reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-11 - Interest rate exchange or similar agreements; limitations

Any interest rate exchange or similar agreements entered into pursuant to Section
31-18-9
shall be subject to the following limitations:
(a)
The counterparty thereto shall have credit ratings from at least one nationally recognized statistical rating agency that is within the two (2) highest investment grade categories and ratings which are obtained from any other nationally recognized statistical rating agencies shall also be within the three (3) highest investment grade categories, or the payment obligations of the counterparty shall be unconditionally guaranteed by an entity with such credit ratings;
(b)
The written contract shall require that should the rating:
(i)
of the counterparty, if its payment obligations are not unconditionally guaranteed by another entity, or
(ii)
of the entity unconditionally guaranteeing its payment obligations, if so secured, fall below the rating required by paragraph (a) of this section, that the obligations of such counterparty shall be fully and continuously collateralized by direct obligations of, or obligations the principal and interest on which are guaranteed by the United States of America with a net market value of at least one hundred two percent (102%) of the net market value of the contract of the authorized insurer and such collateral shall be deposited as agreed to by the commission;
(c)
The counterparty has a net worth of at least One Hundred Million Dollars ($100,000,000.00), or the counterparty's obligations under the interest rate exchange or similar agreement are guaranteed by a person or entity having a net worth of at least One Hundred Million Dollars ($100,000,000.00);
(d)
The total notional amount of all interest rate exchange or similar agreements for the state to be in effect shall not exceed an amount equal to twenty percent (20%) of the total amount of state-supported debt outstanding as of the initial date of entering into each new agreement; however, such total notional amount shall not include any excluded agreements;
(e)
No interest rate exchange or similar agreement shall have a maturity exceeding the maturity of the related state-supported debt;
(f)
Each interest rate exchange or similar agreement shall be subject to a finding by the commission that its terms and conditions reflect a fair market value of such agreement as of the date of its execution, regardless of whether such agreement was solicited on a competitive or negotiated basis with a competitive element; and
(g)
Each interest rate exchange or similar agreement, including the modification or termination thereof, shall be subject to the approval of the commission or its designee.
Laws, 2003, ch. 522, § 57 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-13 - Initial date variable rate debt instruments

(1)
As of the initial date of each issuance of variable rate debt instruments, the total of the principal and notional amounts of such variable rate debt instruments outstanding and in effect shall not exceed an amount equal to twenty percent (20%) of the total principal amount of state-supported debt outstanding.
(2)
The limitation contained in subsection (1) of this section shall not include any excluded agreements.
Laws, 2003, ch. 522, § 58 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-15 - Debt obligation or related instrument

Nothing in this chapter shall be construed as to apply to or limit any debt obligation or related instrument of the state or any other issuers except those obligations or instruments which are or relate to state-supported debt.
Laws, 2003, ch. 522, § 59 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-17 - Exercise of power

This chapter shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this chapter shall not be deemed to repeal or to be in derogation of any existing law of this state.
Laws, 2003, ch. 522, § 60 effective upon its passage, and it was approved by the Governor on 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-19 - Issuance of variable rate bonds

All variable rate bonds issued under this chapter shall be fully negotiable in accordance with their terms and shall be "securities" within the meaning of Article 8 of the Uniform Commercial Code, subject to the provisions of such bonds pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect the lien and pledge granted by a governmental unit to the holders of any variable rate bonds issued under this chapter.
Laws, 2003, ch. 522, § 61 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-21 - Provisions of issuance; variable rate bonds

All variable rate bonds issued under the provisions of this chapter and income therefrom shall be exempt from all taxation in the State of Mississippi.
Laws, 2003, ch. 522, § 62 effective upon its passage, and it was approved by the Governor on 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-23 - Sections, clauses, or sentences questioned or adjudged unconstitutional

If any one or more sections, clauses, sentences or parts of this chapter shall for any reason be questioned in any court and shall be adjudged unconstitutional or invalid, such judgment shall not affect, impair or invalidate the remaining provisions of this chapter, but shall be confined in its operations to the specific provisions so held invalid, and inapplicability or invalidity of any such section, clause, provision or part shall not be taken to affect or prejudice in any way the remaining part or parts of this chapter.
Laws, 2003, ch. 522, § 63 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-1 - Serial payment bonds only may be issued

Except as otherwise provided, any county or municipality may issue any bonds as serial bonds or as a single-term bond.
Codes, Hemingway's 1921 Supp. § 6662d; 1930, § 5980; 1942, § 4322; Laws, 1918, ch. 209.
Amended by Laws, 2024, ch. 330, SB 2532,§ 1, eff. 4/15/2024.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-3 - Penalty on officials for violations

For failure to comply with the provisions of this chapter by any officer, any taxpayer may institute a suit for damages on the bond of such official who is required to give a bond; and in addition thereto, such official may be punished for such failure as for a misdemeanor, and on conviction be fined not more than Five Hundred Dollars ($500.00) or imprisoned in the county jail for six (6) months, or both.
Codes, Hemingway's 1921 Supp. § 6662e; 1930, § 5981; 1942, § 4323; Laws, 1918, ch. 209.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-5 - Investment of certain funds

Any funds received from the sale of bonds, notes, or certificates of indebtedness heretofore or hereafter sold by the State of Mississippi or any agency or department thereof or by any county, municipality, road district, levee district, development district, utility district, school district, drainage district or other entity authorized by law to issue bonds, notes, or certificates of indebtedness, which are not immediately required for disbursement for the purpose for which issued, may be invested by the proper authorities in any direct obligation issued by or guaranteed in full as to principal and interest by the United States of America or in certificates of deposit issued by or through a qualified depository of the State of Mississippi as approved by the State Treasurer, maturing or being redeemable by the holder on or prior to the date upon which such funds will be required for disbursement and bearing interest at a rate per annum not less than a simple interest rate numerically equal to the average bank discount rate on United States Treasury bills of comparable maturity or the current rate of interest paid on certificates of deposit or on United States Treasury obligations of comparable maturities, whichever is the higher, provided, however, that the proceeds from the sale of bonds issued pursuant to Sections
57-1-131
through
57-1-145
, Mississippi Code of 1972, or Chapter 3 of Title 57, Mississippi Code of 1972, may be invested in certificates of deposit issued by or through qualified depositories of the State of Mississippi bearing interest at any rate per annum which may be mutually agreed upon, but in no case shall said rate be less than such average bank discount rate.
Funds received pursuant to this section shall be invested as heretofore described or may be invested, pursuant to rules promulgated by the State Treasurer, in obligations described in Section
27-105-33(d)
, Mississippi Code of 1972; however, funds described in this section may not be invested in securities of, or interests in, any open-end or closed-end management-type investment company or investment trust, such as those described in Section
27-105-33(e)
.
Codes, 1942, § 4345; Laws, 1942, ch. 192; Laws, 1948, ch. 212; Laws, 1971, ch. 453, § 1; Laws, 1973, ch. 434, § 1; Laws, 1988, ch. 393, § 2; Laws, 1989, ch. 544, § 164; Laws, 1989, ch. 540, § 3; Laws, 2007, ch. 426, § 5, eff. 3/22/2007.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-7 - Ratification of bonds signed by officials not in office at the time of sale or delivery

Whenever, pursuant to statutory authority, bonds of the State of Mississippi, or of any county, municipality, road district, supervisors district, school district, drainage district, or other taxing district therein, have been or shall hereafter be prepared and signed by the officials designated to sign the bonds by statute or by the proceedings authorizing the issuance of the bonds, who were or are in office at the time of such signing but who may have ceased to be such officials prior to 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 officials upon such bonds and the coupons thereto attached are valid and sufficient for all purposes and shall have the same effect as if the persons so officially signing such bonds had remained in office until delivery of the same to the purchasers or had been in office on the date such bonds may bear, although the term of office of such persons or any of them may have expired or they may otherwise have ceased to be such officers before such delivery or although the term of office of such persons or any of them may not have commenced until a date subsequent to the date such bonds may bear. All such bonds heretofore or hereafter executed and heretofore or hereafter sold and delivered are hereby ratified, validated, and confirmed, notwithstanding any change in office which may have taken place subsequently to the execution of the bonds and coupons and prior to the delivery thereof or any change in office which may have taken place subsequently to the date which such bonds may bear and prior to the execution and delivery thereof; and such bonds shall be valid and binding obligations of said state, county, municipality, road district, supervisors district, school district, drainage district, or other taxing district, as the case may be.
Codes, Hemingway's 1921 Supp. § 6662y; 1930, § 5989; 1942, § 4349; Laws, 1920, ch. 221; Laws, 1934, ch. 133.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-9 - Payment of county bonds and coupons at maturity

Whenever any county, road district, consolidated school district, rural school district, or other taxing districts controlled by the board of supervisors which has heretofore issued or shall hereafter issue bonds or other obligations of which principal and interest shall be payable at some bank or trust company, or at some office other than the county treasury, it shall be the duty of the clerk of the board of supervisors on the allowance of said board to issue a warrant against the proper fund for the amount of principal and interest due and to forward exchange to the paying agent. Said exchange shall be sufficient in amount to pay said principal and interest and a reasonable fee to said paying agent for handling same, said fee not to exceed one-half of one percent (1/2 of 1%) of the amount of coupons paid and one-eighth of one percent (1/8 of 1%) of the amount of bonds paid. Said exchange shall be forwarded in time to reach the paying agent at least five (5) days prior to the date on which said principal and interest shall become due, and the receipt of the paying agent for said remittance shall be sufficient voucher in the hands of said clerk for said remittance until the bonds or coupons shall have been paid and cancelled and returned to said clerk.
Codes, Hemingway's 1921 Supp. § 6662z; 1930, § 5990; 1942, § 4350; Laws, 1920, ch. 233; Laws, 1948, ch. 213.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-11 - Allowance for remittance

Said allowance for said remittances shall be made by the board of supervisors at the regular meeting of said board held at least thirty (30) days preceding the date on which said bonds and coupons shall become due.
Codes, Hemingway's 1921 Supp. § 6662a1; 1930, § 5991; 1942, § 4351; Laws, 1920, ch. 233.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-13 - Payment of municipal or drainage district bonds

Where said obligations above referred to shall have been issued or shall hereafter be issued by a city, town, or village, or municipal separate school district, it shall be the duty of the board of mayor and aldermen or the board of commissioners, to make the allowance above referred to at least thirty (30) days prior to the maturity of such indebtedness; and the clerk of said board shall forward the funds as above provided for. In case of a drainage district, the commissioners shall make the allowance, and the secretary-treasurer of the district shall forward the funds as above provided for.
Codes, Hemingway's 1921 Supp. § 6662b1; 1930, § 5992; 1942, § 4352; Laws, 1920, ch. 233.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-15 - Remedy of bondholders

For failure or refusal to comply with the foregoing provisions, any official charged with any duties under Sections
31-19-9
through
31-19-13
shall be liable on his official bond to any holder of any bond or coupon for any and all expenses incident to the collection of same, and for all damages which may have accrued on account of the failure to pay same promptly at the place of payment at maturity.
Codes, Hemingway's 1921 Supp. § 6662c1; 1930, § 5993; 1942, § 4353; Laws, 1920, ch. 233.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-17 - Outstanding bonds may be registered

Any and all persons holding or owning any outstanding and unmatured State of Mississippi bonds may present the same to the auditor of public accounts, and it shall be the duty of such auditor to register such bonds in a book to be kept by him for that purpose in such a manner that the owner of said bonds may be identified if the said bonds should be lost or stolen; and in like manner to keep a record of all transfers of such bonds so reported to him.
Codes, 1930, § 5994; 1942, § 4354; Laws, 1922, ch. 298.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-19 - through 31-19-23 - [Repealed]

Repealed by Laws, 1986, ch. 317, eff.3/13/1986.
§ 31-19-19. [Codes, 1942, § 4355; Laws, 1938, ch. 295; 1962, ch. 500, § 1] § 31-19-21. [Codes, 1942, § 4356; Laws, 1938, ch. 295; 1962, ch. 500, § 2; 1970, ch. 319, § 1] § 31-19-23. [Codes, 1942, § 4357; Laws, 1938, ch. 295; 1962, ch. 500, § 3]
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-27 - Doubtful claims defined

(1)
A doubtful claim of the state, or of the county, city, town, village, or levee board is one for which judgment has been rendered and for the collection of which the ordinary process of law has been ineffectual; debts due by drainage districts or other taxing districts or sinking funds to counties under the Rehabilitation Act of 1928, being Chapter 88, Laws of 1928, and Chapter 16 of the Acts of the Special Session of 1931; those debts due counties by drainage districts, which the Reconstruction Finance Corporation has heretofore refused to refinance; those debts due a municipal utility system as authorized under Section
21-27-77
; debts due for sixteenth section township school fund loans made to churches, where the board of supervisors finds that the value of the security given therefor is insufficient or inadequate to pay or satisfy the principal and interest of said loan, and when the church repays the principal of said loan; and debts due by counties and townships to drainage districts for drainage district assessments or taxes levied and assessed upon sixteenth section lands.
(2)
For the purposes of Section
31-19-30
, a doubtful claim is one for which a notice of tax lien has been enrolled in the Uniform State Tax Lien registry for a finally determined tax liability and for the collection of which the ordinary process of law has been ineffectual.
Codes, 1892, § 1572; 1906, § 1680; Hemingway's 1917, § 1427; 1930, § 5995; 1942, § 4385; Laws, 1934, ch. 204; Laws, 1938, ch. 344; Laws, 1946, ch. 241, § 1; Laws, 1950, ch. 254, § 1.
Amended by Laws, 2021, ch. 461, HB 1095,§ 2, eff. 7/1/2021.
Amended by Laws, 2021, ch. 469, HB 359,§ 2, eff. 4/18/2021.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-29 - Compromise of doubtful claims

The Governor, on the advice of the Attorney General or Commissioner of Revenue of the Department of Revenue, may, upon application of the defendant or debtor proposing a compromise, settle and compromise any doubtful claim, as described in Section
31-19-27(1)
, of the state, or of any county, city, town, or village, or of any levee board against such defendant or debtor, upon such terms as he may deem proper, the board of supervisors in the case of a county, and the municipal authorities in the case of a city, town or village, and the levee board in the case of a claim of a levee board, concurring therein. The Governor, upon application of a drainage district having obligations outstanding to a county under the provisions of Chapter 88, Laws of 1928, and Chapter 16, Laws of the Extraordinary Session of 1931, or obligations which the Reconstruction Finance Corporation has heretofore refused to refinance, may settle and compromise any claim, debt or obligation that said drainage district may owe any county in the State of Mississippi for money loaned said district under the provisions of said Chapter 88, Laws of 1928, or any other claim, debt or obligation that said drainage district may owe the county which the Reconstruction Finance Corporation has heretofore refused to finance, if the board of supervisors of said county concurs in the application of the drainage district. The Governor, upon application by the board of supervisors for any taxing districts of said county or sinking funds of said county under the control and supervision of said board of supervisors having obligations outstanding and due to said county under the provisions of Chapter 88, Laws of 1928, and Chapter 16, Laws of the Extraordinary Session of 1931, may settle and compromise any claim, debt, or obligation that said taxing districts or sinking funds may owe said county for money loaned said taxing districts or sinking funds under the provisions of said Chapter 88, Laws of 1928; and provided that the Governor, on the advice of the Attorney General, and upon application of a church owing a sixteenth section township school fund loan, may settle and compromise such debt or obligation if the board of supervisors of the said county concurs in the application of the said church. The Governor may, on the advice of the Attorney General, in like manner compromise and settle a claim of a drainage district for unpaid assessments or taxes upon sixteenth section lands upon application of the board of supervisors wherein such sixteenth section is situated, if the commissioners of the drainage district concur therein.
Codes, 1892, § 1573; 1906, § 1681; Hemingway's 1917, § 1428; 1930, § 5996; 1942, § 4386; Laws, 1934, ch. 205; Laws, 1938, ch. 339; Laws, 1946, ch. 241, § 2; Laws, 1950, ch. 254, § 2; Laws, 1962, ch. 588, § 19, eff. 1/1/1964.
Amended by Laws, 2021, ch. 461, HB 1095,§ 3, eff. 7/1/2021.
Amended by Laws, 2021, ch. 469, HB 359,§ 3, eff. 4/18/2021.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-30 - Receipt and consideration of offers to compromise and settle doubtful claims

(1)
The Commissioner of Revenue shall develop procedures for the receipt and consideration of offers to compromise and settle doubtful claims as defined in Section
31-19-27
. If the commissioner makes a determination that a finally determined tax liability is a doubtful claim as defined in Section
31-19-27
and should be settled and compromised, that recommendation shall be made to the Governor as provided in Section
31-19-29
.
(2)
Upon the advice of the Attorney General, the Commissioner of Revenue is authorized to enter into an agreement with a taxpayer under which a finally determined tax liability that is a doubtful claim is settled and compromised. The settlement agreement shall be binding and a taxpayer's liabilities for taxes, interest and penalties will be fully and finally compromised. If the Commissioner of Revenue later determines that the taxpayer misrepresented, whether intentionally or not, the financial condition of the taxpayer or any property belonging to the taxpayer or other person liable for the tax, all compromised liabilities may be reestablished without regard to any statute of limitations that otherwise may be applicable.
(3)
The Commissioner of Revenue and the Department of Revenue may discuss with and provide the Attorney General or his designated representative with information related to an offer to compromise and settle any doubtful claim under this section. Such discussions shall be subject to the confidentiality requirements of Sections
27-3-73
,
27-7-83
,
27-13-57
and/or
27-65-81
, as the case may be.
(4)
The Commissioner of Revenue shall have all powers necessary to implement and administer this section, and shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
Added by Laws, 2021, ch. 461, HB 1095,§ 1, eff. 7/1/2021.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-31 - Bonds to the federal government for state hospitals

Any bonds hereafter issued to the United States of America to finance in part the construction, erection, or equipment of any state hospital of the State of Mississippi, or any series, class, or installment of such bonds may bear interest at such rate or rates of interest not exceeding four per centum (4%) per annum and may be subject to such terms of redemption with or without premium as the commission or officials authorized to issue such bonds may determine, notwithstanding that such bonds may be part of a series, class, or installment of bonds bearing a greater or less rate of interest, and notwithstanding that such bonds may be a part of any series, class, or installment containing other and different terms of redemption.
Codes, 1942, § 4384; Laws, 1934, ch. 145.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 19 - PUBLIC DEBTS (§§ 31-19-1 — 31-19-33) › Section 31-19-33 - Limitation of actions for payment of bonds and coupons

Action against the state or any county, municipality, school district or political subdivision of the State of Mississippi for the payment of any bond issued thereby or for the payment of any coupon representing interest on such bond shall be commenced within twenty (20) years after the maturity date of such bond.
Laws, 1984, ch. 309, eff. 4/4/1984.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 21 - REGISTERED BONDS (§§ 31-21-1 — 31-21-7) › Section 31-21-1 - Citation of chapter

This chapter shall be known and may be cited as the "Registered Bond Act."
Laws, 1983, ch. 494, § 1, eff. 4/11/1983.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 21 - REGISTERED BONDS (§§ 31-21-1 — 31-21-7) › Section 31-21-3 - Definitions

As used herein, the following words and terms shall have the following meanings, unless a different meaning clearly appears from the context:
(a)
"Act" means this Registered Bond Act;
(b)
"Bonds" means any bonds, interim certificates, notes or other evidences of indebtedness;
(c)
"Law" means any law or statute of this state, whether general, special, private or local;
(d)
"Political subdivision" means any county, municipality, governmental district or unit, instrumentality of the state, public corporation, body corporate, commission, board, agency, authority, public body, politic or other public entity authorized by any law to issue bonds; and
(e)
"State" means the State of Mississippi.
Laws, 1983, ch. 494, § 3, eff. 4/11/1983.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 21 - REGISTERED BONDS (§§ 31-21-1 — 31-21-7) › Section 31-21-5 - Additional powers granted in connection with issuance of bonds

Notwithstanding any law or any provision of any law to the contrary, the following additional and supplemental powers and authorizations are hereby granted to the state and each political subdivision in connection with the issuance of any bonds:
(a)
Such bonds may be issued in fully registered or book-entry form;
(b)
All signatures and seals appearing on such bonds as required or permitted by law may be facsimile signatures and seals;
(c)
Such bonds may be made subject to such authentication, registration, transfer and payment provisions as shall be set forth in the proceedings authorizing such bonds and the same may be made in such manner as shall be provided in such proceedings;
(d)
The State Treasurer, the chancery clerk of the county or the chancery clerk of the county in which the political subdivision is located or has its principal office may act as registrar, paying agent, transfer agent, agent for the delivery and payment of such bonds, authenticating agent or otherwise, and the State Treasurer may collect a reasonable fee from the political subdivision for rendering such services;
(e)
Banks and trust companies located either within or without the state may be appointed to act as registrars, paying agents, transfer agents, depositories for safekeeping, agents for the delivery and payment of such bonds, authenticating agents or otherwise, and agreements may be entered into with such banks and trust companies with respect to such duties and payment therefor;
(f)
Any agreements to be entered into pursuant to paragraph (e) above may be negotiated without the necessity of competitive bids, and any payments to be made pursuant to such agreements may be made from the proceeds of the bonds to which such agreements apply or from any other moneys legally available therefor; and
(g)
All things may be done regarding the form, execution, authentication, transfer and payment of such bonds which may be helpful in assuring compliance with any federal law applicable to such bonds or the interest income thereon and in assuring that such bonds will be readily acceptable in the municipal bond market, provided the same is not inconsistent with the constitution of the state.
Laws, 1983, ch. 494, § 4; Laws, 1987, ch. 431, eff. 10/1/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 21 - REGISTERED BONDS (§§ 31-21-1 — 31-21-7) › Section 31-21-7 - Construction of chapter

(1)
This chapter shall be construed to be supplemental and additional to any powers conferred by other laws on the state or any political subdivision and not in derogation of any such powers now existing.
(2)
This chapter is remedial in nature and shall be liberally construed.
Laws, 1983, ch. 494, § 5, eff. 4/11/1983.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 23 - MISSISSIPPI PRIVATE ACTIVITY BONDS ALLOCATION ACT (§§ 31-23-1 — 31-23-69) › Section 31-23-1 - through 31-23-19 - [Repealed]

Repealed by Laws, 1987, ch. 522, § 11, eff. 4/21/1987.
Laws, 1985, ch 423, §§ 1-11.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 23 - MISSISSIPPI PRIVATE ACTIVITY BONDS ALLOCATION ACT (§§ 31-23-1 — 31-23-69) › Section 31-23-51 - Citation of chapter

This act may be cited and referred to as the "Mississippi Private Activity Bonds Allocation Act."
Laws, 1987, ch. 522, § 1, eff. 4/21/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 23 - MISSISSIPPI PRIVATE ACTIVITY BONDS ALLOCATION ACT (§§ 31-23-1 — 31-23-69) › Section 31-23-55 - Powers and duties of board

The board shall administer, operate and manage the system. Any powers or duties set forth herein to be exercised or performed by the board shall be exercised or performed by the board or one or more individuals designated by the board for such purpose. Without limiting the generality of the board's power and authority to administer, operate and manage the system, the board shall make such determinations and decisions, promulgate such rules, establish such criteria, require the use of such forms, establish such procedures and otherwise administer, operate and manage the system in such respects as may be, in the board's determination, necessary, desirable or incident to its responsibilities as the administrator, operator and manager of the system. The board shall have the power and authority to administer, operate and manage the system in all situations and circumstances, both foreseen and unforeseen, including, without limiting the generality of the foregoing, the power and authority to resolve and deal with any conflicts or inconsistencies in this act or which may arise in administering this act, giving due regard to the purpose of this act to allocate fairly the state's ceiling among issuers and to promote further the economic and educational development and public welfare of the state. The board may promulgate such regulations and establish additional criteria for applicants as may be necessary to enforce the provisions of this act. If the board shall determine that there has been an abuse of the process of applying for a notice of allocation, the board may take, in its discretion, any action it may deem appropriate, including, without limitation, denial or, if the bonds for which the notice of allocation were given have not been issued, withdrawal of the notice of allocation with respect to which the abuse occurred, and/or denial of future applications in which the borrower found to have abused the process of applying for a notice of allocation (or any related person thereto) will be a borrower.
Laws, 1987, ch. 522, § 3, eff. 4/21/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 23 - MISSISSIPPI PRIVATE ACTIVITY BONDS ALLOCATION ACT (§§ 31-23-1 — 31-23-69) › Section 31-23-57 - Ceiling for issuance of private activity bonds; records; public notice

The state's ceiling for the issuance of private activity bonds is hereby established, and it shall be determined annually by the board in accordance with the federal legislation. The amount of the state's ceiling available at any time shall be the amount determined by the board, which results from:
(a)
subtracting from the state's ceiling the amount of bonds issued during the year of calculation pursuant to notices of allocation issued during the year of calculation and with respect to which confirmation of issuance has been received by the board on or before the applicable expiration date; and
(b)
subtracting from the state's ceiling the amount of notices of allocation issued during the year of calculation and which are outstanding but with respect to which the expiration date has not occurred. The state's ceiling shall be divided annually, for purposes of administering the system into two (2) parts: the threshold portion and the undesignated portion. The board shall keep records of the amount of the state's ceiling available at any given time, including the amount of the threshold portion and the undesignated portion available for notices of allocation at any given time, and shall make available to the public, by periodic news releases and such other means as the board may determine to be appropriate, information with respect to the amount of the state's ceiling, the threshold portion and the undesignated portion. All applications shall apply for, and all notices of allocation shall be given in integrals of One Thousand Dollars ($1,000.00).
Laws, 1987, ch. 522, § 4, eff. 4/21/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 23 - MISSISSIPPI PRIVATE ACTIVITY BONDS ALLOCATION ACT (§§ 31-23-1 — 31-23-69) › Section 31-23-67 - Timeliness of statements accompanying applications; record of allocations; notices

The following provisions shall apply to the system:
(a)
Any written statements or opinions of bond counsel and legal counsel and the commitment from a lender, financial institution, underwriter or investment banker accompanying any applications shall be dated no more than thirty (30) days prior to the date on which the application is filed. Such opinions, commitments and any other items accompanying an application shall be in substantially the form or forms promulgated or required by the board from time to time.
(b)
The board shall maintain a record of the notices of allocation issued and the amount of the state's ceiling available from time to time and related data in a register thereof. Notices of allocation shall be deemed to be issued when such allocation is registered in the register. Other notices and written communications from the board shall be deemed to have been given when duly deposited in the United States mail, first class, with all postage prepaid. Notices of allocation may, at the request of the applicant, be picked up by hand at the offices of the board or be delivered by courier or other delivery service at the expense of the applicant. Notices and other written communications to, and filings with, the board shall be deemed given or made when actually received by the board, whether by actual delivery to the offices of the board or by United States mail, first class, with all postage prepaid.
(c)
Notwithstanding anything in this act to the contrary, the board may give a notice of its intention during any year to issue a notice of allocation during the next year. Such notice of intention shall be for informational purposes only, and shall not be binding upon the board.
Laws, 1987, ch. 522, § 9, eff. 4/21/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 23 - MISSISSIPPI PRIVATE ACTIVITY BONDS ALLOCATION ACT (§§ 31-23-1 — 31-23-69) › Section 31-23-69 - Effect of changes in federal tax laws

In the event that interest on exempt small issue bonds and/or mortgage revenue bonds is no longer excludable from federal income tax under federal law the provisions of this act with respect to exempt small issue bonds and/or mortgage revenue bonds, as applicable, thereafter shall be deemed to be of no further force and effect.
Laws, 1987, ch. 522, § 10, eff. 4/21/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-1 - Short title

This act may be referred to and cited as the "Mississippi Development Bank Act."
Laws, 1986, ch. 455, § 1, eff. 4/10/1986.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-3 - Legislative intent; construction

It is hereby determined and declared to be the policy of the state that, for the benefit of the people of the State of Mississippi, it is essential to foster and promote by all reasonable means the provision of adequate access to capital markets and facilities for borrowing money to finance infrastructure improvements and other public purposes from the proceeds of bonds and to the extent possible to reduce costs of indebtedness to taxpayers and residents of the state through the encouragement of investor interest in the purchase of such bonds as sound and preferred securities for investment. It is further found and declared that the state should exercise its powers to further and implement these policies by authorizing an independent public body to be created and to have full power to borrow money and to issue its bonds and notes to make funds available at reduced rates and on more favorable terms for borrowing as provided in this act. This act shall be liberally construed to accomplish the intentions, purposes and objects expressed herein.
Laws, 1986, ch. 455, § 2, eff. 4/10/1986.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-5 - Definitions

As used in this act, the following words and terms have the following meanings, unless a different meaning clearly appears from the context:
(a)
"Act" means this Mississippi Development Bank Act.
(b)
"Bank" means the Mississippi Development Bank created by this act.
(c)
"Board" means the Board of Directors of the Mississippi Business Finance Corporation.
(d)
"Bondholder" or "holder" or any similar term when used with reference to a bond of the bank means any person who shall be the bearer of any outstanding bond of the bank registered to bearer or not registered, or the registered owner of any outstanding bond of the bank which shall at the time be registered other than to bearer.
(e)
"Bonds" means bonds, notes or other evidences of indebtedness of the bank issued pursuant to this act.
(f)
"County" shall mean a county of this state.
(g)
"Fully marketable form" means a duly and validly issued security accompanied by an approving legal opinion of a bond counsel of recognized standing in the field of bond law whose opinions are generally accepted by purchasers of municipal bonds, provided that the security so executed need not be printed or lithographed nor be in more than one (1) denomination.
(h)
"Local governmental unit" means
(i)
any county, municipality, utility district, regional solid waste authority, county cooperative service district or political subdivision of the State of Mississippi, (ii) the State of Mississippi or any agency thereof, (iii) the institutions of higher learning of the State of Mississippi, (iv) any education building corporation established for institutions of higher learning, or (v) any other governmental unit created under state law.
(i)
"Municipality" means any municipality of the state, whether operating under the code charter, the commission form of government, a special charter or any other form of government.
(j)
"Security" means a bond, note or other evidence of indebtedness issued by a local governmental unit pursuant to the provisions of this act.
(k)
"Revenues" means all fees, charges, monies, profits, payments of principal of or interest on securities and other investments, gifts, grants, contributions, appropriations and all other income derived by the bank under this act.
(l)
"State" means the State of Mississippi.
Laws, 1986, ch. 455, § 3; Laws, 1991, ch. 578, § 1; Laws, 1992, ch. 481 § 1; Laws, 2000, ch. 537, § 1, eff. 5/5/2000.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-7 - Mississippi Development Bank created

There is hereby created an independent public body corporate and politic to be known as the Mississippi Development Bank. Such bank is created solely to accomplish the purposes of the state under this chapter and the exercise by the bank of the powers conferred by this act shall be deemed and held to be the performance of an essential public function.
The bank and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the bank shall have bonds or other obligations outstanding, unless provision has been made for the full and complete payment thereof. Upon termination of the existence of the bank, all its rights and properties shall pass to and be vested in the state. No net earnings of the bank may inure to the benefit of any person, entity or bank other than the state.
Laws, 1986, ch. 455, § 4; Laws, 1992, ch. 481 § 2, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-9 - Bank's powers vested in board

The powers conferred upon the bank hereby are to be vested in the board.
Laws, 1986, ch. 455, § 5; Laws, 1992, ch. 481 § 3, eff. 5/6/1992.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-11 - Quorum for conducting business; per diem compensation; expenses

A majority of the voting members of the board then in office shall constitute a quorum for the purpose of conducting business and exercising its powers. Action may be taken and motions and resolutions adopted by the board upon the affirmative vote of a majority of its members present at any meeting at which a quorum was present. No vacancy in the membership of the board shall impair the right of a quorum to exercise all the rights and perform all the duties of the bank. Notice of meetings shall be given in the manner provided in the bylaws of the bank. Resolutions need not be published or posted. Members of the board shall receive per diem compensation for services in an amount as provided under Section
25-3-69
and shall be entitled to expenses necessarily incurred in the discharge of their duties in accordance with Section
25-3-41
. Any payments for compensation and expenses shall be paid from funds of the bank.
Laws, 1986, ch. 455, § 6, eff. 4/10/1986.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-13 - [Repealed]

Repealed by Laws, 1992, ch. 481, § 9, eff. 5/6/1992.
Laws, 1986, ch. 455, § 7, eff. 4/10/1986.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-15 - Disclosure of contractual interest

Any member, officer or employee of the bank who is interested either directly or indirectly, or who is an officer or employee of, or has an ownership interest in any firm or agency interested, directly or indirectly, in any contract with the bank, shall disclose this interest to the board. This interest shall be set forth in the minutes of the board, and the member, officer or employee having the interest shall not participate on behalf of the bank in the authorization of any such contract.
Laws, 1986, ch. 455, § 8, eff. 4/10/1986.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 25 - MISSISSIPPI DEVELOPMENT BANK ACT (§§ 31-25-1 — 31-25-107) › Article 1 - GENERAL PROVISIONS (§§ 31-25-1 — 31-25-55) › Section 31-25-17 - Acceptance of membership on bank; nonforfeiture of office or employment

Notwithstanding the provisions of any other law, no officer or employee of this state shall be deemed to have forfeited or shall forfeit his office or employment by reason of his acceptance of membership on the bank or his services as such member.
Laws, 1986, ch. 455, § 9, eff. 4/10/1986.