Bill Text: MS HB466 | 2010 | Regular Session | Introduced
Bill Title: Tourism; authorize state bond issuance to promote state heritage, history and culture and other various tourism purposes.
Spectrum: Bipartisan Bill
Status: (Failed) 2010-02-24 - Died In Committee [HB466 Detail]
Download: Mississippi-2010-HB466-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Tourism; Ways and Means
By: Representatives Peranich, Holland, Moss, Akins, Aldridge, Arinder, Banks, Beckett, Bell, Bennett, Broomfield, Brown, Buck (5th), Buck (72nd), Byrd, Calhoun, Carpenter, Clark, Clarke, Coleman (65th), Compretta, Currie, DeLano, Dedeaux, Dickson, Eaton, Evans (91st), Fillingane, Formby, Fredericks, Frierson, Gadd, Gipson, Guice, Hamilton (6th), Hines, Holloway, Huddleston (15th), Ishee, Jennings, Johnson, Jones (111th), Jones (82nd), Lane, Malone, Martinson, Mayo, McBride, McGee, Middleton, Moak, Monsour, Norquist, Nowell, Palazzo, Patterson, Perkins, Puckett, Read, Reed, Reynolds, Rogers (14th), Rogers (61st), Scott, Shows, Snowden, Staples, Stevens, Straughter, Stringer, Sullivan, Thomas, Turner, Upshaw, Ward, Warren, Watson, Weathersby, Whittington, Woods, Zuber
House Bill 466
AN ACT TO PROVIDE THAT PROGRAMS AND PROJECTS PROMOTING THE HERITAGE, HISTORY AND CULTURE OF THE STATE AND DEMONSTRATING THE STATE'S ATTRACTIVENESS AS A TOURISM DESTINATION ARE A PRIORITY FOR THE DIVISION OF TOURISM DEVELOPMENT OF THE MISSISSIPPI DEVELOPMENT AUTHORITY; TO AMEND SECTION 6, CHAPTER 538, LAWS OF 2006, AS AMENDED BY SECTION 5, CHAPTER 607, LAWS OF 2007, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS AT A SPACE, SCIENCE AND EDUCATION FACILITY IN HANCOCK COUNTY, MISSISSIPPI; TO AUTHORIZE THE STATE BOND COMMISSION TO NEGOTIATE THE SALE OF SUCH BONDS AND TO DELETE THE REQUIREMENT THAT THE NOTICE OF THE SALE OF THE BONDS BE PUBLISHED IN A NEWSPAPER OR FINANCIAL JOURNAL WITH A LARGE NATIONAL CIRCULATION; TO AMEND SECTION 9, CHAPTER 580, LAWS OF 2007, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR THE CONSTRUCTION, FURNISHING AND EQUIPPING OF A CHILDREN'S MUSEUM IN HINDS COUNTY, MISSISSIPPI; TO AUTHORIZE THE STATE BOND COMMISSION TO NEGOTIATE THE SALE OF SUCH BONDS AND TO DELETE THE REQUIREMENT THAT THE NOTICE OF THE SALE OF THE BONDS BE PUBLISHED IN A NEWSPAPER OR FINANCIAL JOURNAL WITH A LARGE NATIONAL CIRCULATION; TO AMEND SECTION 2, CHAPTER 557, LAWS OF 2009, TO INCREASE THE AMOUNT OF STATE GENERAL OBLIGATION BONDS THAT MAY BE ISSUED TO PROVIDE FUNDS FOR IMPROVEMENTS TO THE OHR-O'KEEFE MUSEUM OF ART IN BILOXI, MISSISSIPPI; TO REMOVE THE PROVISION REQUIRING THAT THE AMOUNT OF BONDS AUTHORIZED FOR THE PROJECT WILL BE REDUCED BY THE AMOUNT OF ANY FEDERAL FUNDS MADE AVAILABLE FOR THE PROJECT; TO ESTABLISH THE STATEWIDE TOURISM PROJECTS FUND INTO WHICH THE PROCEEDS OF THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS SHALL BE DEPOSITED FOR THE PURPOSE OF FUNDING CERTAIN PROJECTS; TO ESTABLISH THE MISSISSIPPI HERITAGE, HISTORY AND CULTURE TOURISM FUND INTO WHICH THE PROCEEDS OF THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS SHALL BE DEPOSITED FOR THE PURPOSE OF TOURISM PROJECTS AND PROGRAMS IN THE STATE ADDRESSING THE STATE'S HERITAGE, HISTORY AND CULTURE; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE STATEWIDE TOURISM PROJECTS FUND AND THE MISSISSIPPI HERITAGE, HISTORY AND CULTURE TOURISM FUND; TO AMEND SECTION 57-1-59, MISSISSIPPI CODE OF 1972, IN CONFORMITY TO THE PROVISIONS OF THIS ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The Legislature recognizes that the tourism industry stimulates economic development throughout the state of Mississippi in the same manner as that resulting from the location of an industrial, scientific or educational project in the state and that promoting tourism programs and projects is equally as important as attracting certain industries to the state. The Legislature finds that an integral component of the tourism industry in the state consists of programs and projects promoting the heritage, history and culture of the state and demonstrating the state's attractiveness as a tourism destination for those reasons. Therefore, creating and enhancing opportunities for visitors to Mississippi to learn about and appreciate the state's heritage, history and culture, including literature and the arts, is a priority for the Division of Tourism Development of the Mississippi Development Authority.
SECTION 2. Section 6, Chapter 538, Laws of 2006, as amended by Section 5, Chapter 607, Laws of 2007, is amended as follows:
Section 6. (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 bond 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) "Commission" means the State Bond Commission.
(c) "Project" means an economic development and tourism destination facility in Hancock County, Mississippi, that will feature a space, science and education center.
(d) "State" means the State of Mississippi.
(e) "Authority" means the Mississippi Development Authority.
(2) The authority may use the proceeds from general obligation bonds issued under this section for the project as it considers necessary to further the project.
(3) (a) (i) A special fund, to be designated as the "Infinity Space, Science and Education Center Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the 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 fund shall be deposited into such fund.
(ii) Monies deposited into the fund shall be disbursed, in the discretion of the authority, to pay the costs incurred for the construction, furnishing and equipping the project.
(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the project. If any monies in the special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into such fund, then the authority shall provide an accounting of such unused monies to the commission. Promptly after the commission has certified, by resolution duly adopted, that the project shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission. Before monies in the special fund may be used for the project, the authority shall require that the developer and operator of the project enter into binding commitments regarding at least the following:
(i) That a certain minimum number of jobs will be created over a certain period of time as determined by the authority (which jobs must be held by persons eligible for employment in the United States under applicable state and federal law); and
(ii) That if any such commitments are not satisfied, an amount equal to all or a portion of the funds provided by the state under this section as determined by the authority shall be repaid.
(4) (a) 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 all costs incurred or to be incurred for the purposes described in subsection (3) of this section. No bonds shall be issued under this section until the authority is provided proof that the funds from private, local or federal sources have been irrevocably dedicated to the project in the amount of not less than Fourteen Million Dollars ($14,000,000.00). Upon the adoption of a resolution by the authority, declaring that funds have been irrevocably dedicated in the required amount and declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the 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 Fourteen Million Dollars ($14,000,000.00). No bonds shall be issued under this section after July 1, 2011.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (3) of 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.
(5) 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 (20) 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.
(6) 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.
(7) 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.
(8) The commission shall act as the 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 of any such bonds 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.
(9) 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. If the funds appropriated by the Legislature for such purposes 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.
(10) 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 special fund created in subsection (3) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the authority under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
(11) 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.
(12) 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.
(13) 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.
(14) 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.
(15) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.
(16) The proceeds of the bonds issued under this section shall be used solely for the purposes provided in this section, including the costs incident to the issuance and sale of such bonds.
(17) 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.
(18) This section shall be deemed to be full and complete authority for the exercise of the powers herein 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 9, Chapter 580, Laws of 2007, is amended as follows:
Section 9. (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 bond 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.
(c) "Commission" means the State Bond Commission.
(2) (a) (i) A special fund, to be designated as the "2007 Mississippi Children's Museum Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the 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 fund shall be deposited into such fund.
(ii) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs described in subsection (3)(a) of this section.
(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.
(3) (a) Upon the receipt of matching funds or verification that the matching funds described in this paragraph are forthcoming, the Department of Finance and Administration, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds to provide funds for the: (i) repair, renovation, remodeling, equipping, furnishing, adding to or improving the old National Guard Armory on the State Fairgrounds in Jackson, Mississippi, or another structure if approved by the Department of Finance and Administration as provided in Section 39-23-3(a), for use as a children's museum; (ii) repair, renovation, furnishing and equipping of the facility at the location described in Section 39-23-3(c); (iii) construction, furnishing and equipping of a facility at the location described in Section 39-23-3(d); or (iv) construction, furnishing and equipping of a facility at a location selected as provided in Section 39-23-3(e). The issuance of the bonds described in this paragraph and the allocation of such funds are conditioned upon the private sector or local or federal government providing Six Million Dollars ($6,000,000.00) to match the funds provided under this section. The matching funds required pursuant to this subsection may be provided in the form of cash or in-kind contributions or any combination of cash or in-kind contributions. In-kind contributions shall include, but not be limited to, the value of exhibits that are contributed to the children's museum.
(b) Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the department 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 amount of bonds issued under this section shall not exceed Six Million Dollars ($6,000,000.00).
(c) Any investment earnings on amounts deposited into the special fund created in subsection (2) of 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.
(4) 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.
(5) 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.
(6) 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.
(7) The commission shall act as the 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 of any such bonds 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.
(8) 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. If the 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.
(9) 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 special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
(10) 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.
(11) 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.
(12) 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.
(13) 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.
(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.
(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.
(16) 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.
(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.
SECTION 4. Section 2, Chapter 557, Laws of 2009, is amended as follows:
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 bond 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.
(c) "Commission" means the State Bond Commission.
(2) (a) (i) A special fund, to be designated as the "2009 Ohr-O'Keefe Museum of Art Improvements Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the 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 fund shall be deposited into such fund.
(ii) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to pay the costs of construction, repair, renovation, replacement and improvement of buildings, facilities, exhibits and infrastructure at the Ohr-O'Keefe Museum of Art in Biloxi, Mississippi.
(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.
(3) (a) 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 all costs incurred or to be incurred for the purposes described in subsection (2) of this section. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the department 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 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 Six Million Dollars ($6,000,000.00). * * * No bonds shall be issued under this section after July 1, 2013.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (2) of 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.
(4) 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.
(5) 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.
(6) 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.
(7) 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 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.
(8) 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. If the 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.
(9) 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 special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
(10) 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.
(11) 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.
(12) 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.
(13) 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.
(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.
(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.
(16) 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.
(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.
SECTION 5. (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 bond 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.
(c) "Commission" means the State Bond Commission.
(2) (a) (i) A special fund to be designated as the "Statewide Tourism Projects Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the 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 fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under this section.
(ii) Monies deposited into the fund shall be disbursed by the State of Mississippi, through the department or other entity designated in the description of each specific project listed in paragraph (c) of this subsection, to pay the costs of the specific project. If the funds are not disbursed directly to pay the costs of a specific project, the disbursement of funds for a specific project may be made to or through a specific entity designated in the description of that specific project.
(b) Amounts deposited into the special fund shall be disbursed by the Department of Finance and Administration to pay the costs of a specific project described in paragraph (c) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that a project described in paragraph (c) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission. No monies in the special fund may be used for a project described in paragraph (c) of this subsection until the Mississippi Development Authority Division of Tourism Development:
(i) Determines that the project for which funds are authorized will have a significant impact on promoting tourism and tourism related activities in the area of the state in which the project is or is to be located;
(ii) Causes a cost benefit analysis of the project to be performed;
(iii) Receives proof that the project has been sufficiently planned and designed to a stage where work may begin for the purposes for which monies in the special fund are authorized; and
(iv) Receives proof that funds from private, local government, and/or federal sources have been irrevocably dedicated to the project in an amount that is not less than twenty percent (20%) of the amount of the monies in the special fund that are to be used for the project. The matching funds may be provided in the form of cash contributions, in-kind contributions and/or any combination of cash or in-kind contributions.
(c) Following are descriptions of the specific projects which shall be funded by the Statewide Tourism Projects Fund:
(i) Tunica Gateway to the Blues Museum. Monies in the special fund, up to a total amount of Two Million Dollars ($2,000,000.00), shall be disbursed by the Department of Finance and Administration to assist in paying costs incurred for construction, furnishing and equipping of the Tunica Gateway to the Blues Museum and related facilities in Tunica County, Mississippi.
(ii) Elvis Presley Birthplace, Museum and Chapel. Monies in the special fund, up to a total amount of Four Million Dollars ($4,000,000.00), shall be disbursed by the Department of Finance and Administration to assist the Elvis Presley Memorial Foundation in Tupelo, Mississippi, in paying costs incurred for repair, renovation and expansion of and improvements and additions to the Elvis Presley Birthplace, Museum and Chapel and related facilities in Tupelo, Mississippi.
(iii) Jimmie Rodgers Museum. Monies in the special fund, up to a total of Two Million Dollars ($2,000,000.00), shall be disbursed by the Department of Finance and Administration to assist in paying costs incurred for repair, renovation and expansion of and improvements and additions to the Jimmie Rodgers Museum and related facilities in Meridian, Mississippi.
(iv) Curlee House. Monies in the special fund, up to a total of Two Million Dollars ($2,000,000.00), shall be disbursed by the Department of Finance and Administration to the City of Corinth, Mississippi, to assist in paying costs incurred for repair, renovation and expansion of and improvements and additions to the Curlee House and related facilities in Corinth, Mississippi.
(v) Cottonlandia Museum. Monies in the special fund, up to a total of One Million Dollars ($1,000,000.00), shall be disbursed by the Department of Finance and Administration to assist in paying costs incurred for repair, renovation and expansion of, improvements and additions to and/or relocation of the Cottonlandia Museum and related facilities in Greenwood, Mississippi.
(vi) Gulf Coast Winter Classics Project. Monies in the special fund, up to a total amount of One Million Dollars ($1,000,000.00), shall be disbursed by the Department of Finance and Administration to assist in paying costs incurred for construction, furnishing and equipping of buildings and related facilities and making infrastructure and infrastructure related improvements at the Harrison County Fairgrounds property necessary for hosting the Gulf Coast Winter Classics and related events in Harrison County, Mississippi.
(vii) Mississippi Civil Rights Historical Sites. Monies in the special fund, up to a total amount of Three Million Dollars ($3,000,000.00), shall be disbursed by the Department of Finance and Administration, based upon the recommendations of the Board of Trustees of the Department of Archives and History, to assist in paying costs incurred for repair, renovation and expansion of and improvements and additions to projects determined by the Board of Trustees of the Department of Archives and History to be civil rights historical sites in the state. The maximum amount of monies in the special fund that may be allocated to a project shall not exceed Three Hundred Thousand Dollars ($300,000.00).
(viii) Rail Line Tourism Project. Monies in the special fund, up to a total amount of One Million Dollars ($1,000,000.00), shall be disbursed by the Department of Finance and Administration to assist in paying costs incurred for acquisition, furnishing and equipping of railcars and related equipment and operation of such cars and equipment on a portion of rail line extending from Natchez, Mississippi, to Brookhaven, Mississippi.
(3) (a) A special fund to be designated as the "Mississippi Heritage, History and Culture Tourism Fund" is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the 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 fund shall be deposited to the credit of the fund. Monies in the fund may not be used or expended for any purpose except as authorized under this act.
(b) Monies deposited into the fund shall be expended by the Division of Tourism Development of the Mississippi Development Authority for the specific purpose of promoting programs and projects addressing Mississippi's heritage, history, culture, literature and arts, including the positive recovery of the state after damages caused by natural disasters, as may be authorized by general law of this state, and may be used to match federal and/or other funds that may be accessed by the division for the purpose of promoting tourism in the state. The Division of Tourism Development may accept grants and private donations from any source, including federal, state, public and private entities, to assist it in promoting such programs and projects.
(4) (a) 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 all costs incurred or to be incurred for the purposes described in subsections (2) and (3) of this section. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the Department of Finance and Administration 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 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 Seventeen Million Dollars ($17,000,000.00). No bonds shall be issued under this section after July 1, 2011.
(b) The proceeds of the bonds issued pursuant to this section shall be deposited into the following special funds in not more than the following amounts:
(i) The Statewide Tourism Projects Fund created pursuant to subsection (2) of this section.................. $16,000,000.00.
(ii) The Mississippi Heritage, History and Culture Tourism Fund created pursuant to subsection (3) of this
section......................................... $ 1,000,000.00.
(c) Any investment earnings on amounts deposited into the special funds created in subsections (2) and (3) of 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.
(5) 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.
(6) 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.
(7) 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.
(8) 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, 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.
(9) 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. If the 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.
(10) 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 special funds created in subsections (2) and (3) of this section in the amounts provided for in subsection (4)(b) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
(11) 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.
(12) 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.
(13) 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.
(14) 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.
(15) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.
(16) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.
(17) 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.
(18) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.
SECTION 6. Section 57-1-59, Mississippi Code of 1972, is amended as follows:
57-1-59. The Mississippi Development Authority shall have the following general powers and duties with respect to tourism:
(a) To promote and advertise the image of Mississippi both within and without the boundaries of this state;
(b) To promote and advertise fairs and similar activities of interest to tourists and the traveling public;
(c) To promote and advertise the use of wildlife and natural areas by tourists and the traveling public;
(d) To promote and advertise the use of state recreational and park facilities by tourists and the traveling public;
(e) To promote and advertise all resources of the State of Mississippi as attractions to tourists and the traveling public;
(f) To develop for all agencies of state government the necessary promotional and advertising materials needed to promote all facilities and programs which may be of interest to travelers and tourists;
(g) To maintain an educational awareness program for the citizens of the state to constantly encourage increased development of activities of interest to tourists and the traveling public;
(h) To develop and maintain an information services system to adequately guide tourists and the traveling public within the boundaries of the state;
(i) To develop and maintain an extensive media program to adequately inform the national and international consumer about Mississippi; * * *
(j) To enter into contracts and other agreements with local tourism commissions or similar entities for the purpose of developing regional strategies for tourism promotion. The Mississippi Development Authority, in conjunction with the formulation of regional strategies for tourism promotion, may require that local tourism commissions or similar entities enter into agreements with the authority as a condition for receiving any state grants to promote tourism; and
(k) To develop programs and projects promoting the state's heritage, history, culture, literature and arts, including the positive recovery of the state after damages caused by natural disasters, and demonstrating the state's attractiveness as a tourism destination for those and other reasons.
SECTION 7. This act shall take effect and be in force from and after its passage.
