reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-47 - Local bonds; notice of intention to purchase

In the event a surplus is remaining in the treasury of any county, municipality or other taxing district at the end of any fiscal year as provided by Section
31-17-45
, then within ten (10) days thereafter the said board of supervisors, mayor and board of aldermen, or the governing body of other taxing districts may advertise its intention to purchase the bonds of such county, municipality, or other taxing district by publishing a notice thereof at least ten (10) days in some newspaper published in said county and one (1) other financial journal having a general circulation among bond buyers and dealers. Said advertisement shall state the amount of bonds to be purchased, the maximum price to be paid therefor, and the date upon which it will receive sealed proposals for outstanding bonds of said taxing district.
Said board of supervisors, mayor and board of aldermen, or the governing body of other taxing districts shall accept the bid or proposal determined and adjudged by it to be most favorable to such taxing district. The interest rate and maturity of the bonds to be purchased shall be taken into consideration in determining the best bid.
However, it shall be optional with the board of supervisors, mayor and board of aldermen, or the governing body of other taxing districts as to whether or not it will advertise its intention to purchase its bonds as provided by this section. In the event the board of supervisors, mayor and board of aldermen, or the governing body of other taxing districts shall determine that it is most advantageous to the county, city, or other taxing district not to so advertise, it may buy and retire its bonds at a private sale without publication of its intention to do so.
Codes, 1942, §§ 4372, 4373; Laws, 1934, ch. 334.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-49 - Local bonds; purchase of bonds sold below par

Where the bonds so purchased of said county, municipality, or other taxing districts were sold for less than par and accrued interest, then the said board of supervisors, mayor and board of aldermen, or other governing authority of such taxing district, as the case may be, shall not pay a greater price than the price for which the bonds were sold.
Codes, 1942, § 4374; Laws, 1934, ch. 334.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-51 - Local bonds; restrictions on purchases

Surplus funds shall be expended under the provisions of Sections
31-17-45
through
31-17-51
for the purpose only of retiring the bonds issued in the particular taxing district for which said funds were collected. In no event shall bonds issued for any other taxing district be purchased with funds collected for any district other than those collected from the same identical taxing district.
Codes, 1942, § 4375; Laws, 1934, ch. 334.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-53 - Local bonds; pledge of securities, properties, and taxes

The counties, municipalities, and other local authorities possessing power to refund bonds under any statute of Mississippi may, for retiring and paying such refunding bonds and interest, pledge and make applicable to and available therefor any and all securities, properties, and taxes that were pledged, applicable to, or available for the paying of the original issue and interest thereon, so refunded, but only to the same extent, amount, and purposes.
Codes, 1942, § 4376; Laws, 1934, ch. 333.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-55 - Local bonds; cancellation

Whenever the board of supervisors of any county or the board of mayor and aldermen or the proper authorities of any municipalities and/or of any taxing district or other subdivision of any county may have acquired title to any of the bonds of such county, district, or municipality by purchase with, or at the expense of, the sinking funds of the particular sinking fund collected for the purpose of paying the principal of and interest on bonds of the issue so acquired, and sufficient funds shall accumulate in such sinking fund above the amount invested in such bonds, when added to other funds to be paid into said sinking funds within the succeeding twelve (12) months, to provide for and pay the principal of and interest on the bonds of such issue maturing and falling due within the succeeding twelve (12) months, the board of supervisors of such county and of the county embracing such district, and/or board of mayor and aldermen or proper authorities of such municipality or district or subdivision may cancel such bonds so acquired, by order entered upon its minutes and its clerk making entry of cancellation of such bonds upon the proper bond register and stamping or perforating same to show cancellation thereof after cancellation of such bonds, no further taxes shall be levied or collected for the payment of the principal of or interest on the bonds so canceled.
Codes, 1942, § 4377; Laws, 1936, ch. 275.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-57 - State and local bonds; paying agent to repay unused funds

When funds are forwarded to the paying agent of the state, any county or taxing district thereof, or any municipality for the purpose of paying bonds and interest coupons as provided by law, and all bonds and interest coupons to be paid out of such funds are not presented for payment to such paying agent within one (1) year after the due date of such bonds and interest coupons, such bonds and interest coupons shall be payable at the state treasury, the county depository, or the municipal depository, as the case may be.
The paying agent shall submit as of June 30 and December 31 of each year, and within thirty (30) days of that date, a statement of the amount paid on bonds and interest coupons of each bond issue during the previous twelve (12) months and the balance remaining in its hands for such payment at the conclusion of one (1) year on the date submitted, and at least one (1) year from the date the bonds or coupons were due. With the statement submitted, the paying agent shall remit and refund, without demand or request, such balance in its hands. Any money so recovered shall be deposited to the credit of the fund from which it was drawn, and if said fund no longer exists, then said money shall be deposited to the credit of the general fund of the state, county, district or municipality, as the case may be.
Codes, 1942, § 4378; Laws, 1938, ch. 134; Laws, 1982, ch. 376, § 4, eff. 7/1/1982.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-59 - State and local bonds; demand for repayment

It shall be the duty of the auditor and the state treasurer, within sixty (60) days after the close of each fiscal year, to check the records in their offices and ascertain definitely the amount of bonds and interest coupons which have matured more than twelve (12) months before the close of the last fiscal year and which have not been paid; and if it shall appear that funds for the payment of such bonds and coupons have been forwarded to the paying agent and have not been used for the purpose of paying such bonds and coupons, it shall be the duty of the state treasurer to make demand upon the paying agent for the repayment of said funds into the state treasury within thirty (30) days from the date of such demand.
In like manner, it shall be the duty of the clerk of the board of supervisors of each county and of the municipal clerk of each municipality, within sixty (60) days after the close of each fiscal year, to check the bond register and other records in his office and ascertain definitely the amount of bonds and interest coupons of the county, any taxing district, or of the municipality, as the case may be, which have matured more than twelve (12) months before the close of the last fiscal year and which have not been paid; and if it shall appear that funds for the payment of such bonds and coupons have been forwarded to the paying agent and have not been used for the purpose of paying such bonds and coupons, it shall be the duty of the clerk of the board of supervisors, or the municipal clerk, as the case may be, to make demand upon the paying agent for the repayment of said funds into the county depository or municipal depository, as the case may be, within thirty (30) days from the date of such demand.
In the event such paying agent shall fail to refund into the state treasury, the county depository, or municipal depository, as the case may be, such unexpended balance or balances as provided for in sections
31-17-57
and
31-17-59
, it shall be the duty of the attorney general on behalf of the state, or the board of supervisors or municipal authorities on behalf of the county or municipality, as the case may be, to cause suit to be instituted for the recovery of such funds.
Codes, 1942, § 4379; Laws, 1938, ch. 134.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › RETIREMENT OF BONDS (§§ 31-17-21 — 31-17-61) › Section 31-17-61 - State bonds; destruction of paid and cancelled bonds and coupons

The State of Mississippi, acting by resolution of the State Bond Commission or any political subdivision thereof acting by resolution of its governing body, may authorize and direct the paying agent or agents for each issue of its bonds and coupons to destroy all bonds and coupons duly paid and cancelled, and may accept in lieu thereof their certificate containing a description of such bonds and coupons so destroyed as proof of such destruction. Such bonds and coupons duly paid and cancelled may be destroyed not earlier than one (1) year after the date upon which such bonds and coupons are surrendered for payment, and only after the resolution of the State Bond Commission or the political subdivision's governing body authorizing the destruction thereof has been delivered to the paying agent or agents of the respective bond issues.
Laws, 1982, ch. 376, § 3 (2nd Para.); Laws, 1985, ch. 429, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › FISCAL ADVISOR AND FISCAL ADVISORY COUNCIL [REPEALED] (§§ 31-17-71 — 31-17-73) › Section 31-17-71 - Repealed

En Laws, 1978, ch. 478, § 4.
Repealed by Laws 1985, ch. 469, § 5, eff. 4/4/1985.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › FISCAL ADVISOR AND FISCAL ADVISORY COUNCIL [REPEALED] (§§ 31-17-71 — 31-17-73) › Section 31-17-73 - Repealed

En Laws, 1978, ch. 478, § 5.
Repealed by Laws 1984, ch. 488, § 339, eff. 7/1/1984.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › HIGHWAY FUNDING (§§ 31-17-75 — 31-17-77) › Section 31-17-75 - Legislative intent regarding highway funding

The intent of the Legislature is for the structuring of maturity schedules and escrow accounts which will allow the greatest amount of revenues to be used for current construction of highways, while retaining a sound program of retiring the refunding bonds in an economically feasible manner. It is the further intent that all funds available under any of the provisions of Chapter 478, Laws of 1978, shall be invested at all times when not needed to pay the expenses authorized under the provisions of Chapter 478, Laws of 1978, and to pay the principal of and the interest on any bonds payable under the provisions of Chapter 478, Laws of 1978, as they become due.
Laws, 1978, ch. 476, § 6, eff. 4/6/1978.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › HIGHWAY FUNDING (§§ 31-17-75 — 31-17-77) › Section 31-17-77 - Restrictions on payment of implementation costs

None of the costs involved in the implementation of the provisions of Chapter 478, Laws of 1978, shall be paid to any member or employee of the executive or legislative department of the State of Mississippi, either directly or indirectly, or to any firm, association, or corporation in which any member or employee of the executive or legislative department has a pecuniary interest; provided, however, commissions paid to banks and licensed securities dealers in the usual and ordinary course of business shall not be considered cost for the purposes of this section; provided, further, any such state employee or official may be reimbursed for his actual expenses. Any person, firm, association or corporation making or receiving such payments in violation of the provisions of this section shall be liable to the State of Mississippi for triple the amount of such payments.
The provisions of this section shall also apply to any person who was a member or employee of the executive or legislative department of the State of Mississippi on April 6, 1978.
Laws, 1978, ch. 478, § 7, eff. 4/6/1978.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-101 - State Bond Commission; members; delegation of powers and duties; adoption of rules

There is hereby created a commission to be known as as the "State Bond Commission" (hereinafter referred to as the "commission"), which shall consist of the Governor, Attorney General and Treasurer of the State of Mississippi. The Governor shall act as chairman of the commission, the Attorney General shall act as secretary of the commission, and the State Treasurer shall be treasurer of the commission. The successive incumbents in the offices of Governor, Attorney General and State Treasurer shall succeed their predecessors as members of the commission upon assumption of their duties and the completion of their oaths of office. The powers of the commission shall be vested in and exercised by a majority of the members of the commission. The commission may delegate to one or more of its members, or to its officers, agents and employees, such powers and duties as it may deem proper, and may adopt rules for the conduct of its business.
Laws, 1966, ch. 557 § 1; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-107 - Full faith and credit of state pledged on notes

For the prompt payment of said notes at maturity, both principal and interest, the full faith, credit and resources of the State of Mississippi are hereby irrevocably pledged.
Laws, 1966, ch. 557 § 4; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-109 - Sale of notes

The notes herein authorized shall be sold from time to time by the commission as the needs for the proceeds thereof may arise, which sale shall be made on such terms and in such manner as may be deemed by the commission to be to the best interest of the State of Mississippi, except as herein otherwise provided.
Laws, 1966, ch. 557 § 5; Laws, 1979, ch. 446, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-111 - Commission to fix terms and details of notes and provide for issuance

The commission in providing for the issuance of the notes herein authorized shall have full discretion (consistent with the provisions of Section
31-17-103
hereof) in fixing the terms and details thereof, and may provide for the issuance of said notes in such form, executed in such manner and payable at such place or places, and containing such terms, covenants and provisions as said commission may, by resolution or resolutions, provide.
Laws, 1966, ch. 557, § 6; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-113 - Use of proceeds limited to purposes provided

The proceeds of the sale of the notes herein authorized shall be paid into the state treasury and used for the purpose herein provided, and for no other purposes.
Laws, 1966, ch. 557 § 7; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-115 - Issuance of interim certificates in anticipation of notes; supplemental powers conferred in issuance of bonds

In anticipation of the issuance of the notes herein authorized, the commission may authorize and issue interim certificates payable to bearer or to the purchaser of the notes. Such interim certificates may be in such form and may contain such terms, conditions or provisions and such agreement or agreements relating to their discharge, through the delivery of the notes, as the commission may by resolution or resolutions determine.
Notwithstanding the foregoing provisions of this section, bonds referred to hereinabove may be issued pursuant to the supplemental powers and authorizations conferred by the provisions of the Registered Bond Act, being Sections
31-21-1
through
31-21-7
.
Laws, 1966, ch. 557 § 8; Laws, 1979, ch. 466, § 1; Laws, 1983, ch. 494, § 12, eff. 4/11/1983.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-117 - Notes and interim certificates to be fully negotiable

All notes and interim certificates, issued pursuant to the provisions of Sections
31-17-101
through
31-17-123
, shall be fully negotiable within the meaning and for all purposes of the Uniform Commercial Code as said law is now or may hereafter be in force in the State of Mississippi.
Laws, 1966, ch. 557 § 9; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-119 - Taxation of notes, interest and income

All notes issued hereunder and all interest thereon and income therefrom shall be exempt from all taxation except gift, transfer and inheritance taxes.
Laws, 1966, ch. 557, § 10; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-121 - State treasurer to keep records of notes issued

The State Treasurer shall keep a record in his office of the issuance of the notes herein authorized and shall execute a certificate to that effect on the back of each note, which certificate may be signed by either the original or the facsimile signature of the State Treasurer. The State Treasurer shall also keep proper records relating to the sale and issuance of notes hereunder and the amounts received therefor and paid into the treasury for the purposes herein provided.
Laws, 1966, ch. 557, § 11; Laws, 1979, ch. 466, § 1, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › STATE BOND COMMISSION; NOTES TO MAINTAIN WORKING BALANCE IN GENERAL FUND (§§ 31-17-101 — 31-17-127) › Section 31-17-125 - Authority to borrow money and funds

This chapter, without reference to any other statute, shall be deemed to be full and complete authority for the borrowing of money and funds in the manner and for the purposes authorized hereunder, and none of the restrictions, requirements, conditions or limitations of law applicable to the issuance or sale of notes or other evidences of indebtedness or the making of any arrangements authorized hereunder shall apply and all powers necessary to be exercised in order to carry out the provision of this chapter are hereby conferred.
Laws, 1982, ch. 334, § 3, eff. 3/11/1982.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-151 - Definitions

As used in Sections
31-17-151
through
31-17-181
, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a)
"Notes" shall mean notes, replacement notes, refunding notes or similar evidence of indebtedness.
(b)
"State-supported debt" shall mean any bonds or other evidence of indebtedness, including bonds to be issued to fund reserve funds and costs of issuance, as previously or hereinafter authorized, from time to time, to be issued by the state for which the state is or will be constitutionally obligated to pay debt service or is or will be contractually obligated to pay debt service subject to an appropriation; however, this definition shall not apply to debt issued by the Mississippi Development Bank or similar state agencies or authorities.
(c)
"State" shall mean the State of Mississippi.
(d)
"Commission" shall mean the State Bond Commission of the state.
Laws, 2004, 3rd Ex Sess, ch. 1, § 170, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-153 - State Bond Commission authorized to make temporary borrowings in anticipation of issuance of state-supported debt

Pending the issuance of any state-supported debt, the commission is hereby authorized in accordance with the provisions of Sections
31-17-151
through
31-17-181
and on the credit of the state, to make temporary borrowings, from time to time, in anticipation of the issuance of state-supported debt in order to provide funds in such amounts as may, from time to time, be deemed advisable prior to the issuance of state-supported debt. In order to provide for and in connection with such temporary borrowings, the commission is hereby authorized in the name and on behalf of the state, to enter into agreements, which agreements may contain such provisions not inconsistent with the provisions of Sections
31-17-151
through
31-17-181
, with any banks, trust companies, investment banking firms or other institutions or persons in the United States of America having the power to enter the same:
(a)
To purchase or underwrite an issue or series of issues of notes.
(b)
To enter into any purchase, loan, line of credit, credit or similar agreements, and to draw monies, from time to time, pursuant to any such agreements on the terms and conditions set forth therein and to issue notes as evidence of borrowings made under any such agreements.
Such agreements may provide for the compensation of any purchasers or underwriters of such notes by payment of a fee or commission, and for all other costs and expenses, including fees for agreements related to the sale and issuance of notes. All costs and expenses of sale and issuance of notes may be paid from the proceeds of the notes or from any other lawfully available source of monies.
Laws, 2004, 3rd Ex Sess, ch. 1, § 171, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-155 - Temporary borrowings to be evidenced by notes; security

All temporary borrowings made under Sections
31-17-151
through
31-17-181
shall be evidenced by notes of the state which shall be sold and issued, from time to time, at competitive or negotiated sale, for such amounts not exceeding in the aggregate the applicable statutory and constitutional debt limitation in connection with the related state-supported debt, in such form and in such denominations and subject to terms and conditions of sale and issuance, prepayment or redemption and maturity, variable and/or fixed rate or rates of interest, time of payment of interest and other applicable provisions as the commission shall authorize and direct and in accordance with Sections
31-17-151
through
31-17-181
. All notes issued pursuant to Sections
31-17-151
through
31-17-181
may be secured by a pledge of:
(a)
the same source of security as the related state-supported debt, or
(b)
such other security as the state may lawfully pledge, or both, all as provided by resolution of the commission. Notwithstanding any other provision of law to the contrary, notes may be issued for any otherwise authorized state-supported debt. Except as otherwise provided in Sections
31-17-151
through
31-17-181
or when in conflict with the provisions of Sections
31-17-151
through
31-17-181
, such notes shall be subject to the terms and provisions of the legislation authorizing the issuance of such state-supported debt.
Laws, 2004, 3rd Ex Sess, ch. 1, § 172, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-157 - Issuance of replacement notes

The commission is authorized to provide for the subsequent issuance of replacement notes to refund, upon issuance thereof, such notes, and may specify such other terms and conditions with respect to the replacement notes thereby authorized for issuance as the commission may determine and direct.
Laws, 2004, 3rd Ex Sess, ch. 1, § 173, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-159 - Payment of principal and interest

The State Treasurer shall perform all acts and things necessary to pay or cause to be paid, when due, all principal of and interest on the notes and to assure that the same may draw upon any monies available for that purpose pursuant to any purchase, loan, line of credit, credit or similar agreements established with respect thereto, all subject to the authorization and direction of the commission.
Laws, 2004, 3rd Ex Sess, ch. 1, § 174, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-161 - Funding and retirement of temporary borrowings

Outstanding notes evidencing such temporary borrowings shall be funded and retired by the issuance and sale of state-supported debt, from time to time, as determined by the commission and must be sold and issued not later than a date four (4) years after the date of issuance of the first notes evidencing such temporary borrowings to the extent that payment of such notes has not otherwise been made or provided for by sources other than proceeds of replacement notes.
Laws, 2004, 3rd Ex Sess, ch. 1, § 175, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-163 - Proceeds of temporary borrowings paid to State Treasurer

The proceeds of all such temporary borrowings shall be paid to the State Treasurer to be held and disposed of in accordance with such laws of the state authorizing the sale and issuance of the related state-supported debt.
Laws, 2004, 3rd Ex Sess, ch. 1, § 176, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-165 - Powers and authority of commission

The commission is hereby authorized to do such other acts and enter into such other agreements as may be needed or be appropriate in connection with the sale, issuance and payment of the notes and any program developed by the commission in relation thereto.
Laws, 2004, 3rd Ex Sess, ch. 1, § 177, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-167 - Purpose of Sections 31-17-151 through 31-17-181

The purpose of Sections
31-17-151
through
31-17-181
is to provide full and complete authority for the state, acting by and through the commission, for such temporary borrowings. No procedure or proceedings, publications, notices, consents, limitations, approvals, orders, acts or things, other than those required by Sections
31-17-151
through
31-17-181
, shall be required for such temporary borrowings or to do any act or perform anything under Sections
31-17-151
through
31-17-181
except as otherwise may be prescribed in Sections
31-17-151
through
31-17-181
. The powers conferred by Sections
31-17-151
through
31-17-181
shall be in addition and supplemental to, and not in substitution for, and the limitations imposed by Sections
31-17-151
through
31-17-181
shall not affect the powers conferred by any other law. Sections
31-17-151
through
31-17-181
are remedial in nature and shall be liberally construed.
Laws, 2004, 3rd Ex Sess, ch. 1, § 178, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-169 - Full and complete authority for all temporary borrowings

This section and other applicable provisions of Sections
31-17-151
through
31-17-181
, without reference to any other statute, shall be deemed full and complete authority for all such temporary borrowings by the state, and shall be construed as an additional and alternative method therefor.
Laws, 2004, 3rd Ex Sess, ch. 1, § 179, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-171 - Nothing in Sections 31-17-151 through 31-17-181 to be construed as applicable to obligations other than those that are state-supported

Nothing in Sections
31-17-151
through
31-17-181
shall be construed as to apply to or limit any debt obligation or related instrument of the state or any other issuers except those obligations or instruments which are or relate to state-supported debt.
Laws, 2004, 3rd Ex Sess, ch. 1, § 180, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-173 - Sections 31-17-151 through 31-17-181 deemed to be full and complete authority for exercise of powers granted therein

Sections
31-17-151
through
31-17-181
shall be deemed to be full and complete authority for the exercise of the powers herein granted, but Sections
31-17-151
through
31-17-181
shall not be deemed to repeal or to be in derogation of any existing law of the state.
Laws, 2004, 3rd Ex Sess, ch. 1, § 181, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-175 - Notes to be fully negotiable and shall be "securities" within the meaning of the Uniform Commercial Code

All notes sold and issued under Sections
31-17-151
through
31-17-181
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 notes pertaining to registration. It shall not be necessary to file financing statements or continuation statements to protect the lien and pledge granted by the state to the holders of any notes issued under Sections
31-17-151
through
31-17-181
.
Laws, 2004, 3rd Ex Sess, ch. 1, § 182, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-177 - Notes and income therefrom exempt from state taxation

All notes sold and issued under the provisions of Sections
31-17-151
through
31-17-181
and income therefrom shall be exempt from all taxation in the State of Mississippi.
Laws, 2004, 3rd Ex Sess, ch. 1, § 183, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-179 - Severability

If any one or more sections, clauses, sentences or parts of Sections
31-17-151
through
31-17-181
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 Sections
31-17-151
through
31-17-181
, but shall be confined in its operations to the specific provisions so held invalid, and inapplicability or invalidity of any such section, clause, sentence or part shall not be taken to affect or prejudice in any way the remaining part or parts of Sections
31-17-151
through
31-17-181
.
Laws, 2004, 3rd Ex Sess, ch. 1, § 184, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 17 - STATE BONDS; RETIREMENT OF BONDS (§§ 31-17-1 — 31-17-181) › TEMPORARY BORROWINGS IN ANTICIPATION OF ISSUANCE OF STATE-SUPPORTED DEBT (§§ 31-17-151 — 31-17-181) › Section 31-17-181 - Validation of notes

Any notes sold and issued under the provisions of Sections
31-17-151
through
31-17-181
may, in the discretion of the commission, 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 now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of municipal bonds.
Laws, 2004, 3rd Ex Sess, ch. 1, § 185, eff. November 24, 2004.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-1 - Definitions

As used in this chapter, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a)
"Variable rate bonds" shall mean state-supported debt which bears interest at a rate or rates which vary from time to time and shall include variable rate refunding bonds.
(b)
"Interest rate exchange or similar agreement" shall mean a written contract entered into by the state with a counterparty in connection with state-supported debt to provide for an exchange of payments based upon fixed and/or variable rates, shall include interest rates, caps, collars, floors and similar agreements and options on each of the foregoing, and shall be for exchanges in currency of the United States of America only with such terms determined by the commission to be in the financial best interest of the state.
(c)
"State-supported debt" shall mean any bonds or notes, including bonds or notes issued to fund reserve funds and costs of issuance and refunding bonds or refunding notes, currently outstanding or authorized to be issued by the state for which the state is or will be constitutionally obligated to pay debt service or is or will be contractually obligated to pay debt service subject to an appropriation; however, this definition shall not apply to debt issued by the Mississippi Development Bank or similar state agencies or authorities.
(d)
"Counterparty" shall mean the provider of or other party to an interest rate exchange or similar agreement.
(e)
"State" shall mean the State of Mississippi.
(f)
"Commission" shall mean the State Bond Commission of the state.
(g)
"Variable rate debt instruments" shall mean variable rate bonds, variable rate refunding bonds and interest rate exchange or similar agreements which result in the state effectively paying interest at a rate or rates which vary from time to time.
(h)
"Excluded agreements" shall mean the total notional amount of interest rate exchange or similar agreements entered into for the purpose of reducing, reversing or unwinding another interest rate exchange or similar agreement or eliminating a situation of risk or exposure under an existing interest rate exchange or similar agreement, including, but not limited to, a counterparty downgrade, default, or other actual or potential economic loss.
Laws, 2003, ch. 522, § 52 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-3 - Purpose

The purpose of this chapter is to provide full and complete authority for the state, acting by and through the commission, to issue or enter into variable rate debt instruments. No procedure or proceedings, publications, notices, consents, limitations, approvals, orders, acts or things, other than those required by this chapter, shall be required to issue or enter into any variable rate debt instruments or to do any act or perform anything under this chapter except as otherwise may be prescribed in this chapter. 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. This chapter is remedial in nature and shall be liberally construed.
Laws, 2003, ch. 522, § 53 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-5 - State supported debt issued as variable rate bond

(1)
Notwithstanding any other provision of law to the contrary, any otherwise authorized state-supported debt may be issued as variable rate bonds. Except as otherwise provided in this chapter or when in conflict with the provisions in this chapter, such variable rate bonds shall be subject to the terms and provisions of the legislation authorizing the issuance of such state-supported debt.
(2)
Variable rate bonds issued by the state pursuant to the provisions of subsection (1) of this section or Section
31-18-7
shall be issued pursuant to an authorizing resolution of the commission. Such variable rate bonds may be issued in one or more series, may bear such date or dates, may bear interest at such rate or rates, varying from time to time, not to exceed that allowed by law for the class of bonds being issued, may be in such denominations, may be subject to such terms of redemption (with or without premium) may be sold at private sale with a competitive element (which sale shall be on such terms and in such manner as the commission shall determine) and may contain such other terms and covenants (including, without limitation, covenants for the security and better marketability of such variable rate bonds), as may be provided by resolution of the commission. Pursuant to the provisions of this chapter, the commission may enter into such agreements as may be necessary in connection with the issuance of such variable rate bonds.
Laws, 2003, ch. 522, § 54 eff. 4/19/2003.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-7 - Issuance of variable rate refunding bonds by the state

(1)
This section and other applicable provisions of this chapter, without reference to any other statute, shall be deemed full and complete authority for the issuance of variable rate refunding bonds by the state, and shall be construed as an additional and alternative method therefor.
(2)
The state, acting by and through the commission, may refund outstanding bonds through the issuance of variable rate refunding bonds. Any such refunding may be effected whether or not the bonds to be refunded shall have then matured or shall thereafter mature.
(3)
Variable rate refunding bonds issued pursuant to this chapter 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 state may lawfully pledge, or both; all as may be provided by resolution of the commission.
Laws, 2003, ch. 522, § 55 eff. 4/19/2003.
Amended by Laws, 2019, ch. 476, SB 2604,§ 1, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 31 - PUBLIC BUSINESS, BONDS AND OBLIGATIONS (§§ 31-1-1 — 31-31-41) › Chapter 18 - VARIABLE RATE DEBT INSTRUMENTS (§§ 31-18-1 — 31-18-23) › Section 31-18-9 - Commission's power of state-supported debt

In connection with state-supported debt, the commission shall have the power to:
(a)
Enter into interest rate exchange or similar agreements with any person under such terms and conditions as the commission may determine, including, but not limited to, provisions as to default or early termination;
(b)
Procure insurance, letters of credit or other credit enhancement with respect to agreements described in paragraph (a) of this section;
(c)
Provide security for the payment or performance of its obligations with respect to agreements described in paragraph (a) of this section from such sources and with the same effect as is authorized by applicable law with respect to security for its bonds, notes or other obligations; however, any payment or performance of obligations with respect to agreements described in paragraph (a) of this section in connection with debt obligations which carry the full faith and credit of the state shall be subject to appropriation;
(d)
Modify, amend, or replace, such agreements described in paragraph (a) of this section; and
(e)
Because of the complexity of agreements described in paragraph (a) of this section, the commission may solicit the provision of such agreements on a competitive or negotiated basis with a competitive element included.
Laws, 2003, ch. 522, § 56 eff. 4/19/2003.