Mississippi Code 1972 (2023) › Title 7 - EXECUTIVE DEPARTMENT (§§ 7-1-1 — 7-17-37) › Chapter 1 - GOVERNOR (§§ 7-1-1 — 7-1-601) › STATE BOND ADVISORY DIVISION (§§ 7-1-401 — 7-1-403) › Section 7-1-403 - Powers and duties of division

The Bond Advisory Division is hereby granted the authority and charged with the responsibility to perform the following duties:
(a)
To maintain a close working relationship with agencies authorized to incur bonded indebtedness in order to know the probable schedule for the issuance of bonds so that coordination may be accomplished for orderly issuance.
(b)
To require all state agencies authorized to incur bonded indebtedness, in addition to cooperation required in subsection (a), to submit written notice of intent to sell bonds at least thirty (30) days prior to requesting the State Bond Commission to approve the sale of such bonds. Such notification shall contain such information as may be required by the director. However, with the concurrence of the State Fiscal Officer, in cases of emergency the requirement of thirty (30) days' notice may be waived by the director.
(c)
To require all state agencies or political subdivisions to submit annual financial reports, and such other interim reports as deemed necessary, on projects financed by state revenue bonds or by state bonds which have the general obligation pledge of the state, but which are primarily backed by specified revenues.
(d)
To maintain a complete record of all outstanding state bonds. The record shall include, but shall not be limited to, the following:
(i)
Amount of principal of the bonds issued and the rates of interest;
(ii)
Dates the bonds were issued, the term or terms of the bonds, and maturities;
(iii)
The overall average interest rate to be paid on each issue;
(iv)
The name of the paying agent;
(v)
The trustees named to administer the issue and the pledges securing such bonds;
(vi)
The statutes under which such bonds were issued and the statutory authority for all bonds authorized, whether issued or unissued.
(e)
To maintain a close working relationship with the Mississippi Development Authority, the University Research Center and the Commissioner of Revenue in order to obtain current information concerning the economic, financial and growth conditions of the state and such other information necessary to properly comply with the intent of Sections
7-1-401
and
7-1-403
.
(f)
To receive the cooperation of all state agencies and institutions in accumulating the information required by Sections
7-1-401
and
7-1-403
.
(g)
To make continuing studies and investigations of government bond interest costs throughout the United States of America and to advise the Governor, the State Bond Commission and the Legislature concerning market conditions and credit condition of the state.
(h)
To contract with the Department of Information Technology Services for such data processing or computer services as are necessary in providing complete, current and accurate information regarding bonds issued, maturity dates, interest costs, bond market trends and other data necessary for the proper management of the state's debt and investments of state funds.
(i)
To issue rules and regulations as are necessary for the enforcement of the provisions of Sections
7-1-401
and
7-1-403
.
(j)
To investigate and require reports covering proposed transactions involving refunding bond issues, bond exchanges, bond trades, bond "swaps," redemptions, etc., which may be engaged in with regard to any state bond.
(k)
To keep the Governor, Bond Commission and the Legislature informed regarding the credit outlook for the state and to furnish whatever information the Legislature requests which is required to be maintained under Sections
7-1-401
and
7-1-403
.
(l)
To maintain a personal relationship with rating agencies and state bond investors, including the responsibility to invite people in the national financial community to visit our state in order for them to better understand our undertakings, and to incur and pay all expenses in connection with the administration and function of the division, including information meetings or other appropriate forms of communication. All such expenses for these trips shall be paid from appropriations made for the operation of this division.
(m)
To cooperate with and provide assistance to counties, municipalities and other political subdivisions when the respective governing authorities request such assistance regarding matters of financial and credit administration and in the preparation of materials and information required to be used in connection with credit ratings and the sale of bonds.
(n)
To perform such other duties and acts necessary to carry out the intent of Sections
7-1-401
and
7-1-403
.
(o)
To maintain a complete record of the name and business address of any person, firm, corporation or other entity deriving any income for services performed with respect to any bonds issued after May 16, 1988, by the State Bond Commission, State Development Bank, Mississippi Housing Finance Corporation, Certified Development Company of Mississippi, Inc., Mississippi Hospital Equipment and Facilities Authority or any other entity issuing bonds or notes of the State of Mississippi. The report shall specify the amount of funds, whether from bond proceeds or otherwise, paid or to be paid to each such person or entity for services performed for each such bond issue. The initial report shall be made available on or before January 15, 1989, to the Clerk of the House of Representatives and to the Secretary of the Senate. All subsequent updated reports shall be submitted on or before January 15 of each year to the Clerk of the House of Representatives, the Secretary of the Senate, the Chairman of the House Ways and Means Committee and the Chairman of the Senate Finance Committee. The State Bond Attorney shall annually compile a list of all local bond issues, itemizing the name of the issuer, a description of the issue, the amount of the bonds issued and the name and address of the person acting as bond counsel on the issue. Such list shall be submitted on or before January 15 of each year to the Clerk of the House of Representatives, the Secretary of the Senate, the Chairman of the House Ways and Means Committee, the Chairman of the Senate Finance Committee, and the Joint Performance Evaluation and Expenditure Review Committee (PEER). The reports required to be compiled pursuant to this paragraph shall be posted on the Department of Finance and Administration's website by not later than January 15 of each year.
Laws, 1980, ch. 535, § 2; Laws, 1984, ch. 488, § 140; Laws, 1988, ch. 518, § 15; Reenacted, Laws, 1988, ch. 519, § 2, eff. 5/16/1988.
Amended by Laws, 2013, ch. 569, SB 2913, 43, eff. 4/25/2013.