Bill Text: MS HB40 | 2020 | Regular Session | Introduced

Mississippi House Bill 40 (Prior Session Legislation)

Introduced

Bill Title: Housing Loan Assistance Pilot Program; create and authorize bonds to provide funds for.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2020-06-03 - Died In Committee [HB40 Detail]

Download: Mississippi-2020-HB40-Introduced.html

MISSISSIPPI LEGISLATURE

2020 Regular Session

To: Ways and Means

By: Representative Clark

House Bill 40

AN ACT TO CREATE THE HOUSING LOAN ASSISTANCE PILOT PROGRAM TO BE ADMINISTERED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY FOR THE PURPOSE OF PROVIDING LOANS TO CERTAIN PERSONS TO REPAIR AN EXISTING HOME OR TO CONSTRUCT A NEW HOME; TO AUTHORIZE THE ISSUANCE OF $3,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE HOUSING LOAN ASSISTANCE PILOT PROGRAM; TO CREATE THE HOUSING LOAN ASSISTANCE BOND SINKING FUND FOR THE PURPOSE OF PROVIDING THAT THE PRINCIPAL AND INTEREST ON THE BONDS AUTHORIZED UNDER THIS ACT WILL BE PAID PRIMARILY FROM CERTAIN FEES AUTHORIZED BY THIS ACT; TO AMEND SECTION 25-7-9, MISSISSIPPI CODE OF 1972, TO CREATE AN ADDITIONAL FEE FOR RECORDING DEEDS AND DEEDS OF TRUSTS WITH THE OFFICE OF THE CHANCERY CLERK; TO REQUIRE THE CHANCERY CLERK TO REMIT SUCH FEES TO THE MISSISSIPPI DEVELOPMENT AUTHORITY TO BE DEPOSITED INTO THE HOUSING LOAN ASSISTANCE BOND SINKING FUND; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) (a) There is established the Housing Loan Assistance Pilot Program to be administered by the Mississippi Development Authority (hereinafter "MDA") for the purpose of providing loans to certain home owners and potential home owners. The interest rate on such loans shall be one percent (1%) per annum. A home owner or potential home owner who receives a loan under this section shall:

(i) Be a resident of one (1) of the ten (10) poorest counties in this state according to the most recent official data compiled by the United States Census Bureau;

(ii) Be at least sixty-five (65) years of age, or legally disabled, or employed for the two (2) years immediately preceding the application for the loan;

(iii) Own the property on which the house that will be repaired or constructed is located;

(iv) Have a total household income that does not exceed Thirty Thousand Dollars ($30,000.00) a year; and

(v) Have been rejected or otherwise unable to obtain a conventional loan in the preceding twelve (12) months and not have obtained any other form of financing for the home for which the applicant is requesting assistance under this section.

(b) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

(2) There is created in the State Treasury a special fund to be designated as the "Housing Loan Assistance Fund," which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the MDA for the purposes described in this section.

SECTION 2. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:

(a) "Accreted value" of any bonds means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.

(b) "State" means the State of Mississippi.

(2) (a) (i) For the purpose of providing for the payment of the principal of and interest upon bonds issued under this section, there is hereby created in the State Treasury a special fund to be known as the "Housing Loan Assistance Bond Sinking Fund." Such sinking fund shall consist of the monies deposited into such fund pursuant to Section 25-7-9, Mississippi Code of 1972, and such other amounts as may be paid into such fund by appropriation or other authorization by the Legislature. Monies in the bond sinking fund shall be used to pay the debt service requirements on the bonds issued under this section. Unexpended amounts remaining in the 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 bond sinking fund shall be deposited into the bond sinking fund.

(ii) The total amount of all payments deposited into the bond sinking fund until the maturity date of the bonds authorized under this section shall be in an amount sufficient to retire the bonds.

(b) The Commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for the program authorized in Section 1 of this act. Upon the adoption of a resolution by the Mississippi Development Authority, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the Mississippi Development Authority shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under this section shall not exceed Three Million Dollars ($3,000,000.00).

(c) The proceeds of bonds issued pursuant to this section shall be deposited into the Housing Loan Assistance Fund created pursuant to Section 1 of this act. Any investment earnings on bonds issued pursuant to this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds.

(3) The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this subsection. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.

(4) The bonds authorized by this section shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

(5) All bonds and interest coupons issued under the provisions of this section 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 section, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.

(6) The commission shall act as issuing agent for the bonds authorized under this section, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this section from the proceeds derived from the sale of such bonds. The commission may sell such bonds on sealed bids at public sale or may negotiate the sale of the bonds for such price as it may determine to be for the best interest of the State of Mississippi. All interest accruing on such bonds so issued shall be payable semiannually or annually.

If such bonds are sold by sealed bids at public sale, notice of the sale shall be published at least one time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, selected by the commission.

The commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

(7) The bonds issued under the provisions of this section are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. The principal of and the interest on the bonds shall be payable primarily from the bond sinking fund created in subsection (2) of this section as provided in that subsection. If the funds available in the bond sinking fund and any funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this subsection.

(8) Upon the issuance and sale of bonds under the provisions of this section, the commission shall transfer the proceeds of any such sale or sales to the Housing Loan Assistance Fund created in Section 1 of this act. The proceeds of such bonds shall be disbursed solely upon the order of the Mississippi Development Authority under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

(9) The bonds authorized under this section may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this section. Any resolution providing for the issuance of bonds under the provisions of this section shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.

(10) The bonds authorized under the authority of this section may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

(11) Any holder of bonds issued under the provisions of this section or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this section, or under such resolution, and may enforce and compel performance of all duties required by this section to be performed, in order to provide for the payment of bonds and interest thereon.

(12) All bonds issued under the provisions of this section shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.

(13) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.

(14) The proceeds of the bonds issued under this section shall be used solely for the purposes therein provided, including the costs incident to the issuance and sale of such bonds.

(15) The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

(16) This section shall be deemed to be full and complete authority for the exercise of the powers therein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.

SECTION 3. Section 25-7-9, Mississippi Code of 1972, is amended as follows:

25-7-9. (1) The clerks of the chancery courts shall charge the following fees:

(a) For the act of certifying copies of filed documents, for each complete document.................................. $ 1.00

(b) (i) Recording each deed, will, lease, amendment, subordination, lien, release, cancellation, order, decree, oath, etc., per book and page listed where applicable, each deed of trust, or any other document, for the first five (5) pages ................. $ 25.00

Each additional page $ 1.00

(ii) Three Dollars ($3.00) shall be added to each fee for recording deeds. The chancery clerk shall remit such fee to the Mississippi Development Authority to be deposited into the Housing Loan Assistance Bond Sinking Fund created in Section 2(2)(a) of this act. Each payment shall be accompanied by a detailed accounting of the transactions represented by the payment.

(iii) Three Dollars ($3.00) shall be added to each fee collected for recording a deed of trust. The chancery clerk shall remit such fee to the Mississippi Development Authority to be deposited into the Housing Loan Assistance Bond Sinking Fund created in Section 2(2)(a) of this act. Each payment shall be accompanied by a detailed accounting of the transactions represented by the payment.

(c) (i) Recording oil and gas leases, cancellations, etc., including indexing in general indices; for the first fifteen (15) pages $ 18.00

Each additional page..................... $ 1.00

(ii) Sectional index entries per section or subdivision lot ........................................................ $ 1.00

(iii) Recording each oil and gas assignment

per assignee per each book and page listed.............. $ 18.00

(d) (i) Furnishing copies of any papers of record or on file:

If performed by the clerk or his employee,

per page................................................ $ .50

If performed by any other person,

per page................................................ $ .25

(ii) Entering marginal notations on

documents of record..................................... $ 1.00

(e) For each day's attendance on the board of supervisors, for himself and one (1) deputy, each........................ $ 20.00

(f) For other services as clerk of the board of supervisors an allowance shall be made to him (payable semiannually at the July and January meetings) out of the county treasury, an annual sum not exceeding...................................................... $3,000.00

(g) For each day's attendance on the chancery court, to be approved by the chancellor:

For the first chancellor sitting only, clerk and two (2) deputies, each........................................ $ 85.00

For the second chancellor sitting,

clerk only............................................ $ 85.00

Provided that the fees herein prescribed shall be the total remuneration for the clerk and his deputies for attending chancery court.

(h) On order of the court, clerks and not more than two (2) deputies may be allowed five (5) extra days for each term of court for attendance upon the court to get up records.

(i) For public service not otherwise specifically provided for, the chancery court may by order allow the clerk to be paid by the county on the order of the board of supervisors, an annual sum not exceeding...................................................... $5,000.00

(j) For each civil filing, to be deposited into the Civil Legal Assistance Fund....................................... $ 5.00

The chancery clerk shall itemize on the original document a detailed fee bill of all charges due or paid for filing, recording and abstracting same. No person shall be required to pay such fees until same have been so itemized, but those fees may be demanded before the document is recorded.

(2) The following fee shall be a total fee for all services performed by the clerk with respect to any civil case filed that includes, but is not limited to, divorce, alteration of birth or marriage certificate, removal of minority, guardianship or conservatorship, estate of deceased, adoption, land dispute injunction, settlement of small claim, contempt, modification, partition suit, or commitment, which shall be payable upon filing and shall accrue to the chancery clerk at the time of filing. The clerk or his successor in office shall perform all duties set forth without additional compensation or

fee................................................... $ 85.00

(3) For every civil case filed:

(a) An additional fee to be deposited to the credit of the Comprehensive Electronic Court Systems Fund established in Section 9-21-14...................................................... $ 10.00

(b) An additional fee to be deposited to the

credit of the Judicial System Operation Fund established in

Section 9-21-45....................................... $ 40.00

(4) Cost of process shall be borne by the issuing party. Additionally, should the attorney or person filing the pleadings desire the clerk to pay the cost to the sheriff for serving process on one (1) person or more, or to pay the cost of publication, the clerk shall demand the actual charges therefor, at the time of filing.

SECTION 4. This act shall take effect and be in force from and after July 1, 2020.