Bonds; authorize issuance for various purposes.

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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Lamar

HOUSE BILL NO. 4067

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS FOR THE PURPOSE OF MAKING CAPITAL IMPROVEMENTS FOR STATE 2
INSTITUTIONS OF HIGHER LEARNING, COMMUNITY AND JUNIOR COLLEGES AND 3
STATE AGENCIES; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL 4
OBLIGATION BONDS TO PROVIDE FUNDS FOR THE SMALL MUNICIPALITIES AND 5
LIMITED POPULATION COUNTIES GRANT FUND; TO AMEND SECTION 57-1-18, 6
MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO AUTHORIZE THE 7
ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR 8
THE MISSISSIPPI SITE DEVELOPMENT GRANT FUND; TO AMEND SECTION 9
57-1-701, MISSISSIPPI CODE OF 1972, IN CONFORMITY THERETO; TO 10
AMEND SECTION 57-61-25, MISSISSIPPI CODE OF 1972, TO INCREASE THE 11
AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE 12
MISSISSIPPI BUSINESS INVESTMENT ACT; TO AMEND SECTION 57-61-36, 13
MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF BOND PROCEEDS 14
THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE 15
MISSISSIPPI BUSINESS INVESTMENT ACT TO MAKE GRANTS OR LOANS TO 16
MUNICIPALITIES THROUGH AN EQUIPMENT AND PUBLIC FACILITIES GRANT 17
AND LOAN FUND TO AID IN INFRASTRUCTURE-RELATED IMPROVEMENTS, THE 18
PURCHASE OF EQUIPMENT AND IN THE PURCHASE, CONSTRUCTION OR REPAIR 19
AND RENOVATION OF PUBLIC FACILITIES; TO AMEND SECTION 57-61-41, 20
MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF BOND PROCEEDS 21
THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY MAY UTILIZE UNDER THE 22
MISSISSIPPI BUSINESS INVESTMENT ACT TO MAKE LOANS TO COUNTIES, 23
MUNICIPALITIES, OR STATE, COUNTY OR MUNICIPAL PORT AND AIRPORT 24
AUTHORITIES THROUGH A PORT, AIRPORT AND RAIL REVITALIZATION 25
REVOLVING LOAN FUND FOR THE IMPROVEMENT OF PORT AND AIRPORT 26
FACILITIES, OR FOR PUBLICLY OWNED FREIGHT RAIL SERVICE PROJECTS, 27
TO PROMOTE COMMERCE AND ECONOMIC GROWTH; TO AMEND SECTION 28
57-75-15, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF 29
GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE MISSISSIPPI 30
MAJOR ECONOMIC IMPACT ACT FOR PROJECTS DESIGNED TO ENHANCE 31
FACILITIES THAT ARE AT RISK FOR CLOSURE PURSUANT TO THE DEFENSE 32
BASE CLOSURE AND REALIGNMENT ACT OF 1990 OR OTHER APPLICABLE 33
FEDERAL LAW; TO AMEND SECTION 25, CHAPTER 533, LAWS OF 2010, AS 34
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LAST AMENDED BY SECTION 8, CHAPTER 503, LAWS OF 2025, TO INCREASE 35
BY $1,000,000.00 THE AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY 36
BE ISSUED FOR THE MISSISSIPPI INDUSTRY INCENTIVE FINANCING 37
REVOLVING FUND; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL 38
OBLIGATION BONDS TO PROVIDE FUNDS FOR THE MISSISSIPPI ENERGY 39
INFRASTRUCTURE FUND CREATED IN HOUSE BILL NO. 1393, 2026 REGULAR 40
SESSION; TO BRING FORWARD SECTION 27-7-22.41, MISSISSIPPI CODE OF 41
1972, WHICH PROVIDES AN INCOME TAX CREDIT, INSURANCE PREMIUM TAX 42
CREDIT AND AD VALOREM TAX CREDIT FOR CONTRIBUTIONS MADE BY CERTAIN 43
TAXPAYERS TO CERTAIN ELIGIBLE CHARITABLE ORGANIZATIONS, FOR THE 44
PURPOSES OF POSSIBLE AMENDMENT; TO BRING FORWARD SECTION 45
27-65-111, MISSISSIPPI CODE OF 1972, WHICH PROVIDES VARIOUS SALES 46
TAX EXEMPTIONS, FOR THE PURPOSES OF POSSIBLE AMENDMENT; AND FOR 47
RELATED PURPOSES. 48
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 49
SECTION 1. (1) The provisions of this section shall apply 50
to every section of this act that relates to the issuance of bonds 51
unless otherwise provided in this act. 52
(2) As used in this act, the following words shall have the 53
meanings ascribed herein unless the context clearly requires 54
otherwise: 55
(a) "State" means the State of Mississippi. 56
(b) "Commission" means the State Bond Commission. 57
(3) The principal of and interest on the bonds authorized 58
under this act shall be payable in the manner provided in this 59
subsection. Such bonds shall bear such date or dates, be in such 60
denomination or denominations, bear interest at such rate or rates 61
(not to exceed the limits set forth in Section 75-17-101, 62
Mississippi Code of 1972), be payable at such place or places 63
within or without the State of Mississippi, shall mature 64
absolutely at such time or times not to exceed twenty-five (25) 65
years from date of issue, be redeemable before maturity at such 66
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time or times and upon such terms, with or without premium, shall 67
bear such registration privileges, and shall be substantially in 68
such form, all as shall be determined by resolution of the 69
commission. 70
(4) The bonds authorized by this act shall be signed by the 71
chairman of the commission, or by his facsimile signature, and the 72
official seal of the commission shall be affixed thereto, attested 73
by the secretary of the commission. The interest coupons, if any, 74
to be attached to such bonds may be executed by the facsimile 75
signatures of such officers. Whenever any such bonds shall have 76
been signed by the officials designated to sign the bonds who were 77
in office at the time of such signing but who may have ceased to 78
be such officers before the sale and delivery of such bonds, or 79
who may not have been in office on the date such bonds may bear, 80
the signatures of such officers upon such bonds and coupons shall 81
nevertheless be valid and sufficient for all purposes and have the 82
same effect as if the person so officially signing such bonds had 83
remained in office until their delivery to the purchaser, or had 84
been in office on the date such bonds may bear. However, 85
notwithstanding anything herein to the contrary, such bonds may be 86
issued as provided in the Registered Bond Act of the State of 87
Mississippi. 88
(5) All bonds and interest coupons issued under the 89
provisions of this act have all the qualities and incidents of 90
negotiable instruments under the provisions of the Uniform 91
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Commercial Code, and in exercising the powers granted by this act, 92
the commission shall not be required to and need not comply with 93
the provisions of the Uniform Commercial Code. 94
(6) The commission shall act as issuing agent for the bonds 95
authorized under this act, prescribe the form of the bonds, 96
determine the appropriate method for sale of the bonds, advertise 97
for and accept bids or negotiate the sale of the bonds, issue and 98
sell the bonds so authorized to be sold, pay all fees and costs 99
incurred in such issuance and sale, and do any and all other 100
things necessary and advisable in connection with the issuance and 101
sale of such bonds. The commission is authorized and empowered to 102
pay the costs that are incident to the sale, issuance and delivery 103
of the bonds authorized under this act from the proceeds derived 104
from the sale of such bonds. The commission may sell such bonds 105
on sealed bids at public sale or may negotiate the sale of the 106
bonds for such price as it may determine to be for the best 107
interest of the State of Mississippi. All interest accruing on 108
such bonds so issued shall be payable semiannually or annually. 109
If such bonds are sold by sealed bids at public sale, notice 110
of the sale shall be published at least one time, not less than 111
ten (10) days before the date of sale, and shall be so published 112
in one or more newspapers published or having a general 113
circulation in the City of Jackson, Mississippi, selected by the 114
commission. 115
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The commission, when issuing any bonds under the authority of 116
this act, may provide that bonds, at the option of the State of 117
Mississippi, may be called in for payment and redemption at the 118
call price named therein and accrued interest on such date or 119
dates named therein. 120
(7) The bonds issued under the provisions of this act are 121
general obligations of the State of Mississippi, and for the 122
payment thereof the full faith and credit of the State of 123
Mississippi is irrevocably pledged. If the funds appropriated by 124
the Legislature are insufficient to pay the principal of and the 125
interest on such bonds as they become due, then the deficiency 126
shall be paid by the State Treasurer from any funds in the State 127
Treasury not otherwise appropriated. All such bonds shall contain 128
recitals on their faces substantially covering the provisions of 129
this subsection. 130
(8) Upon the issuance and sale of bonds under the provisions 131
of this act, the commission shall transfer the proceeds of any 132
such sale or sales to the special fund created in subsection (1) 133
of the applicable section of this act. The proceeds of such bonds 134
shall be disbursed from the special fund under such restrictions, 135
if any, as may be contained in the resolution providing for the 136
issuance of the bonds. 137
(9) The bonds authorized under this act may be issued 138
without any other proceedings or the happening of any other 139
conditions or things other than those proceedings, conditions and 140
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things which are specified or required by this act. Any 141
resolution providing for the issuance of bonds under the 142
provisions of this act shall become effective immediately upon its 143
adoption by the commission, and any such resolution may be adopted 144
at any regular or special meeting of the commission by a majority 145
of its members. 146
(10) The bonds authorized under the authority of this act 147
may be validated in the Chancery Court of the First Judicial 148
District of Hinds County, Mississippi, in the manner and with the 149
force and effect provided by Title 31, Chapter 13, Mississippi 150
Code of 1972, for the validation of county, municipal, school 151
district and other bonds. The notice to taxpayers required by 152
such statutes shall be published in a newspaper published or 153
having a general circulation in the City of Jackson, Mississippi. 154
(11) Any holder of bonds issued under the provisions of this 155
act or of any of the interest coupons pertaining thereto may, 156
either at law or in equity, by suit, action, mandamus or other 157
proceeding, protect and enforce any and all rights granted under 158
this act, or under such resolution, and may enforce and compel 159
performance of all duties required by this act to be performed, in 160
order to provide for the payment of bonds and interest thereon. 161
(12) All bonds issued under the provisions of this act shall 162
be legal investments for trustees and other fiduciaries, and for 163
savings banks, trust companies and insurance companies organized 164
under the laws of the State of Mississippi, and such bonds shall 165
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be legal securities which may be deposited with and shall be 166
received by all public officers and bodies of this state and all 167
municipalities and political subdivisions for the purpose of 168
securing the deposit of public funds. 169
(13) Bonds issued under the provisions of this act and 170
income therefrom shall be exempt from all taxation in the State of 171
Mississippi. 172
(14) The proceeds of the bonds issued under this act shall 173
be used solely for the purposes herein provided, including the 174
costs incident to the issuance and sale of such bonds. 175
(15) The State Treasurer is authorized, without further 176
process of law, to certify to the Department of Finance and 177
Administration the necessity for warrants, and the Department of 178
Finance and Administration is authorized and directed to issue 179
such warrants, in such amounts as may be necessary to pay when due 180
the principal of, premium, if any, and interest on, or the 181
accreted value of, all bonds issued under this act; and the State 182
Treasurer shall forward the necessary amount to the designated 183
place or places of payment of such bonds in ample time to 184
discharge such bonds, or the interest thereon, on the due dates 185
thereof. As used in this section, the "accreted value" of any 186
bond means, as of any date of computation, an amount equal to the 187
sum of (a) the stated initial value of such bond, plus (b) the 188
interest accrued thereon from the issue date to the date of 189
computation at the rate, compounded semiannually, that is 190
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necessary to produce the approximate yield to maturity shown for 191
bonds of the same maturity. 192
(16) This act shall be deemed to be full and complete 193
authority for the exercise of the powers granted in this act that 194
relate to the issuance of bonds, but this act shall not be deemed 195
to repeal or to be in derogation of any existing law of this state 196
that relates to the issuance of bonds. 197
SECTION 2. (1) (a) (i) A special fund, to be designated 198
as the "2026 IHL Capital Improvements Fund", is created within the 199
State Treasury. The fund shall be maintained by the State 200
Treasurer as a separate and special fund, separate and apart from 201
the General Fund of the state. Unexpended amounts remaining in 202
the fund at the end of a fiscal year shall not lapse into the 203
State General Fund, and any interest earned or investment earnings 204
on amounts in the fund shall be deposited into such fund. 205
(ii) Monies deposited into the fund shall be 206
disbursed, in the discretion of the Department of Finance and 207
Administration, with the approval of the Board of Trustees of 208
State Institutions of Higher Learning on those projects related to 209
the universities under its management and control to pay the costs 210
of capital improvements, renovation and/or repair of existing 211
facilities, furnishings and/or equipping facilities for public 212
facilities as hereinafter described: 213
NAME PROJECT ALLOCATED 214
Alcorn State University..............................$1,000,000.00 215
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Repair, renovation, 216
and upgrading of 217
campus buildings 218
and facilities.................$ 1,000,000.00 219
Alcorn State University/Division of 220
Agriculture........................................$ 1,000,000.00 221
Repair, renovation, 222
and upgrading of 223
campus buildings 224
and facilities.................$ 1,000,000.00 225
Delta State University..............................$ 1,000,000.00 226
Repair, renovation, 227
and upgrading of 228
campus buildings 229
and facilities.................$ 1,000,000.00 230
Jackson State University............................$ 1,000,000.00 231
Repair, renovation, 232
and upgrading of 233
campus buildings 234
and facilities.................$ 1,000,000.00 235
Mississippi State University........................$ 1,000,000.00 236
Repair, renovation, 237
and upgrading of 238
campus buildings 239
and facilities.................$ 1,000,000.00 240
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Mississippi State University/Division of 241
Agriculture, Forestry and Veterinary Medicine......$ 1,000,000.00 242
Repair, renovation, 243
and upgrading of 244
campus buildings 245
and facilities.................$ 1,000,000.00 246
Mississippi University for Women....................$ 1,000,000.00 247
Repair, renovation, 248
and upgrading of 249
campus buildings 250
and facilities.................$ 1,000,000.00 251
Mississippi Valley State University.................$ 1,000,000.00 252
Repair, renovation, 253
and upgrading of 254
campus buildings 255
and facilities.................$ 1,000,000.00 256
University of Mississippi...........................$ 1,000,000.00 257
Repair, renovation, 258
and upgrading of 259
campus buildings 260
and facilities.................$ 1,000,000.00 261
University of Mississippi Medical Center............$ 1,000,000.00 262
Repair, renovation, 263
and upgrading of 264
campus buildings 265
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and facilities.................$ 1,000,000.00 266
University of Southern Mississippi..................$ 1,000,000.00 267
Repair, renovation, 268
and upgrading of 269
campus buildings 270
and facilities.................$ 1,000,000.00 271
University of Southern Mississippi/Gulf 272
Coast Campuses......................................$ 1,000,000.00 273
Repair, renovation, 274
and upgrading of 275
campus buildings 276
and facilities at 277
the Gulf Coast 278
Research Laboratory, 279
the Gulf Park Campus, 280
and the John C. Stennis 281
Space Center...................$ 1,000,000.00 282
IHL Education and Research Center..................$ 1,000,000.00 283
Repair, renovation, 284
and upgrading of 285
campus buildings 286
and facilities.................$ 1,000,000.00 287
TOTAL...............................................$13,000,000.00 288
(b) (i) Amounts deposited into such special fund shall 289
be disbursed to pay the costs of projects described in paragraph 290
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(a) of this subsection. If any monies in such special fund are 291
not used within four (4) years after the date the proceeds of the 292
bonds authorized under this section are deposited into the special 293
fund, then the institution of higher learning for which any unused 294
monies are allocated under paragraph (a) of this subsection shall 295
provide an accounting of such unused monies to the commission. 296
Promptly after the commission has certified, by resolution duly 297
adopted, that the projects described in paragraph (a) of this 298
subsection shall have been completed, abandoned, or cannot be 299
completed in a timely fashion, any amounts remaining in such 300
special fund shall be applied to pay debt service on the bonds 301
issued under this section, in accordance with the proceedings 302
authorizing the issuance of such bonds and as directed by the 303
commission. 304
(ii) Monies in the special fund may be used to 305
reimburse reasonable actual and necessary costs incurred by the 306
Department of Finance and Administration, acting through the 307
Bureau of Building, Grounds and Real Property Management, in 308
administering or providing assistance directly related to a 309
project described in paragraph (a) of this subsection. An 310
accounting of actual costs incurred for which reimbursement is 311
sought shall be maintained for each project by the Department of 312
Finance and Administration, Bureau of Building, Grounds and Real 313
Property Management. Reimbursement of reasonable actual and 314
necessary costs for a project shall not exceed two percent (2%) of 315
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the proceeds of bonds issued for such project. Monies authorized 316
for a particular project may not be used to reimburse 317
administrative costs for unrelated projects. 318
(c) The Department of Finance and Administration, 319
acting through the Bureau of Building, Grounds and Real Property 320
Management, is expressly authorized and empowered to receive and 321
expend any local or other source funds in connection with the 322
expenditure of funds provided for in this subsection. The 323
expenditure of monies deposited into the special fund shall be 324
under the direction of the Department of Finance and 325
Administration, and such funds shall be paid by the State 326
Treasurer upon warrants issued by such department, which warrants 327
shall be issued upon requisitions signed by the Executive Director 328
of the Department of Finance and Administration, or his designee. 329
(d) Any amounts allocated to an institution of higher 330
learning that are in excess of that needed to complete the 331
projects at such institution of higher learning that are described 332
in paragraph (a) of this subsection may be used for general 333
repairs and renovations at the institution of higher learning. In 334
addition, any amounts allocated to an institution of higher 335
learning for the projects at such institution of higher learning 336
that are described in paragraph (a) of this subsection shall be 337
reduced by the amount of any other funds authorized by the 338
Legislature during the 2026 Regular Session specifically for such 339
purposes. 340
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(2) (a) The commission, at one time, or from time to time, 341
may declare by resolution the necessity for issuance of general 342
obligation bonds of the State of Mississippi to provide funds for 343
all costs incurred or to be incurred for the purposes described in 344
subsection (1) of this section. Upon the adoption of a resolution 345
by the Department of Finance and Administration, declaring the 346
necessity for the issuance of any part or all of the general 347
obligation bonds authorized by this section, the department shall 348
deliver a certified copy of its resolution or resolutions to the 349
commission. Upon receipt of such resolution, the commission is 350
authorized to proceed under the provisions of Section 1(6) of this 351
act. The total amount of bonds issued under this section shall 352
not exceed Thirteen Million Dollars ($13,000,000.00); however, the 353
total amount of bonds that may be issued under this section shall 354
be reduced by the amount of any other funds authorized by the 355
Legislature during the 2026 Regular Session specifically for the 356
purposes described in subsection (1) of this section. No bonds 357
shall be issued under this section after July 1, 2030. 358
(b) Any investment earnings on amounts deposited into 359
the special fund created in subsection (1) of this section shall 360
be used to pay debt service on bonds issued under this section, in 361
accordance with the proceedings authorizing issuance of such 362
bonds. 363
(3) The provisions of Section 1 of this act shall apply to 364
the issuance of bonds authorized under this section. 365
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SECTION 3. (1) (a) (i) A special fund, to be designated 366
as the "2026 Community and Junior Colleges Capital Improvements 367
Fund", is created within the State Treasury. The fund shall be 368
maintained by the State Treasurer as a separate and special fund, 369
separate and apart from the General Fund of the state. Unexpended 370
amounts remaining in the fund at the end of a fiscal year shall 371
not lapse into the State General Fund, and any interest earned or 372
investment earnings on amounts in the fund shall be deposited into 373
such fund. Monies in the fund may not be used or expended for any 374
purpose except as authorized under this section. 375
(ii) Monies deposited into the fund shall be 376
disbursed, in the discretion of the Department of Finance and 377
Administration, to pay the costs of acquisition of real property, 378
construction of new facilities, equipping and furnishing 379
facilities, including furniture and technology equipment and 380
infrastructure, and addition to or renovation of existing 381
facilities for community and junior college campuses as 382
recommended by the Mississippi Community College Board. The 383
amount to be expended at each community and junior college is as 384
follows: 385
Coahoma....................................... $ 1,000,000.00 386
Copiah-Lincoln................................ 1,000,000.00 387
East Central.................................. 1,000,000.00 388
East Mississippi.............................. 1,000,000.00 389
Hinds......................................... 1,000,000.00 390
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Holmes........................................ 1,000,000.00 391
Itawamba...................................... 1,000,000.00 392
Jones......................................... 1,000,000.00 393
Meridian...................................... 1,000,000.00 394
Mississippi Delta............................. 1,000,000.00 395
Mississippi Gulf Coast........................ 1,000,000.00 396
Northeast Mississippi......................... 1,000,000.00 397
Northwest Mississippi......................... 1,000,000.00 398
Pearl River................................... 1,000,000.00 399
Southwest Mississippi......................... 1,000,000.00 400
GRAND TOTAL........................................ $15,000,000.00 401
(b) Amounts deposited into such special fund shall be 402
disbursed to pay the costs of projects described in paragraph (a) 403
of this subsection. If any monies in such special fund are not 404
used within four (4) years after the date the proceeds of the 405
bonds authorized under this section are deposited into the special 406
fund, then the community college or junior college for which any 407
such monies are allocated under paragraph (a) of this subsection 408
shall provide an accounting of such unused monies to the 409
commission. Promptly after the commission has certified, by 410
resolution duly adopted, that the projects described in paragraph 411
(a) of this section shall have been completed, abandoned, or 412
cannot be completed in a timely fashion, any amounts remaining in 413
such special fund shall be applied to pay debt service on the 414
bonds issued under this section, in accordance with the 415
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proceedings authorizing the issuance of such bonds and as directed 416
by the commission. 417
(c) The Department of Finance and Administration, 418
acting through the Bureau of Building, Grounds and Real Property 419
Management, is expressly authorized and empowered to receive and 420
expend any local or other source funds in connection with the 421
expenditure of funds provided for in this section. The 422
expenditure of monies deposited into the special fund shall be 423
under the direction of the Department of Finance and 424
Administration, and such funds shall be paid by the State 425
Treasurer upon warrants issued by such department, which warrants 426
shall be issued upon requisitions signed by the Executive Director 427
of the Department of Finance and Administration, or his designee. 428
(2) (a) The commission, at one time, or from time to time, 429
may declare by resolution the necessity for issuance of general 430
obligation bonds of the State of Mississippi to provide funds for 431
all costs incurred or to be incurred for the purposes described in 432
subsection (1) of this section. Upon the adoption of a resolution 433
by the Department of Finance and Administration, declaring the 434
necessity for the issuance of any part or all of the general 435
obligation bonds authorized by this section, the department shall 436
deliver a certified copy of its resolution or resolutions to the 437
commission. Upon receipt of such resolution, the commission is 438
authorized to proceed under the provisions of Section 1(6) of this 439
act. The total amount of bonds issued under this section shall 440
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not exceed Fifteen Million Dollars ($15,000,000.00); however, the 441
total amount of bonds that may be issued under this section shall 442
be reduced by the amount of any other funds authorized by the 443
Legislature during the 2026 Regular Session specifically for the 444
purposes described in subsection (1) of this section. No bonds 445
shall be issued under this section after July 1, 2030. 446
(b) Any investment earnings on amounts deposited into 447
the special fund created in subsection (1) of this section shall 448
be used to pay debt service on bonds issued under this section, in 449
accordance with the proceedings authorizing issuance of such 450
bonds. 451
(3) The provisions of Section 1 of this act shall apply to 452
the issuance of bonds authorized under this section. 453
SECTION 4. (1) (a) (i) A special fund, to be designated 454
as the "2026 State Agencies Capital Improvements Fund", is created 455
within the State Treasury. The fund shall be maintained by the 456
State Treasurer as a separate and special fund, separate and apart 457
from the General Fund of the state. Unexpended amounts remaining 458
in the fund at the end of a fiscal year shall not lapse into the 459
State General Fund, and any interest earned or investment earnings 460
on amounts in the fund shall be deposited into such fund to pay 461
the costs of capital improvements, renovation and/or repair of 462
existing facilities, furnishings and/or equipping facilities for 463
public facilities as hereinafter described: 464
STATE AGENCIES......................................$ 8,500,000.00 465
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Department of Corrections...........................$ 1,000,000.00 466
Repair, renovation, 467
and upgrading of 468
department buildings 469
and facilities.................$ 1,000,000.00 470
Department of Finance and Administration............$ 1,000,000.00 471
Repair, renovation, 472
and upgrading of 473
buildings and 474
facilities under 475
the care and control 476
of the department..............$ 1,000,000.00 477
Department of Mental Health.........................$ 1,000,000.00 478
Repair, renovation, 479
and upgrading of 480
buildings and 481
facilities under 482
the care and control 483
of the department..............$ 1,000,000.00 484
Department of Public Safety.........................$ 1,000,000.00 485
Repair, renovation, 486
and upgrading of 487
department buildings 488
and facilities.................$ 1,000,000.00 489
Mississippi Fairgrounds.............................$ 1,000,000.00 490
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Repair, renovation, 491
and upgrading of 492
buildings and 493
facilities.....................$ 1,000,000.00 494
Mississippi Veterans Affairs........................$ 1,000,000.00 495
Repair, renovation, 496
and upgrading of 497
department buildings 498
and facilities.................$ 1,000,000.00 499
Mississippi Schools for the Deaf and the Blind......$ 1,000,000.00 500
Repair, renovation, 501
and upgrading of 502
campus buildings 503
and facilities.................$ 1,000,000.00 504
Mississippi School for Mathematics and Science......$ 500,000.00 505
Repair, renovation, 506
and upgrading of 507
campus buildings 508
and facilities.................$ 500,000.00 509
Mississippi Department of Wildlife, 510
Fisheries, and Parks...........................$ 1,000,000.00 511
Repair, renovation, 512
and upgrading of 513
department buildings 514
and facilities.................$ 1,000,000.00 515
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TOTAL...............................................$ 8,500,000.00 516
(b) (i) Amounts deposited into such special fund shall 517
be disbursed to pay the costs of projects described in paragraph 518
(a) of this subsection. If any monies in such special fund are 519
not used within four (4) years after the date the proceeds of the 520
bonds authorized under this section are deposited into the special 521
fund, then the agency for which any unused monies are allocated 522
under paragraph (a) of this subsection shall provide an accounting 523
of such unused monies to the commission. Promptly after the 524
commission has certified, by resolution duly adopted, that the 525
projects described in paragraph (a) of this subsection shall have 526
been completed, abandoned, or cannot be completed in a timely 527
fashion, any amounts remaining in such special fund shall be 528
applied to pay debt service on the bonds issued under this 529
section, in accordance with the proceedings authorizing the 530
issuance of such bonds and as directed by the commission. 531
(ii) Monies in the special fund may be used to 532
reimburse reasonable actual and necessary costs incurred by the 533
Department of Finance and Administration, acting through the 534
Bureau of Building, Grounds and Real Property Management, in 535
administering or providing assistance directly related to a 536
project described in paragraph (a) of this subsection. An 537
accounting of actual costs incurred for which reimbursement is 538
sought shall be maintained for each project by the Department of 539
Finance and Administration, Bureau of Building, Grounds and Real 540
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Property Management. Reimbursement of reasonable actual and 541
necessary costs for a project shall not exceed two percent (2%) of 542
the proceeds of bonds issued for such project. Monies authorized 543
for a particular project may not be used to reimburse 544
administrative costs for unrelated projects. 545
(c) The Department of Finance and Administration, 546
acting through the Bureau of Building, Grounds and Real Property 547
Management, is expressly authorized and empowered to receive and 548
expend any local or other source funds in connection with the 549
expenditure of funds provided for in this subsection. The 550
expenditure of monies deposited into the special fund shall be 551
under the direction of the Department of Finance and 552
Administration, and such funds shall be paid by the State 553
Treasurer upon warrants issued by such department, which warrants 554
shall be issued upon requisitions signed by the Executive Director 555
of the Department of Finance and Administration, or his designee. 556
(d) Any amounts allocated to an agency that are in 557
excess of that needed to complete the projects at such agency that 558
are described in paragraph (a) of this subsection may be used for 559
general repairs and renovations at the agency. In addition, any 560
amounts allocated to an agency for the projects at such agency 561
that are described in paragraph (a) of this subsection shall be 562
reduced by the amount of any other funds authorized by the 563
Legislature during the 2026 Regular Session specifically for such 564
purposes. 565
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(2) (a) The commission, at one time, or from time to time, 566
may declare by resolution the necessity for issuance of general 567
obligation bonds of the State of Mississippi to provide funds for 568
all costs incurred or to be incurred for the purposes described in 569
subsection (1) of this section. Upon the adoption of a resolution 570
by the Department of Finance and Administration, declaring the 571
necessity for the issuance of any part or all of the general 572
obligation bonds authorized by this section, the department shall 573
deliver a certified copy of its resolution or resolutions to the 574
commission. Upon receipt of such resolution, the commission is 575
authorized to proceed under the provisions of Section 1(6) of this 576
act. The total amount of bonds issued under this section shall 577
not exceed Eight Million Five Hundred Thousand Dollars 578
($8,500,000.00); however, the total amount of bonds that may be 579
issued under this section shall be reduced by the amount of any 580
other funds authorized by the Legislature during the 2026 Regular 581
Session specifically for the purposes described in subsection (1) 582
of this section. No bonds shall be issued under this section 583
after July 1, 2030. 584
(b) Any investment earnings on amounts deposited into 585
the special fund created in subsection (1) of this section shall 586
be used to pay debt service on bonds issued under this section, in 587
accordance with the proceedings authorizing issuance of such 588
bonds. 589
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(3) The provisions of Section 1 of this act shall apply to 590
the issuance of bonds authorized under this section. 591
SECTION 5. (1) As used in this section, the following words 592
shall have the meanings ascribed herein unless the context clearly 593
requires otherwise: 594
(a) "Accreted value" of any bonds means, as of any date 595
of computation, an amount equal to the sum of (i) the stated 596
initial value of such bond, plus (ii) the interest accrued thereon 597
from the issue date to the date of computation at the rate, 598
compounded semiannually, that is necessary to produce the 599
approximate yield to maturity shown for bonds of the same 600
maturity. 601
(b) "State" means the State of Mississippi. 602
(c) "Commission" means the State Bond Commission. 603
(2) (a) The Mississippi Development Authority, at one time, 604
or from time to time, may declare by resolution the necessity for 605
issuance of general obligation bonds of the State of Mississippi 606
to provide funds for the program authorized in Section 57-1-18. 607
Upon the adoption of a resolution by the Mississippi Development 608
Authority declaring the necessity for the issuance of any part or 609
all of the general obligation bonds authorized by this subsection, 610
the Mississippi Development Authority shall deliver a certified 611
copy of its resolution or resolutions to the commission. Upon 612
receipt of such resolution, the commission, in its discretion, may 613
act as the issuing agent, prescribe the form of the bonds, 614
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determine the appropriate method for sale of the bonds, advertise 615
for and accept bids or negotiate the sale of the bonds, issue and 616
sell the bonds so authorized to be sold, and do any and all other 617
things necessary and advisable in connection with the issuance and 618
sale of such bonds. The total amount of bonds issued under this 619
section shall not exceed One Million Dollars ($1,000,000.00). No 620
bonds authorized under this section shall be issued after July 1, 621
2030. 622
(b) The proceeds of bonds issued pursuant to this 623
section shall be deposited into the Small Municipalities and 624
Limited Population Counties Fund created pursuant to Section 625
57-1-18. Any investment earnings on bonds issued pursuant to this 626
section shall be used to pay debt service on bonds issued under 627
this section, in accordance with the proceedings authorizing 628
issuance of such bonds. 629
(3) The principal of and interest on the bonds authorized 630
under this section shall be payable in the manner provided in this 631
subsection. Such bonds shall bear such date or dates, be in such 632
denomination or denominations, bear interest at such rate or rates 633
(not to exceed the limits set forth in Section 75-17-101, 634
Mississippi Code of 1972), be payable at such place or places 635
within or without the State of Mississippi, shall mature 636
absolutely at such time or times not to exceed twenty-five (25) 637
years from date of issue, be redeemable before maturity at such 638
time or times and upon such terms, with or without premium, shall 639
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bear such registration privileges, and shall be substantially in 640
such form, all as shall be determined by resolution of the 641
commission. 642
(4) The bonds authorized by this section shall be signed by 643
the chairman of the commission, or by his facsimile signature, and 644
the official seal of the commission shall be affixed thereto, 645
attested by the secretary of the commission. The interest 646
coupons, if any, to be attached to such bonds may be executed by 647
the facsimile signatures of such officers. Whenever any such 648
bonds shall have been signed by the officials designated to sign 649
the bonds who were in office at the time of such signing but who 650
may have ceased to be such officers before the sale and delivery 651
of such bonds, or who may not have been in office on the date such 652
bonds may bear, the signatures of such officers upon such bonds 653
and coupons shall nevertheless be valid and sufficient for all 654
purposes and have the same effect as if the person so officially 655
signing such bonds had remained in office until their delivery to 656
the purchaser, or had been in office on the date such bonds may 657
bear. However, notwithstanding anything herein to the contrary, 658
such bonds may be issued as provided in the Registered Bond Act of 659
the State of Mississippi. 660
(5) All bonds and interest coupons issued under the 661
provisions of this section have all the qualities and incidents of 662
negotiable instruments under the provisions of the Uniform 663
Commercial Code, and in exercising the powers granted by this 664
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section, the commission shall not be required to and need not 665
comply with the provisions of the Uniform Commercial Code. 666
(6) The commission shall act as the issuing agent for the 667
bonds authorized under this section, prescribe the form of the 668
bonds, determine the appropriate method for sale of the bonds, 669
advertise for and accept bids or negotiate the sale of the bonds, 670
issue and sell the bonds so authorized to be sold, pay all fees 671
and costs incurred in such issuance and sale, and do any and all 672
other things necessary and advisable in connection with the 673
issuance and sale of such bonds. The commission is authorized and 674
empowered to pay the costs that are incident to the sale, issuance 675
and delivery of the bonds authorized under this section from the 676
proceeds derived from the sale of such bonds. The commission 677
shall sell such bonds on sealed bids at public sale or may 678
negotiate the sale of the bonds for such price as it may determine 679
to be for the best interest of the State of Mississippi. All 680
interest accruing on such bonds so issued shall be payable 681
semiannually or annually. 682
If the bonds are to be sold on sealed bids at public sale, 683
notice of the sale of any such bonds shall be published at least 684
one time, not less than ten (10) days before the date of sale, and 685
shall be so published in one or more newspapers published or 686
having a general circulation in the City of Jackson, Mississippi, 687
selected by the commission. 688
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The commission, when issuing any bonds under the authority of 689
this section, may provide that bonds, at the option of the State 690
of Mississippi, may be called in for payment and redemption at the 691
call price named therein and accrued interest on such date or 692
dates named therein. 693
(7) The bonds issued under the provisions of this section 694
are general obligations of the State of Mississippi, and for the 695
payment thereof the full faith and credit of the State of 696
Mississippi is irrevocably pledged. If the funds appropriated by 697
the Legislature are insufficient to pay the principal of and the 698
interest on such bonds as they become due, then the deficiency 699
shall be paid by the State Treasurer from any funds in the State 700
Treasury not otherwise appropriated. All such bonds shall contain 701
recitals on their faces substantially covering the provisions of 702
this subsection. 703
(8) Upon the issuance and sale of bonds under the provisions 704
of this section, the commission shall transfer the proceeds of any 705
such sale or sales to the Small Municipalities and Limited 706
Population Counties Fund created in Section 57-1-18. The proceeds 707
of such bonds shall be disbursed solely upon the order of the 708
Mississippi Development Authority under such restrictions, if any, 709
as may be contained in the resolution providing for the issuance 710
of the bonds. 711
(9) The bonds authorized under this section may be issued 712
without any other proceedings or the happening of any other 713
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conditions or things other than those proceedings, conditions and 714
things which are specified or required by this section. Any 715
resolution providing for the issuance of bonds under the 716
provisions of this section shall become effective immediately upon 717
its adoption by the commission, and any such resolution may be 718
adopted at any regular or special meeting of the commission by a 719
majority of its members. 720
(10) The bonds authorized under the authority of this 721
section may be validated in the Chancery Court of the First 722
Judicial District of Hinds County, Mississippi, in the manner and 723
with the force and effect provided by Chapter 13, Title 31, 724
Mississippi Code of 1972, for the validation of county, municipal, 725
school district and other bonds. The notice to taxpayers required 726
by such statutes shall be published in a newspaper published or 727
having a general circulation in the City of Jackson, Mississippi. 728
(11) Any holder of bonds issued under the provisions of this 729
section or of any of the interest coupons pertaining thereto may, 730
either at law or in equity, by suit, action, mandamus or other 731
proceeding, protect and enforce any and all rights granted under 732
this section, or under such resolution, and may enforce and compel 733
performance of all duties required by this section to be 734
performed, in order to provide for the payment of bonds and 735
interest thereon. 736
(12) All bonds issued under the provisions of this section 737
shall be legal investments for trustees and other fiduciaries, and 738
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for savings banks, trust companies and insurance companies 739
organized under the laws of the State of Mississippi, and such 740
bonds shall be legal securities which may be deposited with and 741
shall be received by all public officers and bodies of this state 742
and all municipalities and political subdivisions for the purpose 743
of securing the deposit of public funds. 744
(13) Bonds issued under the provisions of this section and 745
income therefrom shall be exempt from all taxation in the State of 746
Mississippi. 747
(14) The proceeds of the bonds issued under this section 748
shall be used solely for the purposes therein provided, including 749
the costs incident to the issuance and sale of such bonds. 750
(15) The State Treasurer is authorized, without further 751
process of law, to certify to the Department of Finance and 752
Administration the necessity for warrants, and the Department of 753
Finance and Administration is authorized and directed to issue 754
such warrants, in such amounts as may be necessary to pay when due 755
the principal of, premium, if any, and interest on, or the 756
accreted value of, all bonds issued under this section; and the 757
State Treasurer shall forward the necessary amount to the 758
designated place or places of payment of such bonds in ample time 759
to discharge such bonds, or the interest thereon, on the due dates 760
thereof. 761
(16) This section shall be deemed to be full and complete 762
authority for the exercise of the powers therein granted, but this 763
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section shall not be deemed to repeal or to be in derogation of 764
any existing law of this state. 765
SECTION 6. Section 57-1-18, Mississippi Code of 1972, is 766
amended as follows: 767
57-1-18. (1) For the purposes of this section, the 768
following terms shall have the meanings ascribed in this section 769
unless the context clearly indicates otherwise: 770
(a) "Limited population county" means a county in the 771
State of Mississippi with a population of thirty thousand (30,000) 772
or less according to the most recent federal decennial census at 773
the time the county submits its application to the MDA under this 774
section. 775
(b) "MDA" means the Mississippi Development Authority. 776
(c) "Project" means highways, streets and other 777
roadways, bridges, sidewalks, utilities, airfields, airports, 778
acquisition of equipment, acquisition of real property, 779
development of real property, improvements to real property, and 780
any other project approved by the MDA. 781
(d) "Small municipality" means a municipality in the 782
State of Mississippi with a population of ten thousand (10,000) or 783
less according to the most recent federal decennial census at the 784
time the municipality submits its application to the MDA under 785
this section. The term "small municipality" also includes a 786
municipal historical hamlet as defined in Section 17-27-5. 787
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(2) (a) There is hereby created in the State Treasury a 788
special fund to be designated as the "Small Municipalities and 789
Limited Population Counties Fund," which shall consist of funds 790
appropriated or otherwise made available by the Legislature in any 791
manner and funds from any other source designated for deposit into 792
such fund. Unexpended amounts remaining in the fund at the end of 793
a fiscal year shall not lapse into the State General Fund, and any 794
investment earnings or interest earned on amounts in the fund 795
shall be deposited to the credit of the fund. Monies in the fund 796
shall be used to make grants to small municipalities and limited 797
population counties or natural gas districts created by law and 798
contained therein to assist in completing projects under this 799
section. 800
(b) Monies in the fund which are derived from proceeds 801
of bonds issued under Sections 1 through 16 of Chapter 538, Laws 802
of 2002, Sections 1 through 16 of Chapter 508, Laws of 2003, 803
Sections 55 through 70 of Chapter 1, Laws of 2004 Third 804
Extraordinary Session, Sections 1 through 16 of Chapter 482, Laws 805
of 2006, Section 15 of Chapter 580, Laws of 2007, Section 1 of 806
Chapter 503, Laws of 2008, Section 42 of Chapter 557, Laws of 807
2009, Section 38 of Chapter 533, Laws of 2010, Section 41 of 808
Chapter 480, Laws of 2011, Section 30 of Chapter 569, Laws of 809
2013, Section 4 of Chapter 530, Laws of 2014, Section 11 of 810
Chapter 472, Laws of 2015, Section 19 of Chapter 511, Laws of 811
2016, Section 5 of Chapter 452, Laws of 2018, Section 19 of 812
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Chapter 454, Laws of 2019, * * * Section 11 of Chapter 492, Laws 813
of 2020, or Section 5 of this act, may be used to reimburse 814
reasonable actual and necessary costs incurred by the MDA for the 815
administration of the various grant, loan and financial incentive 816
programs administered by the MDA. An accounting of actual costs 817
incurred for which reimbursement is sought shall be maintained by 818
the MDA. Reimbursement of reasonable actual and necessary costs 819
shall not exceed three percent (3%) of the proceeds of bonds 820
issued. Reimbursements under this subsection shall satisfy any 821
applicable federal tax law requirements. 822
(3) The MDA shall establish a grant program to make grants 823
to small municipalities and limited population counties from the 824
Small Municipalities and Limited Population Counties Fund. Grants 825
made under this section to a small municipality or a limited 826
population county shall not exceed One Million Dollars 827
($1,000,000.00) during any grant period established by the MDA. A 828
small municipality or limited population county may apply to the 829
MDA for a grant under this section in the manner provided for in 830
this section. 831
(4) A small municipality or limited population county 832
desiring assistance under this section must submit an application 833
to the MDA. The application must include a description of the 834
project for which assistance is requested, the cost of the project 835
for which assistance is requested, the amount of assistance 836
requested and any other information required by the MDA. 837
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(5) The MDA shall have all powers necessary to implement and 838
administer the program established under this section, and the 839
department shall promulgate rules and regulations, in accordance 840
with the Mississippi Administrative Procedures Law, necessary for 841
the implementation of this section. 842
(6) The MDA shall file an annual report with the Governor, 843
the Secretary of the Senate and the Clerk of the House of 844
Representatives not later than December 1 of each year, describing 845
all assistance provided under this section. 846
SECTION 7. (1) As used in this section, the following words 847
shall have the meanings ascribed herein unless the context clearly 848
requires otherwise: 849
(a) "Accreted value" of any bonds means, as of any date 850
of computation, an amount equal to the sum of (i) the stated 851
initial value of such bond, plus (ii) the interest accrued thereon 852
from the issue date to the date of computation at the rate, 853
compounded semiannually, that is necessary to produce the 854
approximate yield to maturity shown for bonds of the same 855
maturity. 856
(b) "State" means the State of Mississippi. 857
(c) "Commission" means the State Bond Commission. 858
(2) (a) The Mississippi Development Authority, at one time, 859
or from time to time, may declare by resolution the necessity for 860
issuance of general obligation bonds of the State of Mississippi 861
to provide funds for the program authorized in Section 57-1-701. 862
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Upon the adoption of a resolution by the Mississippi Development 863
Authority declaring the necessity for the issuance of any part or 864
all of the general obligation bonds authorized by this subsection, 865
the Mississippi Development Authority shall deliver a certified 866
copy of its resolution or resolutions to the commission. Upon 867
receipt of such resolution, the commission, in its discretion, may 868
act as the issuing agent, prescribe the form of the bonds, 869
determine the appropriate method for sale of the bonds, advertise 870
for and accept bids or negotiate the sale of the bonds, issue and 871
sell the bonds so authorized to be sold, and do any and all other 872
things necessary and advisable in connection with the issuance and 873
sale of such bonds. The total amount of bonds issued under this 874
section shall not exceed One Million Dollars ($1,000,000.00). No 875
bonds authorized under this section shall be issued after July 1, 876
2030. 877
(b) The proceeds of bonds issued pursuant to this 878
section shall be deposited into the Mississippi Site Development 879
Grant Fund created pursuant to Section 57-1-701. Any investment 880
earnings on bonds issued pursuant to this section shall be used to 881
pay debt service on bonds issued under this section, in accordance 882
with the proceedings authorizing issuance of such bonds. 883
(3) The principal of and interest on the bonds authorized 884
under this section shall be payable in the manner provided in this 885
subsection. Such bonds shall bear such date or dates, be in such 886
denomination or denominations, bear interest at such rate or rates 887
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(not to exceed the limits set forth in Section 75-17-101, 888
Mississippi Code of 1972), be payable at such place or places 889
within or without the State of Mississippi, shall mature 890
absolutely at such time or times not to exceed twenty-five (25) 891
years from date of issue, be redeemable before maturity at such 892
time or times and upon such terms, with or without premium, shall 893
bear such registration privileges, and shall be substantially in 894
such form, all as shall be determined by resolution of the 895
commission. 896
(4) The bonds authorized by this section shall be signed by 897
the chairman of the commission, or by his facsimile signature, and 898
the official seal of the commission shall be affixed thereto, 899
attested by the secretary of the commission. The interest 900
coupons, if any, to be attached to such bonds may be executed by 901
the facsimile signatures of such officers. Whenever any such 902
bonds shall have been signed by the officials designated to sign 903
the bonds who were in office at the time of such signing but who 904
may have ceased to be such officers before the sale and delivery 905
of such bonds, or who may not have been in office on the date such 906
bonds may bear, the signatures of such officers upon such bonds 907
and coupons shall nevertheless be valid and sufficient for all 908
purposes and have the same effect as if the person so officially 909
signing such bonds had remained in office until their delivery to 910
the purchaser, or had been in office on the date such bonds may 911
bear. However, notwithstanding anything herein to the contrary, 912
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such bonds may be issued as provided in the Registered Bond Act of 913
the State of Mississippi. 914
(5) All bonds and interest coupons issued under the 915
provisions of this section have all the qualities and incidents of 916
negotiable instruments under the provisions of the Uniform 917
Commercial Code, and in exercising the powers granted by this 918
section, the commission shall not be required to and need not 919
comply with the provisions of the Uniform Commercial Code. 920
(6) The commission shall act as the issuing agent for the 921
bonds authorized under this section, prescribe the form of the 922
bonds, determine the appropriate method for sale of the bonds, 923
advertise for and accept bids or negotiate the sale of the bonds, 924
issue and sell the bonds so authorized to be sold, pay all fees 925
and costs incurred in such issuance and sale, and do any and all 926
other things necessary and advisable in connection with the 927
issuance and sale of such bonds. The commission is authorized and 928
empowered to pay the costs that are incident to the sale, issuance 929
and delivery of the bonds authorized under this section from the 930
proceeds derived from the sale of such bonds. The commission 931
shall sell such bonds on sealed bids at public sale or may 932
negotiate the sale of the bonds for such price as it may determine 933
to be for the best interest of the State of Mississippi. All 934
interest accruing on such bonds so issued shall be payable 935
semiannually or annually. 936
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If the bonds are to be sold on sealed bids at public sale, 937
notice of the sale of any such bonds shall be published at least 938
one time, not less than ten (10) days before the date of sale, and 939
shall be so published in one or more newspapers published or 940
having a general circulation in the City of Jackson, Mississippi, 941
selected by the commission. 942
The commission, when issuing any bonds under the authority of 943
this section, may provide that bonds, at the option of the State 944
of Mississippi, may be called in for payment and redemption at the 945
call price named therein and accrued interest on such date or 946
dates named therein. 947
(7) The bonds issued under the provisions of this section 948
are general obligations of the State of Mississippi, and for the 949
payment thereof the full faith and credit of the State of 950
Mississippi is irrevocably pledged. If the funds appropriated by 951
the Legislature are insufficient to pay the principal of and the 952
interest on such bonds as they become due, then the deficiency 953
shall be paid by the State Treasurer from any funds in the State 954
Treasury not otherwise appropriated. All such bonds shall contain 955
recitals on their faces substantially covering the provisions of 956
this subsection. 957
(8) Upon the issuance and sale of bonds under the provisions 958
of this section, the commission shall transfer the proceeds of any 959
such sale or sales to the Mississippi Site Development Grant Fund 960
created in Section 57-1-701. The proceeds of such bonds shall be 961
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disbursed solely upon the order of the Mississippi Development 962
Authority under such restrictions, if any, as may be contained in 963
the resolution providing for the issuance of the bonds. 964
(9) The bonds authorized under this section may be issued 965
without any other proceedings or the happening of any other 966
conditions or things other than those proceedings, conditions and 967
things which are specified or required by this section. Any 968
resolution providing for the issuance of bonds under the 969
provisions of this section shall become effective immediately upon 970
its adoption by the commission, and any such resolution may be 971
adopted at any regular or special meeting of the commission by a 972
majority of its members. 973
(10) The bonds authorized under the authority of this 974
section may be validated in the Chancery Court of the First 975
Judicial District of Hinds County, Mississippi, in the manner and 976
with the force and effect provided by Chapter 13, Title 31, 977
Mississippi Code of 1972, for the validation of county, municipal, 978
school district and other bonds. The notice to taxpayers required 979
by such statutes shall be published in a newspaper published or 980
having a general circulation in the City of Jackson, Mississippi. 981
(11) Any holder of bonds issued under the provisions of this 982
section or of any of the interest coupons pertaining thereto may, 983
either at law or in equity, by suit, action, mandamus or other 984
proceeding, protect and enforce any and all rights granted under 985
this section, or under such resolution, and may enforce and compel 986
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performance of all duties required by this section to be 987
performed, in order to provide for the payment of bonds and 988
interest thereon. 989
(12) All bonds issued under the provisions of this section 990
shall be legal investments for trustees and other fiduciaries, and 991
for savings banks, trust companies and insurance companies 992
organized under the laws of the State of Mississippi, and such 993
bonds shall be legal securities which may be deposited with and 994
shall be received by all public officers and bodies of this state 995
and all municipalities and political subdivisions for the purpose 996
of securing the deposit of public funds. 997
(13) Bonds issued under the provisions of this section and 998
income therefrom shall be exempt from all taxation in the State of 999
Mississippi. 1000
(14) The proceeds of the bonds issued under this section 1001
shall be used solely for the purposes therein provided, including 1002
the costs incident to the issuance and sale of such bonds. 1003
(15) The State Treasurer is authorized, without further 1004
process of law, to certify to the Department of Finance and 1005
Administration the necessity for warrants, and the Department of 1006
Finance and Administration is authorized and directed to issue 1007
such warrants, in such amounts as may be necessary to pay when due 1008
the principal of, premium, if any, and interest on, or the 1009
accreted value of, all bonds issued under this section; and the 1010
State Treasurer shall forward the necessary amount to the 1011
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designated place or places of payment of such bonds in ample time 1012
to discharge such bonds, or the interest thereon, on the due dates 1013
thereof. 1014
(16) This section shall be deemed to be full and complete 1015
authority for the exercise of the powers therein granted, but this 1016
section shall not be deemed to repeal or to be in derogation of 1017
any existing law of this state. 1018
SECTION 8. Section 57-1-701, Mississippi Code of 1972, is 1019
amended as follows: 1020
57-1-701. (1) For the purposes of this section, the 1021
following words and phrases shall have the meanings ascribed in 1022
this subsection unless the context clearly indicates otherwise: 1023
(a) "Eligible entity" means any (i) county, (ii) 1024
municipality or (iii) public or private nonprofit local economic 1025
development entity including, but not limited to, local 1026
authorities, commissions, or other entities created by local and 1027
private legislation or pursuant to Section 19-5-99. 1028
(b) "Optioned property" means industrial property that 1029
is subject to a real estate option to purchase contract entered 1030
into between an eligible entity and a real estate owner, where 1031
such option shall be for a minimum of three (3) years and the 1032
option price shall not exceed the appraised fair market value of 1033
the real estate. 1034
(c) "Eligible expenditures" means: 1035
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(i) Fees for architects, engineers, environmental 1036
consultants, attorneys, and such other advisors, consultants and 1037
agents that MDA determines are necessary to complete site due 1038
diligence associated with site development improvements located on 1039
industrial property that is publicly owned or is optioned 1040
property; 1041
(ii) Contributions toward site development 1042
improvements, as approved by MDA, located on industrial property 1043
that is publicly owned; 1044
(iii) Contributions toward public infrastructure 1045
improvements directly serving industrial property that is publicly 1046
owned or is optioned property; and/or 1047
(iv) Contributions toward acquisition of publicly 1048
owned real property used for economic development purposes by an 1049
eligible entity, where the acquisition price shall not exceed the 1050
appraised fair market value of the property. 1051
(d) "MDA" means the Mississippi Development Authority. 1052
(e) "Site development improvements" means site 1053
clearing, grading, and environmental mitigation; improvements to 1054
drainage systems; easement and right-of-way acquisition; sewer 1055
systems; transportation directly affecting the site, including 1056
roads, bridges or rail; bulkheads; taxiways and parking ramps; 1057
land reclamation; water supply (storage, treatment and 1058
distribution); telecommunications systems, including fiber optic; 1059
natural gas distribution systems; aesthetic improvements; the 1060
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dredging of channels and basins; or other improvements as approved 1061
by MDA. 1062
(2) (a) There is hereby created in the State Treasury a 1063
special fund to be designated as the "Mississippi Site Development 1064
Grant Fund," which shall consist of funds made available by the 1065
Legislature in any manner and funds from any other source 1066
designated for deposit into such fund. Unexpended amounts 1067
remaining in the fund at the end of a fiscal year shall not lapse 1068
into the State General Fund, and any investment earnings or 1069
interest earned on amounts in the fund shall be deposited to the 1070
credit of the fund. Monies in the fund shall be used to make 1071
grants to assist eligible entities as provided in this section. 1072
(b) Monies in the fund which are derived from proceeds 1073
of bonds issued under Section 2 of Chapter 390, Laws of 2017, 1074
Section 5 of Chapter 412, Laws of 2018, Section 1 of Chapter 421, 1075
Laws of 2019, Section 4 of Chapter 492, Laws of 2020, Section 8 of 1076
Chapter 480, Laws of 2021, * * * Section 1 of * * * Chapter 503, 1077
Laws of 2025, or Section 7 of this act, or provided by the 1078
Legislature, may be used to reimburse reasonable actual and 1079
necessary costs incurred by MDA for the administration of the 1080
various grant, loan and financial incentive programs administered 1081
by MDA. An accounting of actual costs incurred for which 1082
reimbursement is sought shall be maintained by MDA. Reimbursement 1083
of reasonable actual and necessary costs shall not exceed three 1084
percent (3%) of the proceeds of bonds issued or the monies 1085
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provided by the Legislature. Reimbursements under this subsection 1086
shall satisfy any applicable federal tax law requirements. 1087
(3) (a) MDA shall establish a program to make grants to 1088
eligible entities to match local or other funds associated with 1089
improving the marketability of publicly owned industrial property 1090
for industrial economic development purposes and other property 1091
improvements as approved by MDA. An eligible entity may apply to 1092
MDA for a grant under this program in the manner provided for in 1093
this section. An eligible entity desiring assistance under this 1094
section must provide matching funds in an amount determined by 1095
MDA. Matching funds may be provided in the form of cash and/or 1096
in-kind services as determined by MDA. 1097
(b) An eligible entity desiring assistance under this 1098
section must submit an application to MDA. The application must 1099
include: 1100
(i) A description of the eligible expenditures for 1101
which assistance is requested; 1102
(ii) The amount of assistance requested; 1103
(iii) The amount and type of matching funds to be 1104
provided by the eligible entity; and 1105
(iv) Any other information required by MDA. 1106
(c) Upon request by MDA, an eligible entity shall 1107
provide MDA with access to all studies, reports, documents and/or 1108
plans developed as a result of or related to an eligible entity 1109
receiving assistance under this section. 1110
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(4) MDA shall have all powers necessary to implement and 1111
administer the program established under this section, and the 1112
department shall promulgate rules and regulations, in accordance 1113
with the Mississippi Administrative Procedures Law, necessary for 1114
the implementation of this section. 1115
(5) MDA shall file an annual report with the Governor, the 1116
Secretary of the Senate and the Clerk of the House of 1117
Representatives not later than December 1 of each year, describing 1118
all assistance provided under this section. 1119
SECTION 9. Section 57-61-25, Mississippi Code of 1972, is 1120
amended as follows: 1121
57-61-25. (1) The seller is authorized to borrow, on the 1122
credit of the state upon receipt of a resolution from the 1123
Mississippi Development Authority requesting the same, monies not 1124
exceeding the aggregate sum of * * * Four Hundred Twenty-nine 1125
Million Five Hundred Thousand Dollars ($429,500,000.00), not 1126
including monies borrowed to refund outstanding bonds, notes or 1127
replacement notes, as may be necessary to carry out the purposes 1128
of this chapter. The rate of interest on any such bonds or notes 1129
which are not subject to taxation shall not exceed the rates set 1130
forth in Section 75-17-101, Mississippi Code of 1972, for general 1131
obligation bonds. 1132
(2) As evidence of indebtedness authorized in this chapter, 1133
general or limited obligation bonds of the state shall be issued, 1134
from time to time, to provide monies necessary to carry out the 1135
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purposes of this chapter for such total amounts, in such form, in 1136
such denominations payable in such currencies (either domestic or 1137
foreign, or both) and subject to such terms and conditions of 1138
issue, redemption and maturity, rate of interest and time of 1139
payment of interest as the seller directs, except that such bonds 1140
shall mature or otherwise be retired in annual installments 1141
beginning not more than five (5) years from date thereof and 1142
extending not more than thirty (30) years from date thereof. 1143
(3) All bonds and notes issued under authority of this 1144
chapter shall be signed by the chairman of the seller, or by his 1145
facsimile signature, and the official seal of the seller shall be 1146
affixed thereto, attested by the secretary of the seller. 1147
(4) All bonds and notes issued under authority of this 1148
chapter may be general or limited obligations of the state, and 1149
the full faith and credit of the State of Mississippi as to 1150
general obligation bonds, or the revenues derived from projects 1151
assisted as to limited obligation bonds, are hereby pledged for 1152
the payment of the principal of and interest on such bonds and 1153
notes. 1154
(5) Such bonds and notes and the income therefrom shall be 1155
exempt from all taxation in the State of Mississippi. 1156
(6) The bonds may be issued as coupon bonds or registered as 1157
to both principal and interest, as the seller may determine. If 1158
interest coupons are attached, they shall contain the facsimile 1159
signature of the chairman and secretary of the seller. 1160
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(7) The seller is authorized to provide, by resolution, for 1161
the issuance of refunding bonds for the purpose of refunding any 1162
debt issued under the provisions of this chapter and then 1163
outstanding, either by voluntary exchange with the holders of the 1164
outstanding debt or to provide funds to redeem and the costs of 1165
issuance and retirement of the debt, at maturity or at any call 1166
date. The issuance of the refunding bonds, the maturities and 1167
other details thereof, the rights of the holders thereof and the 1168
duties of the issuing officials in respect to the same shall be 1169
governed by the provisions of this section, insofar as they may be 1170
applicable. 1171
(8) As to bonds issued hereunder and designated as taxable 1172
bonds by the seller, any immunity of the state to taxation by the 1173
United States government of interest on bonds or notes issued by 1174
the state is hereby waived. 1175
(9) The proceeds of bonds issued under this chapter after 1176
April 9, 2002, and any monies provided by the Legislature may be 1177
used to reimburse reasonable actual and necessary costs incurred 1178
by the Mississippi Development Authority for the administration of 1179
the various grant, loan and financial incentive programs 1180
administered by the authority. An accounting of actual costs 1181
incurred for which reimbursement is sought shall be maintained by 1182
the Mississippi Development Authority. Reimbursement of 1183
reasonable actual and necessary costs shall not exceed three 1184
percent (3%) of the proceeds of bonds issued or the monies 1185
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provided by the Legislature. Reimbursements under this subsection 1186
shall satisfy any applicable federal tax law requirements. 1187
SECTION 10. Section 57-61-36, Mississippi Code of 1972, is 1188
amended as follows: 1189
57-61-36. (1) Notwithstanding any provision of this chapter 1190
to the contrary, the Mississippi Development Authority shall 1191
utilize not more than Fourteen Million Five Hundred Thousand 1192
Dollars ($14,500,000.00) out of the proceeds of bonds authorized 1193
to be issued in this chapter for the purpose of making grants to 1194
municipalities through a Development Infrastructure Grant Fund to 1195
complete infrastructure related to new or expanded industry. 1196
(2) [Repealed] 1197
(3) Notwithstanding any provision of this chapter to the 1198
contrary, the Mississippi Development Authority shall utilize the 1199
monies transferred from the Housing Development Revolving Loan 1200
Fund and not more than * * * One Hundred Fifteen Million One 1201
Hundred Thousand Dollars ($115,100,000.00) out of the proceeds of 1202
bonds authorized to be issued in this chapter for the purpose of 1203
making grants or loans to municipalities through an equipment and 1204
public facilities grant and loan fund to aid in 1205
infrastructure-related improvements as determined by the 1206
Mississippi Development Authority, the purchase of equipment and 1207
in the purchase, construction or repair and renovation of public 1208
facilities. Any bonds previously issued for the Development 1209
Infrastructure Revolving Loan Program which have not been loaned 1210
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or applied for are eligible to be administered as grants or loans. 1211
In making grants and loans under this section, the Mississippi 1212
Development Authority shall attempt to provide for an equitable 1213
distribution of such grants and loans among each of the 1214
congressional districts of this state in order to promote economic 1215
development across the entire state. 1216
The requirements of Section 57-61-9 shall not apply to any 1217
grant made under this subsection. The Mississippi Development 1218
Authority may establish criteria and guidelines to govern grants 1219
made pursuant to this subsection. 1220
(4) [Repealed] 1221
(5) (a) The Mississippi Development Authority may establish 1222
a Capital Access Program and may contract with any financial 1223
institution to participate in the program upon such terms and 1224
conditions as the authority shall consider necessary and proper. 1225
The Mississippi Development Authority may establish loss reserve 1226
accounts at financial institutions that participate in the program 1227
and require payments by the financial institution and the borrower 1228
to such loss reserve accounts. All monies in such loss reserve 1229
accounts is the property of the Mississippi Development Authority. 1230
(b) Under the Capital Access Program a participating 1231
financial institution may make a loan to any borrower the 1232
Mississippi Development Authority determines to be qualified under 1233
rules and regulations adopted by the authority and be protected 1234
against losses from such loans as provided in the program. Under 1235
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such rules and regulations as may be adopted by the Mississippi 1236
Development Authority, a participating financial institution may 1237
submit claims for the reimbursement for losses incurred as a 1238
result of default on loans by qualified borrowers. 1239
(c) Under the Capital Access Program a participating 1240
financial institution may make a loan that is secured by the 1241
assignment of the proceeds of a contract between the borrower and 1242
a public entity if the Mississippi Development Authority 1243
determines the loan to be qualified under the rules and 1244
regulations adopted by the authority. Under such rules and 1245
regulations as may be adopted by the Mississippi Development 1246
Authority, a participating financial institution may submit an 1247
application to the authority requesting that a loan secured 1248
pursuant to this paragraph be funded under the Capital Access 1249
Program. 1250
(d) Notwithstanding any provision of this chapter to 1251
the contrary, the Mississippi Development Authority may utilize 1252
not more than One Million Five Hundred Fifty Thousand Dollars 1253
($1,550,000.00) out of the proceeds of bonds authorized to be 1254
issued in this chapter for the purpose of making payments to loan 1255
loss reserve accounts established at financial institutions that 1256
participate in the Capital Access Program established by the 1257
Mississippi Development Authority; however, any portion of the 1258
bond proceeds authorized to be utilized by this paragraph that are 1259
not utilized for making payments to loss reserve accounts may be 1260
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utilized by the Mississippi Development Authority to advance funds 1261
to financial institutions that participate in the Capital Access 1262
Program pursuant to paragraph (c) of this subsection. 1263
(6) Notwithstanding any provision of this chapter to the 1264
contrary, the Mississippi Development Authority shall utilize not 1265
more than Two Hundred Thousand Dollars ($200,000.00) out of the 1266
proceeds of bonds authorized to be issued in this chapter for the 1267
purpose of assisting Warren County, Mississippi, in the 1268
continuation and completion of the study for the proposed Kings 1269
Point Levee. 1270
(7) Notwithstanding any provision of this chapter to the 1271
contrary, the Mississippi Development Authority shall utilize not 1272
more than One Hundred Thousand Dollars ($100,000.00) out of the 1273
proceeds of bonds authorized to be issued in this chapter for the 1274
purpose of developing a long-range plan for coordinating the 1275
resources of the state institutions of higher learning, the 1276
community and junior colleges, the Mississippi Development 1277
Authority and other state agencies in order to promote economic 1278
development in the state. 1279
(8) Notwithstanding any other provision of this chapter to 1280
the contrary, the Mississippi Development Authority shall use not 1281
more than One Hundred Fifty Thousand Dollars ($150,000.00) out of 1282
the proceeds of bonds authorized to be issued in this chapter for 1283
the purpose of providing assistance to municipalities that have 1284
received Community Development Block Grant funds for repair, 1285
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renovation and other improvements to buildings for use as 1286
community centers. Assistance provided to a municipality under 1287
this subsection shall be used by the municipality to match such 1288
Community Development Block Grant funds. The maximum amount of 1289
assistance that may be provided to a municipality under this 1290
subsection shall not exceed Seventy-five Thousand Dollars 1291
($75,000.00) in the aggregate. 1292
(9) Notwithstanding any provision of this chapter to the 1293
contrary, the Mississippi Development Authority shall utilize not 1294
more than Two Million Dollars ($2,000,000.00) out of the proceeds 1295
of bonds authorized to be issued in this chapter for the purpose 1296
of assisting in paying the costs of constructing a new spillway 1297
and related bridge and dam structures at Lake Mary in Wilkinson 1298
County, Mississippi, including construction of a temporary dam and 1299
diversion canal, removing existing structures, removing and 1300
stockpiling riprap, spillway construction, dam embankment 1301
construction, road access, constructing bridges and related 1302
structures, design and construction engineering and field testing. 1303
(10) Notwithstanding any provision of this chapter to the 1304
contrary, the Mississippi Development Authority shall utilize not 1305
more than One Hundred Thousand Dollars ($100,000.00) out of the 1306
proceeds of bonds authorized to be issued in this chapter for the 1307
purpose of assisting the City of Holly Springs, Mississippi, in 1308
providing water and sewer and other infrastructure services in the 1309
Marshall, Benton and Tippah Counties area. 1310
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SECTION 11. Section 57-61-41, Mississippi Code of 1972, is 1311
amended as follows: 1312
57-61-41. (1) Notwithstanding any provision of this chapter 1313
to the contrary, the Mississippi Development Authority shall 1314
utilize not more than * * * Thirty-three Million Dollars 1315
($33,000,000.00) out of the proceeds of bonds authorized to be 1316
issued in this chapter to be made available to counties, 1317
municipalities, or state, county or municipal port and airport 1318
authorities through a Port, Airport and Rail Revitalization 1319
Revolving Loan Fund for the purpose of making loans to port and 1320
airport authorities for the improvement of port and airport 1321
facilities, or making loans to counties or municipalities for 1322
publicly owned freight rail service projects, to promote commerce 1323
and economic growth. Proceeds shall not be made available to 1324
provide any facilities for utilization by a gaming vessel. 1325
(2) In exercising its authority, the Mississippi Development 1326
Authority shall establish criteria and guidelines to govern loans 1327
made pursuant to this section. 1328
SECTION 12. Section 57-75-15, Mississippi Code of 1972, is 1329
amended as follows: 1330
57-75-15. (1) Upon notification to the authority by the 1331
enterprise that the state has been finally selected as the site 1332
for the project, the State Bond Commission shall have the power 1333
and is hereby authorized and directed, upon receipt of a 1334
declaration from the authority as hereinafter provided, to borrow 1335
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money and issue general obligation bonds of the state in one or 1336
more series for the purposes herein set out. Upon such 1337
notification, the authority may thereafter, from time to time, 1338
declare the necessity for the issuance of general obligation bonds 1339
as authorized by this section and forward such declaration to the 1340
State Bond Commission, provided that before such notification, the 1341
authority may enter into agreements with the United States 1342
government, private companies and others that will commit the 1343
authority to direct the State Bond Commission to issue bonds for 1344
eligible undertakings set out in subsection (4) of this section, 1345
conditioned on the siting of the project in the state. 1346
(2) Upon receipt of any such declaration from the authority, 1347
the State Bond Commission shall verify that the state has been 1348
selected as the site of the project and shall act as the issuing 1349
agent for the series of bonds directed to be issued in such 1350
declaration pursuant to authority granted in this section. 1351
(3) (a) Bonds issued under the authority of this section 1352
for projects as defined in Section 57-75-5(f)(i) shall not exceed 1353
an aggregate principal amount in the sum of Sixty-seven Million 1354
Three Hundred Fifty Thousand Dollars ($67,350,000.00). 1355
(b) Bonds issued under the authority of this section 1356
for projects as defined in Section 57-75-5(f)(ii) shall not 1357
exceed * * * Eighty-eight Million Dollars ($88,000,000.00). The 1358
authority, with the express direction of the State Bond 1359
Commission, is authorized to expend any remaining proceeds of 1360
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bonds issued under the authority of this act prior to January 1, 1361
1998, for the purpose of financing projects as then defined in 1362
Section 57-75-5(f)(ii) or for any other projects as defined in 1363
Section 57-75-5(f)(ii), as it may be amended from time to time. 1364
No bonds shall be issued under this paragraph (b) until the State 1365
Bond Commission by resolution adopts a finding that the issuance 1366
of such bonds will improve, expand or otherwise enhance the 1367
military installation, its support areas or military operations, 1368
or will provide employment opportunities to replace those lost by 1369
closure or reductions in operations at the military installation 1370
or will support critical studies or investigations authorized by 1371
Section 57-75-5(f)(ii). 1372
(c) Bonds issued under the authority of this section 1373
for projects as defined in Section 57-75-5(f)(iii) shall not 1374
exceed Ten Million Dollars ($10,000,000.00). No bonds shall be 1375
issued under this paragraph after December 31, 1996. 1376
(d) Bonds issued under the authority of this section 1377
for projects defined in Section 57-75-5(f)(iv) shall not exceed 1378
Three Hundred Fifty-one Million Dollars ($351,000,000.00). An 1379
additional amount of bonds in an amount not to exceed Twelve 1380
Million Five Hundred Thousand Dollars ($12,500,000.00) may be 1381
issued under the authority of this section for the purpose of 1382
defraying costs associated with the construction of surface water 1383
transmission lines for a project defined in Section 57-75-5(f)(iv) 1384
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or for any facility related to the project. No bonds shall be 1385
issued under this paragraph after June 30, 2005. 1386
(e) Bonds issued under the authority of this section 1387
for projects defined in Section 57-75-5(f)(v) and for facilities 1388
related to such projects shall not exceed Thirty-eight Million 1389
Five Hundred Thousand Dollars ($38,500,000.00). No bonds shall be 1390
issued under this paragraph after April 1, 2005. 1391
(f) Bonds issued under the authority of this section 1392
for projects defined in Section 57-75-5(f)(vii) shall not exceed 1393
Five Million Dollars ($5,000,000.00). No bonds shall be issued 1394
under this paragraph after June 30, 2006. 1395
(g) Bonds issued under the authority of this section 1396
for projects defined in Section 57-75-5(f)(viii) shall not exceed 1397
Four Million Five Hundred Thousand Dollars ($4,500,000.00). No 1398
bonds shall be issued under this paragraph after June 30, 2008. 1399
(h) Bonds issued under the authority of this section 1400
for projects defined in Section 57-75-5(f)(ix) shall not exceed 1401
Five Million Dollars ($5,000,000.00). No bonds shall be issued 1402
under this paragraph after June 30, 2007. 1403
(i) Bonds issued under the authority of this section 1404
for projects defined in Section 57-75-5(f)(x) shall not exceed 1405
Five Million Dollars ($5,000,000.00). No bonds shall be issued 1406
under this paragraph after April 1, 2005. 1407
(j) Bonds issued under the authority of this section 1408
for projects defined in Section 57-75-5(f)(xii) shall not exceed 1409
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Thirty-three Million Dollars ($33,000,000.00). The amount of 1410
bonds that may be issued under this paragraph for projects defined 1411
in Section 57-75-5(f)(xii) may be reduced by the amount of any 1412
federal or local funds made available for such projects. No bonds 1413
shall be issued under this paragraph until local governments in or 1414
near the county in which the project is located have irrevocably 1415
committed funds to the project in an amount of not less than Two 1416
Million Five Hundred Thousand Dollars ($2,500,000.00) in the 1417
aggregate; however, this irrevocable commitment requirement may be 1418
waived by the authority upon a finding that due to the unforeseen 1419
circumstances created by Hurricane Katrina, the local governments 1420
are unable to comply with such commitment. No bonds shall be 1421
issued under this paragraph after June 30, 2008. 1422
(k) Bonds issued under the authority of this section 1423
for projects defined in Section 57-75-5(f)(xiii) shall not exceed 1424
Three Million Dollars ($3,000,000.00). No bonds shall be issued 1425
under this paragraph after June 30, 2009. 1426
(l) Bonds issued under the authority of this section 1427
for projects defined in Section 57-75-5(f)(xiv) shall not exceed 1428
Twenty-four Million Dollars ($24,000,000.00). No bonds shall be 1429
issued under this paragraph until local governments in the county 1430
in which the project is located have irrevocably committed funds 1431
to the project in an amount of not less than Two Million Dollars 1432
($2,000,000.00). No bonds shall be issued under this paragraph 1433
after June 30, 2009. 1434
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(m) Bonds issued under the authority of this section 1435
for projects defined in Section 57-75-5(f)(xv) shall not exceed 1436
Five Hundred Thousand Dollars ($500,000.00). No bonds shall be 1437
issued under this paragraph after June 30, 2009. 1438
(n) Bonds issued under the authority of this section 1439
for projects defined in Section 57-75-5(f)(xvi) shall not exceed 1440
Ten Million Dollars ($10,000,000.00). No bonds shall be issued 1441
under this paragraph after June 30, 2011. 1442
(o) Bonds issued under the authority of this section 1443
for projects defined in Section 57-75-5(f)(xvii) shall not exceed 1444
Three Million Five Hundred Thousand Dollars ($3,500,000.00). No 1445
bonds shall be issued under this paragraph after June 30, 2010. 1446
(p) Bonds issued under the authority of this section 1447
for projects defined in Section 57-75-5(f)(xviii) shall not exceed 1448
Ninety-six Million Dollars ($96,000,000.00). No bonds shall be 1449
issued under this paragraph after June 30, 2011. 1450
(q) Bonds issued under the authority of this section 1451
for projects defined in Section 57-75-5(f)(xix) shall not exceed 1452
Fifteen Million Dollars ($15,000,000.00). No bonds shall be 1453
issued under this paragraph after June 30, 2012. 1454
(r) Bonds issued under the authority of this section 1455
for projects defined in Section 57-75-5(f)(xx) shall not exceed 1456
Twenty-three Million Dollars ($23,000,000.00). No bonds shall be 1457
issued under this paragraph after April 25, 2013. 1458
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(s) Bonds issued under the authority of this section 1459
for projects defined in Section 57-75-5(f)(xxi) shall not exceed 1460
Two Hundred Ninety-three Million Nine Hundred Thousand Dollars 1461
($293,900,000.00). No bonds shall be issued under this paragraph 1462
after July 1, 2020. 1463
(t) Bonds issued under the authority of this section 1464
for Tier One suppliers shall not exceed Thirty Million Dollars 1465
($30,000,000.00). No bonds shall be issued under this paragraph 1466
after July 1, 2020. 1467
(u) Bonds issued under the authority of this section 1468
for projects defined in Section 57-75-5(f)(xxii) shall not exceed 1469
Forty-eight Million Four Hundred Thousand Dollars 1470
($48,400,000.00). No bonds shall be issued under this paragraph 1471
after July 1, 2020. 1472
(v) Bonds issued under the authority of this section 1473
for projects defined in Section 57-75-5(f)(xxiii) shall not exceed 1474
Eighty-eight Million Two Hundred Fifty Thousand Dollars 1475
($88,250,000.00). No bonds shall be issued under this paragraph 1476
after July 1, 2009. 1477
(w) Bonds issued under the authority of this section 1478
for projects defined in Section 57-75-5(f)(xxiv) shall not exceed 1479
Thirteen Million Dollars ($13,000,000.00). No bonds shall be 1480
issued under this paragraph after July 1, 2020. 1481
(x) Bonds issued under the authority of this section 1482
for projects defined in Section 57-75-5(f)(xxv) shall not exceed 1483
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Twenty-five Million Dollars ($25,000,000.00). No bonds shall be 1484
issued under this paragraph after July 1, 2017. 1485
(y) [Deleted] 1486
(z) Bonds issued under the authority of this section 1487
for projects defined in Section 57-75-5(f)(xxvii) shall not exceed 1488
Fifty Million Dollars ($50,000,000.00). No bonds shall be issued 1489
under this paragraph after April 25, 2013. 1490
(aa) Bonds issued under the authority of this section 1491
for projects defined in Section 57-75-5(f)(xxviii) shall not 1492
exceed Seventy Million Dollars ($70,000,000.00). No bonds shall 1493
be issued under this paragraph after July 1, 2026. 1494
(bb) Bonds issued under the authority of this section 1495
for projects defined in Section 57-75-5(f)(xxix) shall not exceed 1496
Two Hundred Sixty-three Million Dollars ($263,000,000.00). No 1497
bonds shall be issued under this paragraph after July 1, 2034. 1498
(cc) Bonds issued under the authority of this section 1499
for projects defined in Section 57-75-5(f)(xxx) shall not exceed 1500
Six Million Dollars ($6,000,000.00). No bonds shall be issued 1501
under this paragraph after July 1, 2025. 1502
(dd) Bonds issued under the authority of this section 1503
for projects defined in Section 57-75-5(f)(xxxi) shall not exceed 1504
Two Hundred Forty-six Million Seven Hundred Ninety-eight Thousand 1505
Five Hundred Fifty Dollars ($246,798,550.00); however, the total 1506
amount of bonds that may be issued under the authority of this 1507
section for projects defined in Section 57-75-5(f)(xxxi) shall be 1508
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reduced by the amount of any other funds authorized by the 1509
Legislature during the 2022 First Extraordinary Session 1510
specifically for such projects. No bonds shall be issued under 1511
this paragraph after July 1, 2040. 1512
(ee) Bonds issued under the authority of this section 1513
for a project defined in Section 57-75-5(f)(xxxii) shall not 1514
exceed Four Hundred Eighty-two Million Dollars ($482,000,000.00); 1515
however, the total amount of bonds that may be issued under the 1516
authority of this section for a project defined in Section 1517
57-75-5(f)(xxxii) shall be reduced by the amount of any other 1518
funds authorized by the Legislature specifically for such project. 1519
No bonds shall be issued under this paragraph after July 1, 2040. 1520
(ff) Bonds issued under the authority of this section 1521
for a project defined in Section 57-75-5(f)(xxxiii) shall not 1522
exceed Two Hundred Sixty Million Dollars ($260,000,000.00); 1523
however, the total amount of bonds that may be issued under the 1524
authority of this section for a project defined in Section 1525
57-75-5(f)(xxxiii) shall be reduced by the amount of any other 1526
funds authorized by the Legislature specifically for such project. 1527
No bonds shall be issued under this paragraph after July 1, 2040. 1528
(4) (a) The proceeds from the sale of the bonds issued 1529
under this section may be applied for the following purposes: 1530
(i) Defraying all or any designated portion of the 1531
costs incurred with respect to acquisition, planning, design, 1532
construction, installation, rehabilitation, improvement, 1533
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relocation and with respect to state-owned property, operation and 1534
maintenance of the project and any facility related to the project 1535
located within the project area, including costs of design and 1536
engineering, all costs incurred to provide land, easements and 1537
rights-of-way, relocation costs with respect to the project and 1538
with respect to any facility related to the project located within 1539
the project area, and costs associated with mitigation of 1540
environmental impacts and environmental impact studies; 1541
(ii) Defraying the cost of providing for the 1542
recruitment, screening, selection, training or retraining of 1543
employees, candidates for employment or replacement employees of 1544
the project and any related activity; 1545
(iii) Reimbursing the Mississippi Development 1546
Authority for expenses it incurred in regard to projects defined 1547
in Section 57-75-5(f)(iv) prior to November 6, 2000. The 1548
Mississippi Development Authority shall submit an itemized list of 1549
expenses it incurred in regard to such projects to the Chairmen of 1550
the Finance and Appropriations Committees of the Senate and the 1551
Chairmen of the Ways and Means and Appropriations Committees of 1552
the House of Representatives; 1553
(iv) Providing grants to enterprises operating 1554
projects defined in Section 57-75-5(f)(iv)1; 1555
(v) Paying any warranty made by the authority 1556
regarding site work for a project defined in Section 1557
57-75-5(f)(iv)1; 1558
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(vi) Defraying the cost of marketing and promotion 1559
of a project as defined in Section 57-75-5(f)(iv)1, Section 1560
57-75-5(f)(xxi) or Section 57-75-5(f)(xxii). The authority shall 1561
submit an itemized list of costs incurred for marketing and 1562
promotion of such project to the Chairmen of the Finance and 1563
Appropriations Committees of the Senate and the Chairmen of the 1564
Ways and Means and Appropriations Committees of the House of 1565
Representatives; 1566
(vii) Providing for the payment of interest on the 1567
bonds; 1568
(viii) Providing debt service reserves; 1569
(ix) Paying underwriters' discount, original issue 1570
discount, accountants' fees, engineers' fees, attorneys' fees, 1571
rating agency fees and other fees and expenses in connection with 1572
the issuance of the bonds; 1573
(x) For purposes authorized in paragraphs (b) and 1574
(c) of this subsection (4); 1575
(xi) Providing grants to enterprises operating 1576
projects defined in Section 57-75-5(f)(v), or, in connection with 1577
a facility related to such a project, for any purposes deemed by 1578
the authority in its sole discretion to be necessary and 1579
appropriate; 1580
(xii) Providing grant funds or loans to a public 1581
agency or an enterprise owning, leasing or operating a project 1582
defined in Section 57-75-5(f)(ii); 1583
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(xiii) Providing grant funds or loans to an 1584
enterprise owning, leasing or operating a project defined in 1585
Section 57-75-5(f)(xiv); 1586
(xiv) Providing grants, loans and payments to or 1587
for the benefit of an enterprise owning or operating a project 1588
defined in Section 57-75-5(f)(xviii); 1589
(xv) Purchasing equipment for a project defined in 1590
Section 57-75-5(f)(viii) subject to such terms and conditions as 1591
the authority considers necessary and appropriate; 1592
(xvi) Providing grant funds to an enterprise 1593
developing or owning a project defined in Section 57-75-5(f)(xx); 1594
(xvii) Providing grants and loans for projects as 1595
authorized in Section 57-75-11(kk), (ll), (mm), (uu), (vv) or, in 1596
connection with a facility related to such a project, for any 1597
purposes deemed by the authority in its sole discretion to be 1598
necessary and appropriate; 1599
(xviii) Providing grants for projects as 1600
authorized in Section 57-75-11(pp) for any purposes deemed by the 1601
authority in its sole discretion to be necessary and appropriate; 1602
(xix) Providing grants and loans for projects as 1603
authorized in Section 57-75-11(qq); 1604
(xx) Providing grants for projects as authorized 1605
in Section 57-75-11(rr); 1606
(xxi) Providing grants, loans and payments as 1607
authorized in Section 57-75-11(ss); 1608
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(xxii) Providing grants and loans as authorized in 1609
Section 57-75-11(tt); 1610
(xxiii) Providing grants as authorized in Section 1611
57-75-11(ww) for any purposes deemed by the authority in its sole 1612
discretion to be necessary and appropriate; and 1613
(xxiv) Providing loans, grants and other funds as 1614
authorized in Section 57-75-11(xx), (yy), (zz) and (aaa) for any 1615
purposes deemed by the authority in its sole discretion to be 1616
necessary and appropriate. 1617
Such bonds shall be issued, from time to time, and in such 1618
principal amounts as shall be designated by the authority, not to 1619
exceed in aggregate principal amounts the amount authorized in 1620
subsection (3) of this section. Proceeds from the sale of the 1621
bonds issued under this section may be invested, subject to 1622
federal limitations, pending their use, in such securities as may 1623
be specified in the resolution authorizing the issuance of the 1624
bonds or the trust indenture securing them, and the earning on 1625
such investment applied as provided in such resolution or trust 1626
indenture. 1627
(b) (i) The proceeds of bonds issued after June 21, 1628
2002, under this section for projects described in Section 1629
57-75-5(f)(iv) may be used to reimburse reasonable actual and 1630
necessary costs incurred by the Mississippi Development Authority 1631
in providing assistance related to a project for which funding is 1632
provided from the use of proceeds of such bonds. The Mississippi 1633
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Development Authority shall maintain an accounting of actual costs 1634
incurred for each project for which reimbursements are sought. 1635
Reimbursements under this paragraph (b)(i) shall not exceed Three 1636
Hundred Thousand Dollars ($300,000.00) in the aggregate. 1637
Reimbursements under this paragraph (b)(i) shall satisfy any 1638
applicable federal tax law requirements. 1639
(ii) The proceeds of bonds issued after June 21, 1640
2002, under this section for projects described in Section 1641
57-75-5(f)(iv) may be used to reimburse reasonable actual and 1642
necessary costs incurred by the Department of Audit in providing 1643
services related to a project for which funding is provided from 1644
the use of proceeds of such bonds. The Department of Audit shall 1645
maintain an accounting of actual costs incurred for each project 1646
for which reimbursements are sought. The Department of Audit may 1647
escalate its budget and expend such funds in accordance with rules 1648
and regulations of the Department of Finance and Administration in 1649
a manner consistent with the escalation of federal funds. 1650
Reimbursements under this paragraph (b)(ii) shall not exceed One 1651
Hundred Thousand Dollars ($100,000.00) in the aggregate. 1652
Reimbursements under this paragraph (b)(ii) shall satisfy any 1653
applicable federal tax law requirements. 1654
(c) (i) Except as otherwise provided in this 1655
subsection, the proceeds of bonds issued under this section for a 1656
project described in Section 57-75-5(f) may be used to reimburse 1657
reasonable actual and necessary costs incurred by the Mississippi 1658
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Development Authority in providing assistance related to the 1659
project for which funding is provided for the use of proceeds of 1660
such bonds. The Mississippi Development Authority shall maintain 1661
an accounting of actual costs incurred for each project for which 1662
reimbursements are sought. Reimbursements under this paragraph 1663
shall not exceed Twenty-five Thousand Dollars ($25,000.00) for 1664
each project. 1665
(ii) Except as otherwise provided in this 1666
subsection, the proceeds of bonds issued under this section for a 1667
project described in Section 57-75-5(f) may be used to reimburse 1668
reasonable actual and necessary costs incurred by the Department 1669
of Audit in providing services related to the project for which 1670
funding is provided from the use of proceeds of such bonds. The 1671
Department of Audit shall maintain an accounting of actual costs 1672
incurred for each project for which reimbursements are sought. 1673
The Department of Audit may escalate its budget and expend such 1674
funds in accordance with rules and regulations of the Department 1675
of Finance and Administration in a manner consistent with the 1676
escalation of federal funds. Reimbursements under this paragraph 1677
shall not exceed Twenty-five Thousand Dollars ($25,000.00) for 1678
each project. Reimbursements under this paragraph shall satisfy 1679
any applicable federal tax law requirements. 1680
(5) The principal of and the interest on the bonds shall be 1681
payable in the manner hereinafter set forth. The bonds shall bear 1682
date or dates; be in such denomination or denominations; bear 1683
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interest at such rate or rates; be payable at such place or places 1684
within or without the state; mature absolutely at such time or 1685
times; be redeemable before maturity at such time or times and 1686
upon such terms, with or without premium; bear such registration 1687
privileges; and be substantially in such form; all as shall be 1688
determined by resolution of the State Bond Commission except that 1689
such bonds shall mature or otherwise be retired in annual 1690
installments beginning not more than five (5) years from the date 1691
thereof and extending not more than twenty-five (25) years from 1692
the date thereof. The bonds shall be signed by the Chairman of 1693
the State Bond Commission, or by his facsimile signature, and the 1694
official seal of the State Bond Commission shall be imprinted on 1695
or affixed thereto, attested by the manual or facsimile signature 1696
of the Secretary of the State Bond Commission. Whenever any such 1697
bonds have been signed by the officials herein designated to sign 1698
the bonds, who were in office at the time of such signing but who 1699
may have ceased to be such officers before the sale and delivery 1700
of such bonds, or who may not have been in office on the date such 1701
bonds may bear, the signatures of such officers upon such bonds 1702
shall nevertheless be valid and sufficient for all purposes and 1703
have the same effect as if the person so officially signing such 1704
bonds had remained in office until the delivery of the same to the 1705
purchaser, or had been in office on the date such bonds may bear. 1706
(6) All bonds issued under the provisions of this section 1707
shall be and are hereby declared to have all the qualities and 1708
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incidents of negotiable instruments under the provisions of the 1709
Uniform Commercial Code and in exercising the powers granted by 1710
this chapter, the State Bond Commission shall not be required to 1711
and need not comply with the provisions of the Uniform Commercial 1712
Code. 1713
(7) The State Bond Commission shall act as issuing agent for 1714
the bonds, prescribe the form of the bonds, determine the 1715
appropriate method for sale of the bonds, advertise for and accept 1716
bids or negotiate the sale of the bonds, issue and sell the bonds, 1717
pay all fees and costs incurred in such issuance and sale, and do 1718
any and all other things necessary and advisable in connection 1719
with the issuance and sale of the bonds. The State Bond 1720
Commission may sell such bonds on sealed bids at public sale or 1721
may negotiate the sale of the bonds for such price as it may 1722
determine to be for the best interest of the State of Mississippi. 1723
The bonds shall bear interest at such rate or rates not exceeding 1724
the limits set forth in Section 75-17-101 as shall be fixed by the 1725
State Bond Commission. All interest accruing on such bonds so 1726
issued shall be payable semiannually or annually. 1727
If the bonds are to be sold on sealed bids at public sale, 1728
notice of the sale of any bonds shall be published at least one 1729
time, the first of which shall be made not less than ten (10) days 1730
prior to the date of sale, and shall be so published in one or 1731
more newspapers having a general circulation in the City of 1732
Jackson, Mississippi, selected by the State Bond Commission. 1733
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The State Bond Commission, when issuing any bonds under the 1734
authority of this section, may provide that the bonds, at the 1735
option of the state, may be called in for payment and redemption 1736
at the call price named therein and accrued interest on such date 1737
or dates named therein. 1738
(8) State bonds issued under the provisions of this section 1739
shall be the general obligations of the state and backed by the 1740
full faith and credit of the state. The Legislature shall 1741
appropriate annually an amount sufficient to pay the principal of 1742
and the interest on such bonds as they become due. All bonds 1743
shall contain recitals on their faces substantially covering the 1744
foregoing provisions of this section. 1745
(9) The State Treasurer is authorized to certify to the 1746
Department of Finance and Administration the necessity for 1747
warrants, and the Department of Finance and Administration is 1748
authorized and directed to issue such warrants payable out of any 1749
funds appropriated by the Legislature under this section for such 1750
purpose, in such amounts as may be necessary to pay when due the 1751
principal of and interest on all bonds issued under the provisions 1752
of this section. The State Treasurer shall forward the necessary 1753
amount to the designated place or places of payment of such bonds 1754
in ample time to discharge such bonds, or the interest thereon, on 1755
the due dates thereof. 1756
(10) The bonds may be issued without any other proceedings 1757
or the happening of any other conditions or things other than 1758
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those proceedings, conditions and things which are specified or 1759
required by this chapter. Any resolution providing for the 1760
issuance of general obligation bonds under the provisions of this 1761
section shall become effective immediately upon its adoption by 1762
the State Bond Commission, and any such resolution may be adopted 1763
at any regular or special meeting of the State Bond Commission by 1764
a majority of its members. 1765
(11) In anticipation of the issuance of bonds hereunder, the 1766
State Bond Commission is authorized to negotiate and enter into 1767
any purchase, loan, credit or other agreement with any bank, trust 1768
company or other lending institution or to issue and sell interim 1769
notes for the purpose of making any payments authorized under this 1770
section. All borrowings made under this provision shall be 1771
evidenced by notes of the state which shall be issued from time to 1772
time, for such amounts not exceeding the amount of bonds 1773
authorized herein, in such form and in such denomination and 1774
subject to such terms and conditions of sale and issuance, 1775
prepayment or redemption and maturity, rate or rates of interest 1776
not to exceed the maximum rate authorized herein for bonds, and 1777
time of payment of interest as the State Bond Commission shall 1778
agree to in such agreement. Such notes shall constitute general 1779
obligations of the state and shall be backed by the full faith and 1780
credit of the state. Such notes may also be issued for the 1781
purpose of refunding previously issued notes. No note shall 1782
mature more than three (3) years following the date of its 1783
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issuance. The State Bond Commission is authorized to provide for 1784
the compensation of any purchaser of the notes by payment of a 1785
fixed fee or commission and for all other costs and expenses of 1786
issuance and service, including paying agent costs. Such costs 1787
and expenses may be paid from the proceeds of the notes. 1788
(12) The bonds and interim notes authorized under the 1789
authority of this section may be validated in the Chancery Court 1790
of the First Judicial District of Hinds County, Mississippi, in 1791
the manner and with the force and effect provided now or hereafter 1792
by Chapter 13, Title 31, Mississippi Code of 1972, for the 1793
validation of county, municipal, school district and other bonds. 1794
The necessary papers for such validation proceedings shall be 1795
transmitted to the State Bond Attorney, and the required notice 1796
shall be published in a newspaper published in the City of 1797
Jackson, Mississippi. 1798
(13) Any bonds or interim notes issued under the provisions 1799
of this chapter, a transaction relating to the sale or securing of 1800
such bonds or interim notes, their transfer and the income 1801
therefrom shall at all times be free from taxation by the state or 1802
any local unit or political subdivision or other instrumentality 1803
of the state, excepting inheritance and gift taxes. 1804
(14) All bonds issued under this chapter shall be legal 1805
investments for trustees, other fiduciaries, savings banks, trust 1806
companies and insurance companies organized under the laws of the 1807
State of Mississippi; and such bonds shall be legal securities 1808
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which may be deposited with and shall be received by all public 1809
officers and bodies of the state and all municipalities and other 1810
political subdivisions thereof for the purpose of securing the 1811
deposit of public funds. 1812
(15) The Attorney General of the State of Mississippi shall 1813
represent the State Bond Commission in issuing, selling and 1814
validating bonds herein provided for, and the Bond Commission is 1815
hereby authorized and empowered to expend from the proceeds 1816
derived from the sale of the bonds authorized hereunder all 1817
necessary administrative, legal and other expenses incidental and 1818
related to the issuance of bonds authorized under this chapter. 1819
(16) There is hereby created a special fund in the State 1820
Treasury to be known as the Mississippi Major Economic Impact 1821
Authority Fund wherein shall be deposited the proceeds of the 1822
bonds issued under this chapter and all monies received by the 1823
authority to carry out the purposes of this chapter. Expenditures 1824
authorized herein shall be paid by the State Treasurer upon 1825
warrants drawn from the fund, and the Department of Finance and 1826
Administration shall issue warrants upon requisitions signed by 1827
the director of the authority. 1828
(17) (a) There is hereby created the Mississippi Economic 1829
Impact Authority Sinking Fund from which the principal of and 1830
interest on such bonds shall be paid by appropriation. All monies 1831
paid into the sinking fund not appropriated to pay accruing bonds 1832
and interest shall be invested by the State Treasurer in such 1833
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securities as are provided by law for the investment of the 1834
sinking funds of the state. 1835
(b) In the event that all or any part of the bonds and 1836
notes are purchased, they shall be cancelled and returned to the 1837
loan and transfer agent as cancelled and paid bonds and notes and 1838
thereafter all payments of interest thereon shall cease and the 1839
cancelled bonds, notes and coupons, together with any other 1840
cancelled bonds, notes and coupons, shall be destroyed as promptly 1841
as possible after cancellation but not later than two (2) years 1842
after cancellation. A certificate evidencing the destruction of 1843
the cancelled bonds, notes and coupons shall be provided by the 1844
loan and transfer agent to the seller. 1845
(c) The State Treasurer shall determine and report to 1846
the Department of Finance and Administration and Legislative 1847
Budget Office by September 1 of each year the amount of money 1848
necessary for the payment of the principal of and interest on 1849
outstanding obligations for the following fiscal year and the 1850
times and amounts of the payments. It shall be the duty of the 1851
Governor to include in every executive budget submitted to the 1852
Legislature full information relating to the issuance of bonds and 1853
notes under the provisions of this chapter and the status of the 1854
sinking fund for the payment of the principal of and interest on 1855
the bonds and notes. 1856
(d) Any monies repaid to the state from loans 1857
authorized in Section 57-75-11(hh) shall be deposited into the 1858
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Mississippi Major Economic Impact Authority Sinking Fund unless 1859
the State Bond Commission, at the request of the authority, shall 1860
determine that such loan repayments are needed to provide 1861
additional loans as authorized under Section 57-75-11(hh). For 1862
purposes of providing additional loans, there is hereby created 1863
the Mississippi Major Economic Impact Authority Revolving Loan 1864
Fund and loan repayments shall be deposited into the fund. The 1865
fund shall be maintained for such period as determined by the 1866
State Bond Commission for the sole purpose of making additional 1867
loans as authorized by Section 57-75-11(hh). Unexpended amounts 1868
remaining in the fund at the end of a fiscal year shall not lapse 1869
into the State General Fund and any interest earned on amounts in 1870
such fund shall be deposited to the credit of the fund. 1871
(e) Any monies repaid to the state from loans 1872
authorized in Section 57-75-11(ii) shall be deposited into the 1873
Mississippi Major Economic Impact Authority Sinking Fund. 1874
(f) Any monies repaid to the state from loans, grants 1875
and other funds authorized in Section 57-75-11(jj), (vv), (xx), 1876
(zz) and (aaa) shall be deposited into the Mississippi Major 1877
Economic Impact Authority Sinking Fund. However: 1878
(i) Monies paid to the state from a county in 1879
which a project as defined in Section 57-75-5(f)(xxxii) is located 1880
and which is paid pursuant to any agreement under Section 1881
57-75-37(6)(c)(iii) shall, after being received from the county 1882
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and properly accounted for, be deposited into the State General 1883
Fund; and 1884
(ii) Monies paid to the state from a county and/or 1885
municipality in which a project as defined in Section 1886
57-75-5(f)(xxxiii) is located and which is paid pursuant to any 1887
agreement under Section 57-75-37(7)(c)(iii) shall, after being 1888
received from the county and/or municipality and properly 1889
accounted for, be deposited into the State General Fund. 1890
(18) (a) Upon receipt of a declaration by the authority 1891
that it has determined that the state is a potential site for a 1892
project, the State Bond Commission is authorized and directed to 1893
authorize the State Treasurer to borrow money from any special 1894
fund in the State Treasury not otherwise appropriated to be 1895
utilized by the authority for the purposes provided for in this 1896
subsection. 1897
(b) The proceeds of the money borrowed under this 1898
subsection may be utilized by the authority for the purpose of 1899
defraying all or a portion of the costs incurred by the authority 1900
with respect to acquisition options and planning, design and 1901
environmental impact studies with respect to a project defined in 1902
Section 57-75-5(f)(xi) or Section 57-75-5(f)(xxix). The authority 1903
may escalate its budget and expend the proceeds of the money 1904
borrowed under this subsection in accordance with rules and 1905
regulations of the Department of Finance and Administration in a 1906
manner consistent with the escalation of federal funds. 1907
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(c) The authority shall request an appropriation or 1908
additional authority to issue general obligation bonds to repay 1909
the borrowed funds and establish a date for the repayment of the 1910
funds so borrowed. 1911
(d) Borrowings made under the provisions of this 1912
subsection shall not exceed Five Hundred Thousand Dollars 1913
($500,000.00) at any one time. 1914
SECTION 13. Section 25, Chapter 533, Laws of 2010, as 1915
amended by Section 4, Chapter 30, Laws of 2010 Second 1916
Extraordinary Session, as amended by Section 1, Chapter 301, Laws 1917
of 2011, as amended by Section 6, Chapter 480, Laws of 2011, as 1918
amended by Section 1, Chapter 1, Laws of 2011 First Extraordinary 1919
Session, as amended by Section 8, Chapter 421, Laws of 2019, as 1920
amended by Section 14, Chapter 480, Laws of 2021, as amended by 1921
Section 7, Chapter 507, Laws of 2024, as amended by Section 8, 1922
Chapter 503, Laws of 2025, is amended as follows: 1923
Section 25. (1) As used in this section, the following 1924
words shall have the meanings ascribed herein unless the context 1925
clearly requires otherwise: 1926
(a) "Accreted value" of any bonds means, as of any date 1927
of computation, an amount equal to the sum of (i) the stated 1928
initial value of such bond, plus (ii) the interest accrued thereon 1929
from the issue date to the date of computation at the rate, 1930
compounded semiannually, that is necessary to produce the 1931
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approximate yield to maturity shown for bonds of the same 1932
maturity. 1933
(b) "State" means the State of Mississippi. 1934
(c) "Commission" means the State Bond Commission. 1935
(2) (a) The Mississippi Development Authority, at one time, 1936
or from time to time, may declare by resolution the necessity for 1937
issuance of general obligation bonds of the State of Mississippi 1938
to provide funds for the program authorized in Section 57-1-221. 1939
Upon the adoption of a resolution by the Mississippi Development 1940
Authority, declaring the necessity for the issuance of any part or 1941
all of the general obligation bonds authorized by this subsection, 1942
the Mississippi Development Authority shall deliver a certified 1943
copy of its resolution or resolutions to the commission. Upon 1944
receipt of such resolution, the commission, in its discretion, may 1945
act as the issuing agent, prescribe the form of the bonds, 1946
determine the appropriate method for sale of the bonds, advertise 1947
for and accept bids or negotiate the sale of the bonds, issue and 1948
sell the bonds so authorized to be sold, and do any and all other 1949
things necessary and advisable in connection with the issuance and 1950
sale of such bonds. The total amount of bonds issued under this 1951
section shall not exceed * * * Five Hundred Thirty-five Million 1952
Dollars ($535,000,000.00). No bonds authorized under this section 1953
shall be issued after July 1, 2029. 1954
(b) The proceeds of bonds issued pursuant to this 1955
section shall be deposited into the Mississippi Industry Incentive 1956
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Financing Revolving Fund created pursuant to Section 57-1-221. 1957
Any investment earnings on bonds issued pursuant to this section 1958
shall be used to pay debt service on bonds issued under this 1959
section, in accordance with the proceedings authorizing issuance 1960
of such bonds. 1961
(3) The principal of and interest on the bonds authorized 1962
under this section shall be payable in the manner provided in this 1963
subsection. Such bonds shall bear such date or dates, be in such 1964
denomination or denominations, bear interest at such rate or rates 1965
(not to exceed the limits set forth in Section 75-17-101, 1966
Mississippi Code of 1972), be payable at such place or places 1967
within or without the State of Mississippi, shall mature 1968
absolutely at such time or times not to exceed twenty-five (25) 1969
years from date of issue, be redeemable before maturity at such 1970
time or times and upon such terms, with or without premium, shall 1971
bear such registration privileges, and shall be substantially in 1972
such form, all as shall be determined by resolution of the 1973
commission. 1974
(4) The bonds authorized by this section shall be signed by 1975
the chairman of the commission, or by his facsimile signature, and 1976
the official seal of the commission shall be affixed thereto, 1977
attested by the secretary of the commission. The interest 1978
coupons, if any, to be attached to such bonds may be executed by 1979
the facsimile signatures of such officers. Whenever any such 1980
bonds shall have been signed by the officials designated to sign 1981
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the bonds who were in office at the time of such signing but who 1982
may have ceased to be such officers before the sale and delivery 1983
of such bonds, or who may not have been in office on the date such 1984
bonds may bear, the signatures of such officers upon such bonds 1985
and coupons shall nevertheless be valid and sufficient for all 1986
purposes and have the same effect as if the person so officially 1987
signing such bonds had remained in office until their delivery to 1988
the purchaser, or had been in office on the date such bonds may 1989
bear. However, notwithstanding anything herein to the contrary, 1990
such bonds may be issued as provided in the Registered Bond Act of 1991
the State of Mississippi. 1992
(5) All bonds and interest coupons issued under the 1993
provisions of this section have all the qualities and incidents of 1994
negotiable instruments under the provisions of the Uniform 1995
Commercial Code, and in exercising the powers granted by this 1996
section, the commission shall not be required to and need not 1997
comply with the provisions of the Uniform Commercial Code. 1998
(6) The commission shall act as issuing agent for the bonds 1999
authorized under this section, prescribe the form of the bonds, 2000
determine the appropriate method for sale of the bonds, advertise 2001
for and accept bids or negotiate the sale of the bonds, issue and 2002
sell the bonds so authorized to be sold, pay all fees and costs 2003
incurred in such issuance and sale, and do any and all other 2004
things necessary and advisable in connection with the issuance and 2005
sale of such bonds. The commission is authorized and empowered to 2006
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pay the costs that are incident to the sale, issuance and delivery 2007
of the bonds authorized under this section from the proceeds 2008
derived from the sale of such bonds. The commission may sell such 2009
bonds on sealed bids at public sale or may negotiate the sale of 2010
the bonds for such price as it may determine to be for the best 2011
interest of the State of Mississippi. All interest accruing on 2012
such bonds so issued shall be payable semiannually or annually. 2013
If such bonds are sold by sealed bids at public sale, notice 2014
of the sale shall be published at least one time, not less than 2015
ten (10) days before the date of sale, and shall be so published 2016
in one or more newspapers published or having a general 2017
circulation in the City of Jackson, Mississippi, selected by the 2018
commission. 2019
The commission, when issuing any bonds under the authority of 2020
this section, may provide that bonds, at the option of the State 2021
of Mississippi, may be called in for payment and redemption at the 2022
call price named therein and accrued interest on such date or 2023
dates named therein. 2024
(7) The bonds issued under the provisions of this section 2025
are general obligations of the State of Mississippi, and for the 2026
payment thereof the full faith and credit of the State of 2027
Mississippi is irrevocably pledged. If the funds appropriated by 2028
the Legislature are insufficient to pay the principal of and the 2029
interest on such bonds as they become due, then the deficiency 2030
shall be paid by the State Treasurer from any funds in the State 2031
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Treasury not otherwise appropriated. All such bonds shall contain 2032
recitals on their faces substantially covering the provisions of 2033
this subsection. 2034
(8) Upon the issuance and sale of bonds under the provisions 2035
of this section, the commission shall transfer the proceeds of any 2036
such sale or sales to the Mississippi Industry Incentive Financing 2037
Revolving Fund created in Section 57-1-221. The proceeds of such 2038
bonds shall be disbursed solely upon the order of the Mississippi 2039
Development Authority under such restrictions, if any, as may be 2040
contained in the resolution providing for the issuance of the 2041
bonds. 2042
(9) The bonds authorized under this section may be issued 2043
without any other proceedings or the happening of any other 2044
conditions or things other than those proceedings, conditions and 2045
things which are specified or required by this section. Any 2046
resolution providing for the issuance of bonds under the 2047
provisions of this section shall become effective immediately upon 2048
its adoption by the commission, and any such resolution may be 2049
adopted at any regular or special meeting of the commission by a 2050
majority of its members. 2051
(10) The bonds authorized under the authority of this 2052
section may be validated in the Chancery Court of the First 2053
Judicial District of Hinds County, Mississippi, in the manner and 2054
with the force and effect provided by Chapter 13, Title 31, 2055
Mississippi Code of 1972, for the validation of county, municipal, 2056
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school district and other bonds. The notice to taxpayers required 2057
by such statutes shall be published in a newspaper published or 2058
having a general circulation in the City of Jackson, Mississippi. 2059
(11) Any holder of bonds issued under the provisions of this 2060
section or of any of the interest coupons pertaining thereto may, 2061
either at law or in equity, by suit, action, mandamus or other 2062
proceeding, protect and enforce any and all rights granted under 2063
this section, or under such resolution, and may enforce and compel 2064
performance of all duties required by this section to be 2065
performed, in order to provide for the payment of bonds and 2066
interest thereon. 2067
(12) All bonds issued under the provisions of this section 2068
shall be legal investments for trustees and other fiduciaries, and 2069
for savings banks, trust companies and insurance companies 2070
organized under the laws of the State of Mississippi, and such 2071
bonds shall be legal securities which may be deposited with and 2072
shall be received by all public officers and bodies of this state 2073
and all municipalities and political subdivisions for the purpose 2074
of securing the deposit of public funds. 2075
(13) Bonds issued under the provisions of this section and 2076
income therefrom shall be exempt from all taxation in the State of 2077
Mississippi. 2078
(14) The proceeds of the bonds issued under this section 2079
shall be used solely for the purposes therein provided, including 2080
the costs incident to the issuance and sale of such bonds. 2081
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(15) The State Treasurer is authorized, without further 2082
process of law, to certify to the Department of Finance and 2083
Administration the necessity for warrants, and the Department of 2084
Finance and Administration is authorized and directed to issue 2085
such warrants, in such amounts as may be necessary to pay when due 2086
the principal of, premium, if any, and interest on, or the 2087
accreted value of, all bonds issued under this section; and the 2088
State Treasurer shall forward the necessary amount to the 2089
designated place or places of payment of such bonds in ample time 2090
to discharge such bonds, or the interest thereon, on the due dates 2091
thereof. 2092
(16) This section shall be deemed to be full and complete 2093
authority for the exercise of the powers therein granted, but this 2094
section shall not be deemed to repeal or to be in derogation of 2095
any existing law of this state. 2096
SECTION 14. (1) As used in this section, the following 2097
words shall have the meanings ascribed herein unless the context 2098
clearly requires otherwise: 2099
(a) "Accreted value" of any bonds means, as of any date 2100
of computation, an amount equal to the sum of (i) the stated 2101
initial value of such bond, plus (ii) the interest accrued thereon 2102
from the issue date to the date of computation at the rate, 2103
compounded semiannually, that is necessary to produce the 2104
approximate yield to maturity shown for bonds of the same 2105
maturity. 2106
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(b) "State" means the State of Mississippi. 2107
(c) "Commission" means the State Bond Commission. 2108
(2) (a) The Mississippi Development Authority, at one time, 2109
or from time to time, may declare by resolution the necessity for 2110
issuance of general obligation bonds of the State of Mississippi 2111
to provide funds for the program authorized in Section 2 of House 2112
Bill No. 1393, 2026 Regular Session. Upon the adoption of a 2113
resolution by the Mississippi Development Authority declaring the 2114
necessity for the issuance of any part or all of the general 2115
obligation bonds authorized by this subsection, the Mississippi 2116
Development Authority shall deliver a certified copy of its 2117
resolution or resolutions to the commission. Upon receipt of such 2118
resolution, the commission, in its discretion, may act as the 2119
issuing agent, prescribe the form of the bonds, determine the 2120
appropriate method for sale of the bonds, advertise for and accept 2121
bids or negotiate the sale of the bonds, issue and sell the bonds 2122
so authorized to be sold, and do any and all other things 2123
necessary and advisable in connection with the issuance and sale 2124
of such bonds. The total amount of bonds issued under this 2125
section shall not exceed One Million Dollars ($1,000,000.00). No 2126
bonds authorized under this section shall be issued after July 1, 2127
2030. 2128
(b) The proceeds of bonds issued pursuant to this 2129
section shall be deposited into the Mississippi Energy 2130
Infrastructure Fund created pursuant to Section 2 of House Bill 2131
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No. 1393, 2026 Regular Session. Any investment earnings on bonds 2132
issued pursuant to this section shall be used to pay debt service 2133
on bonds issued under this section, in accordance with the 2134
proceedings authorizing issuance of such bonds. 2135
(3) The principal of and interest on the bonds authorized 2136
under this section shall be payable in the manner provided in this 2137
subsection. Such bonds shall bear such date or dates, be in such 2138
denomination or denominations, bear interest at such rate or rates 2139
(not to exceed the limits set forth in Section 75-17-101, 2140
Mississippi Code of 1972), be payable at such place or places 2141
within or without the State of Mississippi, shall mature 2142
absolutely at such time or times not to exceed twenty-five (25) 2143
years from date of issue, be redeemable before maturity at such 2144
time or times and upon such terms, with or without premium, shall 2145
bear such registration privileges, and shall be substantially in 2146
such form, all as shall be determined by resolution of the 2147
commission. 2148
(4) The bonds authorized by this section shall be signed by 2149
the chairman of the commission, or by his facsimile signature, and 2150
the official seal of the commission shall be affixed thereto, 2151
attested by the secretary of the commission. The interest 2152
coupons, if any, to be attached to such bonds may be executed by 2153
the facsimile signatures of such officers. Whenever any such 2154
bonds shall have been signed by the officials designated to sign 2155
the bonds who were in office at the time of such signing but who 2156
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may have ceased to be such officers before the sale and delivery 2157
of such bonds, or who may not have been in office on the date such 2158
bonds may bear, the signatures of such officers upon such bonds 2159
and coupons shall nevertheless be valid and sufficient for all 2160
purposes and have the same effect as if the person so officially 2161
signing such bonds had remained in office until their delivery to 2162
the purchaser, or had been in office on the date such bonds may 2163
bear. However, notwithstanding anything herein to the contrary, 2164
such bonds may be issued as provided in the Registered Bond Act of 2165
the State of Mississippi. 2166
(5) All bonds and interest coupons issued under the 2167
provisions of this section have all the qualities and incidents of 2168
negotiable instruments under the provisions of the Uniform 2169
Commercial Code, and in exercising the powers granted by this 2170
section, the commission shall not be required to and need not 2171
comply with the provisions of the Uniform Commercial Code. 2172
(6) The commission shall act as the issuing agent for the 2173
bonds authorized under this section, prescribe the form of the 2174
bonds, determine the appropriate method for sale of the bonds, 2175
advertise for and accept bids or negotiate the sale of the bonds, 2176
issue and sell the bonds so authorized to be sold, pay all fees 2177
and costs incurred in such issuance and sale, and do any and all 2178
other things necessary and advisable in connection with the 2179
issuance and sale of such bonds. The commission is authorized and 2180
empowered to pay the costs that are incident to the sale, issuance 2181
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and delivery of the bonds authorized under this section from the 2182
proceeds derived from the sale of such bonds. The commission 2183
shall sell such bonds on sealed bids at public sale or may 2184
negotiate the sale of the bonds for such price as it may determine 2185
to be for the best interest of the State of Mississippi. All 2186
interest accruing on such bonds so issued shall be payable 2187
semiannually or annually. 2188
If the bonds are to be sold on sealed bids at public sale, 2189
notice of the sale of any such bonds shall be published at least 2190
one time, not less than ten (10) days before the date of sale, and 2191
shall be so published in one or more newspapers published or 2192
having a general circulation in the City of Jackson, Mississippi, 2193
selected by the commission. 2194
The commission, when issuing any bonds under the authority of 2195
this section, may provide that bonds, at the option of the State 2196
of Mississippi, may be called in for payment and redemption at the 2197
call price named therein and accrued interest on such date or 2198
dates named therein. 2199
(7) The bonds issued under the provisions of this section 2200
are general obligations of the State of Mississippi, and for the 2201
payment thereof the full faith and credit of the State of 2202
Mississippi is irrevocably pledged. If the funds appropriated by 2203
the Legislature are insufficient to pay the principal of and the 2204
interest on such bonds as they become due, then the deficiency 2205
shall be paid by the State Treasurer from any funds in the State 2206
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Treasury not otherwise appropriated. All such bonds shall contain 2207
recitals on their faces substantially covering the provisions of 2208
this subsection. 2209
(8) Upon the issuance and sale of bonds under the provisions 2210
of this section, the commission shall transfer the proceeds of any 2211
such sale or sales to the Mississippi Energy Infrastructure Fund 2212
created in Section 2 of House Bill No. 1393, 2026 Regular Session. 2213
The proceeds of such bonds shall be disbursed solely upon the 2214
order of the Mississippi Development Authority under such 2215
restrictions, if any, as may be contained in the resolution 2216
providing for the issuance of the bonds. 2217
(9) The bonds authorized under this section may be issued 2218
without any other proceedings or the happening of any other 2219
conditions or things other than those proceedings, conditions and 2220
things which are specified or required by this section. Any 2221
resolution providing for the issuance of bonds under the 2222
provisions of this section shall become effective immediately upon 2223
its adoption by the commission, and any such resolution may be 2224
adopted at any regular or special meeting of the commission by a 2225
majority of its members. 2226
(10) The bonds authorized under the authority of this 2227
section may be validated in the Chancery Court of the First 2228
Judicial District of Hinds County, Mississippi, in the manner and 2229
with the force and effect provided by Chapter 13, Title 31, 2230
Mississippi Code of 1972, for the validation of county, municipal, 2231
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school district and other bonds. The notice to taxpayers required 2232
by such statutes shall be published in a newspaper published or 2233
having a general circulation in the City of Jackson, Mississippi. 2234
(11) Any holder of bonds issued under the provisions of this 2235
section or of any of the interest coupons pertaining thereto may, 2236
either at law or in equity, by suit, action, mandamus or other 2237
proceeding, protect and enforce any and all rights granted under 2238
this section, or under such resolution, and may enforce and compel 2239
performance of all duties required by this section to be 2240
performed, in order to provide for the payment of bonds and 2241
interest thereon. 2242
(12) All bonds issued under the provisions of this section 2243
shall be legal investments for trustees and other fiduciaries, and 2244
for savings banks, trust companies and insurance companies 2245
organized under the laws of the State of Mississippi, and such 2246
bonds shall be legal securities which may be deposited with and 2247
shall be received by all public officers and bodies of this state 2248
and all municipalities and political subdivisions for the purpose 2249
of securing the deposit of public funds. 2250
(13) Bonds issued under the provisions of this section and 2251
income therefrom shall be exempt from all taxation in the State of 2252
Mississippi. 2253
(14) The proceeds of the bonds issued under this section 2254
shall be used solely for the purposes therein provided, including 2255
the costs incident to the issuance and sale of such bonds. 2256
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(15) The State Treasurer is authorized, without further 2257
process of law, to certify to the Department of Finance and 2258
Administration the necessity for warrants, and the Department of 2259
Finance and Administration is authorized and directed to issue 2260
such warrants, in such amounts as may be necessary to pay when due 2261
the principal of, premium, if any, and interest on, or the 2262
accreted value of, all bonds issued under this section; and the 2263
State Treasurer shall forward the necessary amount to the 2264
designated place or places of payment of such bonds in ample time 2265
to discharge such bonds, or the interest thereon, on the due dates 2266
thereof. 2267
(16) This section shall be deemed to be full and complete 2268
authority for the exercise of the powers therein granted, but this 2269
section shall not be deemed to repeal or to be in derogation of 2270
any existing law of this state. 2271
SECTION 15. Section 27-7-22.41, Mississippi Code of 1972, is 2272
brought forward as follows: 2273
27-7-22.41. (1) For the purposes of this section, the 2274
following words and phrases shall have the meanings ascribed in 2275
this section unless the context clearly indicates otherwise: 2276
(a) "Department" means the Department of Revenue. 2277
(b) "Eligible charitable organization" means an 2278
organization that is exempt from federal income taxation under 2279
Section 501(c)(3) of the Internal Revenue Code and is: 2280
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(i) Licensed by or under contract with the 2281
Mississippi Department of Child Protection Services and provides 2282
services for: 2283
1. The prevention and diversion of children 2284
from custody with the Department of Child Protection Services, 2285
2. The safety, care and well-being of 2286
children in custody with the Department of Child Protection 2287
Services, or 2288
3. The express purpose of creating permanency 2289
for children through adoption; or 2290
(ii) Certified by the department as an educational 2291
services charitable organization that is accredited by a regional 2292
accrediting organization and provides services to: 2293
1. Children in a foster care placement 2294
program established by the Department of Child Protection 2295
Services, children placed under the Safe Families for Children 2296
model, or children at significant risk of entering a foster care 2297
placement program established by the Department of Child 2298
Protection Services, 2299
2. Children who have a chronic illness or 2300
physical, intellectual, developmental or emotional disability, or 2301
3. Children eligible for free or reduced 2302
price meals programs under Section 37-11-7, or selected for 2303
participation in the Promise Neighborhoods Program sponsored by 2304
the U.S. Department of Education. 2305
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(2) (a) The tax credit authorized in this section shall be 2306
available only to a taxpayer who is a business enterprise engaged 2307
in commercial, industrial or professional activities and operating 2308
as a corporation, limited liability company, partnership or sole 2309
proprietorship. Except as otherwise provided in this section, a 2310
credit is allowed against the taxes imposed by Sections 27-7-5, 2311
27-15-103, 27-15-109 and 27-15-123, for voluntary cash 2312
contributions made by a taxpayer during the taxable year to an 2313
eligible charitable organization. From and after January 1, 2022, 2314
for a taxpayer that is not operating as a corporation, a credit is 2315
also allowed against ad valorem taxes assessed and levied on real 2316
property for voluntary cash contributions made by the taxpayer 2317
during the taxable year to an eligible charitable organization. 2318
The amount of credit that may be utilized by a taxpayer in a 2319
taxable year shall be limited to (i) an amount not to exceed fifty 2320
percent (50%) of the total tax liability of the taxpayer for the 2321
taxes imposed by such sections of law and (ii) an amount not to 2322
exceed fifty percent (50%) of the total tax liability of the 2323
taxpayer for ad valorem taxes assessed and levied on real 2324
property. Any tax credit claimed under this section but not used 2325
in any taxable year may be carried forward for five (5) 2326
consecutive years from the close of the tax year in which the 2327
credits were earned. 2328
(b) A contribution to an eligible charitable 2329
organization for which a credit is claimed under this section does 2330
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not qualify for and shall not be included in any credit that may 2331
be claimed under Section 27-7-22.39. 2332
(c) A contribution for which a credit is claimed under 2333
this section may not be used as a deduction by the taxpayer for 2334
state income tax purposes. 2335
(3) Taxpayers taking a credit authorized by this section 2336
shall provide the name of the eligible charitable organization and 2337
the amount of the contribution to the department on forms provided 2338
by the department. 2339
(4) An eligible charitable organization shall provide the 2340
department with a written certification that it meets all criteria 2341
to be considered an eligible charitable organization. An eligible 2342
charitable organization must also provide the department with 2343
written documented proof of its license and/or written contract 2344
with the Mississippi Department of Child Protection Services. The 2345
organization shall also notify the department of any changes that 2346
may affect eligibility under this section. 2347
(5) The eligible charitable organization's written 2348
certification must be signed by an officer of the organization 2349
under penalty of perjury. The written certification shall include 2350
the following: 2351
(a) Verification of the organization's status under 2352
Section 501(c)(3) of the Internal Revenue Code; 2353
(b) A statement that the organization does not provide, 2354
pay for or provide coverage of abortions and does not financially 2355
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support any other entity that provides, pays for or provides 2356
coverage of abortions; 2357
(c) A statement that the funds generated from the tax 2358
credit shall be used for educational resources, staff and 2359
expenditures and/or other purposes described in this section. 2360
(d) Any other information that the department requires 2361
to administer this section. 2362
(6) The department shall review each written certification 2363
and determine whether the organization meets all the criteria to 2364
be considered an eligible charitable organization and notify the 2365
organization of its determination. The department may also 2366
periodically request recertification from the organization. The 2367
department shall compile and make available to the public a list 2368
of eligible charitable organizations. 2369
(7) Tax credits authorized by this section that are earned 2370
by a partnership, limited liability company, S corporation or 2371
other similar pass-through entity, shall be allocated among all 2372
partners, members or shareholders, respectively, either in 2373
proportion to their ownership interest in such entity or as the 2374
partners, members or shareholders mutually agree as provided in an 2375
executed document. 2376
(8) (a) A taxpayer shall apply for credits with the 2377
department on forms prescribed by the department. In the 2378
application the taxpayer shall certify to the department the 2379
dollar amount of the contributions made or to be made during the 2380
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calendar year. Within thirty (30) days after the receipt of an 2381
application, the department shall allocate credits based on the 2382
dollar amount of contributions as certified in the application. 2383
However, if the department cannot allocate the full amount of 2384
credits certified in the application due to the limit on the 2385
aggregate amount of credits that may be awarded under this section 2386
in a calendar year, the department shall so notify the applicant 2387
within thirty (30) days with the amount of credits, if any, that 2388
may be allocated to the applicant in the calendar year. Once the 2389
department has allocated credits to a taxpayer, if the 2390
contribution for which a credit is allocated has not been made as 2391
of the date of the allocation, then the contribution must be made 2392
not later than sixty (60) days from the date of the allocation. 2393
If the contribution is not made within such time period, the 2394
allocation shall be cancelled and returned to the department for 2395
reallocation. Upon final documentation of the contributions, if 2396
the actual dollar amount of the contributions is lower than the 2397
amount estimated, the department shall adjust the tax credit 2398
allowed under this section. 2399
(b) A taxpayer who applied for a tax credit under this 2400
section during calendar year 2020, but who was unable to be 2401
awarded the credit due to the limit on the aggregate amount of 2402
credits authorized for calendar year 2020, shall be given priority 2403
for tax credits authorized to be allocated to taxpayers under this 2404
section by Section 27-7-22.39. 2405
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(c) For the purposes of using a tax credit against ad 2406
valorem taxes assessed and levied on real property, a taxpayer 2407
shall present to the appropriate tax collector the tax credit 2408
documentation provided to the taxpayer by the Department of 2409
Revenue, and the tax collector shall apply the tax credit against 2410
such ad valorem taxes. The tax collector shall forward the tax 2411
credit documentation to the Department of Revenue along with the 2412
amount of the tax credit applied against ad valorem taxes, and the 2413
department shall disburse funds to the tax collector for the 2414
amount of the tax credit applied against ad valorem taxes. Such 2415
payments by the Department of Revenue shall be made from current 2416
tax collections. 2417
(9) The aggregate amount of tax credits that may be 2418
allocated by the department under this section during a calendar 2419
year shall not exceed Five Million Dollars ($5,000,000.00), and 2420
not more than fifty percent (50%) of tax credits allocated during 2421
a calendar year may be allocated for contributions to eligible 2422
charitable organizations described in subsection (1)(b)(ii) of 2423
this section. However, for calendar year 2021, the aggregate 2424
amount of tax credits that may be allocated by the department 2425
under this section during a calendar year shall not exceed Ten 2426
Million Dollars ($10,000,000.00), for calendar year 2022, the 2427
aggregate amount of tax credits that may be allocated by the 2428
department under this section during a calendar year shall not 2429
exceed Sixteen Million Dollars ($16,000,000.00), and for calendar 2430
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year 2023, and for each calendar year thereafter, the aggregate 2431
amount of tax credits that may be allocated by the department 2432
under this section during a calendar year shall not exceed 2433
Eighteen Million Dollars ($18,000,000.00). For calendar year 2434
2021, and for each calendar year thereafter, fifty percent (50%) 2435
of the tax credits allocated during a calendar year shall be 2436
allocated for contributions to eligible charitable organizations 2437
described in subsection (1)(b)(i) of this section and fifty 2438
percent (50%) of the tax credits allocated during a calendar year 2439
shall be allocated for contributions to eligible charitable 2440
organizations described in subsection (1)(b)(ii) of this section. 2441
For calendar year 2021, and for each calendar year thereafter, for 2442
credits allocated during a calendar year for contributions to 2443
eligible charitable organizations described in subsection 2444
(1)(b)(i) of this section, no more than twenty-five percent (25%) 2445
of such credits may be allocated for contributions to a single 2446
eligible charitable organization. Except as otherwise provided in 2447
this section, for calendar year 2021, and for each calendar year 2448
thereafter, for credits allocated during a calendar year for 2449
contributions to eligible charitable organizations described in 2450
subsection (1)(b)(ii) of this section, no more than four and 2451
one-half percent (4-1/2%) of such credits may be allocated for 2452
contributions to a single eligible charitable organization. 2453
SECTION 16. Section 27-65-111, Mississippi Code of 1972, is 2454
brought forward as follows: 2455
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27-65-111. The exemptions from the provisions of this 2456
chapter which are not industrial, agricultural or governmental, or 2457
which do not relate to utilities or taxes, or which are not 2458
properly classified as one (1) of the exemption classifications of 2459
this chapter, shall be confined to persons or property exempted by 2460
this section or by the Constitution of the United States or the 2461
State of Mississippi. No exemptions as now provided by any other 2462
section, except the classified exemption sections of this chapter 2463
set forth herein, shall be valid as against the tax herein levied. 2464
Any subsequent exemption from the tax levied hereunder, except as 2465
indicated above, shall be provided by amendments to this section. 2466
No exemption provided in this section shall apply to taxes 2467
levied by Section 27-65-15 or 27-65-21. 2468
The tax levied by this chapter shall not apply to the 2469
following: 2470
(a) Sales of tangible personal property and services to 2471
hospitals or infirmaries owned and operated by a corporation or 2472
association in which no part of the net earnings inures to the 2473
benefit of any private shareholder, group or individual, and which 2474
are subject to and governed by Sections 41-7-123 through 41-7-127. 2475
Only sales of tangible personal property or services which 2476
are ordinary and necessary to the operation of such hospitals and 2477
infirmaries are exempted from tax. 2478
(b) Sales of daily or weekly newspapers, and 2479
periodicals or publications of scientific, literary or educational 2480
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organizations exempt from federal income taxation under Section 2481
501(c)(3) of the Internal Revenue Code of 1954, as it exists as of 2482
March 31, 1975, and subscription sales of all magazines. 2483
(c) Sales of coffins, caskets and other materials used 2484
in the preparation of human bodies for burial. 2485
(d) Sales of tangible personal property for immediate 2486
export to a foreign country. 2487
(e) Sales of tangible personal property to an 2488
orphanage, old men's or ladies' home, supported wholly or in part 2489
by a religious denomination, fraternal nonprofit organization or 2490
other nonprofit organization. 2491
(f) Sales of tangible personal property, labor or 2492
services taxable under Sections 27-65-17, 27-65-19 and 27-65-23, 2493
to a YMCA, YWCA, a Boys' or Girls' Club owned and operated by a 2494
corporation or association in which no part of the net earnings 2495
inures to the benefit of any private shareholder, group or 2496
individual. 2497
(g) Sales to elementary and secondary grade schools, 2498
junior and senior colleges owned and operated by a corporation or 2499
association in which no part of the net earnings inures to the 2500
benefit of any private shareholder, group or individual, and which 2501
are exempt from state income taxation, provided that this 2502
exemption does not apply to sales of property or services which 2503
are not to be used in the ordinary operation of the school, or 2504
which are to be resold to the students or the public. 2505
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(h) The gross proceeds of retail sales and the use or 2506
consumption in this state of drugs and medicines: 2507
(i) Prescribed for the treatment of a human being 2508
by a person authorized to prescribe the medicines, and dispensed 2509
or prescription filled by a registered pharmacist in accordance 2510
with law; or 2511
(ii) Furnished by a licensed physician, surgeon, 2512
dentist or podiatrist to his own patient for treatment of the 2513
patient; or 2514
(iii) Furnished by a hospital for treatment of any 2515
person pursuant to the order of a licensed physician, surgeon, 2516
dentist or podiatrist; or 2517
(iv) Sold to a licensed physician, surgeon, 2518
podiatrist, dentist or hospital for the treatment of a human 2519
being; or 2520
(v) Sold to this state or any political 2521
subdivision or municipal corporation thereof, for use in the 2522
treatment of a human being or furnished for the treatment of a 2523
human being by a medical facility or clinic maintained by this 2524
state or any political subdivision or municipal corporation 2525
thereof. 2526
"Medicines," as used in this paragraph (h), shall mean and 2527
include any substance or preparation intended for use by external 2528
or internal application to the human body in the diagnosis, cure, 2529
mitigation, treatment or prevention of disease and which is 2530
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commonly recognized as a substance or preparation intended for 2531
such use; "medicines" do not include any auditory, prosthetic, 2532
ophthalmic or ocular device or appliance, any dentures or parts 2533
thereof or any artificial limbs or their replacement parts, 2534
articles which are in the nature of splints, bandages, pads, 2535
compresses, supports, dressings, instruments, apparatus, 2536
contrivances, appliances, devices or other mechanical, electronic, 2537
optical or physical equipment or article or the component parts 2538
and accessories thereof, or any alcoholic beverage or any other 2539
drug or medicine not commonly referred to as a prescription drug. 2540
Notwithstanding the preceding sentence of this paragraph (h), 2541
"medicines" as used in this paragraph (h), shall mean and include 2542
sutures, whether or not permanently implanted, bone screws, bone 2543
pins, pacemakers and other articles permanently implanted in the 2544
human body to assist the functioning of any natural organ, artery, 2545
vein or limb and which remain or dissolve in the body. 2546
The exemption provided in this paragraph (h) shall not apply 2547
to medical cannabis sold in accordance with the provisions of the 2548
Mississippi Medical Cannabis Act and in compliance with rules and 2549
regulations adopted thereunder. 2550
"Hospital," as used in this paragraph (h), shall have the 2551
meaning ascribed to it in Section 41-9-3. 2552
Insulin furnished by a registered pharmacist to a person for 2553
treatment of diabetes as directed by a physician shall be deemed 2554
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to be dispensed on prescription within the meaning of this 2555
paragraph (h). 2556
(i) Retail sales of automobiles, trucks and 2557
truck-tractors if exported from this state within forty-eight (48) 2558
hours and registered and first used in another state. 2559
(j) Sales of tangible personal property or services to 2560
the Salvation Army and the Muscular Dystrophy Association, Inc. 2561
(k) From July 1, 1985, through December 31, 1992, 2562
retail sales of "alcohol-blended fuel" as such term is defined in 2563
Section 75-55-5. The gasoline-alcohol blend or the straight 2564
alcohol eligible for this exemption shall not contain alcohol 2565
distilled outside the State of Mississippi. 2566
(l) Sales of tangible personal property or services to 2567
the Institute for Technology Development. 2568
(m) The gross proceeds of retail sales of food and 2569
drink for human consumption made through vending machines serviced 2570
by full-line vendors from and not connected with other taxable 2571
businesses. 2572
(n) The gross proceeds of sales of motor fuel. 2573
(o) Retail sales of food for human consumption 2574
purchased with food stamps issued by the United States Department 2575
of Agriculture, or other federal agency, from and after October 1, 2576
1987, or from and after the expiration of any waiver granted 2577
pursuant to federal law, the effect of which waiver is to permit 2578
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the collection by the state of tax on such retail sales of food 2579
for human consumption purchased with food stamps. 2580
(p) Sales of cookies for human consumption by the Girl 2581
Scouts of America if no part of the net earnings from those sales 2582
inures to the benefit of any private group or individual. 2583
(q) Gifts or sales of tangible personal property or 2584
services to public or private nonprofit museums of art. 2585
(r) Sales of tangible personal property or services to 2586
alumni associations of state-supported colleges or universities. 2587
(s) Sales of tangible personal property or services to 2588
National Association of Junior Auxiliaries, Inc., and chapters of 2589
the National Association of Junior Auxiliaries, Inc. 2590
(t) Sales of tangible personal property or services to 2591
domestic violence shelters which qualify for state funding under 2592
Sections 93-21-101 through 93-21-113. 2593
(u) Sales of tangible personal property or services to 2594
the National Multiple Sclerosis Society, Mississippi Chapter. 2595
(v) Retail sales of food for human consumption 2596
purchased with food instruments issued the Mississippi Band of 2597
Choctaw Indians under the Women, Infants and Children Program 2598
(WIC) funded by the United States Department of Agriculture. 2599
(w) Sales of tangible personal property or services to 2600
a private company, as defined in Section 57-61-5, which is making 2601
such purchases with proceeds of bonds issued under Section 57-61-1 2602
et seq., the Mississippi Business Investment Act. 2603
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(x) The gross collections from the operation of 2604
self-service, coin-operated car washing equipment and sales of the 2605
service of washing motor vehicles with portable high-pressure 2606
washing equipment on the premises of the customer. 2607
(y) Sales of tangible personal property or services to 2608
the Mississippi Technology Alliance. 2609
(z) Sales of tangible personal property to nonprofit 2610
organizations that provide foster care, adoption services and 2611
temporary housing for unwed mothers and their children if the 2612
organization is exempt from federal income taxation under Section 2613
501(c)(3) of the Internal Revenue Code. 2614
(aa) Sales of tangible personal property to nonprofit 2615
organizations that provide residential rehabilitation for persons 2616
with alcohol and drug dependencies if the organization is exempt 2617
from federal income taxation under Section 501(c)(3) of the 2618
Internal Revenue Code. 2619
(ab) (i) Retail sales of an article of clothing or 2620
footwear designed to be worn on or about the human body and retail 2621
sales of school supplies if the sales price of the article of 2622
clothing or footwear or school supply is less than One Hundred 2623
Dollars ($100.00) and the sale takes place during a period 2624
beginning at 12:01 a.m. on the second Friday in July and ending at 2625
12:00 midnight the following Sunday. This paragraph (ab) shall 2626
not apply to: 2627
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1. Accessories including jewelry, handbags, 2628
luggage, umbrellas, wallets, watches, briefcases, garment bags and 2629
similar items carried on or about the human body, without regard 2630
to whether worn on the body in a manner characteristic of 2631
clothing; 2632
2. The rental of clothing or footwear; and 2633
3. Skis, swim fins, roller blades, skates and 2634
similar items worn on the foot. 2635
(ii) For purposes of this paragraph (ab), "school 2636
supplies" means items that are commonly used by a student in a 2637
course of study. The following is an all-inclusive list: 2638
1. Backpacks; 2639
2. Binder pockets; 2640
3. Binders; 2641
4. Blackboard chalk; 2642
5. Book bags; 2643
6. Calculators; 2644
7. Cellophane tape; 2645
8. Clays and glazes; 2646
9. Compasses; 2647
10. Composition books; 2648
11. Crayons; 2649
12. Dictionaries and thesauruses; 2650
13. Dividers; 2651
14. Erasers; 2652
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15. Folders: expandable, pocket, plastic and 2653
manila; 2654
16. Glue, paste and paste sticks; 2655
17. Highlighters; 2656
18. Index card boxes; 2657
19. Index cards; 2658
20. Legal pads; 2659
21. Lunch boxes; 2660
22. Markers; 2661
23. Notebooks; 2662
24. Paintbrushes for artwork; 2663
25. Paints: acrylic, tempera and oil; 2664
26. Paper: loose-leaf ruled notebook paper, 2665
copy paper, graph paper, tracing paper, manila paper, colored 2666
paper, poster board and construction paper; 2667
27. Pencil boxes and other school supply 2668
boxes; 2669
28. Pencil sharpeners; 2670
29. Pencils; 2671
30. Pens; 2672
31. Protractors; 2673
32. Reference books; 2674
33. Reference maps and globes; 2675
34. Rulers; 2676
35. Scissors; 2677
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36. Sheet music; 2678
37. Sketch and drawing pads; 2679
38. Textbooks; 2680
39. Watercolors; 2681
40. Workbooks; and 2682
41. Writing tablets. 2683
(iii) From and after January 1, 2010, the 2684
governing authorities of a municipality, for retail sales 2685
occurring within the corporate limits of the municipality, may 2686
suspend the application of the exemption provided for in this 2687
paragraph (ab) by adoption of a resolution to that effect stating 2688
the date upon which the suspension shall take effect. A certified 2689
copy of the resolution shall be furnished to the Department of 2690
Revenue at least ninety (90) days prior to the date upon which the 2691
municipality desires such suspension to take effect. 2692
(ac) The gross proceeds of sales of tangible personal 2693
property made for the sole purpose of raising funds for a school 2694
or an organization affiliated with a school. 2695
As used in this paragraph (ac), "school" means any public or 2696
private school that teaches courses of instruction to students in 2697
any grade from kindergarten through Grade 12. 2698
(ad) Sales of durable medical equipment and home 2699
medical supplies when ordered or prescribed by a licensed 2700
physician for medical purposes of a patient. As used in this 2701
paragraph (ad), "durable medical equipment" and "home medical 2702
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supplies" mean equipment, including repair and replacement parts 2703
for the equipment or supplies listed under Title XVIII of the 2704
Social Security Act or under the state plan for medical assistance 2705
under Title XIX of the Social Security Act, prosthetics, 2706
orthotics, hearing aids, hearing devices, prescription eyeglasses, 2707
oxygen and oxygen equipment. Payment does not have to be made, in 2708
whole or in part, by any particular person to be eligible for this 2709
exemption. Purchases of home medical equipment and supplies by a 2710
provider of home health services or a provider of hospice services 2711
are eligible for this exemption if the purchases otherwise meet 2712
the requirements of this paragraph. 2713
(ae) Sales of tangible personal property or services to 2714
Mississippi Blood Services. 2715
(af) (i) Subject to the provisions of this paragraph 2716
(af), retail sales of firearms, ammunition and hunting supplies if 2717
sold during the annual Mississippi Second Amendment Weekend 2718
holiday beginning at 12:01 a.m. on the last Friday in August and 2719
ending at 12:00 midnight the following Sunday. For the purposes 2720
of this paragraph (af), "hunting supplies" means tangible personal 2721
property used for hunting, including, and limited to, archery 2722
equipment, firearm and archery cases, firearm and archery 2723
accessories, hearing protection, holsters, belts and slings. 2724
Hunting supplies does not include animals used for hunting. 2725
(ii) This paragraph (af) shall apply only if one 2726
or more of the following occur: 2727
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purposes.
1. Title to and/or possession of an eligible 2728
item is transferred from a seller to a purchaser; and/or 2729
2. A purchaser orders and pays for an 2730
eligible item and the seller accepts the order for immediate 2731
shipment, even if delivery is made after the time period provided 2732
in subparagraph (i) of this paragraph (af), provided that the 2733
purchaser has not requested or caused the delay in shipment. 2734
(ag) Sales of nonperishable food items to charitable 2735
organizations that are exempt from federal income taxation under 2736
Section 501(c)(3) of the Internal Revenue Code and operate a food 2737
bank or food pantry or food lines. 2738
(ah) Sales of tangible personal property or services to 2739
the United Way of the Pine Belt Region, Inc. 2740
(ai) Sales of tangible personal property or services to 2741
the Mississippi Children's Museum or any subsidiary or affiliate 2742
thereof operating a satellite or branch museum within this state. 2743
(aj) Sales of tangible personal property or services to 2744
the Jackson Zoological Park. 2745
(ak) Sales of tangible personal property or services to 2746
the Hattiesburg Zoo. 2747
(al) Gross proceeds from sales of food, merchandise or 2748
other concessions at an event held solely for religious or 2749
charitable purposes at livestock facilities, agriculture 2750
facilities or other facilities constructed, renovated or expanded 2751
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ST: Bonds; authorize issuance for various
purposes.
with funds for the grant program authorized under Section 18, 2752
Chapter 530, Laws of 1995. 2753
(am) Sales of tangible personal property and services 2754
to the Diabetes Foundation of Mississippi and the Mississippi 2755
Chapter of the Juvenile Diabetes Research Foundation. 2756
(an) Sales of potting soil, mulch, or other soil 2757
amendments used in growing ornamental plants which bear no fruit 2758
of commercial value when sold to commercial plant nurseries that 2759
operate exclusively at wholesale and where no retail sales can be 2760
made. 2761
(ao) Sales of tangible personal property or services to 2762
the University of Mississippi Medical Center Research Development 2763
Foundation. 2764
(ap) Sales of tangible personal property or services to 2765
Keep Mississippi Beautiful, Inc., and all affiliates of Keep 2766
Mississippi Beautiful, Inc. 2767
(aq) Sales of tangible personal property or services to 2768
the Friends of Children's Hospital. 2769
(ar) Sales of tangible personal property or services to 2770
the Pinecrest Weekend Snackpacks for Kids located in Corinth, 2771
Mississippi. 2772
(as) Sales of hearing aids when ordered or prescribed 2773
by a licensed physician, audiologist or hearing aid specialist for 2774
the medical purposes of a patient. 2775
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purposes.
(at) Sales exempt under the Facilitating Business Rapid 2776
Response to State Declared Disasters Act of 2015 (Sections 2777
27-113-1 through 27-113-9). 2778
(au) Sales of tangible personal property or services to 2779
the Junior League of Jackson. 2780
(av) Sales of tangible personal property or services to 2781
the Mississippi's Toughest Kids Foundation for use in the 2782
construction, furnishing and equipping of buildings and related 2783
facilities and infrastructure at Camp Kamassa in Copiah County, 2784
Mississippi. This paragraph (av) shall stand repealed on July 1, 2785
2028. 2786
(aw) Sales of tangible personal property or services to 2787
MS Gulf Coast Buddy Sports, Inc. 2788
(ax) Sales of tangible personal property or services to 2789
Biloxi Lions, Inc. 2790
(ay) Sales of tangible personal property or services to 2791
Lions Sight Foundation of Mississippi, Inc. 2792
(az) Sales of tangible personal property and services 2793
to the Goldring/Woldenberg Institute of Southern Jewish Life 2794
(ISJL). 2795
(ba) Sales of coins, currency, and bullion. For the 2796
purposes of this paragraph (ba), the following words and phrases 2797
shall have the meanings ascribed in this paragraph (ba) unless the 2798
context clearly indicates otherwise: 2799
(i) "Bullion" means a bar, ingot, or coin: 2800
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1. Manufactured, in whole or in part, of 2801
gold, silver, platinum, or palladium; 2802
2. That was or is used solely as a medium of 2803
exchange, security, or commodity by any state, the United States 2804
Government, or a foreign nation; and 2805
3. Sold based on the intrinsic value of the 2806
bar, ingot, or coin as a precious metal or collectible item rather 2807
than its form or representative value as a medium of exchange. 2808
(ii) "Coin or currency" means a coin or currency: 2809
1. Manufactured, in whole or in part, of 2810
gold, silver, other metal, or paper; 2811
2. That was or is used solely as a medium of 2812
exchange, security, or commodity by any state, the United States 2813
Government, or a foreign nation; and 2814
3. Sold based on the intrinsic value of the 2815
coin or currency as a precious metal or collectible item rather 2816
than its form or representative value as a medium of exchange. 2817
"Coin or currency" does not include a coin or currency that has 2818
been incorporated into jewelry. 2819
SECTION 17. This act shall take effect and be in force from 2820
and after July 1, 2026. 2821