Bill Text: MS SB3153 | 2022 | Regular Session | Engrossed
Bill Title: Bonds; authorize to assist in paying costs of IHL, community and junior colleges, and state agencies capital improvements.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2022-03-26 - Died In Conference [SB3153 Detail]
Download: Mississippi-2022-SB3153-Engrossed.html
MISSISSIPPI LEGISLATURE
2022 Regular Session
To: Finance
By: Senator(s) Harkins
Senate Bill 3153
(As Passed the Senate)
AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS FOR STATE INSTITUTIONS OF HIGHER LEARNING, COMMUNITY AND JUNIOR COLLEGES, AND STATE AGENCIES; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) The provisions of this section shall apply to every section of this act that relates to the issuance of bonds unless otherwise provided in this act.
(2) As used in this act, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a) "State" means the State of Mississippi.
(b) "Commission" means the State Bond Commission.
(3) The principal of and interest on the bonds authorized under this act 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 act 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 act 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 act, 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 act, 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 act 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 act, 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 act 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.
(8) Upon the issuance and sale of bonds under the provisions of this act, the commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (1) of the applicable section of this act. The proceeds of such bonds shall be disbursed from the special fund 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 act 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 act. Any resolution providing for the issuance of bonds under the provisions of this act 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 act 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 Title 31, Chapter 13, 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 act 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 act, or under such resolution, and may enforce and compel performance of all duties required by this act to be performed, in order to provide for the payment of bonds and interest thereon.
(12) All bonds issued under the provisions of this act 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 act and income therefrom shall be exempt from all taxation in the State of Mississippi.
(14) The proceeds of the bonds issued under this act shall be used solely for the purposes herein 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 act; 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. As used in this section, the "accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (a) the stated initial value of such bond, plus (b) 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.
(16) This act shall be deemed to be full and complete authority for the exercise of the powers granted in this act that relate to the issuance of bonds, but this act shall not be deemed to repeal or to be in derogation of any existing law of this state that relates to the issuance of bonds.
SECTION 2. (1) (a) (i) A special fund, to be designated as the "2022 IHL Capital 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, with the approval of the Board of Trustees of State Institutions of Higher Learning on those projects related to the universities under its management and control to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities as hereinafter described:
AMOUNT
NAME PROJECT ALLOCATED
Alcorn State University......................... $ 5,040,000.00
Preplanning for repair,
renovation, and
expansion of and upgrades
and improvements to the
David L. Whitney Complex
and Wellness Center; campus
safety and security project,
including open space
development, sprinkler
systems for dormitories,
security camera
installation, card access
systems, street lighting,
and emergency kiosks; and
repair, renovation and
upgrading of campus
infrastructure..............$ 1,040,000.00
Repair and renovation of
and upgrades and
improvements to the Math
and Science Building........$ 4,000,000.00
Delta State University.......................... $ 5,640,000.00
Repair, renovation and
replacement of and
upgrades and
improvements to HVAC systems
and related equipment and
infrastructure..............$ 3,937,500.00
Repair and renovation
for ADA compliance
for the Bologna Performing
Arts Center.................$ 1,702,500.00
Jackson State University........................ $ 12,000,000.00
Construction, furnishing
and equipping of a new
dining facility and
related facilities..........$ 12,000,000.00
Mississippi State University.................... $ 14,680,000.00
Repair, renovation, construction,
acquisition of property, furnishing
and equipping of related
facilities to house the
College of Architecture,
Art and Design..............$ 14,680,000.00
Mississippi State University/Division of
Agriculture, Forestry and Veterinary Medicine... $ 9,610,000.00
Repair and renovation
of and upgrades and
improvements to
Dorman Hall and
related facilities..........$ 9,610,000.00
Mississippi University for Women................ $ 2,500,000.00
Repair, renovation,
and upgrading of
campus buildings
and facilities..............$ 2,500,000.00
Mississippi Valley State University.............. $ 10,200,000.00
Repair, renovation,
furnishing and
equipping of the
Charles Lackey
Recreation Center...........$ 10,200,000.00
University of Mississippi....................... $ 5,500,000.00
Construction, furnishing
and equipping of a new
mechanical and power
plant building and related
facilities..................$ 4,500,000.00
Preplanning for
construction,
furnishing and
equipping of a
new building and
related facilities
to house the School
of Accountancy..............$ 1,000,000.00
University of Mississippi Medical Center......... $ 8,000,000.00
Repair, renovation,
and upgrading of
campus buildings
and facilities..............$ 8,000,000.00
University of Southern Mississippi............... $ 11,000,000.00
Construction, furnishing
and equipping of a new
science research facility...$ 11,000,000.00
IHL Education and Research Center............... $ 1,400,000.00
Repair and replacement of
chillers and related
equipment for the campus
air conditioning and
heating system..............$ 1,400,000.00
TOTAL.......................................... $ 85,570,000.00
(b) (i) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in paragraph (a) of this subsection. If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into the special fund, then the institution of higher learning for which any unused monies are allocated under paragraph (a) of this subsection shall provide an accounting of such unused monies to the commission. 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.
(ii) Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in paragraph (a) of this subsection. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management. Reimbursement of reasonable actual and necessary costs for a project shall not exceed two percent (2%) of the proceeds of bonds issued for such project. Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.
(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this subsection. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.
(d) Any amounts allocated to an institution of higher learning that are in excess of that needed to complete the projects at such institution of higher learning that are described in paragraph (a) of this subsection may be used for general repairs and renovations at the institution of higher learning.
(2) (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 (1) 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 shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission is authorized to proceed under the provisions of Section 1(6) of this act. The total amount of bonds issued under this section shall not exceed Eighty-five Million Five Hundred Seventy Thousand Dollars ($85,570,000.00). No bonds shall be issued under this section after July 1, 2026.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (1) 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.
(3) The provisions of Section 1 of this act shall apply to the issuance of bonds authorized under this section.
SECTION 3. (1) (a) (i) A special fund, to be designated as the "2022 Community and Junior Colleges Capital 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. 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, in the discretion of the Department of Finance and Administration, to pay the costs of acquisition of real property, construction of new facilities, equipping and furnishing facilities, including furniture and technology equipment and infrastructure, and addition to or renovation of existing facilities for community and junior college campuses as recommended by the Mississippi Community College Board. The amount to be expended at each community and junior college is as follows:
Coahoma..................................... $ 1,625,092.00
Copiah-Lincoln............................... 1,896,610.00
East Central.................................. 1,788,344.00
East Mississippi.............................. 2,069,283.00
Hinds........................................ 3,835,672.00
Holmes....................................... 2,710,687.00
Itawamba...................................... 2,451,082.00
Jones........................................ 2,302,608.00
Meridian...................................... 1,892,071.00
Mississippi Delta............................. 1,705,028.00
Mississippi Gulf Coast........................ 3,415,612.00
Northeast Mississippi......................... 2,199,052.00
Northwest Mississippi......................... 2,860,867.00
Pearl River.................................. 2,559,381.00
Southwest Mississippi......................... 1,688,611.00
GRAND TOTAL..................................... $35,000,000.00
(b) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in paragraph (a) of this subsection. If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into the special fund, then the community college or junior college for which any such monies are allocated under paragraph (a) of this subsection shall provide an accounting of such unused monies to the commission. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this section 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.
(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this section. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.
(2) (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 (1) 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 shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission is authorized to proceed under the provisions of Section 1(6) of this act. The total amount of bonds issued under this section shall not exceed Thirty-five Million Dollars ($35,000,000.00). No bonds shall be issued under this section after July 1, 2026.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (1) of this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds.
(3) The provisions of Section 1 of this act shall apply to the issuance of bonds authorized under this section.
SECTION 4. (1) (a) (i) A special fund, to be designated as the "2022 State Agencies Capital Improvements Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund to pay the costs of capital improvements, renovation and/or repair of existing facilities, furnishings and/or equipping facilities for public facilities as hereinafter described:
STATE AGENCIES...................................$ 80,000,000.00
Department of Corrections........................$ 6,000,000.00
Planning, critical repair
and renovation of and code
and security upgrades and improvements
to department buildings,
facilities and infrastructure
and facilities under
the care and control
of the department.........$ 6,000,000.00
Department of Finance and Administration.........$ 21,500,000.00
Continuation of planning,
repair, restoration of
and improvements to the
New Capitol Grounds.......$ 5,000,000.00
Phase II of repair,
renovation, furnishing
and equipping of the
660 North Street Building..$ 9,500,000.00
Phase II of repair,
renovation, furnishing
and equipping of the
350 High Street Building..$ 7,000,000.00
Department of Mental Health.......................$ 7,750,000.00
Phase II of ligature
compliance measures
at the Mississippi
State Hospital............$ 1,250,000.00
Planning, construction,
furnishing and equipping
of new north entry gate
security station and
perimeter fencing at
the Boswell Regional
Center....................$ 1,500,000.00
Planning, repair
and renovation, furnishing
and equipping of Buildings
#42, #49 and #50 at
Ellisville State School...$ 3,000,000.00
Planning, construction,
furnishing and equipping
of new entry security
station and reconstruction
of north passage bridge
at North Mississippi
Regional Center...........$ 2,000,000.00
Department of Public Safety...................$ 36,000,000.00
Continuation of construction,
furnishing and equipping of
a headquarters replacement
building and related
facilities adjacent
to the State Crime Lab....$ 32,000,000.00
Continuation of construction,
furnishing and equipping of
new Troop G Highway Patrol
Substation in Starkville..$ 4,000,000.00
Mississippi Military Department...................$4,000,000.00
Planning, repairs,
renovations, expansions,
upgrades and furnishing
and equipping of Readiness
Centers..................$ 4,000,000.00
Department of Wildlife, Fisheries and Parks......$ 4,750,000.00
Phase I of planning, repair,
renovation, replacement,
furnishing and equipping
of existing park buildings,
facilities, and infrastructure
and planning, construction,
furnishing and equipping of
new park buildings, facilities
and infrastructure......$ 3,000,000.00
Planning, repair, renovations,
and improvements to the
Natural Science Museum..$ 1,750,000.00
TOTAL...........................................$ 80,000,000.00
(b) (i) Amounts deposited into such special fund shall be disbursed to pay the costs of projects described in paragraph (a) of this subsection. If any monies in such special fund are not used within four (4) years after the date the proceeds of the bonds authorized under this section are deposited into the special fund, then the agency for which any unused monies are allocated under paragraph (a) of this subsection shall provide an accounting of such unused monies to the commission. 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.
(ii) Monies in the special fund may be used to reimburse reasonable actual and necessary costs incurred by the Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, in administering or providing assistance directly related to a project described in paragraph (a) of this subsection. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each project by the Department of Finance and Administration, Bureau of Building, Grounds and Real Property Management. Reimbursement of reasonable actual and necessary costs for a project shall not exceed two percent (2%) of the proceeds of bonds issued for such project. Monies authorized for a particular project may not be used to reimburse administrative costs for unrelated projects.
(c) The Department of Finance and Administration, acting through the Bureau of Building, Grounds and Real Property Management, is expressly authorized and empowered to receive and expend any local or other source funds in connection with the expenditure of funds provided for in this subsection. The expenditure of monies deposited into the special fund shall be under the direction of the Department of Finance and Administration, and such funds shall be paid by the State Treasurer upon warrants issued by such department, which warrants shall be issued upon requisitions signed by the Executive Director of the Department of Finance and Administration, or his designee.
(d) Any amounts allocated to an agency that are in excess of that needed to complete the projects at such agency that are described in paragraph (a) of this subsection may be used for general repairs and renovations at the agency.
(2) (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 (1) 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 shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission is authorized to proceed under the provisions of Section 1(6) of this act. The total amount of bonds issued under this section shall not exceed Eighty Million Dollars ($80,000,000.00). No bonds shall be issued under this section after July 1, 2026.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (1) 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.
(3) The provisions of Section 1 of this act shall apply to the issuance of bonds authorized under this section.
SECTION 5. This act shall take effect and be in force from and after July 1, 2022, and shall stand repealed on June 30, 2022.
