Bonds; authorize issuance to provide funds for the Mississippi County Sheriffs Radar Speed Detection Equipment Loan Fund.

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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative McMillan

HOUSE BILL NO. 4098

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS FOR THE MISSISSIPPI COUNTY SHERIFFS RADAR 2
SPEED DETECTION EQUIPMENT LOAN FUND CREATED IN THIS ACT; TO CREATE 3
THE "MISSISSIPPI SHERIFFS RADAR SPEED DETECTION EQUIPMENT LOAN 4
FUND" AS A SPECIAL FUND IN THE STATE TREASURY TO BE ADMINISTERED 5
BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION; TO REQUIRE THE 6
DEPARTMENT OF FINANCE AND ADMINISTRATION TO ESTABLISH A PROGRAM TO 7
PROVIDE LOANS TO COUNTIES TO USE TO ASSIST COUNTY SHERIFFS 8
DEPARTMENTS WITH THE PURCHASE OF RADAR SPEED DETECTION EQUIPMENT 9
FOR USE BY THE DEPARTMENTS AS AUTHORIZED IN SECTION 63-3-519; TO 10
AMEND SECTION 63-3-519, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE 11
SHERIFF AND HIS OR HER DEPUTIES IN ANY COUNTY TO USE RADAR SPEED 12
DETECTION EQUIPMENT UPON THE PUBLIC STREETS, ROADS AND HIGHWAYS 13
WHERE A WORK ZONE OR SCHOOL ZONE IS DESIGNATED; TO DEFINE THE 14
TERMS "WORK ZONE" AND "SCHOOL ZONE"; AND FOR RELATED PURPOSES. 15
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 16
SECTION 1. (1) As used in this section, the following words 17
shall have the meanings ascribed herein unless the context clearly 18
requires otherwise: 19
(a) "Accreted value" of any bonds means, as of any date 20
of computation, an amount equal to the sum of (i) the stated 21
initial value of such bond, plus (ii) the interest accrued thereon 22
from the issue date to the date of computation at the rate, 23
compounded semiannually, that is necessary to produce the 24
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approximate yield to maturity shown for bonds of the same 25
maturity. 26
(b) "State" means the State of Mississippi. 27
(c) "Commission" means the State Bond Commission. 28
(2) (a) The commission, at one time, or from time to time, 29
may declare by resolution the necessity for issuance of general 30
obligation bonds of the State of Mississippi to provide funds for 31
the Mississippi Sheriffs Radar Speed Detection Equipment Loan Fund 32
created in Section 2 of this act. Upon the adoption of a 33
resolution by the Department of Finance and Administration 34
declaring the necessity for the issuance of any part or all of the 35
general obligation bonds authorized by this subsection, the 36
department shall deliver a certified copy of its resolution or 37
resolutions to the commission. Upon receipt of such resolution, 38
the commission, in its discretion, may act as the issuing agent, 39
prescribe the form of the bonds, determine the appropriate method 40
for sale of the bonds, advertise for and accept bids or negotiate 41
the sale of the bonds, issue and sell the bonds so authorized to 42
be sold, and do any and all other things necessary and advisable 43
in connection with the issuance and sale of such bonds. The total 44
amount of bonds issued under this section shall not exceed Five 45
Hundred Twenty Thousand Dollars ($520,000.00). No bonds 46
authorized under this section shall be issued after July 1, 2030. 47
(b) The proceeds of bonds issued pursuant to this 48
section shall be deposited into the Mississippi Sheriffs Radar 49
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Speed Detection Equipment Loan Fund created pursuant to Section 2 50
of this act. Any investment earnings on bonds issued pursuant to 51
this section shall be used to pay debt service on bonds issued 52
under this section, in accordance with the proceedings authorizing 53
issuance of such bonds. 54
(3) The principal of and interest on the bonds authorized 55
under this section shall be payable in the manner provided in this 56
subsection. Such bonds shall bear such date or dates, be in such 57
denomination or denominations, bear interest at such rate or rates 58
(not to exceed the limits set forth in Section 75-17-101, 59
Mississippi Code of 1972), be payable at such place or places 60
within or without the State of Mississippi, shall mature 61
absolutely at such time or times not to exceed twenty-five (25) 62
years from date of issue, be redeemable before maturity at such 63
time or times and upon such terms, with or without premium, shall 64
bear such registration privileges, and shall be substantially in 65
such form, all as shall be determined by resolution of the 66
commission. 67
(4) The bonds authorized by this section shall be signed by 68
the chairman of the commission, or by his facsimile signature, and 69
the official seal of the commission shall be affixed thereto, 70
attested by the secretary of the commission. The interest 71
coupons, if any, to be attached to such bonds may be executed by 72
the facsimile signatures of such officers. Whenever any such 73
bonds shall have been signed by the officials designated to sign 74
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the bonds who were in office at the time of such signing but who 75
may have ceased to be such officers before the sale and delivery 76
of such bonds, or who may not have been in office on the date such 77
bonds may bear, the signatures of such officers upon such bonds 78
and coupons shall nevertheless be valid and sufficient for all 79
purposes and have the same effect as if the person so officially 80
signing such bonds had remained in office until their delivery to 81
the purchaser, or had been in office on the date such bonds may 82
bear. However, notwithstanding anything herein to the contrary, 83
such bonds may be issued as provided in the Registered Bond Act of 84
the State of Mississippi. 85
(5) All bonds and interest coupons issued under the 86
provisions of this section have all the qualities and incidents of 87
negotiable instruments under the provisions of the Uniform 88
Commercial Code, and in exercising the powers granted by this 89
section, the commission shall not be required to and need not 90
comply with the provisions of the Uniform Commercial Code. 91
(6) The commission shall act as the issuing agent for the 92
bonds authorized under this section, prescribe the form of the 93
bonds, determine the appropriate method for sale of the bonds, 94
advertise for and accept bids or negotiate the sale of the bonds, 95
issue and sell the bonds so authorized to be sold, pay all fees 96
and costs incurred in such issuance and sale, and do any and all 97
other things necessary and advisable in connection with the 98
issuance and sale of such bonds. The commission is authorized and 99
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empowered to pay the costs that are incident to the sale, issuance 100
and delivery of the bonds authorized under this section from the 101
proceeds derived from the sale of such bonds. The commission 102
shall sell such bonds on sealed bids at public sale or may 103
negotiate the sale of the bonds for such price as it may determine 104
to be for the best interest of the State of Mississippi. All 105
interest accruing on such bonds so issued shall be payable 106
semiannually or annually. 107
If the bonds are to be sold on sealed bids at public sale, 108
notice of the sale of any such bonds shall be published at least 109
one time, not less than ten (10) days before the date of sale, and 110
shall be so published in one or more newspapers published or 111
having a general circulation in the City of Jackson, Mississippi, 112
selected by the commission. 113
The commission, when issuing any bonds under the authority of 114
this section, may provide that bonds, at the option of the State 115
of Mississippi, may be called in for payment and redemption at the 116
call price named therein and accrued interest on such date or 117
dates named therein. 118
(7) The bonds issued under the provisions of this section 119
are general obligations of the State of Mississippi, and for the 120
payment thereof the full faith and credit of the State of 121
Mississippi is irrevocably pledged. If the funds appropriated by 122
the Legislature are insufficient to pay the principal of and the 123
interest on such bonds as they become due, then the deficiency 124
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shall be paid by the State Treasurer from any funds in the State 125
Treasury not otherwise appropriated. All such bonds shall contain 126
recitals on their faces substantially covering the provisions of 127
this subsection. 128
(8) Upon the issuance and sale of bonds under the provisions 129
of this section, the commission shall transfer the proceeds of any 130
such sale or sales to the Mississippi Sheriffs Radar Speed 131
Detection Equipment Loan Fund created in Section 2 of this act. 132
The proceeds of such bonds shall be disbursed as provided in such 133
section under such restrictions, if any, as may be contained in 134
the resolution providing for the issuance of the bonds. 135
(9) The bonds authorized under this section may be issued 136
without any other proceedings or the happening of any other 137
conditions or things other than those proceedings, conditions and 138
things which are specified or required by this section. Any 139
resolution providing for the issuance of bonds under the 140
provisions of this section shall become effective immediately upon 141
its adoption by the commission, and any such resolution may be 142
adopted at any regular or special meeting of the commission by a 143
majority of its members. 144
(10) The bonds authorized under the authority of this 145
section may be validated in the Chancery Court of the First 146
Judicial District of Hinds County, Mississippi, in the manner and 147
with the force and effect provided by Chapter 13, Title 31, 148
Mississippi Code of 1972, for the validation of county, municipal, 149
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school district and other bonds. The notice to taxpayers required 150
by such statutes shall be published in a newspaper published or 151
having a general circulation in the City of Jackson, Mississippi. 152
(11) Any holder of bonds issued under the provisions of this 153
section or of any of the interest coupons pertaining thereto may, 154
either at law or in equity, by suit, action, mandamus or other 155
proceeding, protect and enforce any and all rights granted under 156
this section, or under such resolution, and may enforce and compel 157
performance of all duties required by this section to be 158
performed, in order to provide for the payment of bonds and 159
interest thereon. 160
(12) All bonds issued under the provisions of this section 161
shall be legal investments for trustees and other fiduciaries, and 162
for savings banks, trust companies and insurance companies 163
organized under the laws of the State of Mississippi, and such 164
bonds shall be legal securities which may be deposited with and 165
shall be received by all public officers and bodies of this state 166
and all municipalities and political subdivisions for the purpose 167
of securing the deposit of public funds. 168
(13) Bonds issued under the provisions of this section and 169
income therefrom shall be exempt from all taxation in the State of 170
Mississippi. 171
(14) The proceeds of the bonds issued under this section 172
shall be used solely for the purposes therein provided, including 173
the costs incident to the issuance and sale of such bonds. 174
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(15) The State Treasurer is authorized, without further 175
process of law, to certify to the Department of Finance and 176
Administration the necessity for warrants, and the Department of 177
Finance and Administration is authorized and directed to issue 178
such warrants, in such amounts as may be necessary to pay when due 179
the principal of, premium, if any, and interest on, or the 180
accreted value of, all bonds issued under this section; and the 181
State Treasurer shall forward the necessary amount to the 182
designated place or places of payment of such bonds in ample time 183
to discharge such bonds, or the interest thereon, on the due dates 184
thereof. 185
(16) This section shall be deemed to be full and complete 186
authority for the exercise of the powers therein granted, but this 187
section shall not be deemed to repeal or to be in derogation of 188
any existing law of this state. 189
SECTION 2. (1) (a) The Department of Finance and 190
Administration (department) shall establish a program to provide 191
loans to counties to use to assist county sheriff's departments 192
with the purchase of radar speed detection equipment for use by 193
the departments as authorized in Section 63-3-519(1)(e), 194
Mississippi Code of 1972. A county may apply to the department 195
for a loan under this section in the manner provided for in this 196
section. Radar speed detection equipment purchased with loan 197
proceeds provided under this section may be used only as 198
authorized in Section 63-3-519(1)(e), Mississippi Code of 1972. 199
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(b) A county desiring a loan under this section must 200
submit an application to the department. The application must 201
include: (i) a description of the radar speed detection equipment 202
for which a loan is requested, (ii) the cost of the radar speed 203
detection equipment for which a loan is requested, (iii) the 204
amount of the loan requested and (iv) any other information 205
required by the department. 206
(2) There is created in the State Treasury a special fund to 207
be designated as the "Mississippi County Sheriffs Radar Speed 208
Detection Equipment Loan Fund", which shall consist of funds from 209
any other source designated for deposit into such fund. 210
Unexpended amounts remaining in the fund at the end of a fiscal 211
year shall not lapse into the State General Fund, and any 212
investment earnings or interest earned on amounts in the fund 213
shall be deposited to the credit of the fund. Monies in the fund 214
shall be used by the Department of Finance and Administration, 215
upon appropriation by the Legislature, to provide loans for the 216
purposes provided in this section. 217
(3) The department shall have all powers necessary to 218
implement and administer the program established under this 219
section, and the department shall promulgate rules and 220
regulations, in accordance with the Mississippi Administrative 221
Procedures Law, necessary for the implementation of this section. 222
SECTION 3. Section 63-3-519, Mississippi Code of 1972, is 223
amended as follows: 224
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63-3-519. (1) It shall be unlawful for any person or peace 225
officer or law enforcement agency, except the Mississippi Highway 226
Safety Patrol, to purchase or use or allow to be used any type of 227
radar speed detection equipment upon any public street, road or 228
highway of this state. However, such equipment may be used: 229
(a) By municipal law enforcement officers within a 230
municipality having a population of two thousand (2,000) or more 231
according to the latest or a previous federal census upon the 232
public streets of the municipality, but in no case where the 233
latest federal census population for the municipality is less than 234
one thousand five hundred (1,500); 235
(b) By any college or university campus police force 236
within the confines of any campus wherein more than two thousand 237
(2,000) students are enrolled; 238
(c) By municipal law enforcement officers in any 239
municipality having a population in excess of fifteen thousand 240
(15,000) according to the latest federal census on federally 241
designated highways lying within the corporate limits * * *; 242
(d) By municipal law enforcement officers upon the 243
public streets of any incorporated municipality (i) where the 244
county seat is located in the municipality and (ii) where there is 245
a public community college located in the municipality * * *; and 246
(e) By the sheriff and his or her deputies in any 247
county on any public road, street or highway designated as a 248
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ST: Bonds; authorize issuance to provide funds
for the Mississippi County Sheriffs Radar Speed
Detection Equipment Loan Fund.
school zone or work zone. Under this paragraph (e) the following 249
terms shall have the following meanings: 250
(i) "Work zone" means a construction or 251
maintenance area that is located on or along any public highway, 252
road or street within this state that is marked by appropriate 253
warning signs or other traffic control devices indicating that 254
work is in progress; and 255
(ii) "School zone" means a designated roadway 256
segment approaching, adjacent to, and beyond school buildings or 257
grounds, or along which school related activities occur. 258
(2) The Mississippi Highway Safety Patrol shall be 259
immediately notified by municipal law enforcement of any road 260
blockages or emergencies occurring on any federally designated 261
limited-access highways lying within the corporate limits. 262
SECTION 4. This act shall take effect and be in force from 263
and after July 1, 2026. 264