Bill Text: MS SB2876 | 2012 | Regular Session | Introduced

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Bill Title: Bonds; State Treasurer shall prepare a statement regarding the fiscal effect of bond legislation introduced in the Legislature.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2012-03-06 - Died In Committee [SB2876 Detail]

Download: Mississippi-2012-SB2876-Introduced.html

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MISSISSIPPI LEGISLATURE

2012 Regular Session

To: Accountability, Efficiency, Transparency

By: Senator(s) Collins

Senate Bill 2876

AN ACT TO PROVIDE THAT FOR ANY LEGISLATION INTRODUCED IN THE LEGISLATURE AUTHORIZING THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS, THE STATE TREASURER SHALL PREPARE A STATEMENT CONTAINING CERTAIN INFORMATION REGARDING FISCAL EFFECT IF ALL THE BONDS AUTHORIZED ARE ISSUED; TO REQUIRE A COPY OF THE STATEMENT TO BE FILED WITH BOTH HOUSES OF THE LEGISLATURE; AND FOR RELATED PURPOSES.

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

     SECTION 1.  (1)  For any legislation introduced in the Legislature that authorizes the issuance of state general obligation bonds, the State Treasurer shall prepare a statement that estimates the total principal and interest payment that the state will pay until the bonds are retired if all the bonds authorized by the bill are issued.  In addition, the statement shall include the following:

          (a)  The estimated principal and interest payments for each fiscal year until the bonds authorize by the legislation are retired.

          (b)  The total bonded indebtedness of the state prior to the issuance of the bonds authorized in the legislation.

          (c)  The debt service payments to be made each fiscal year on all outstanding bonded indebtedness of the state.

          (d)  An estimate of legal and other issuance fees that will be incurred if the bonds authorized by the legislation are issued.

          (e)  The amount of bond proceeds that are expected to be available for the purposes authorized in the legislation.

          (f)  If a portion of the bond proceeds are allocated for the purchase of buildings or facilities, or the construction of buildings or facilities, an estimate of the operating expenses for the buildings or facilities for the first ten (10) years of operation of the buildings or facilities.

     (2)  The State Treasurer shall file a copy of the statement with both houses of the Legislature.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2012.