Bonds; authorize issuance of general obligation bonds for repair and renovation of Oakes African American Cultural Center.

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To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Thomas

SENATE BILL NO. 3027

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST IN PAYING THE COST ASSOCIATED 2
WITH THE REPAIR AND RENOVATION OF THE OAKES AFRICAN AMERICAN 3
CULTURAL CENTER IN YAZOO CITY, MISSISSIPPI; AND FOR RELATED 4
PURPOSES. 5
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 6
SECTION 1. (1) The provisions of this section shall apply 7
to every section of this act that relates to the issuance of bonds 8
unless otherwise provided in this act. 9
(2) As used in this act, the following words shall have the 10
meanings ascribed herein unless the context clearly requires 11
otherwise: 12
(a) "State" means the State of Mississippi. 13
(b) "Commission" means the State Bond Commission. 14
(3) The principal of and interest on the bonds authorized 15
under this act shall be payable in the manner provided in this 16
subsection. Such bonds shall bear such date or dates, be in such 17
denomination or denominations, bear interest at such rate or rates 18
(not to exceed the limits set forth in Section 75-17-101, 19
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Mississippi Code of 1972), be payable at such place or places 20
within or without the State of Mississippi, shall mature 21
absolutely at such time or times not to exceed twenty-five (25) 22
years from date of issue, be redeemable before maturity at such 23
time or times and upon such terms, with or without premium, shall 24
bear such registration privileges, and shall be substantially in 25
such form, all as shall be determined by resolution of the 26
commission. 27
(4) The bonds authorized by this act shall be signed by the 28
chairman of the commission, or by his facsimile signature, and the 29
official seal of the commission shall be affixed thereto, attested 30
by the secretary of the commission. The interest coupons, if any, 31
to be attached to such bonds may be executed by the facsimile 32
signatures of such officers. Whenever any such bonds shall have 33
been signed by the officials designated to sign the bonds who were 34
in office at the time of such signing but who may have ceased to 35
be such officers before the sale and delivery of such bonds, or 36
who may not have been in office on the date such bonds may bear, 37
the signatures of such officers upon such bonds and coupons shall 38
nevertheless be valid and sufficient for all purposes and have the 39
same effect as if the person so officially signing such bonds had 40
remained in office until their delivery to the purchaser, or had 41
been in office on the date such bonds may bear. However, 42
notwithstanding anything herein to the contrary, such bonds may be 43
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issued as provided in the Registered Bond Act of the State of 44
Mississippi. 45
(5) All bonds and interest coupons issued under the 46
provisions of this act have all the qualities and incidents of 47
negotiable instruments under the provisions of the Uniform 48
Commercial Code, and in exercising the powers granted by this act, 49
the commission shall not be required to and need not comply with 50
the provisions of the Uniform Commercial Code. 51
(6) The commission shall act as issuing agent for the bonds 52
authorized under this act, prescribe the form of the bonds, 53
determine the appropriate method for sale of the bonds, advertise 54
for and accept bids or negotiate the sale of the bonds, issue and 55
sell the bonds so authorized to be sold, pay all fees and costs 56
incurred in such issuance and sale, and do any and all other 57
things necessary and advisable in connection with the issuance and 58
sale of such bonds. The commission is authorized and empowered to 59
pay the costs that are incident to the sale, issuance and delivery 60
of the bonds authorized under this act from the proceeds derived 61
from the sale of such bonds. The commission may sell such bonds 62
on sealed bids at public sale or may negotiate the sale of the 63
bonds for such price as it may determine to be for the best 64
interest of the State of Mississippi. All interest accruing on 65
such bonds so issued shall be payable semiannually or annually. 66
If such bonds are sold by sealed bids at public sale, notice 67
of the sale shall be published at least one time, not less than 68
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ten (10) days before the date of sale, and shall be so published 69
in one or more newspapers published or having a general 70
circulation in the City of Jackson, Mississippi, selected by the 71
commission. 72
The commission, when issuing any bonds under the authority of 73
this act, may provide that bonds, at the option of the State of 74
Mississippi, may be called in for payment and redemption at the 75
call price named therein and accrued interest on such date or 76
dates named therein. 77
(7) The bonds issued under the provisions of this act are 78
general obligations of the State of Mississippi, and for the 79
payment thereof the full faith and credit of the State of 80
Mississippi is irrevocably pledged. If the funds appropriated by 81
the Legislature are insufficient to pay the principal of and the 82
interest on such bonds as they become due, then the deficiency 83
shall be paid by the State Treasurer from any funds in the State 84
Treasury not otherwise appropriated. All such bonds shall contain 85
recitals on their faces substantially covering the provisions of 86
this subsection. 87
(8) Upon the issuance and sale of bonds under the provisions 88
of this act, the commission shall transfer the proceeds of any 89
such sale or sales to the special fund created in subsection (1) 90
of the applicable section of this act. The proceeds of such bonds 91
shall be disbursed from the special fund under such restrictions, 92
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if any, as may be contained in the resolution providing for the 93
issuance of the bonds. 94
(9) The bonds authorized under this act may be issued 95
without any other proceedings or the happening of any other 96
conditions or things other than those proceedings, conditions and 97
things which are specified or required by this act. Any 98
resolution providing for the issuance of bonds under the 99
provisions of this act shall become effective immediately upon its 100
adoption by the commission, and any such resolution may be adopted 101
at any regular or special meeting of the commission by a majority 102
of its members. 103
(10) The bonds authorized under the authority of this act 104
may be validated in the Chancery Court of the First Judicial 105
District of Hinds County, Mississippi, in the manner and with the 106
force and effect provided by Title 31, Chapter 13, Mississippi 107
Code of 1972, for the validation of county, municipal, school 108
district and other bonds. The notice to taxpayers required by 109
such statutes shall be published in a newspaper published or 110
having a general circulation in the City of Jackson, Mississippi. 111
(11) Any holder of bonds issued under the provisions of this 112
act or of any of the interest coupons pertaining thereto may, 113
either at law or in equity, by suit, action, mandamus or other 114
proceeding, protect and enforce any and all rights granted under 115
this act, or under such resolution, and may enforce and compel 116
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performance of all duties required by this act to be performed, in 117
order to provide for the payment of bonds and interest thereon. 118
(12) All bonds issued under the provisions of this act shall 119
be legal investments for trustees and other fiduciaries, and for 120
savings banks, trust companies and insurance companies organized 121
under the laws of the State of Mississippi, and such bonds shall 122
be legal securities which may be deposited with and shall be 123
received by all public officers and bodies of this state and all 124
municipalities and political subdivisions for the purpose of 125
securing the deposit of public funds. 126
(13) Bonds issued under the provisions of this act and 127
income therefrom shall be exempt from all taxation in the State of 128
Mississippi. 129
(14) The proceeds of the bonds issued under this act shall 130
be used solely for the purposes herein provided, including the 131
costs incident to the issuance and sale of such bonds. 132
(15) The State Treasurer is authorized, without further 133
process of law, to certify to the Department of Finance and 134
Administration the necessity for warrants, and the Department of 135
Finance and Administration is authorized and directed to issue 136
such warrants, in such amounts as may be necessary to pay when due 137
the principal of, premium, if any, and interest on, or the 138
accreted value of, all bonds issued under this act; and the State 139
Treasurer shall forward the necessary amount to the designated 140
place or places of payment of such bonds in ample time to 141
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discharge such bonds, or the interest thereon, on the due dates 142
thereof. As used in this section, the "accreted value" of any 143
bond means, as of any date of computation, an amount equal to the 144
sum of (a) the stated initial value of such bond, plus (b) the 145
interest accrued thereon from the issue date to the date of 146
computation at the rate, compounded semiannually, that is 147
necessary to produce the approximate yield to maturity shown for 148
bonds of the same maturity. 149
(16) This act shall be deemed to be full and complete 150
authority for the exercise of the powers granted in this act that 151
relate to the issuance of bonds, but this act shall not be deemed 152
to repeal or to be in derogation of any existing law of this state 153
that relates to the issuance of bonds. 154
SECTION 2. (1) (a) (i) A special fund, to be designated 155
as the "2026 Oakes African American Cultural Center Repair and 156
Renovation Fund," is created within the State Treasury. The fund 157
shall be maintained by the State Treasurer as a separate and 158
special fund, separate and apart from the General Fund of the 159
state. Unexpended amounts remaining in the fund at the end of a 160
fiscal year shall not lapse into the State General Fund, and any 161
interest earned or investment earnings on amounts in the fund 162
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, to assist in paying the costs associated with the 166
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repair and renovation of the Oakes African American Cultural 167
Center in Yazoo City, Mississippi. 168
(b) Amounts deposited into such special fund shall be 169
disbursed to pay the costs of the projects described in paragraph 170
(a) of this subsection. Promptly after the commission has 171
certified, by resolution duly adopted, that the projects described 172
in paragraph (a) of this subsection shall have been completed, 173
abandoned, or cannot be completed in a timely fashion, any amounts 174
remaining in such special fund shall be applied to pay debt 175
service on the bonds issued under this section, in accordance with 176
the proceedings authorizing the issuance of such bonds and as 177
directed by the commission. 178
(2) (a) The commission, at one time, or from time to time, 179
may declare by resolution the necessity for issuance of general 180
obligation bonds of the State of Mississippi to provide funds for 181
all costs incurred or to be incurred for the purposes described in 182
subsection (1) of this section. Upon the adoption of a resolution 183
by the Department of Finance and Administration, declaring the 184
necessity for the issuance of any part or all of the general 185
obligation bonds authorized by this section, the department shall 186
deliver a certified copy of its resolution or resolutions to the 187
commission. Upon receipt of such resolution, the commission is 188
authorized to proceed under the provisions of Section 1(6) of this 189
act. The total amount of bonds issued under this section shall 190
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ST: Bonds; authorize issuance of general
obligation bonds for repair and renovation of
Oakes African American Cultural Center.
not exceed Five Hundred Thousand Dollars ($500,000.00). No bonds 191
shall be issued under this section after July 1, 2030. 192
(b) Any investment earnings on amounts deposited into 193
the special fund created in subsection (1) of this section shall 194
be used to pay debt service on bonds issued under this section, in 195
accordance with the proceedings authorizing issuance of such 196
bonds. 197
(3) The provisions of Section 1 of this act shall apply to 198
the issuance of bonds authorized under this section. 199
SECTION 3. This act shall take effect and be in force from 200
and after its passage. 201