Bill Text: MS HB1570 | 2013 | Regular Session | Introduced
Bill Title: State Bond Commission; powers in connection with issuance of state bonds are limited to certain administrative functions.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-02-05 - Died In Committee [HB1570 Detail]
Download: Mississippi-2013-HB1570-Introduced.html
MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Ways and Means
By: Representative Brown (66th)
House Bill 1570
AN ACT TO AMEND SECTION 31-17-3, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE POWERS OF THE STATE BOND COMMISSION IN CONNECTION WITH ANY STATE BONDS AUTHORIZED TO BE ISSUED BY AN ACT OF THE LEGISLATURE ARE LIMITED TO PERFORMING CERTAIN ADMINISTRATIVE AND PROCEDURAL FUNCTIONS RELATING TO THE ISSUANCE OF THE BONDS; TO AUTHORIZE THE COMMISSION TO PERFORM ANY OTHER POWERS AND DUTIES IN CONNECTION WITH ANY STATE BONDS AUTHORIZED TO BE ISSUED BY AN ACT OF THE LEGISLATURE THAT ARE SPECIFICALLY GRANTED TO THE COMMISSION IN THAT ACT OF THE LEGISLATURE; TO PROVIDE THAT THE COMMISSION IS NOT AUTHORIZED TO MAKE A DETERMINATION THAT ANY STATE BONDS SHOULD NOT BE ISSUED BASED ON THE COMMISSION'S EVALUATION OF THE RELATIVE MERITS OF THE PROJECTS BEING FUNDED BY THE BONDS OR THE APPROPRIATENESS OF THE POLICY OF ISSUING THE BONDS; TO PROVIDE THAT IF ALL OF THE CONDITIONS THAT ARE PRESCRIBED FOR THE ISSUANCE OF THE BONDS IN THE ACT OF THE LEGISLATURE AUTHORIZING THE ISSUANCE OF THE BONDS HAVE BEEN MET AS REQUIRED IN THAT ACT, THEN THE COMMISSION SHALL ISSUE THE BONDS AS PROVIDED IN THAT ACT; TO AMEND SECTIONS 31-17-1 AND 31-17-101, MISSISSIPPI CODE OF 1972, TO COMBINE THE SEPARATE PROVISIONS THAT CREATE THE STATE BOND COMMISSION INTO ONE SECTION; TO PROVIDE THAT THE PROVISIONS OF THIS ACT SHALL APPLY ONLY TO STATE BONDS AUTHORIZED TO BE ISSUED BY ACTS OF THE LEGISLATURE THAT ARE ENACTED ON OR AFTER THE EFFECTIVE DATE OF THIS ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 31-17-3, Mississippi Code of 1972, is amended as follows:
31-17-3. (1) The powers of the State Bond Commission in connection with any state bonds authorized to be issued by an act of the Legislature are limited to performing the following administrative and procedural functions relating to the issuance of the bonds:
(a) Acting as the issuing agent for the bonds;
(b) Prescribing the form of the bonds;
(c) Determining the appropriate method for sale of the bonds;
(d) Advertising for and accepting bids or negotiating the sale of the bonds;
(e) Determining when the bonds are to be sold;
(f) Issuing and selling the bonds; and
(g) Doing any other things necessary and advisable in connection with the issuance and sale of the bonds.
In addition, the commission is authorized to perform any other powers and duties in connection with any state bonds authorized to be issued by an act of the Legislature that are specifically granted to the commission in that act of the Legislature.
However, the commission is not authorized to make a determination that any state bonds should not be issued, or to withhold the issuance of any state bonds, based on the commission's evaluation of the relative merits of the projects being funded by the bonds or the appropriateness of the policy of issuing the bonds. If all of the conditions that are prescribed for the issuance of the bonds in the act of the Legislature authorizing the issuance of the bonds have been met as required in that act, then the commission shall issue the bonds as provided in that act.
(2) The State Bond
Commission, with the approval and consent of the State Auditor of Public
Accounts and the * * * Commissioner of Revenue,
is * * *
authorized to purchase outstanding bonds of the State of Mississippi,
retire such bonds, and pay the purchase price thereof out of any surplus
remaining in the State Treasury at the end of any fiscal year, all in accord
with the provisions of Sections 31-17-21 through 31-17-25. The State Bond
Commission, with the consent and approval of the State Auditor of Public
Accounts and the * * * Commissioner of Revenue,
shall determine the amount of bonds to be purchased, the maximum price to be
paid therefor not to exceed par and accrued interest, and the date upon which
it will receive proposals to purchase such bonds, all in accord with the
provisions of Sections 31-17-21 through 31-17-25.
SECTION 2. Section 31-17-1, Mississippi Code of 1972, is amended as follows:
31-17-1. There is created the State Bond Commission, which shall be composed of the Governor, the Attorney General, and the State Treasurer. The Governor shall act as chairman of the commission, the Attorney General shall act as secretary of the commission, and the State Treasurer shall be treasurer of the commission. The successive incumbents in the Offices of Governor, Attorney General and State Treasurer shall succeed their predecessors as members of the commission upon assumption of their duties and the completion of their oaths of office. The powers of the commission shall be vested in and exercised by a majority of the members of the commission. The commission may delegate to one or more of its members, or to its officers, agents and employees, such powers and duties as it may deem proper, and may adopt rules for the conduct of its business.
SECTION 3. Section 31-17-101, Mississippi Code of 1972, is amended as follows:
31-17-101. * * * For the purposes
of Sections 31-17-101 through 31-17-127, the term "commission" * * * means the * * * State Bond Commission * * * created
under Section 31-17-1.
SECTION 4. The provisions of Section 31-17-3 as amended by Section 2 of this act shall apply only to state bonds authorized to be issued by acts of the Legislature that are enacted on or after the effective date of this act.
SECTION 5. This act shall take effect and be in force from and after its passage.
