall consist of the monies deposited into the fund under Section 27-103-302, and such other monies as may be paid into the special bond sinking fund by appropriation or other authorization by the Legislature. Monies in the special bond sinking fund shall be used to pay the debt service requirements of the bonds issued under House Bill No. , 2016 Regular Session. Unexpended amounts remaining in the special bond sinking 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 special bond sinking fund shall be deposited into such sinking fund.
SECTION 2. Section 27-103-302, Mississippi Code of 1972, is amended as follows:
[Through June 30, 2018, this section shall read as follows:]
27-103-302. Except as otherwise provided in this section, all funds received by or on behalf of the State of Mississippi through a negotiated settlement for economic damages in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, except for any funds that are required by the settlement to be paid to any other public entity, shall be deposited into the Budget Contingency Fund for appropriation by the Legislature. However, during Fiscal Year 2017, Fifty Million Dollars ($50,000,000.00) of such funds shall be deposited into the special bond sinking fund created in Section 1 of this act.
[From and after July 1, 2018, through June 30, 2033, this section shall read as follows:]
27-103-302. All funds received by or on behalf of the State of Mississippi through a negotiated settlement for economic damages in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, except for any funds that are required by the settlement to be paid to any other public entity, shall be deposited as follows: (a) beginning with Fiscal Year 2019 and for each fiscal year thereafter through Fiscal Year 2033, Twenty Million Dollars ($20,000,000.00) per fiscal year shall be deposited into the special bond sinking fund created in Section 1 of this act and (b) the remainder of such funds shall be deposited into the Budget Contingency Fund for appropriation by the Legislature.
[From and after July 1, 2033, this section shall read as follows:]
27-103-302. All funds received by or on behalf of the State of Mississippi through a negotiated settlement for economic damages in connection with the explosion on, and sinking of, the mobile offshore drilling unit Deepwater Horizon, except for any funds that are required by the settlement to be paid to any other public entity, shall be deposited into the Budget Contingency Fund for appropriation by the Legislature.
SECTION 3. This act shall take effect and be in force from and after its passage.
