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H. B. No. 466 *HR43/R276* ~ OFFICIAL ~ R3/5
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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representative Thompson
HOUSE BILL NO. 466
AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN OF PLANTERSVILLE, 2
MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH EXTENDING THE WALKING 3
TRACK AT GRANT-WUICHET PARK, ENLARGING THE CONCESSION STAND BY 4
CONSTRUCTING, EQUIPPING AND FURNISHING ADDITIONAL RESTROOMS AND 5
UPDATING BASEBALL FIELDS, LIGHTING, BLEACHERS AND DUGOUTS AT THE 6
PARK AND REPAIRS, RESURFACING, UPGRADES AND IMPROVEMENTS TO ROADS 7
AND STREETS IN THE TOWN; TO AUTHORIZE THE ISSUANCE OF STATE 8
GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN OF 9
PLANTERSVILLE, MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH PAVING 10
THE PARKING AREA FOR THE PLANTERSVILLE COMMUNITY CENTER AND MAKING 11
UPGRADES AND IMPROVEMENTS TO THE PLAYGROUND AREA AND PLAYGROUND 12
EQUIPMENT AT THE CENTER AND PURCHASING AND INSTALLING ABOVE GROUND 13
COMMERCIAL STORM SHELTERS AT THE PLANTERSVILLE COMMUNITY CENTER 14
AND AT GRANT-WUICHET PARK; TO AUTHORIZE THE ISSUANCE OF STATE 15
GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN OF 16
PLANTERSVILLE, MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH 17
PURCHASING A NEW FIRE TRUCK FOR THE TOWN'S FIRE DEPARTMENT, REPAIR 18
AND RENOVATION OF AND UPGRADES AND IMPROVEMENTS TO THE TOWN FIRE 19
DEPARTMENT BUILDING AND PURCHASING 911 RADIOS AND TURNOUT GEAR AND 20
CLOTHING FOR FIREMEN; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL 21
OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN OF 22
PLANTERSVILLE, MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH 23
PURCHASING A NEW BUILDING FOR THE TOWN'S POLICE DEPARTMENT, 24
PURCHASING AND EQUIPPING THREE MOTOR VEHICLES FOR THE TOWN'S 25
POLICE DEPARTMENT AND PURCHASING RADIOS, COMPUTERS AND OTHER 26
EQUIPMENT AND ACCESSORIES, LIGHTS, OFFICE FURNITURE, HAND GUNS, 27
RIFLES AND A GUN SAFE FOR THE TOWN'S POLICE DEPARTMENT; AND FOR 28
RELATED PURPOSES. 29
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 30
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SECTION 1. (1) The provisions of this section shall apply 31
to every section of this act that relates to the issuance of bonds 32
unless otherwise provided in this act. 33
(2) As used in this act, the following words shall have the 34
meanings ascribed herein unless the context clearly requires 35
otherwise: 36
(a) "State" means the State of Mississippi. 37
(b) "Commission" means the State Bond Commission. 38
(3) The principal of and interest on the bonds authorized 39
under this act shall be payable in the manner provided in this 40
subsection. Such bonds shall bear such date or dates, be in such 41
denomination or denominations, bear interest at such rate or rates 42
(not to exceed the limits set forth in Section 75-17-101, 43
Mississippi Code of 1972), be payable at such place or places 44
within or without the State of Mississippi, shall mature 45
absolutely at such time or times not to exceed twenty-five (25) 46
years from date of issue, be redeemable before maturity at such 47
time or times and upon such terms, with or without premium, shall 48
bear such registration privileges, and shall be substantially in 49
such form, all as shall be determined by resolution of the 50
commission. 51
(4) The bonds authorized by this act shall be signed by the 52
chairman of the commission, or by his facsimile signature, and the 53
official seal of the commission shall be affixed thereto, attested 54
by the secretary of the commission. The interest coupons, if any, 55
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to be attached to such bonds may be executed by the facsimile 56
signatures of such officers. Whenever any such bonds shall have 57
been signed by the officials designated to sign the bonds who were 58
in office at the time of such signing but who may have ceased to 59
be such officers before the sale and delivery of such bonds, or 60
who may not have been in office on the date such bonds may bear, 61
the signatures of such officers upon such bonds and coupons shall 62
nevertheless be valid and sufficient for all purposes and have the 63
same effect as if the person so officially signing such bonds had 64
remained in office until their delivery to the purchaser, or had 65
been in office on the date such bonds may bear. However, 66
notwithstanding anything herein to the contrary, such bonds may be 67
issued as provided in the Registered Bond Act of the State of 68
Mississippi. 69
(5) All bonds and interest coupons issued under the 70
provisions of this act have all the qualities and incidents of 71
negotiable instruments under the provisions of the Uniform 72
Commercial Code, and in exercising the powers granted by this act, 73
the commission shall not be required to and need not comply with 74
the provisions of the Uniform Commercial Code. 75
(6) The commission shall act as issuing agent for the bonds 76
authorized under this act, prescribe the form of the bonds, 77
determine the appropriate method for sale of the bonds, advertise 78
for and accept bids or negotiate the sale of the bonds, issue and 79
sell the bonds so authorized to be sold, pay all fees and costs 80
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incurred in such issuance and sale, and do any and all other 81
things necessary and advisable in connection with the issuance and 82
sale of such bonds. The commission is authorized and empowered to 83
pay the costs that are incident to the sale, issuance and delivery 84
of the bonds authorized under this act from the proceeds derived 85
from the sale of such bonds. The commission may sell such bonds 86
on sealed bids at public sale or may negotiate the sale of the 87
bonds for such price as it may determine to be for the best 88
interest of the State of Mississippi. All interest accruing on 89
such bonds so issued shall be payable semiannually or annually. 90
If such bonds are sold by sealed bids at public sale, notice 91
of the sale shall be published at least one time, not less than 92
ten (10) days before the date of sale, and shall be so published 93
in one or more newspapers published or having a general 94
circulation in the City of Jackson, Mississippi, selected by the 95
commission. 96
The commission, when issuing any bonds under the authority of 97
this act, may provide that bonds, at the option of the State of 98
Mississippi, may be called in for payment and redemption at the 99
call price named therein and accrued interest on such date or 100
dates named therein. 101
(7) The bonds issued under the provisions of this act are 102
general obligations of the State of Mississippi, and for the 103
payment thereof the full faith and credit of the State of 104
Mississippi is irrevocably pledged. If the funds appropriated by 105
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the Legislature are insufficient to pay the principal of and the 106
interest on such bonds as they become due, then the deficiency 107
shall be paid by the State Treasurer from any funds in the State 108
Treasury not otherwise appropriated. All such bonds shall contain 109
recitals on their faces substantially covering the provisions of 110
this subsection. 111
(8) Upon the issuance and sale of bonds under the provisions 112
of this act, the commission shall transfer the proceeds of any 113
such sale or sales to the special fund created in subsection (1) 114
of the applicable section of this act. The proceeds of such bonds 115
shall be disbursed from the special fund under such restrictions, 116
if any, as may be contained in the resolution providing for the 117
issuance of the bonds. 118
(9) The bonds authorized under this act may be issued 119
without any other proceedings or the happening of any other 120
conditions or things other than those proceedings, conditions and 121
things which are specified or required by this act. Any 122
resolution providing for the issuance of bonds under the 123
provisions of this act shall become effective immediately upon its 124
adoption by the commission, and any such resolution may be adopted 125
at any regular or special meeting of the commission by a majority 126
of its members. 127
(10) The bonds authorized under the authority of this act 128
may be validated in the Chancery Court of the First Judicial 129
District of Hinds County, Mississippi, in the manner and with the 130
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force and effect provided by Title 31, Chapter 13, Mississippi 131
Code of 1972, for the validation of county, municipal, school 132
district and other bonds. The notice to taxpayers required by 133
such statutes shall be published in a newspaper published or 134
having a general circulation in the City of Jackson, Mississippi. 135
(11) Any holder of bonds issued under the provisions of this 136
act or of any of the interest coupons pertaining thereto may, 137
either at law or in equity, by suit, action, mandamus or other 138
proceeding, protect and enforce any and all rights granted under 139
this act, or under such resolution, and may enforce and compel 140
performance of all duties required by this act to be performed, in 141
order to provide for the payment of bonds and interest thereon. 142
(12) All bonds issued under the provisions of this act shall 143
be legal investments for trustees and other fiduciaries, and for 144
savings banks, trust companies and insurance companies organized 145
under the laws of the State of Mississippi, and such bonds shall 146
be legal securities which may be deposited with and shall be 147
received by all public officers and bodies of this state and all 148
municipalities and political subdivisions for the purpose of 149
securing the deposit of public funds. 150
(13) Bonds issued under the provisions of this act and 151
income therefrom shall be exempt from all taxation in the State of 152
Mississippi. 153
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(14) The proceeds of the bonds issued under this act shall 154
be used solely for the purposes herein provided, including the 155
costs incident to the issuance and sale of such bonds. 156
(15) The State Treasurer is authorized, without further 157
process of law, to certify to the Department of Finance and 158
Administration the necessity for warrants, and the Department of 159
Finance and Administration is authorized and directed to issue 160
such warrants, in such amounts as may be necessary to pay when due 161
the principal of, premium, if any, and interest on, or the 162
accreted value of, all bonds issued under this act; and the State 163
Treasurer shall forward the necessary amount to the designated 164
place or places of payment of such bonds in ample time to 165
discharge such bonds, or the interest thereon, on the due dates 166
thereof. As used in this section, the "accreted value" of any 167
bond means, as of any date of computation, an amount equal to the 168
sum of (a) the stated initial value of such bond, plus (b) the 169
interest accrued thereon from the issue date to the date of 170
computation at the rate, compounded semiannually, that is 171
necessary to produce the approximate yield to maturity shown for 172
bonds of the same maturity. 173
(16) This act shall be deemed to be full and complete 174
authority for the exercise of the powers granted in this act that 175
relate to the issuance of bonds, but this act shall not be deemed 176
to repeal or to be in derogation of any existing law of this state 177
that relates to the issuance of bonds. 178
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SECTION 2. (1) (a) (i) A special fund, to be designated 179
as the "2026 Town of Plantersville and Grant-Wuichet Park and 180
Roads Fund", is created within the State Treasury. The fund shall 181
be maintained by the State Treasurer as a separate and special 182
fund, separate and apart from the General Fund of the state. 183
Unexpended amounts remaining in the fund at the end of a fiscal 184
year shall not lapse into the State General Fund, and any interest 185
earned or investment earnings on amounts in the fund shall be 186
deposited into such fund. 187
(ii) Monies deposited into the fund shall be 188
disbursed, in the discretion of the Department of Finance and 189
Administration, to assist the Town of Plantersville, Mississippi, 190
in paying costs associated with: 191
1. Extending the walking track at 192
Grant-Wuichet Park, enlarging the concession stand by 193
constructing, equipping and furnishing additional restrooms and 194
updating baseball fields, lighting, bleachers and dugouts at the 195
park; and 196
2. Repairs, resurfacing, upgrades and 197
improvements to roads and streets in the town. 198
(b) Amounts deposited into such special fund shall be 199
disbursed to pay the costs of the projects described in paragraph 200
(a) of this subsection. Promptly after the commission has 201
certified, by resolution duly adopted, that the projects described 202
in paragraph (a) of this subsection shall have been completed, 203
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abandoned, or cannot be completed in a timely fashion, any amounts 204
remaining in such special fund shall be applied to pay debt 205
service on the bonds issued under this section, in accordance with 206
the proceedings authorizing the issuance of such bonds and as 207
directed by the commission. 208
(2) (a) The commission, at one time, or from time to time, 209
may declare by resolution the necessity for issuance of general 210
obligation bonds of the State of Mississippi to provide funds for 211
all costs incurred or to be incurred for the purposes described in 212
subsection (1) of this section. Upon the adoption of a resolution 213
by the Department of Finance and Administration, declaring the 214
necessity for the issuance of any part or all of the general 215
obligation bonds authorized by this section, the department shall 216
deliver a certified copy of its resolution or resolutions to the 217
commission. Upon receipt of such resolution, the commission is 218
authorized to proceed under the provisions of Section 1(6) of this 219
act. The total amount of bonds issued under this section shall 220
not exceed Eight Hundred Twenty-five Thousand Dollars 221
($825,000.00). No bonds shall be issued under this section after 222
July 1, 2030. 223
(b) Any investment earnings on amounts deposited into 224
the special fund created in subsection (1) of this section shall 225
be used to pay debt service on bonds issued under this section, in 226
accordance with the proceedings authorizing issuance of such 227
bonds. 228
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(3) The provisions of Section 1 of this act shall apply to 229
the issuance of bonds authorized under this section. 230
SECTION 3. (1) (a) (i) A special fund, to be designated 231
as the "2026 Town of Plantersville Community Center and 232
Grant-Wuichet Park Fund", is created within the State Treasury. 233
The fund shall be maintained by the State Treasurer as a separate 234
and special fund, separate and apart from the General Fund of the 235
state. Unexpended amounts remaining in the fund at the end of a 236
fiscal year shall not lapse into the State General Fund, and any 237
interest earned or investment earnings on amounts in the fund 238
shall be deposited into such fund. 239
(ii) Monies deposited into the fund shall be 240
disbursed, in the discretion of the Department of Finance and 241
Administration, to assist the Town of Plantersville, Mississippi, 242
in paying costs associated with paving the parking area for the 243
Plantersville Community Center and making upgrades and 244
improvements to the playground area and playground equipment at 245
the center and purchasing and installing above ground commercial 246
storm shelters at the Plantersville Community Center and at 247
Grant-Wuichet Park. 248
(b) Amounts deposited into such special fund shall be 249
disbursed to pay the costs of the projects described in paragraph 250
(a) of this subsection. Promptly after the commission has 251
certified, by resolution duly adopted, that the projects described 252
in paragraph (a) of this subsection shall have been completed, 253
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abandoned, or cannot be completed in a timely fashion, any amounts 254
remaining in such special fund shall be applied to pay debt 255
service on the bonds issued under this section, in accordance with 256
the proceedings authorizing the issuance of such bonds and as 257
directed by the commission. 258
(2) (a) The commission, at one time, or from time to time, 259
may declare by resolution the necessity for issuance of general 260
obligation bonds of the State of Mississippi to provide funds for 261
all costs incurred or to be incurred for the purposes described in 262
subsection (1) of this section. Upon the adoption of a resolution 263
by the Department of Finance and Administration, declaring the 264
necessity for the issuance of any part or all of the general 265
obligation bonds authorized by this section, the department shall 266
deliver a certified copy of its resolution or resolutions to the 267
commission. Upon receipt of such resolution, the commission is 268
authorized to proceed under the provisions of Section 1(6) of this 269
act. The total amount of bonds issued under this section shall 270
not exceed One Hundred Twenty-five Thousand Dollars ($125,000.00). 271
No bonds shall be issued under this section after July 1, 2030. 272
(b) Any investment earnings on amounts deposited into 273
the special fund created in subsection (1) of this section shall 274
be used to pay debt service on bonds issued under this section, in 275
accordance with the proceedings authorizing issuance of such 276
bonds. 277
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(3) The provisions of Section 1 of this act shall apply to 278
the issuance of bonds authorized under this section. 279
SECTION 4. (1) (a) (i) A special fund, to be designated 280
as the "2026 Town of Plantersville Fire Department Fund", is 281
created within the State Treasury. The fund shall be maintained 282
by the State Treasurer as a separate and special fund, separate 283
and apart from the General Fund of the state. Unexpended amounts 284
remaining in the fund at the end of a fiscal year shall not lapse 285
into the State General Fund, and any interest earned or investment 286
earnings on amounts in the fund shall be deposited into such fund. 287
(ii) Monies deposited into the fund shall be 288
disbursed, in the discretion of the Department of Finance and 289
Administration, to assist the Town of Plantersville, Mississippi, 290
in paying costs associated with purchasing a new fire truck for 291
the town's fire department, repair and renovation of and upgrades 292
and improvements to the town's fire department building and 293
purchasing 911 radios and turnout gear and clothing for firemen. 294
(b) Amounts deposited into such special fund shall be 295
disbursed to pay the costs of the projects described in paragraph 296
(a) of this subsection. Promptly after the commission has 297
certified, by resolution duly adopted, that the projects described 298
in paragraph (a) of this subsection shall have been completed, 299
abandoned, or cannot be completed in a timely fashion, any amounts 300
remaining in such special fund shall be applied to pay debt 301
service on the bonds issued under this section, in accordance with 302
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the proceedings authorizing the issuance of such bonds and as 303
directed by the commission. 304
(2) (a) The commission, at one time, or from time to time, 305
may declare by resolution the necessity for issuance of general 306
obligation bonds of the State of Mississippi to provide funds for 307
all costs incurred or to be incurred for the purposes described in 308
subsection (1) of this section. Upon the adoption of a resolution 309
by the Department of Finance and Administration, declaring the 310
necessity for the issuance of any part or all of the general 311
obligation bonds authorized by this section, the department shall 312
deliver a certified copy of its resolution or resolutions to the 313
commission. Upon receipt of such resolution, the commission is 314
authorized to proceed under the provisions of Section 1(6) of this 315
act. The total amount of bonds issued under this section shall 316
not exceed Seven Hundred Thousand Five Hundred Dollars 317
($700,500.00). No bonds shall be issued under this section after 318
July 1, 2030. 319
(b) Any investment earnings on amounts deposited into 320
the special fund created in subsection (1) of this section shall 321
be used to pay debt service on bonds issued under this section, in 322
accordance with the proceedings authorizing issuance of such 323
bonds. 324
(3) The provisions of Section 1 of this act shall apply to 325
the issuance of bonds authorized under this section. 326
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SECTION 5. (1) (a) (i) A special fund, to be designated 327
as the "2026 Town of Plantersville Police Department Fund", is 328
created within the State Treasury. The fund shall be maintained 329
by the State Treasurer as a separate and special fund, separate 330
and apart from the General Fund of the state. Unexpended amounts 331
remaining in the fund at the end of a fiscal year shall not lapse 332
into the State General Fund, and any interest earned or investment 333
earnings on amounts in the fund shall be deposited into such fund. 334
(ii) Monies deposited into the fund shall be 335
disbursed, in the discretion of the Department of Finance and 336
Administration, to assist the Town of Plantersville, Mississippi, 337
in paying costs associated with purchasing a new building for the 338
town's police department, purchasing and equipping three (3) Ford 339
Explorer motor vehicles for the town's police department and 340
purchasing radios, computers and other equipment and accessories, 341
lights, office furniture, hand guns, rifles and a gun safe for the 342
town's police department. 343
(b) Amounts deposited into such special fund shall be 344
disbursed to pay the costs of the projects described in paragraph 345
(a) of this subsection. Promptly after the commission has 346
certified, by resolution duly adopted, that the projects described 347
in paragraph (a) of this subsection shall have been completed, 348
abandoned, or cannot be completed in a timely fashion, any amounts 349
remaining in such special fund shall be applied to pay debt 350
service on the bonds issued under this section, in accordance with 351
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ST: Bonds; authorize issuance to assist Town of
Plantersville with certain projects.
the proceedings authorizing the issuance of such bonds and as 352
directed by the commission. 353
(2) (a) The commission, at one time, or from time to time, 354
may declare by resolution the necessity for issuance of general 355
obligation bonds of the State of Mississippi to provide funds for 356
all costs incurred or to be incurred for the purposes described in 357
subsection (1) of this section. Upon the adoption of a resolution 358
by the Department of Finance and Administration, declaring the 359
necessity for the issuance of any part or all of the general 360
obligation bonds authorized by this section, the department shall 361
deliver a certified copy of its resolution or resolutions to the 362
commission. Upon receipt of such resolution, the commission is 363
authorized to proceed under the provisions of Section 1(6) of this 364
act. The total amount of bonds issued under this section shall 365
not exceed Three Hundred Thousand Dollars ($300,000.00). No bonds 366
shall be issued under this section after July 1, 2030. 367
(b) Any investment earnings on amounts deposited into 368
the special fund created in subsection (1) of this section shall 369
be used to pay debt service on bonds issued under this section, in 370
accordance with the proceedings authorizing issuance of such 371
bonds. 372
(3) The provisions of Section 1 of this act shall apply to 373
the issuance of bonds authorized under this section. 374
SECTION 6. This act shall take effect and be in force from 375
and after July 1, 2026. 376