reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-702 - Legislative findings

The Legislature hereby finds and declares:
(a)
That there exists in the State of Mississippi a severe shortage of adequate, safe and sanitary residential and rental housing available at prices or rentals within the financial means of persons of low or moderate income; that this shortage has contributed to and will contribute to the creation and persistence of substandard living conditions and is damaging to the health, welfare and prosperity of the residents of this state.
(b)
That private enterprise and investment have been unable, without assistance, to produce the needed construction or rehabilitation of adequate, safe and sanitary housing at prices or rentals which persons of low or moderate income can afford and to provide sufficient long-term mortgage financing for residential or rental housing for occupancy by such persons;
(c)
That the shortage of adequate and affordable housing can best be addressed through a strong, unified organization which can develop creative approaches to housing production and assistance through active cooperation of public and private entities, including federal, state and local government, private nonprofit and for profit entities, community and citizens groups, charitable organizations, and private citizens; that this organization should stimulate private development, construction and rehabilitation, develop a wide range of state housing assistance programs, engage in comprehensive planning, study, research and statewide coordination with respect to low and moderate housing, provide technical, educational and consultative services, and promote governmental and community interest in the provision of housing for low and moderate income persons in the state; that this organization should receive appropriations of public funds, should be authorized to obtain funding for its programs by issuing its bonds and notes; and that this organization should be authorized to administer available federal, state or local programs and monies and to retain for its corporate purposes all such fees and income generated thereby;
(d)
To aid in remedying these conditions and to accomplish these public purposes, effective September 1, 1989, there is created a public body corporate and politic, separate and apart from the state, constituting a governmental instrumentality, to be known as the Mississippi Home Corporation, for the performance of essential public functions. The corporation shall be constituted and shall have such powers as provided in this article.
Laws, 1991, ch. 528, § 1, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-705 - Fiduciary bond; premiums

All directors, officers, employees or agents exercising any voting power or discretionary authority shall be required prior to the issuance of any bonds by the corporation to have issued by a surety company licensed to do business in the State of Mississippi a fiduciary bond in the amount of Fifty Thousand Dollars ($50,000.00) for the faithful performance of their duties. The corporation shall pay the premiums on such bonds.
Laws, 1989, ch. 525, § 4, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-707 - Appointment of officers; executive director; secretary; treasurer; employment of counsel

(1)
The corporation shall appoint, and prescribe the duties of, such officers (who need not be directors) as the corporation deems necessary or advisable, including an executive director and a secretary (who may be the same person), and the corporation shall fix the compensation of such officers. The executive director shall be appointed with the advice and consent of the Senate and shall serve at the will and pleasure of the board. The executive director shall administer, manage and direct the affairs and business of the corporation, subject to the policies, control and direction of the directors of the corporation. The secretary of the corporation shall keep a record of the proceedings of the corporation and shall be custodian of all books, documents and papers filed with the corporation, the minute book or journal of the corporation, and its official seal. He shall have authority to cause copies to be made of all minutes and other records and documents of the corporation and to give certificates under the official seal of the corporation to the effect that the copies are true copies, and all persons dealing with the corporation may rely upon the certificates. The treasurer shall be the custodian of the assets of the corporation, except for those assets required by contracts with bondholders to be in the custody of the trustee. The directors of the corporation shall set the investment policy for assets, and the executive director shall be responsible for making investments in accordance with such policy. The treasurer may delegate all or a portion of his duties and responsibilities to the executive director.
(2)
The corporation shall have the authority, in its discretion, to employ counsel on an annual basis at an annual salary at an amount it deems proper. Such counsel may, in addition to an annual salary, be paid additional compensation when employed by the corporation in the matter of litigation and the issuance of bonds and the drafting of orders and resolutions in connection therewith.
Laws, 1989, ch. 525, § 5; Laws, 2000, ch. 627, § 5, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-709 - Meetings of corporation; notice; quorum

(1)
The corporation shall hold regular meetings as set forth in its bylaws. Special meetings of the corporation shall be held at the call of the chairperson or whenever any three (3) members shall so request in writing. Each director shall be given not less than three (3) days' written notice of special meetings, unless at least seven (7) directors have agreed to the scheduling of the special meeting. Notice of special meetings may be oral or written. Written notice shall be effected by first class mail or by any more rapid means. Written notice is effective at the earliest of the following:
(a)
When received;
(b)
Five (5) days after its deposit in U.S. mail.
(2)
A majority of members then in office shall constitute a quorum for the transaction of any business and for the exercise of any power or function of the corporation. No vacancy in the membership of the corporation shall impair the rights of a quorum to exercise all the rights and to perform all the duties of the corporation. If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the board of directors.
(3)
Directors may participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all directors participating may simultaneously hear each other during the meeting. A director participating in a meeting by this means is deemed to be present in person at the meeting.
Laws, 1989, ch. 525, § 6, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-711 - Creation of committees; members

(1)
The board of directors may create one or more committees of the board and appoint members of the board to serve on them. Each committee shall have two (2) or more directors who serve at the pleasure of the board.
(2)
The creation of a committee and appointment of directors to it must be approved by a majority of all directors in office when the action is taken.
(3)
Sections of this article which govern meetings, action without meetings, notice and waiver of notice, and quorum and voting requirements of the board, apply to committees of the board and their members as well.
Laws, 1989, ch. 525, § 7; Laws, 1991, ch. 528, § 4; Laws, 2000, ch. 627, § 4, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-713 - Minutes of meetings; accounting records; other records

(1)
The corporation shall keep as permanent records minutes of all meetings of its members and board of directors, a record of all actions taken by the directors without a meeting, and a record of all actions taken by committees of the board of directors.
(2)
The corporation shall maintain appropriate accounting records.
(3)
The corporation shall maintain its records in written form or in another form capable of conversion into written form within a reasonable time.
(4)
The corporation shall keep a copy of the following records at its office:
(a)
Its bylaws or restated bylaws and all amendments to them currently in effect;
(b)
The minutes of all meetings of the board of directors and records of all actions approved by the directors for the past three (3) years;
(c)
A list of the names and business or home addresses of its current directors and officers; and
(d)
Its most recent status report delivered to the Secretary of State.
Laws, 1989, ch. 525, § 8, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-715 - Nonprofit nature of corporation; directors to serve without compensation; per diem allowance; payment of expenses

The corporation is not created or organized, and its operations shall not be conducted, for the purpose of making a profit. No part of the revenues or assets of the corporation shall inure to the benefit of or be distributable to its directors or officers or other private persons, except as otherwise provided in this article.
Directors of the corporation shall serve without compensation; provided that all members, except ex officio members, shall receive the per diem established in Section
25-3-69
, Mississippi Code of 1972, for their attendance at meetings; and all directors shall be entitled to receive reimbursement for any actual and reasonable expenses incurred as a necessary incident to service on the corporation, including mileage, as provided in Section
25-3-41
, Mississippi Code of 1972.
Laws, 1989, ch. 525, § 9, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-721 - Adoption of rules, regulations, resolutions and bylaws by corporation

The corporation shall adopt, and may from time to time modify or repeal, rules, regulations, resolutions and bylaws on issues including, but not limited to the following:
(a)
Income levels for the classification of persons of low or moderate income in accordance with the factors set forth in the definition of persons of low or moderate income in Section
43-33-703
; however, any such rules shall set as a priority the needs of very low and low income persons;
(b)
The making of loans and the purchase of mortgage loans, to implement the powers authorized and to achieve the purposes set forth in this article;
(c)
Setting schedules of any fees and charges to be imposed by the corporation;
(d)
Where intended, assuring that the interest on its bonds or notes qualifies for tax exemption under applicable federal laws; and
(e)
Any other matters related to the duties and the exercise of the powers of the corporation.
Laws, 1989, ch. 525, § 12, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-723 - Prohibition against discrimination

No person shall be discriminated against because of race, religious principles, color, sex, national origin, ancestry or handicap by the corporation, any qualified sponsor, any lender, or any agent or employee thereof in connection with any housing development or eligible loan. No person shall be discriminated against because of age, nor shall any family be discriminated against because of children, in admission to, or continuance of occupancy in, any housing project receiving assistance under this article except for any housing project constructed under a program restricting occupancy to persons sixty-two (62) years of age or older and any directors of their immediate households or their occupant surviving spouses.
Laws, 1989, ch. 525, § 13, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-725 - Advisory board

The corporation may, if it deems necessary, create an advisory board to the corporation to assist in the furtherance of the purposes of this article. The corporation shall determine the size, structure and powers and duties of the advisory board. The members of the advisory board shall be appointed by the Governor for the terms set by the corporation and shall serve without compensation.
Laws, 1989, ch. 525, § 14, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-727 - Mississippi Home Corporation Oversight Committee

There is hereby created the Mississippi Home Corporation Oversight Committee. Such oversight committee shall consist of five (5) Senators appointed by the President of the Senate and five (5) Representatives appointed by the Speaker of the House of Representatives, who shall serve in an advisory capacity to the corporation. The members thereof shall report the actions of the corporation to the appropriate legislative committees. The oversight committee shall have no jurisdiction or vote on any matter within the jurisdiction of the corporation. When the Legislature is not in session, members shall be paid per diem and all actual and necessary expenses, including mileage expenses, from their respective contingent expense funds at the rate authorized for committee meetings when the Legislature is not in session; however, no per diem and expenses will be paid when the Legislature is in session. The terms of the members of the oversight committee shall expire at the end of their terms of office.
Laws, 1989, ch. 525, § 15, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-733 - Issuance of bonds or notes for refunding outstanding bonds or notes

The corporation is authorized to issue its bonds or notes for the purpose of refunding any bonds or notes of the corporation then outstanding. In addition, the corporation may issue its bonds or notes for the purpose of refunding any bonds or notes of (a) any local housing authority or authorities, or (b) any regional housing authority or authorities. The corporation shall have no power or authority to issue its bonds or notes for the purpose of refunding bonds or notes of any local housing authority or any regional housing authority unless the refunding and the corporation's participation therein are authorized by a resolution or resolutions adopted by the housing authority or authorities whose bonds or notes will be refunded by the bonds or notes issued by the corporation. The resolution or resolutions shall request the corporation to issue its bonds or notes for the purpose of refunding bonds or notes of the housing authority or authorities then outstanding and shall contain such other terms and conditions as necessary or appropriate. The total amount of any such refunding bonds or notes shall be an amount sufficient to effect the refunding and may include an amount sufficient to pay (a) the principal amount of the refunded bonds or notes, (b) interest accrued or to accrue to the date of maturity or the date of redemption of the bonds or notes to be refunded which need not necessarily be on the first available redemption date, (c) any redemption premiums to be paid thereon, (d) any reasonable expenses incurred in connection with such refunding, and (e) any other reasonable costs deemed necessary by the corporation to effect the refunding. The proceeds of such refunding bonds or notes may be applied in the manner determined by the corporation and may be placed in escrow and invested in the manner and on the terms determined by the corporation. All such bonds or notes shall be refunded in accordance with the Mississippi Bond Refinancing Act, Section
31-27-1
et seq.
Laws, 1989, ch. 525, § 18; Laws, 1991, ch. 528, § 6, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-735 - Pledge of earnings, revenues or other assets; liens

It is the intention of the Legislature that:
(a)
Any pledge of earnings, revenues or other assets consistent with the provisions of this article shall be valid and binding from the time when the pledge is made;
(b)
Any earnings, revenues or other assets so pledged and thereafter received by the corporation shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act;
(c)
Such liens shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the corporation irrespective of whether such parties have notice thereof; and
(d)
Neither the resolution nor any other instrument by which a pledge is created need be recorded.
Laws, 1989, ch. 525, § 19, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-737 - Liability on issuance of bonds or notes

(1)
The directors of the corporation, the advisory committee, or any person executing the bonds, notes or other obligations of the corporation shall not be personally liable for such bonds, notes or other obligations or be subject to any personal liability or accountability by reason of the issuance thereof while acting in the scope of their authority.
(2)
The bonds, notes and other obligations of the corporation shall not be a debt of the state or any agency, instrumentality or political subdivision thereof.
Laws, 1989, ch. 525, § 20, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-739 - Creation of debt service reserve funds

The corporation may create and establish one or more reserve funds to be known as "debt service reserve funds" and the corporation may create and establish such other reserve funds as it shall deem advisable and necessary.
Laws, 1989, ch. 525, § 21, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-741 - Agreement by state not to alter vested rights

The state does hereby pledge to and agree with the holders of any bonds or notes issued under this article that the state will not limit or alter the rights hereby vested in the corporation to fulfill the terms of any agreements made with the holders thereof in keeping with the provisions of this article, or in any way impair the rights and remedies of such holders until such bonds or notes together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders, are fully met and discharged. The corporation is authorized to include this pledge and agreement of the state in any agreement with the holders of such bonds or notes. The chancery court shall have jurisdiction of any suit, action or proceeding by the trustee on behalf of bondholders or noteholders. The venue of any such suit, action or proceeding shall be in the First Judicial District of Hinds County, Mississippi.
Laws, 1989, ch. 525, § 22, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-743 - Investment in sinking funds, monies or other funds

The state and all public officers, municipal corporations, political subdivisions, and public bodies; all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business; all insurance companies, insurance associations and other persons carrying on an insurance business; and all executors, administrators, guardians, trustees and other fiduciaries and the Mississippi Public Employees' Retirement System may legally invest any sinking funds, monies or other funds belonging to them or within their control in any bonds or notes issued by the corporation, and such bonds or notes shall be authorized security for all public deposits, it being the purpose of this article to authorize any persons, firms, corporations, associations, political subdivisions, bodies and officers, public or private, to use any funds owned or controlled by them, including, but not limited to, sinking, insurance, investment, retirement, compensation, pension and trust funds, and funds held on deposit, for the purchase of any such bonds or notes, and that any such bonds or notes shall be authorized security for all public deposits. However, nothing contained in this article with regard to legal investments shall be construed as relieving any person, firm or corporation from any duty of exercising reasonable care in selecting securities.
Laws, 1989, ch. 525, § 23, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-745 - Purpose for creation of corporation; covenants; immunity from taxation

(1)
It is hereby determined that the creation of the corporation is in all respects for the benefit of the people of the state, for the improvement of their health and welfare and for the protection of the economy, and that such purposes are public purposes and the corporation will be performing an essential governmental function in the exercise of the powers conferred upon the corporation by this article. In consideration of the acceptance of and payment for the bonds and notes issued by the corporation pursuant to this article, the state hereby covenants with the purchasers and all subsequent holders and transferees of such bonds and notes that the income from such bonds and notes shall at all times be free from taxation, except for estate or gift taxes and taxes on transfers.
(2)
The corporation may issue bonds or notes designated as taxable bonds or notes, and any immunity to taxation by the United States government of income from bonds or notes so designated is hereby waived.
(3)
The income and operations of the corporation shall be exempt from taxation of every kind and nature.
Laws, 1989, ch. 525, § 24, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-747 - Deposit of monies; withdrawals; audits; fees; reports

(1)
All money of the corporation from whatever source derived, except as otherwise authorized or provided in this article, shall be deposited with one or more qualified depositories of the state as approved by the State Depository Commission and designated by the corporation or invested in accordance with Section
43-33-717(5)(e)
. The money in such accounts shall be withdrawn on the order of such person or persons as the corporation may authorize. All deposits of such money shall, if required by the corporation, be secured in such manner as the corporation may determine. The State Auditor and his legally authorized representatives are authorized and empowered from time to time to examine the accounts and books of the corporation, including its receipts, disbursements, contracts, leases, sinking funds, investments and any other record and papers relating to its financial standing; at a minimum an audit shall be made annually and a copy thereof shall be filed with the State Treasurer; the corporation shall pay such reasonable fee for such examination as the State Auditor shall determine.
(2)
The corporation shall have power to contract with holders of any of its bonds or notes as to the custody, collection, securing, investment and payment of any money of the corporation, of any money held in trust or otherwise for the payment of bonds or notes, and to carry out such contract. Money held in trust or otherwise for the payment of bonds or notes or in any way to secure bonds or notes and deposits of such money may be secured in the same manner as money of the corporation, and all banks and trust companies are authorized to give such security for such deposits.
(3)
Subject to the provisions of any contract with bondholders or noteholders and to the approval of the Department of Audit, the corporation shall prescribe a system of accounts in accordance with generally accepted accounting principles (GAAP).
(4)
The corporation shall submit to the Governor, State Auditor and both houses of the Legislature, an annual report on the activities of the corporation and, within thirty (30) days of the receipt thereof by the corporation, a copy of the report of every external examination of the books and accounts of the corporation.
Laws, 1989, ch. 525, § 25, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-749 - Personal liability of corporate directors, advisory board members, etc. while acting in scope of authority

Neither the directors of the corporation, the advisory board, nor any person or persons acting in their behalf, while acting within the scope of their authority, shall be subject to any personal liability resulting from carrying out any of the powers granted herein in accordance with his or her good faith belief that he or she is acting in the best interests of the corporation.
Laws, 1989, ch. 525, § 26, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-751 - Conflict of interest; disclosure

The directors shall comply with the provisions of Section
25-4-101
et seq.
Laws, 1989, ch. 525, § 27; Laws, 2000, ch. 627, § 3, eff. 5/23/2000.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-753 - Services of state officers and state agencies

All state officers and all state agencies are hereby empowered to render such services to the corporation within their respective functions as may be requested by the corporation.
Laws, 1989, ch. 525, § 28, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-755 - Preference of certain actions or proceedings questioning validity; venue

Any action or proceeding to which the corporation or the people of the state may be a part in which any question arises as to the validity of this article shall be preferred over all other civil causes in all courts of the state and shall be heard and determined in preference to all other civil business pending therein irrespective of position on the calendar. The same preference shall be granted upon application of counsel to the corporation in any action or proceeding questioning the validity of the article in which he may be allowed to intervene. The venue of any such action or proceeding shall be in the First Judicial District of Hinds County, Mississippi.
Laws, 1989, ch. 525, § 29, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-757 - Term of corporate existence; termination

The corporation and its corporate existence shall continue until terminated by law, provided that no such law shall take effect so long as the corporation shall have bonds, notes, or other obligations outstanding, unless adequate provision has been made for the payment thereof. Upon termination of the existence of the corporation, all of its rights and properties in excess of its obligations shall pass to and be vested in the state as follows:
(a)
All excess monies shall be deposited into the General Fund of the State Treasury; and
(b)
All of the property shall be vested in the State Fiscal Management Board, or its successor, unless otherwise provided by the Legislature.
Laws, 1989, ch. 525, § 30, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-759 - Mississippi Affordable Housing Development Fund; powers and duties

There is hereby created in the State Treasury a special fund to be known as the Mississippi Affordable Housing Development Fund to be administered as a revolving fund for the provision of affordable housing to very low income, low income, and moderate income persons. The fund shall be used exclusively to support programs created or administered by the Mississippi Home Corporation under the powers granted to it by law. To this fund shall be deposited all loan repayments, penalties, and other fees and charges accruing to the fund, and any appropriations, donations, gifts, grants or loans which may be made thereto; however, no bond funds shall be deposited into the special fund unless authorized by the Legislature. Monies in the fund which are not currently needed for the programs of the Home Corporation shall be invested by the State Treasurer in such securities as are authorized for the investment of funds of the Home Corporation in Section
43-33-717(5)(e)
. The interest received on any such investment shall be credited to the fund. Monies remaining in the special fund at the end of a fiscal year shall not lapse into the state General Fund.
The State Fiscal Management Board is authorized and directed to draw warrants upon such funds from time to time upon requisition of the Home Corporation executed by its executive director, and the State Treasurer is hereby authorized and directed to pay such warrants. The Home Corporation shall have continuing authority to expend funds up to the maximum amount received into the special fund.
Laws, 1989, ch. 525, § 31, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-761 - Construction of Article in conjunction with other Code provisions

Nothing in this article shall be construed as affecting the continued existence, powers, duties or structure of the housing authorities created and empowered under Sections
43-33-1
through
43-33-69
and Sections
43-33-101
through
43-33-137
, Mississippi Code of 1972, or the administration of programs thereunder.
Laws, 1989, ch. 525, § 32, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-763 - Public official not to derive income from issuance of bonds

No member of the Legislature, elected official or appointed official, or any partner or associate of any member of the Legislature, elected official or appointed official, shall derive any income from the issuance of any bonds under this article contrary to the provisions of Section 109, Mississippi Constitution of 1890, or Article 3, Chapter 4, Title 25, Mississippi Code of 1972.
Laws, 1989, ch. 525, § 33, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-765 - Construction of Article

This article being necessary for the welfare of the state and its inhabitants shall be liberally construed to effect the purposes thereof. If any section, provision, paragraph, sentence, phrase or word of this article shall be held to be invalid by any court of competent jurisdiction, the remainder of this article shall not be affected thereby.
Laws, 1989, ch. 525, § 34, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-767 - Authorization to issue general obligation bonds; resolutions; use of earnings

(1)
In addition to the authority granted under this article to issue revenue bonds, the Mississippi Home Corporation is authorized to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Mississippi Affordable Housing Development Fund established in Section
43-33-759
. Upon the adoption of a resolution by the board, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the corporation shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of such resolution or resolutions, the State Bond Commission, in its discretion, shall act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, 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 to fund housing activities authorized by this section shall not exceed Six Million Dollars ($6,000,000.00) in the aggregate.
(2)
Any investment earnings on amounts deposited into the Mississippi Affordable Housing Development Fund shall be used to pay debt service on the general obligation bonds issued under subsection (1) of this section in accordance with proceedings authorizing issuance of such bonds.
Laws, 1994, ch. 556, § 1, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-769 - Payment of principal and interest; bond specifications

The principal of and interest on the bonds authorized under Sections
43-33-767
through
43-33-797
shall be payable in the manner provided in this section. 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
), 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 State Bond Commission.
Laws, 1994, ch. 556, § 2, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-771 - Signature on bonds; interest coupons

The bonds authorized by Sections
43-33-767
through
43-33-797
shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be affixed thereto, attested by the Secretary of the State Bond 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.
Laws, 1994, ch. 556, § 3, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-773 - Bonds and coupons are negotiable instruments

All bonds and interest coupons issued under the provisions of Sections
43-33-767
through
43-33-797
have all the qualities and incidents of negotiable instruments under the provisions of the Mississippi Uniform Commercial Code, and in exercising the powers granted by Sections
43-33-767
through
43-33-797
, the State Bond Commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.
Laws, 1994, ch. 556, § 4, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-775 - Sale and form of bonds

The State Bond Commission shall act as the issuing agent for the bonds authorized under Sections
43-33-767
through
43-33-797
, prescribe the form of the bonds, advertise for and accept bids, 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 Sections
43-33-767
through
43-33-797
from the proceeds derived from the sale of such bonds. The commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year.
Notice of the sale of any such bond shall be published at least one (1) 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, and in one or more other newspapers or financial journals with a national circulation, to be selected by the commission.
The commission, when issuing any bonds under the authority of Sections
43-33-767
through
43-33-797
, 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.
Laws, 1994, ch. 556, § 5, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-777 - Bonds are general obligations of state

The bonds issued under the provisions of Sections
43-33-767
through
43-33-797
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 section.
Laws, 1994, ch. 556, § 6, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-779 - Disposition of proceeds of sale of bonds

Upon the issuance and sale of bonds under the provisions of Sections
43-33-767
through
43-33-797
, the State Bond Commission shall transfer the proceeds of any such sale or sales to the Mississippi Affordable Housing Development Fund created in Section
43-33-759
. 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.
Laws, 1994, ch. 556, § 7, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-781 - Issuance of bonds

The bonds authorized under Sections
43-33-767
through
43-33-797
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 Sections
43-33-767
through
43-33-797
. Any resolution providing for the issuance of bonds under the provisions of Sections
43-33-767
through
43-33-797
shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.
Laws, 1994, ch. 556, § 8, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-783 - Validation of bonds; notice

The bonds authorized under the authority of Sections
43-33-767
through
43-33-797
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.
Laws, 1994, ch. 556, § 9, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-785 - Protection and enforcement of bond holders' rights

Any holder of bonds issued under the provisions of Sections
43-33-767
through
43-33-797
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 Sections
43-33-767
through
43-33-797
, or under such resolution, and may enforce and compel performance of all duties required by Sections
43-33-767
through
43-33-797
to be performed, in order to provide for the payment of bonds and interest thereon.
Laws, 1994, ch. 556, § 10, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-787 - Bonds are legal investments and legal securities

All bonds issued under the provisions of Sections
43-33-767
through
43-33-797
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.
Laws, 1994, ch. 556, § 11, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 43 - PUBLIC WELFARE (§§ 43-1-1 — 43-NEW01-012) › Chapter 33 - HOUSING AND HOUSING AUTHORITIES (§§ 43-33-1 — 43-33-797) › Article 11 - MISSISSIPPI HOME CORPORATION ACT (§§ 43-33-701 — 43-33-797) › Section 43-33-789 - Bonds and income tax exempt

Bonds issued under the provisions of Sections
43-33-767
through
43-33-797
and income therefrom shall be exempt from all taxation in the State of Mississippi.
Laws, 1994, ch. 556, § 12, eff. 7/1/1994.