Bonds; authorize issuance to assist City of Rosedale with downtown improvements.

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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Sanders

HOUSE BILL NO. 767

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF ROSEDALE, 2
MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH THE REPAIR, 3
RENOVATION, FURNISHING AND EQUIPPING OF AND UPGRADES AND 4
IMPROVEMENTS TO THE FORMER BOLIVAR COUNTY HEALTH DEPARTMENT 5
BUILDING TO BE USED BY THE CITY FOR A NEW CITY HALL/MUNICIPAL 6
BUILDING; THE REPAIR, RENOVATION, FURNISHING AND EQUIPPING OF AND 7
UPGRADES AND IMPROVEMENTS TO THE CURRENT CITY HALL TO BE USED AS 8
THE NEW CITY POLICE DEPARTMENT BUILDING; AND FOR DOWNTOWN 9
INFRASTRUCTURE IMPROVEMENTS; AND FOR RELATED PURPOSES. 10
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 11
SECTION 1. (1) As used in this act, the following words 12
shall have the meanings ascribed herein unless the context clearly 13
requires otherwise: 14
(a) "State" means the State of Mississippi. 15
(b) "Commission" means the State Bond Commission. 16
(2) The principal of and interest on the bonds authorized 17
under this act shall be payable in the manner provided in this 18
subsection. Such bonds shall bear such date or dates, be in such 19
denomination or denominations, bear interest at such rate or rates 20
(not to exceed the limits set forth in Section 75-17-101, 21
Mississippi Code of 1972), be payable at such place or places 22
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within or without the State of Mississippi, shall mature 23
absolutely at such time or times not to exceed twenty-five (25) 24
years from date of issue, be redeemable before maturity at such 25
time or times and upon such terms, with or without premium, shall 26
bear such registration privileges, and shall be substantially in 27
such form, all as shall be determined by resolution of the 28
commission. 29
(3) The bonds authorized by this act shall be signed by the 30
chairman of the commission, or by his facsimile signature, and the 31
official seal of the commission shall be affixed thereto, attested 32
by the secretary of the commission. The interest coupons, if any, 33
to be attached to such bonds may be executed by the facsimile 34
signatures of such officers. Whenever any such bonds shall have 35
been signed by the officials designated to sign the bonds who were 36
in office at the time of such signing but who may have ceased to 37
be such officers before the sale and delivery of such bonds, or 38
who may not have been in office on the date such bonds may bear, 39
the signatures of such officers upon such bonds and coupons shall 40
nevertheless be valid and sufficient for all purposes and have the 41
same effect as if the person so officially signing such bonds had 42
remained in office until their delivery to the purchaser, or had 43
been in office on the date such bonds may bear. However, 44
notwithstanding anything herein to the contrary, such bonds may be 45
issued as provided in the Registered Bond Act of the State of 46
Mississippi. 47
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(4) All bonds and interest coupons issued under the 48
provisions of this act have all the qualities and incidents of 49
negotiable instruments under the provisions of the Uniform 50
Commercial Code, and in exercising the powers granted by this act, 51
the commission shall not be required to and need not comply with 52
the provisions of the Uniform Commercial Code. 53
(5) The commission shall act as issuing agent for the bonds 54
authorized under this act, prescribe the form of the bonds, 55
determine the appropriate method for sale of the bonds, advertise 56
for and accept bids or negotiate the sale of the bonds, issue and 57
sell the bonds so authorized to be sold, pay all fees and costs 58
incurred in such issuance and sale, and do any and all other 59
things necessary and advisable in connection with the issuance and 60
sale of such bonds. The commission is authorized and empowered to 61
pay the costs that are incident to the sale, issuance and delivery 62
of the bonds authorized under this act from the proceeds derived 63
from the sale of such bonds. The commission may sell such bonds 64
on sealed bids at public sale or may negotiate the sale of the 65
bonds for such price as it may determine to be for the best 66
interest of the State of Mississippi. All interest accruing on 67
such bonds so issued shall be payable semiannually or annually. 68
If such bonds are sold by sealed bids at public sale, notice 69
of the sale shall be published at least one time, not less than 70
ten (10) days before the date of sale, and shall be so published 71
in one or more newspapers published or having a general 72
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circulation in the City of Jackson, Mississippi, selected by the 73
commission. 74
The commission, when issuing any bonds under the authority of 75
this act, may provide that bonds, at the option of the State of 76
Mississippi, may be called in for payment and redemption at the 77
call price named therein and accrued interest on such date or 78
dates named therein. 79
(6) The bonds issued under the provisions of this act are 80
general obligations of the State of Mississippi, and for the 81
payment thereof the full faith and credit of the State of 82
Mississippi is irrevocably pledged. If the funds appropriated by 83
the Legislature are insufficient to pay the principal of and the 84
interest on such bonds as they become due, then the deficiency 85
shall be paid by the State Treasurer from any funds in the State 86
Treasury not otherwise appropriated. All such bonds shall contain 87
recitals on their faces substantially covering the provisions of 88
this subsection. 89
(7) Upon the issuance and sale of bonds under the provisions 90
of this act, the commission shall transfer the proceeds of any 91
such sale or sales to the special fund created in Section 2(1) of 92
this act. The proceeds of such bonds shall be disbursed from the 93
special fund under such restrictions, if any, as may be contained 94
in the resolution providing for the issuance of the bonds. 95
(8) The bonds authorized under this act may be issued 96
without any other proceedings or the happening of any other 97
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conditions or things other than those proceedings, conditions and 98
things which are specified or required by this act. Any 99
resolution providing for the issuance of bonds under the 100
provisions of this act shall become effective immediately upon its 101
adoption by the commission, and any such resolution may be adopted 102
at any regular or special meeting of the commission by a majority 103
of its members. 104
(9) The bonds authorized under the authority of this act may 105
be validated in the Chancery Court of the First Judicial District 106
of Hinds County, Mississippi, in the manner and with the force and 107
effect provided by Chapter 13, Title 31, Mississippi Code of 1972, 108
for the validation of county, municipal, school district and other 109
bonds. The notice to taxpayers required by such statutes shall be 110
published in a newspaper published or having a general circulation 111
in the City of Jackson, Mississippi. 112
(10) Any holder of bonds issued under the provisions of this 113
act or of any of the interest coupons pertaining thereto may, 114
either at law or in equity, by suit, action, mandamus or other 115
proceeding, protect and enforce any and all rights granted under 116
this act, or under such resolution, and may enforce and compel 117
performance of all duties required by this act to be performed, in 118
order to provide for the payment of bonds and interest thereon. 119
(11) All bonds issued under the provisions of this act shall 120
be legal investments for trustees and other fiduciaries, and for 121
savings banks, trust companies and insurance companies organized 122
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under the laws of the State of Mississippi, and such bonds shall 123
be legal securities which may be deposited with and shall be 124
received by all public officers and bodies of this state and all 125
municipalities and political subdivisions for the purpose of 126
securing the deposit of public funds. 127
(12) Bonds issued under the provisions of this act and 128
income therefrom shall be exempt from all taxation in the State of 129
Mississippi. 130
(13) The proceeds of the bonds issued under this act shall 131
be used solely for the purposes herein provided, including the 132
costs incident to the issuance and sale of such bonds. 133
(14) The State Treasurer is authorized, without further 134
process of law, to certify to the Department of Finance and 135
Administration the necessity for warrants, and the Department of 136
Finance and Administration is authorized and directed to issue 137
such warrants, in such amounts as may be necessary to pay when due 138
the principal of, premium, if any, and interest on, or the 139
accreted value of, all bonds issued under this act; and the State 140
Treasurer shall forward the necessary amount to the designated 141
place or places of payment of such bonds in ample time to 142
discharge such bonds, or the interest thereon, on the due dates 143
thereof. As used in this section, the "accreted value" of any 144
bond means, as of any date of computation, an amount equal to the 145
sum of (i) the stated initial value of such bond, plus (ii) the 146
interest accrued thereon from the issue date to the date of 147
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computation at the rate, compounded semiannually, that is 148
necessary to produce the approximate yield to maturity shown for 149
bonds of the same maturity. 150
(15) This act shall be deemed to be full and complete 151
authority for the exercise of the powers granted in this act that 152
relate to the issuance of bonds, but this act shall not be deemed 153
to repeal or to be in derogation of any existing law of this state 154
that relates to the issuance of bonds. 155
SECTION 2. (1) (a) (i) A special fund, to be designated 156
as the "2026 City of Rosedale Downtown Improvements Fund", is 157
created within the State Treasury. The fund shall be maintained 158
by the State Treasurer as a separate and special fund, separate 159
and apart from the General Fund of the state. Unexpended amounts 160
remaining in the fund at the end of a fiscal year shall not lapse 161
into the State General Fund, and any interest earned or investment 162
earnings on amounts in the fund shall be deposited into such fund. 163
(ii) Monies deposited into the fund shall be 164
disbursed, in the discretion of the Department of Finance and 165
Administration, as follows: 166
1. Not more than One Million Fifty Thousand 167
Dollars ($1,050,000.00) shall be used to assist the City of 168
Rosedale, Mississippi, in paying costs associated with repair, 169
renovation, furnishing and equipping of and upgrades and 170
improvements to the former Bolivar County Health Department 171
building to be used by the city for a new City Hall/Municipal 172
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Building, and repair, renovation, furnishing and equipping of and 173
upgrades and improvements to the current City Hall to be used as 174
the new City of Rosedale Police Department building; and 175
2. Not more than Nine Hundred Thirty-seven 176
Thousand One Hundred Dollars ($937,100.00) shall be used to assist 177
the City of Rosedale, Mississippi, in paying costs associated with 178
construction, repair, upgrades and improvements to sidewalks, 179
street lighting, storm sewer infrastructure and water 180
infrastructure in downtown Rosedale. 181
(b) Amounts deposited into such special fund shall be 182
disbursed to pay the costs of the projects described in paragraph 183
(a) of this subsection. Promptly after the commission has 184
certified, by resolution duly adopted, that the projects described 185
in paragraph (a) of this subsection shall have been completed, 186
abandoned, or cannot be completed in a timely fashion, any amounts 187
remaining in such special fund shall be applied to pay debt 188
service on the bonds issued under this section, in accordance with 189
the proceedings authorizing the issuance of such bonds and as 190
directed by the commission. 191
(2) (a) The commission, at one time, or from time to time, 192
may declare by resolution the necessity for issuance of general 193
obligation bonds of the State of Mississippi to provide funds for 194
all costs incurred or to be incurred for the purposes described in 195
subsection (1) of this section. Upon the adoption of a resolution 196
by the Department of Finance and Administration, declaring the 197
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ST: Bonds; authorize issuance to assist City of
Rosedale with downtown improvements.
necessity for the issuance of any part or all of the general 198
obligation bonds authorized by this section, the department shall 199
deliver a certified copy of its resolution or resolutions to the 200
commission. Upon receipt of such resolution, the commission is 201
authorized to proceed under the provisions of Section 1(5) of this 202
act. The total amount of bonds issued under this section shall 203
not exceed One Million Nine Hundred Eighty-seven Thousand One 204
Hundred Dollars ($1,987,100.00). No bonds shall be issued under 205
this section after July 1, 2030. 206
(b) Any investment earnings on amounts deposited into 207
the special fund created in subsection (1) of this section shall 208
be used to pay debt service on bonds issued under this section, in 209
accordance with the proceedings authorizing issuance of such 210
bonds. 211
(3) The provisions of Section 1 of this act shall apply to 212
the issuance of bonds authorized under this section. 213
SECTION 3. This act shall take effect and be in force from 214
and after July 1, 2026. 215