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H. B. No. 768 *HR31/R517* ~ OFFICIAL ~ R3/5
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To: Ways and Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representative Sanders
HOUSE BILL NO. 768
AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN OF PACE, MISSISSIPPI, IN 2
PAYING COSTS ASSOCIATED WITH SITE GRADING, ACQUISITION OF 3
PLAYGROUND EQUIPMENT, BASKETBALL COURT IMPROVEMENTS AND PLAYGROUND 4
IMPROVEMENTS FOR THE TOWN'S PARKS; TO AUTHORIZE THE ISSUANCE OF 5
STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN 6
OF BENOIT, MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH SITE 7
GRADING, ACQUISITION OF PLAYGROUND EQUIPMENT, BASKETBALL COURT 8
IMPROVEMENTS AND PLAYGROUND IMPROVEMENTS FOR THE TOWN'S PARKS; AND 9
FOR RELATED PURPOSES. 10
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 11
SECTION 1. (1) The provisions of this section shall apply 12
to every section of this act that relates to the issuance of bonds 13
unless otherwise provided in this act. 14
(2) As used in this act, the following words shall have the 15
meanings ascribed herein unless the context clearly requires 16
otherwise: 17
(a) "State" means the State of Mississippi. 18
(b) "Commission" means the State Bond Commission. 19
(3) The principal of and interest on the bonds authorized 20
under this act shall be payable in the manner provided in this 21
subsection. Such bonds shall bear such date or dates, be in such 22
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denomination or denominations, bear interest at such rate or rates 23
(not to exceed the limits set forth in Section 75-17-101, 24
Mississippi Code of 1972), be payable at such place or places 25
within or without the State of Mississippi, shall mature 26
absolutely at such time or times not to exceed twenty-five (25) 27
years from date of issue, be redeemable before maturity at such 28
time or times and upon such terms, with or without premium, shall 29
bear such registration privileges, and shall be substantially in 30
such form, all as shall be determined by resolution of the 31
commission. 32
(4) The bonds authorized by this act shall be signed by the 33
chairman of the commission, or by his facsimile signature, and the 34
official seal of the commission shall be affixed thereto, attested 35
by the secretary of the commission. The interest coupons, if any, 36
to be attached to such bonds may be executed by the facsimile 37
signatures of such officers. Whenever any such bonds shall have 38
been signed by the officials designated to sign the bonds who were 39
in office at the time of such signing but who may have ceased to 40
be such officers before the sale and delivery of such bonds, or 41
who may not have been in office on the date such bonds may bear, 42
the signatures of such officers upon such bonds and coupons shall 43
nevertheless be valid and sufficient for all purposes and have the 44
same effect as if the person so officially signing such bonds had 45
remained in office until their delivery to the purchaser, or had 46
been in office on the date such bonds may bear. However, 47
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notwithstanding anything herein to the contrary, such bonds may be 48
issued as provided in the Registered Bond Act of the State of 49
Mississippi. 50
(5) All bonds and interest coupons issued under the 51
provisions of this act have all the qualities and incidents of 52
negotiable instruments under the provisions of the Uniform 53
Commercial Code, and in exercising the powers granted by this act, 54
the commission shall not be required to and need not comply with 55
the provisions of the Uniform Commercial Code. 56
(6) The commission shall act as issuing agent for the bonds 57
authorized under this act, prescribe the form of the bonds, 58
determine the appropriate method for sale of the bonds, advertise 59
for and accept bids or negotiate the sale of the bonds, issue and 60
sell the bonds so authorized to be sold, pay all fees and costs 61
incurred in such issuance and sale, and do any and all other 62
things necessary and advisable in connection with the issuance and 63
sale of such bonds. The commission is authorized and empowered to 64
pay the costs that are incident to the sale, issuance and delivery 65
of the bonds authorized under this act from the proceeds derived 66
from the sale of such bonds. The commission may sell such bonds 67
on sealed bids at public sale or may negotiate the sale of the 68
bonds for such price as it may determine to be for the best 69
interest of the State of Mississippi. All interest accruing on 70
such bonds so issued shall be payable semiannually or annually. 71
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If such bonds are sold by sealed bids at public sale, notice 72
of the sale shall be published at least one time, not less than 73
ten (10) days before the date of sale, and shall be so published 74
in one or more newspapers published or having a general 75
circulation in the City of Jackson, Mississippi, selected by the 76
commission. 77
The commission, when issuing any bonds under the authority of 78
this act, may provide that bonds, at the option of the State of 79
Mississippi, may be called in for payment and redemption at the 80
call price named therein and accrued interest on such date or 81
dates named therein. 82
(7) The bonds issued under the provisions of this act are 83
general obligations of the State of Mississippi, and for the 84
payment thereof the full faith and credit of the State of 85
Mississippi is irrevocably pledged. If the funds appropriated by 86
the Legislature are insufficient to pay the principal of and the 87
interest on such bonds as they become due, then the deficiency 88
shall be paid by the State Treasurer from any funds in the State 89
Treasury not otherwise appropriated. All such bonds shall contain 90
recitals on their faces substantially covering the provisions of 91
this subsection. 92
(8) Upon the issuance and sale of bonds under the provisions 93
of this act, the commission shall transfer the proceeds of any 94
such sale or sales to the special fund created in subsection (1) 95
of the applicable section of this act. The proceeds of such bonds 96
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shall be disbursed from the special fund under such restrictions, 97
if any, as may be contained in the resolution providing for the 98
issuance of the bonds. 99
(9) The bonds authorized under this act may be issued 100
without any other proceedings or the happening of any other 101
conditions or things other than those proceedings, conditions and 102
things which are specified or required by this act. Any 103
resolution providing for the issuance of bonds under the 104
provisions of this act shall become effective immediately upon its 105
adoption by the commission, and any such resolution may be adopted 106
at any regular or special meeting of the commission by a majority 107
of its members. 108
(10) The bonds authorized under the authority of this act 109
may be validated in the Chancery Court of the First Judicial 110
District of Hinds County, Mississippi, in the manner and with the 111
force and effect provided by Chapter 13, Title 31, Mississippi 112
Code of 1972, for the validation of county, municipal, school 113
district and other bonds. The notice to taxpayers required by 114
such statutes shall be published in a newspaper published or 115
having a general circulation in the City of Jackson, Mississippi. 116
(11) Any holder of bonds issued under the provisions of this 117
act or of any of the interest coupons pertaining thereto may, 118
either at law or in equity, by suit, action, mandamus or other 119
proceeding, protect and enforce any and all rights granted under 120
this act, or under such resolution, and may enforce and compel 121
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performance of all duties required by this act to be performed, in 122
order to provide for the payment of bonds and interest thereon. 123
(12) All bonds issued under the provisions of this act shall 124
be legal investments for trustees and other fiduciaries, and for 125
savings banks, trust companies and insurance companies organized 126
under the laws of the State of Mississippi, and such bonds shall 127
be legal securities which may be deposited with and shall be 128
received by all public officers and bodies of this state and all 129
municipalities and political subdivisions for the purpose of 130
securing the deposit of public funds. 131
(13) Bonds issued under the provisions of this act and 132
income therefrom shall be exempt from all taxation in the State of 133
Mississippi. 134
(14) The proceeds of the bonds issued under this act shall 135
be used solely for the purposes herein provided, including the 136
costs incident to the issuance and sale of such bonds. 137
(15) The State Treasurer is authorized, without further 138
process of law, to certify to the Department of Finance and 139
Administration the necessity for warrants, and the Department of 140
Finance and Administration is authorized and directed to issue 141
such warrants, in such amounts as may be necessary to pay when due 142
the principal of, premium, if any, and interest on, or the 143
accreted value of, all bonds issued under this act; and the State 144
Treasurer shall forward the necessary amount to the designated 145
place or places of payment of such bonds in ample time to 146
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discharge such bonds, or the interest thereon, on the due dates 147
thereof. As used in this section, the "accreted value" of any 148
bond means, as of any date of computation, an amount equal to the 149
sum of (a) the stated initial value of such bond, plus (b) the 150
interest accrued thereon from the issue date to the date of 151
computation at the rate, compounded semiannually, that is 152
necessary to produce the approximate yield to maturity shown for 153
bonds of the same maturity. 154
(16) This act shall be deemed to be full and complete 155
authority for the exercise of the powers granted in this act that 156
relate to the issuance of bonds, but this act shall not be deemed 157
to repeal or to be in derogation of any existing law of this state 158
that relates to the issuance of bonds. 159
SECTION 2. (1) (a) (i) A special fund, to be designated 160
as the "2026 Town of Pace Parks Improvements Fund", is created 161
within the State Treasury. The fund shall be maintained by the 162
State Treasurer as a separate and special fund, separate and apart 163
from the General Fund of the state. Unexpended amounts remaining 164
in the fund at the end of a fiscal year shall not lapse into the 165
State General Fund, and any interest earned or investment earnings 166
on amounts in the fund shall be deposited into such fund. 167
(ii) Monies deposited into the fund shall be 168
disbursed, in the discretion of the Department of Finance and 169
Administration, to assist the Town of Pace, Mississippi, in paying 170
costs associated with site grading, acquisition of playground 171
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equipment, basketball court improvements and playground 172
improvements for the town's parks. 173
(b) Amounts deposited into such special fund shall be 174
disbursed to pay the costs of the projects described in paragraph 175
(a) of this subsection. Promptly after the commission has 176
certified, by resolution duly adopted, that the projects described 177
in paragraph (a) of this subsection shall have been completed, 178
abandoned, or cannot be completed in a timely fashion, any amounts 179
remaining in such special fund shall be applied to pay debt 180
service on the bonds issued under this section, in accordance with 181
the proceedings authorizing the issuance of such bonds and as 182
directed by the commission. 183
(2) (a) The commission, at one time, or from time to time, 184
may declare by resolution the necessity for issuance of general 185
obligation bonds of the State of Mississippi to provide funds for 186
all costs incurred or to be incurred for the purposes described in 187
subsection (1) of this section. Upon the adoption of a resolution 188
by the Department of Finance and Administration, declaring the 189
necessity for the issuance of any part or all of the general 190
obligation bonds authorized by this section, the department shall 191
deliver a certified copy of its resolution or resolutions to the 192
commission. Upon receipt of such resolution, the commission is 193
authorized to proceed under the provisions of Section 1(6) of this 194
act. The total amount of bonds issued under this section shall 195
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not exceed Seventy-five Thousand Dollars ($75,000.00). No bonds 196
shall be issued under this section after July 1, 2030. 197
(b) Any investment earnings on amounts deposited into 198
the special fund created in subsection (1) of this section shall 199
be used to pay debt service on bonds issued under this section, in 200
accordance with the proceedings authorizing issuance of such 201
bonds. 202
(3) The provisions of Section 1 of this act shall apply to 203
the issuance of bonds authorized under this section. 204
SECTION 3. (1) (a) (i) A special fund, to be designated 205
as the "2026 Town of Benoit Improvements Fund", is created within 206
the State Treasury. The fund shall be maintained by the State 207
Treasurer as a separate and special fund, separate and apart from 208
the General Fund of the state. Unexpended amounts remaining in 209
the fund at the end of a fiscal year shall not lapse into the 210
State General Fund, and any interest earned or investment earnings 211
on amounts in the fund shall be deposited into such fund. 212
(ii) Monies deposited into the fund shall be 213
disbursed, in the discretion of the Department of Finance and 214
Administration, to assist the Town of Benoit, Mississippi, in 215
paying costs associated with site grading, acquisition of 216
playground equipment, basketball court improvements and playground 217
improvements for the town's parks. 218
(b) Amounts deposited into such special fund shall be 219
disbursed to pay the costs of the projects described in paragraph 220
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(a) of this subsection. Promptly after the commission has 221
certified, by resolution duly adopted, that the projects described 222
in paragraph (a) of this subsection shall have been completed, 223
abandoned, or cannot be completed in a timely fashion, any amounts 224
remaining in such special fund shall be applied to pay debt 225
service on the bonds issued under this section, in accordance with 226
the proceedings authorizing the issuance of such bonds and as 227
directed by the commission. 228
(2) (a) The commission, at one time, or from time to time, 229
may declare by resolution the necessity for issuance of general 230
obligation bonds of the State of Mississippi to provide funds for 231
all costs incurred or to be incurred for the purposes described in 232
subsection (1) of this section. Upon the adoption of a resolution 233
by the Department of Finance and Administration, declaring the 234
necessity for the issuance of any part or all of the general 235
obligation bonds authorized by this section, the department shall 236
deliver a certified copy of its resolution or resolutions to the 237
commission. Upon receipt of such resolution, the commission is 238
authorized to proceed under the provisions of Section 1(6) of this 239
act. The total amount of bonds issued under this section shall 240
not exceed Seventy-five Thousand Dollars ($75,000.00). No bonds 241
shall be issued under this section after July 1, 2030. 242
(b) Any investment earnings on amounts deposited into 243
the special fund created in subsection (1) of this section shall 244
be used to pay debt service on bonds issued under this section, in 245
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ST: Bonds; authorize issuance to assist Towns
of Pace and Benoit with park improvements.
accordance with the proceedings authorizing issuance of such 246
bonds. 247
(3) The provisions of Section 1 of this act shall apply to 248
the issuance of bonds authorized under this section. 249
SECTION 4. This act shall take effect and be in force from 250
and after July 1, 2026. 251