reglab/statecodes huggingface dataset:
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 31-25-20 - Power of bank to loan money to local governmental unit

In addition to the other powers granted to the bank under this section, the bank shall have the powers:
(a)
To make, enter into and enforce all contracts or agreements necessary, convenient or pertaining to any loan to a local governmental unit under this section;
(b)
To loan money to local governmental units for any of the purposes set forth in this section;
(c)
To charge for its costs and services in reviewing or considering any proposed loan to a local governmental unit and such costs may be established in such manner as the bank shall determine;
(d)
To fix and prescribe any form of application or procedure to be required of a local governmental unit for the purpose of any loan to be made to such governmental unit and to fix the terms and conditions of any such loan;
(e)
To issue revenue bonds to fund loans to local governmental units for the acquisition, construction and installation of energy related improvements, and other related or similar infrastructure improvements consistent with the intentions, purposes and objects of this section. Before any bonds may be issued for this purpose, the requirements of Section
31-25-28(6)
must be satisfied; and
(f)
To issue revenue bonds to fund or assist in funding retirement systems established pursuant to Sections
21-29-201
through
21-29-261
. Before any revenue bonds may be issued for this purpose, the municipality whose retirement system is being funded by such bonds shall have an actuary perform a study through the Public Employees' Retirement System to determine the effect of such revenue bonds on such retirement system.
(g)
To issue bonds in the amount of Five Million Dollars ($5,000,000.00) to provide additional funding for the grant program authorized under Section 18 of Chapter 530, Laws of 1995, which provided funds to counties and municipalities for the construction, renovation and expansion of livestock facilities.
Laws, 1996, ch. 470, § 1, eff. 4/3/1996.
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 31-25-25 - Prohibited transactions

Under this act the bank may not:
(a)
Make loans of money to any person, firm or corporation or purchase securities issued by any person, firm or corporation other than a local governmental unit for investment;
(b)
Emit bills of credit, or accept deposits of money for time or demand deposit, or administer trusts, or engage in any form or manner in, or in the conduct of, any private or commercial banking business, or act as a savings bank or savings and loan association;
(c)
Be or constitute a bank or trust company within the jurisdiction or under the control of any official of the state or the United States regulating such institutions; or
(d)
Be or constitute a banker, broker or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law, of the United States of America or of the state or of any other state.
Laws, 1986, ch. 455, § 13, 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 31-25-29 - Intergovernmental cooperation

(1)
The bank may obtain the aid and cooperation of the local governmental units, including those not being assisted by the bank through the purchase of the municipal securities thereof, and the bank and such local governmental units shall have the power to enter into such agreements and arrangements as they deem necessary or advisable to obtain for the bank such aid and cooperation.
(2)
In addition to other powers of intergovernmental cooperation granted herein, all officers, departments, boards, agencies, divisions and commissions of the state are authorized and empowered to render any and all of such services to the bank as may be within the area of their respective governmental functions as fixed or established by law and as may be requested by the bank. All of such officers, departments, boards, agencies, divisions and commissions are authorized and directed to comply promptly with any such reasonable request by the bank as to the making of any study or review as to the desirability, need, cost or expense with respect to any local facility, or the financial feasibility thereof or the financial or fiscal responsibility or ability in connection therewith of any local governmental unit making application for financing by the bank. The cost and expense of any services requested by the bank shall, at the request of the officer, department, board, agency, division or commission rendering such services, be met and provided for by the bank.
(3)
The bank is authorized to accept such monies as may be appropriated by the state at any time or from time to time.
Laws, 1986, ch. 455, § 15, 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 31-25-33 - Exemption from taxation

As set forth in the declaration of finding and purpose herein, the bank will be performing an essential governmental function in the exercise of the powers conferred upon it by this act, and the bonds of the bank issued pursuant to this act, and the income therefrom including any profit made on the sale thereof and all its fees, charges, gifts, grants, revenues, receipts, and other moneys received, pledged to pay or secure the payment of such bonds shall at all times be free from taxation of every kind by the state and by the municipalities and all other political subdivisions of the state.
The property of the bank and its income and operation shall be exempt from taxation or assessments upon any property acquired or used by the bank under the provisions of this act.
Laws, 1986, ch. 455, § 17, 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 31-25-35 - Report; audit of books and accounts

The bank shall submit to the Governor within ninety (90) days after the end of its fiscal year a complete and detailed report setting forth:
(a)
Its operations and accomplishments;
(b)
Its receipts and expenditures during such fiscal year;
(c)
Its assets, including an itemized list of municipal securities held by it, and liabilities at the end of its fiscal year, including the status of reserve or other special funds together with a statement of changes in its assets, liabilities and funds during such fiscal year; and
(d)
A schedule of its bonds outstanding at the end of its fiscal year, together with a statement of the amounts redeemed and incurred during such fiscal year.
The bank shall cause an audit of its books and accounts to be made at least once a year by certified public accountants and the cost thereof shall be considered an expense of the bank and a copy thereof shall be filed with the State Treasurer.
Laws, 1986, ch. 455, § 18, 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 31-25-41 - Pledge of revenues or other moneys

Any pledge of revenues or other moneys made by the bank shall be valid and binding from the time when the pledge is made. The revenues or other moneys so pledged and thereafter received by the bank shall immediately be subject thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having notice thereof. Neither the resolution nor any other instrument by which a pledge is created or any statement with respect thereto need be filed or recorded, except in the records of the bank.
Laws, 1986, ch. 455, § 21, 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 31-25-43 - Establishment of funds or accounts

The bank may establish such funds or accounts as may be, in its discretion, necessary or desirable to further the accomplishment of the purposes of the bank or to comply with the provisions of any agreement made by or any resolution of the bank.
Laws, 1986, ch. 455, § 22, 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 31-25-45 - Purchase of bonds by Bank

The bank, subject to such agreements with bondholders as may then exist, shall have power out of any funds available therefor to purchase bonds of the bank, which shall thereupon be cancelled, at a price or prices as shall be determined by the bank.
Laws, 1986, ch. 455, § 23, 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 31-25-47 - Agreements or contracts for safekeeping of municipal bonds or other investments

The bank may enter into agreements or contracts with any bank, trust companies, banking or financial institutions within or without the state as may be necessary, desirable or convenient in the opinion of the bank for rendering services to the bank in connection with the care, custody or safekeeping of municipal bonds or other investments held or owned by the bank and services in connection with the payment or collection of amounts payable as to principal or interest, and for services in connection with the delivery to the bank of municipal bonds or other investments purchased by it or sold by it, and to pay the cost of those services. The bank may also, in connection with any of the services to be rendered by any banks, trust companies or banking or financial institutions as to the custody and safekeeping of any of its municipal bonds or investments, require security in the form of collateral bonds, surety agreements or security agreements in such form and amount as, in the opinion of the bank, is necessary or desirable for the purpose of the bank.
Laws, 1986, ch. 455, § 24, 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 31-25-49 - Reservation of State power

The state does hereby pledge to and agree with the holders of any bonds issued by the bank under this act that the state will not limit or alter the rights hereby vested in the bank to fulfill the terms of any agreements made with the said holders thereof or in any way impair the rights and remedies of such holders until such bonds, together with the interest thereon, with interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met with any action or proceeding by or on behalf of such holders, are fully met and discharged. The bank is authorized to include this pledge and agreement of the state in any agreement with the holders of such bonds.
Laws, 1986, ch. 455, § 25, 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 31-25-51 - Bonds of bank as legal investments; authorized investments by bank

(1)
The bonds of the bank shall be legal investments in which all public officers and public bodies of this state, its political subdivisions, all municipalities and municipal subdivisions, all insurance companies and associations, trust companies, savings banks and savings associations, including savings and loan associations, building and loan associations, investment companies and other persons carrying on a banking business, all administrators, guardians, executors, trustees and other fiduciaries, and all other persons whatsoever who are now or may hereafter be authorized to invest funds, including capital, in their control or belonging to them. The notes and bonds are also hereby made securities which may properly and legally be deposited with and received by all public officers and bodies of the state or any agency or political subdivisions of the state and all municipalities and public corporations for any purpose for which the deposit of bonds or other obligations of the state is now or may hereafter be authorized by law.
(2)
Notwithstanding the provisions of any law to the contrary, to invest money of the bank, including proceeds from the sale of any bonds, notes, any securities or certificates of participation:
(a)
In obligations of any municipality or the state or the United States of America;
(b)
In obligations the principal and interest of which are guaranteed by the state or the United States of America;
(c)
In obligations of any corporation wholly owned by the United States of America;
(d)
In obligations of any corporation sponsored by the United States of America which is, or may become, eligible as collateral for advances to member banks as determined by the Board of Governors of the Federal Reserve System;
(e)
In obligations of insurance firms or other corporations whose investments are rated "AA" or better by recognized rating companies;
(f)
In certificates of deposit or time deposits of qualified depositories of the state as approved by the State Depository Commission, secured in such manner, if any, as the corporation shall determine;
(g)
In contracts for the purchase and sale of obligations of the type specified in items (a) through (e) above;
(h)
In repurchase agreements secured by obligations specified in items (a) through (e) above; and
(i)
In money market funds, the assets of which are required to be invested in obligations specified in items (a) through (f) above.
Laws, 1986, ch. 455, § 26; Laws, 1992, ch. 481 § 6; Laws, 2003, ch. 328, § 4, eff. 3/7/2003.
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 31-25-53 - Chapter provisions as cumulative

Neither this act nor anything herein contained is or shall be construed as a restriction or limitation upon any powers which the bank might otherwise have under any laws of this state, and this act is cumulative to any such powers. This act does and shall be construed to provide complete additional and alternative method for the doing of the things authorized thereby and shall be regarded as supplemental and additional to powers conferred by other laws. No proceedings, notice or approval shall be required for the issuance of any bonds, notes and other obligations or any instrument as security therefor, except as in this act.
Laws, 1986, ch. 455, § 27, 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 31-25-55 - Savings clause

If any section, subsection, paragraph, sentence, clause or provision of this act shall be unconstitutional or ineffective, in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall be valid and effective and no other section, subdivision, paragraph, sentence, clause or provision shall on account thereof be deemed invalid or ineffective.
Laws, 1986, ch. 455, § 28, 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 3 - BONDS (§§ 31-25-101 — 31-25-107) › Section 31-25-101 - Definitions

For the purposes of this article, the following words and phrases shall have the meaning ascribed in this section unless the context clearly indicates otherwise:
(a)
"Bank" means the Mississippi Development Bank created pursuant to Section
31-25-1
et seq., Mississippi Code of 1972.
(b)
"Bonds" means bonds, notes and any other evidence of indebtedness.
(c)
"Commission" means the Mississippi Commission on Environmental Quality.
(d)
"Department" means the Mississippi Department of Environmental Quality.
(e)
"Emergency fund" means the Water Pollution Control Emergency Loan Fund created under Section
49-17-86
.
(f)
"Revolving fund" means the Water Pollution Control Revolving Fund created under Sections
49-17-81
through
49-17-89
.
(g)
"State" means the State of Mississippi.
Laws, 1989, ch. 522, § 1; Laws, 1996, ch. 455, § 6, eff. 10/1/1996.
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 3 - BONDS (§§ 31-25-101 — 31-25-107) › Section 31-25-107 - Joint legislative committee

There is hereby created, for the purposes of oversight and review, a joint legislative committee to be comprised of six (6) members, three (3) to be appointed by the Speaker of the House from the membership of the Mississippi House of Representatives, one (1) from each Supreme Court district, as such districts existed on January 1, 1989, and three (3) to be appointed by the President of the Senate from the membership of the Mississippi Senate, one (1) from each Supreme Court district, as such districts existed on January 1, 1989. The committee shall provide oversight and review of all bond transactions authorized by this article and shall render any necessary advice in order to accomplish the purposes of this article.
Laws, 1989, ch. 522, § 5, eff. 4/4/1989.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-1 - Short title

This chapter shall be known and may be cited as the "Mississippi Bond Refinancing Act."
Laws, 1987, ch. 429, § 1, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-3 - Definitions

The following terms whenever used or referred to in this chapter shall have the following meaning, unless a different meaning appears from the context:
(a)
"Bond" or "bonds" means every duly authorized, executed and delivered instrument evidencing an obligation incurred by a governmental unit for the payment or repayment of money, which obligation matures more than one (1) year from the date of said instrument. The terms "bond" or "bonds" shall also include refunding bonds.
(b)
"Governing body" means the duly elected or appointed legislative body of a political subdivision or such other body which is charged by law with governing the political subdivision. As to the state, the term "governing body" means the State Bond Commission.
(c)
"Holder of bonds" or "bondholder" or any similar term means any person who shall be the bearer of any bond or bonds registered to bearer or not registered, or the registered owner of any such bond or bonds which shall at the time be registered other than to bearer.
(d)
"Law" means any act or statute, general, special or local, of this state;
(e)
"Governmental unit" means the State of Mississippi, any county, municipality, school district, special services district, or any other district, commission, board, corporation, agency, levee district, drainage district, department, authority or political subdivision of this state;
(f)
"Refunding bonds" means bonds issued under this chapter;
(g)
"Resolution" means a resolution, ordinance, act, record of minutes, or other appropriate enactment of a governing body; and
(h)
"State" means the State of Mississippi.
Laws, 1987, ch. 429, § 2, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-5 - Legislative intent; construction

The purpose of this chapter is to provide full and complete authority to governmental units for the issuance of refunding bonds. No procedure or proceedings, publications, notices, consents, limitations, approvals, orders, acts or things by any governing body of any governmental unit, other than those required by this chapter, shall be required to issue any refunding bonds or to do any act or perform anything under this law except as may be prescribed herein. The powers conferred by this chapter shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by this chapter shall not affect, the powers conferred by any other law. The principal amount of any bond for which refunding bonds have been issued under this chapter and for which governmental obligations described in Section
31-27-15
have been placed in escrow in an amount sufficient to pay the principal of and interest on such bonds and any redemption premium on such bonds as set forth in Section
31-27-15
shall not be considered outstanding bonded indebtedness for the purpose of determining the debt limitation of the governmental unit. This chapter is remedial in nature and shall be liberally construed.
Laws, 1987, ch. 429, § 3; Laws, 1988, ch. 304, § 1, eff. 3/3/1988.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-7 - Issuance of refunding bonds

Refunding bonds shall be issued pursuant to an authorizing resolution of the governing body of a governmental unit. Refunding bonds may be issued in one or more series, may bear such date or dates, may mature at such time or times (either serially or term or a combination thereof), may bear interest at such rate or rates not to exceed that allowed by law for the class of bonds being used to effect the refunding, may be in such denominations, may be in such form (either coupon or registrable as to principal or fully registered or a combination), may carry such registration and conversion privileges, may have such sinking fund provisions, may be executed in such manner, may be payable in such medium of payment and at such place (either within or without the state) at such time or times, may be subject to such terms of redemption (with or without premium), may be declared or become due prior to the maturity date thereof, may be sold at public or private sale (which sale shall be on such terms and in such manner as the governing body shall determine), may provide for the replacement of mutilated, destroyed, stolen or lost bonds, may be authenticated in such manner and upon compliance with such conditions, and may contain such other terms and covenants (including, without limitation, covenants for the security and better marketability of such refunding bonds), as may be provided by resolution of the governing body of the governmental unit.
Laws, 1987, ch. 429, § 4, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-9 - Escrow account; banking corporation as trustee for bondholders

The governing body of any governmental unit may, in addition to the other powers conferred, include provisions in any resolution authorizing the issuance of refunding bonds, which shall be a part of the contract with the holders of the refunding bonds, as to:
(a)
The establishment of an escrow account in accordance with the provisions of Section
31-27-15
;
(b)
The appointment of a banking corporation or association within or without the state which is a member of the Federal Deposit Insurance Corporation, or any successor thereto, to act as trustee for the bondholders, and the authorization, execution and delivery of an agreement evidencing the contractual relationships among the governmental unit, the trustee and bondholders, which agreement may contain such terms, conditions and covenants as the governing body shall determine;
(c)
The appointment of a banking corporation or association within or without the state which is a member of the Federal Deposit Insurance Corporation, or any successor thereto, to hold in escrow any escrow account consistent with the provisions of Section
31-27-15
, and the authorization, execution and delivery of an agreement relating to such escrow account evidencing the contractual relationships among the governmental unit, such banking corporation or association and related parties, which agreement may contain such terms, conditions and covenants as the governing body shall determine; and
(d)
The execution of all instruments necessary or convenient in the exercise of the powers granted by this chapter or in the performance of the duties of the governmental unit and the officers, agents and employees thereof.
Laws, 1987, ch. 429, § 5, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-11 - Security for refunding bonds

Refunding bonds may be secured by a pledge of:
(a)
the same source of security as the bonds to be refunded, or
(b)
such other security as the governing body of the governmental unit may lawfully pledge, or both; all as may be provided by resolution of the governing body of the governmental unit.
Laws, 1987, ch. 429, § 6, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-13 - Amount of refunding bonds authorized to be issued

The total amount of refunding bonds to be issued under this chapter 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, (b) interest accrued or to accrue to the date of maturity or the date of redemption of the bonds 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 appropriate by the governing body of the governmental unit, including, without limitation, the expenses of preparing and delivering the refunding bonds, legal fees, financial advisor fees, consultant fees, and other expenses incurred in connection with the issuance, sale and delivery of the refunding bonds.
Refunding bonds issued under this chapter shall result in an overall net present value savings to maturity of not less than two percent (2%) of the bonds being refunded.
Laws, 1987, ch. 429, § 7, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-15 - Sale of refunding bonds and disposition of proceeds

Refunding bonds may be sold and proceeds thereof may be applied to the payment of the bonds refunded or, as to such bonds as are not yet maturing, such proceeds may be deposited in escrow to be held until such time as the bonds to be refunded become available for payment by maturity, call for redemption in whole or in part (which need not necessarily be on the first available redemption date) or otherwise and during such period of escrow may be invested, without regard to the limitations imposed by any other law, in direct obligations of the United States of America or any of its agencies or in obligations fully guaranteed or insured by the United States of America which bear interest at such rates as to provide funds which, together with any uninvested money placed in such escrow, will be sufficient to pay when due or called for redemption the bonds so refunded, together with interest accrued and to accrue thereon and redemption premiums, if any, and the expenses relating to such escrow, and such refunding bond proceeds or obligations so purchased therewith, together with other funds legally available therefor, may be deposited in escrow with a banking corporation or association which is a member of the Federal Deposit Insurance Corporation, or any successor thereto. Such refunding bonds may also be sold and the proceeds thereof may also be applied to the payment of the bonds refunded in accordance with any method of refunding deemed by the governing body of a governmental unit to be advantageous to the governmental unit, and any escrow established in connection therewith shall be in accordance with the terms and conditions of any related escrow agreement approved and entered into by the governing body of a governmental unit.
Laws, 1987, ch. 429, § 8, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-17 - Refinancing of outstanding bonds by issuance of refunding bonds

The governing body of a governmental unit may refinance outstanding bonds through the issuance of refunding bonds and the exchange of such refunding bonds for the bonds to be refunded. Any such refunding may be effected whether or not the bonds to be refunded shall have then matured or shall thereafter mature.
Laws, 1987, ch. 429, § 9, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-19 - Negotiability of refunding bonds

All refunding 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 refunding bonds issued under this chapter.
Laws, 1987, ch. 429, § 10, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-21 - Tax treatment

All refunding bonds issued under this chapter, and all interest thereon and income therefrom, shall be exempt from taxation to the same extent that the refunded bonds are exempt from taxation.
Laws, 1987, ch. 429, § 11, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-23 - Judicial validation and related procedures

The refunding bonds authorized under authority of this chapter may, in the discretion of the governing body of the governmental unit, be validated in the chancery court of the county in which the governing body resides in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of municipal bonds. If the governing body is the State Bond Commission, the residence of the commission shall be Hinds County for the purposes of this section. The necessary papers shall be transmitted to the state's bond attorney by the governing body, and the required notice shall be published in a newspaper having general circulation in the State of Mississippi or the county in which the refunding bonds are to be validated.
Laws, 1987, ch. 429, § 12, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 27 - MISSISSIPPI BOND REFINANCING ACT (§§ 31-27-1 — 31-27-25) › Section 31-27-25 - Savings clause

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, 1987, ch. 429, § 13, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-1 - Definitions

As used in this chapter, "general obligation bonds" means bonds of the State of Mississippi, to the repayment of which, both as to principal and interest, the full faith, credit and taxing power of the State of Mississippi are irrevocably pledged until the principal and interest is paid in full.
Laws, 1987, ch. 437, § 1, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-3 - Authorization to issue bonds to defray unappropriated expenses of Institute for Technology Development; limitations as to amount

The State Bond Commission shall have the power and is hereby authorized, at one time or from time to time prior to June 30, 1994, to issue negotiable general obligation bonds of the State of Mississippi to pay all or any part of the cost of defraying the state's share of supporting the Institute for Technology Development for any fiscal year in which the institute does not receive the requisite amount pursuant to legislative appropriation. The total amount of bonds which may be issued pursuant to this chapter shall not exceed Six Million Dollars ($6,000,000.00).
Laws, 1987, ch. 437, § 2; Laws, 1990, ch. 503, § 1; Laws, 1994, ch 541, § 1, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-7 - Bonds to be negotiable instruments; bonds and income tax exempt

All general obligation bonds of the State of Mississippi and interest coupons issued under the provisions of this chapter shall have and are hereby declared to have all the qualities and incidents of negotiable instruments under the negotiable instruments law of the State of Mississippi. Such bonds and the income therefrom shall be exempt from all taxation within the State of Mississippi.
Laws, 1987, ch. 437, § 4, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-9 - Sale of bonds; price; notice of sale

The State Bond Commission shall sell such bonds in the manner and at a price which will result in the lowest interest rate on the best terms obtainable for the state, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. Notice of the sale of any such bonds shall be published at least one time not less than ten (10) days prior to the date of sale and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals as may be directed by the State Bond Commission.
Laws, 1987, ch. 437, § 5, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-11 - Institute for Technology Development Fund; proceeds of bonds to be used solely for support of institute

Upon the issuance and sale of such bonds, the State Bond Commission shall transfer the proceeds of any such sale or sales to a special fund in the State Treasury to be known as the "Institute for Technology Development Fund." The proceeds of such bonds shall be used solely for the payment of the cost of the state's share of supporting the Institute for Technology Development, which shall include costs incident to the issuance and sale of such bonds, and shall be disbursed solely upon the order of the State Treasurer under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
Laws, 1987, ch. 437, § 6, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-13 - Right of holders of bonds or interest coupons

Any holder of bonds issued under the provisions of this chapter 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 hereunder, or under such resolution, and may enforce and compel performance of all duties required by this chapter to be performed, in order to provide for the payment of bonds and interest thereon.
Laws, 1987, ch. 437, § 7, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-15 - Necessity of other proceedings or conditions for issuance of bonds; validation of bonds

Such general obligation bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified or required by this chapter. Any resolution providing for the issuance of general obligation bonds under the provisions of this chapter shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular, special or adjourned meeting of the State Bond Commission by a majority of its members.
The bonds authorized under the authority of this chapter may, in the discretion of the State Bond Commission, be validated in the Chancery Court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the State Bond Commission, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.
Laws, 1987, ch. 437, § 8, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-17 - Bonds as legal investments and securities

All bonds issued under the provisions of this chapter 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, 1987, ch. 437, § 9, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-19 - Authority for exercise of powers

This chapter shall be deemed to be full and complete authority for the exercise of the powers herein granted.
Laws, 1987, ch. 437, § 10, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-21 - Withdrawal of funds from Institute for Technology Development Fund

The funds which are transferred from the sale of bonds under this chapter to the special fund in the State Treasury known as the "Institute for Technology Development Fund" may be withdrawn only in the following manner: Such funds shall be paid by the State Treasurer upon warrants issued by the State Fiscal Management Board, which warrants shall be issued upon requisition signed by the State Treasurer.
Laws, 1987, ch. 437, § 11, eff. 3/30/1987.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-23 - Representation by Attorney General in issuing, selling and validating bonds; costs and expenses of issuance of bonds

Except as otherwise authorized in Section
7-5-39
, the Attorney General of the State of Mississippi shall represent the State Bond Commission in issuing, selling and validating bonds herein provided for, and the bond commission is hereby authorized and empowered to expend from the proceeds derived from the sale of the bonds authorized hereunder all necessary administrative, legal and other expenses incidental and related to the issuance of bonds authorized under this chapter.
Laws, 1987, ch. 437, § 12; Laws, 2012, ch. 546, § 14, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-25 - Audit of Institute for Technology Development

(1)
Audits of the Institute for Technology Development (ITD) are to be performed by the State Auditor in accordance with the provisions of this section. Such audits shall be conducted by the State Auditor in a manner that will result in the review of the ITD's use of funds from the perspective of ITD's fiscal year, not the state's fiscal year. In conducting these audits, the State Auditor may rely to the maximum extent possible upon audits of ITD conducted by independent auditors in accordance with the provisions of the "Standards for Audit of Governmental Organizations, Programs, Activities and Functions" published by the Comptroller General of the United States and Circular A-133 "Audits of Institutions of Higher Learning and Other Non-Profit Institutions" published by the Office of Management and Budget. ITD shall present the results of any and all such audits to the State Auditor for review and incorporation into his reports to the Legislative Budget Committee.
(2)
For any state fiscal year during which the Institute for Technology Development receives funds from the State of Mississippi, the State Department of Audit shall conduct a financial and legal compliance audit with respect to the use of such funds by the institute. The department shall incorporate in its audit report any recommendations it has concerning the financial and management control practices of the institute. The department shall report its findings and recommendations to the Legislative Budget Committee which shall make them available to members of the Legislature.
Laws, 1990, ch. 386, § 1; Laws, 1994, ch 541, § 2, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 29 - INSTITUTE FOR TECHNOLOGY DEVELOPMENT (§§ 31-29-1 — 31-29-29) › Section 31-29-27 - [Repealed]

Laws, 1990, ch. 503, § 2, eff. 3/31/1990.
Repealed by Laws, 2017, ch. 402, SB 2572, 3, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 31 - MISSISSIPPI TELECOMMUNICATIONS CONFERENCE AND TRAINING CENTER (§§ 31-31-1 — 31-31-41) › Section 31-31-1 - Short title

This chapter may cited as the Mississippi Telecommunication Conference and Training Center Act.
Laws, 1995, ch. 628, § 1, eff. 7/1/1995 (became law without the Governor's signature).
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 31 - MISSISSIPPI TELECOMMUNICATIONS CONFERENCE AND TRAINING CENTER (§§ 31-31-1 — 31-31-41) › Section 31-31-3 - Definitions

As used in this chapter:
(a)
"Commission" means the Mississippi Telecommunication Conference and Training Center Commission.
(b)
"Facility" means the Mississippi Telecommunication Conference and Training Center located in the City of Jackson, Mississippi.
(c)
"Hotel" or "motel" means and includes a place of lodging that at any one time will accommodate transient guests on a daily or weekly basis and that is known to the trade as such. Such terms shall not include a place of lodging with ten (10) or less rental units.
Laws, 1995, ch. 628, § 2; Laws, 2008, ch. 542, § 3, eff. 5/9/2008.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 31 - MISSISSIPPI TELECOMMUNICATIONS CONFERENCE AND TRAINING CENTER (§§ 31-31-1 — 31-31-41) › Section 31-31-7 - General powers and duties of commission

The commission shall have the following powers:
(a)
To sue and be sued in its own name;
(b)
To maintain offices at such places as it may designate;
(c)
To establish, construct, enlarge, improve, maintain, equip, operate and regulate the facility and other property incidental thereto, including any additional property or facilities considered by the commission to promote the business, usage or economic viability of the facility;
(d)
To grant to others the privilege to operate for profit concessions, leases and franchises, including but not limited to, the furnishing of food and banquet services, management services, and other services necessary to the operation of the facility and such concessions, leases and franchises shall be exclusive or limited;
(e)
To determine fees, rates and charges for the use of its facilities;
(f)
To apply for and accept gifts, or grants of money or gifts, grants or loans of other property or other financial assistance from any source;
(g)
To borrow funds needed to carry out the purposes of this chapter; provided, however, that such debt may be secured only by the revenues generated by the facility, funds generated by the tax levied pursuant to Section
31-31-11
and the proceeds of any bonds issued pursuant to this chapter;
(h)
To appoint, employ or engage such officers, employees, architects, engineers, attorneys, accountants, financial advisors, investment bankers and other advisors, consultants, and agents as may be necessary or appropriate;
(i)
To make, assume and enter into all contracts, leases and arrangements necessary or incidental to the exercise for its powers, including contracts for management, operation or marketing of all or any part of its facilities;
(j)
To adopt, amend and repeal rules and regulations for the use, maintenance and operation of its facilities and governing the conduct of persons and organizations using its facilities and to enforce such rules and regulations; and
(k)
To do all things necessary or convenient to the purposes of this chapter.
Laws, 1995, ch. 628, § 4, eff. 7/1/1995 (became law without the Governor's signature).