Bonds; authorize issuance for Sharkey County and Town of Rolling Fork to assist in paying various disaster recovery costs.

S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~ R3/5
26/SS08/R243
PAGE 1 (icj\kr)

To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Thomas

SENATE BILL NO. 3050

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE BOARD OF SUPERVISORS OF 2
SHARKEY COUNTY, MISSISSIPPI, IN PAYING THE COSTS ASSOCIATED WITH 3
VARIOUS DISASTER RECOVERY PROJECTS; TO AUTHORIZE THE ISSUANCE OF 4
STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE TOWN 5
OF ROLLING FORK, MISSISSIPPI, IN PAYING THE COSTS ASSOCIATED WITH 6
VARIOUS DISASTER RECOVERY PROJECTS; AND FOR RELATED PURPOSES. 7
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 8
SECTION 1. (1) The provisions of this section shall apply 9
to every section of this act that relates to the issuance of bonds 10
unless otherwise provided in this act. 11
(2) As used in this act, the following words shall have the 12
meanings ascribed herein unless the context clearly requires 13
otherwise: 14
(a) "State" means the State of Mississippi. 15
(b) "Commission" means the State Bond Commission. 16
(3) 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
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 2 (icj\kr)

(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
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
(4) 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
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 3 (icj\kr)

issued as provided in the Registered Bond Act of the State of 46
Mississippi. 47
(5) 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
(6) 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
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 4 (icj\kr)

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
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
(7) 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
(8) 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 subsection (1) 92
of the applicable section of this act. The proceeds of such bonds 93
shall be disbursed from the special fund under such restrictions, 94
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 5 (icj\kr)

if any, as may be contained in the resolution providing for the 95
issuance of the bonds. 96
(9) The bonds authorized under this act may be issued 97
without any other proceedings or the happening of any other 98
conditions or things other than those proceedings, conditions and 99
things which are specified or required by this act. Any 100
resolution providing for the issuance of bonds under the 101
provisions of this act shall become effective immediately upon its 102
adoption by the commission, and any such resolution may be adopted 103
at any regular or special meeting of the commission by a majority 104
of its members. 105
(10) The bonds authorized under the authority of this act 106
may be validated in the Chancery Court of the First Judicial 107
District of Hinds County, Mississippi, in the manner and with the 108
force and effect provided by Title 31, Chapter 13, Mississippi 109
Code of 1972, for the validation of county, municipal, school 110
district and other bonds. The notice to taxpayers required by 111
such statutes shall be published in a newspaper published or 112
having a general circulation in the City of Jackson, Mississippi. 113
(11) Any holder of bonds issued under the provisions of this 114
act or of any of the interest coupons pertaining thereto may, 115
either at law or in equity, by suit, action, mandamus or other 116
proceeding, protect and enforce any and all rights granted under 117
this act, or under such resolution, and may enforce and compel 118
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 6 (icj\kr)

performance of all duties required by this act to be performed, in 119
order to provide for the payment of bonds and interest thereon. 120
(12) All bonds issued under the provisions of this act shall 121
be legal investments for trustees and other fiduciaries, and for 122
savings banks, trust companies and insurance companies organized 123
under the laws of the State of Mississippi, and such bonds shall 124
be legal securities which may be deposited with and shall be 125
received by all public officers and bodies of this state and all 126
municipalities and political subdivisions for the purpose of 127
securing the deposit of public funds. 128
(13) Bonds issued under the provisions of this act and 129
income therefrom shall be exempt from all taxation in the State of 130
Mississippi. 131
(14) The proceeds of the bonds issued under this act shall 132
be used solely for the purposes herein provided, including the 133
costs incident to the issuance and sale of such bonds. 134
(15) The State Treasurer is authorized, without further 135
process of law, to certify to the Department of Finance and 136
Administration the necessity for warrants, and the Department of 137
Finance and Administration is authorized and directed to issue 138
such warrants, in such amounts as may be necessary to pay when due 139
the principal of, premium, if any, and interest on, or the 140
accreted value of, all bonds issued under this act; and the State 141
Treasurer shall forward the necessary amount to the designated 142
place or places of payment of such bonds in ample time to 143
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 7 (icj\kr)

discharge such bonds, or the interest thereon, on the due dates 144
thereof. As used in this section, the "accreted value" of any 145
bond means, as of any date of computation, an amount equal to the 146
sum of (a) the stated initial value of such bond, plus (b) the 147
interest accrued thereon from the issue date to the date of 148
computation at the rate, compounded semiannually, that is 149
necessary to produce the approximate yield to maturity shown for 150
bonds of the same maturity. 151
(16) This act shall be deemed to be full and complete 152
authority for the exercise of the powers granted in this act that 153
relate to the issuance of bonds, but this act shall not be deemed 154
to repeal or to be in derogation of any existing law of this state 155
that relates to the issuance of bonds. 156
SECTION 2. (1) (a) (i) A special fund, to be designated 157
as the "2026 Sharkey County Improvements Fund," is created within 158
the State Treasury. The fund shall be maintained by the State 159
Treasurer as a separate and special fund, separate and apart from 160
the General Fund of the state. Unexpended amounts remaining in 161
the fund at the end of a fiscal year shall not lapse into the 162
State General Fund, and any interest earned or investment earnings 163
on amounts in the fund shall be deposited into such fund. 164
(ii) Monies deposited into the fund shall be 165
disbursed, in the discretion of the Department of Finance and 166
Administration, to assist the Board of Supervisors of Sharkey 167
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 8 (icj\kr)

County, Mississippi, in paying the costs associated with the 168
following disaster recovery projects: 169
1. Improvements in Emergency Management 170
Services, including a community safe room, emergency operations 171
center, 911 interoperability upgrades and a distribution center; 172
2. The replacement and/or restoration of 173
housing that was damaged or destroyed in the March 24, 2023, 174
tornado; 175
3. The construction, equipping and furnishing 176
of a new hospital, and the repair and renovation of remaining 177
healthcare facilities; 178
4. The repair and renovation of the historic 179
county courthouse, which has been uninhabited since the March 24, 180
2023, tornado; 181
5. Improvements to widen U.S. Highway 61; 182
6. The development of the Sharkey County 183
Industrial Park; 184
7. The attraction and retention of new 185
businesses and industries; and 186
8. The design and implementation of workforce 187
development initiatives. 188
(b) Amounts deposited into such special fund shall be 189
disbursed to pay the costs of the projects described in paragraph 190
(a) of this subsection. Promptly after the commission has 191
certified, by resolution duly adopted, that the projects described 192
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 9 (icj\kr)

in paragraph (a) of this subsection shall have been completed, 193
abandoned, or cannot be completed in a timely fashion, any amounts 194
remaining in such special fund shall be applied to pay debt 195
service on the bonds issued under this section, in accordance with 196
the proceedings authorizing the issuance of such bonds and as 197
directed by the commission. 198
(2) (a) The commission, at one time, or from time to time, 199
may declare by resolution the necessity for issuance of general 200
obligation bonds of the State of Mississippi to provide funds for 201
all costs incurred or to be incurred for the purposes described in 202
subsection (1) of this section. Upon the adoption of a resolution 203
by the Department of Finance and Administration, declaring the 204
necessity for the issuance of any part or all of the general 205
obligation bonds authorized by this section, the department shall 206
deliver a certified copy of its resolution or resolutions to the 207
commission. Upon receipt of such resolution, the commission is 208
authorized to proceed under the provisions of Section 1(6) of this 209
act. The total amount of bonds issued under this section shall 210
not exceed Eight Million Dollars ($8,000,000.00). No bonds shall 211
be issued under this section after July 1, 2030. 212
(b) Any investment earnings on amounts deposited into 213
the special fund created in subsection (1) of this section shall 214
be used to pay debt service on bonds issued under this section, in 215
accordance with the proceedings authorizing issuance of such 216
bonds. 217
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 10 (icj\kr)

(3) The provisions of Section 1 of this act shall apply to 218
the issuance of bonds authorized under this section. 219
SECTION 3. (1) (a) (i) A special fund, to be designated 220
as the "2026 Town of Rolling Fork Improvements Fund," is created 221
within the State Treasury. The fund shall be maintained by the 222
State Treasurer as a separate and special fund, separate and apart 223
from the General Fund of the state. Unexpended amounts remaining 224
in the fund at the end of a fiscal year shall not lapse into the 225
State General Fund, and any interest earned or investment earnings 226
on amounts in the fund shall be deposited into such fund. 227
(ii) Monies deposited into the fund shall be 228
disbursed, in the discretion of the Department of Finance and 229
Administration, to assist the Town of Rolling Fork, Mississippi, 230
in paying the costs associated with the following disaster 231
recovery projects: 232
1. Improvements in Emergency Management 233
Services, including a community safe room, emergency operations 234
center, 911 interoperability upgrades and a distribution center; 235
2. The construction, equipping and furnishing 236
of a new building for the police department; 237
3. Improvements to widen U.S. Highway 61; 238
4. The development of the Sharkey County 239
Industrial Park; 240
5. The attraction and retention of new 241
businesses and industries; and 242
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 11 (icj\kr)

6. The design and implementation of workforce 243
development initiatives. 244
(b) Amounts deposited into such special fund shall be 245
disbursed to pay the costs of the projects described in paragraph 246
(a) of this subsection. Promptly after the commission has 247
certified, by resolution duly adopted, that the projects described 248
in paragraph (a) of this subsection shall have been completed, 249
abandoned, or cannot be completed in a timely fashion, any amounts 250
remaining in such special fund shall be applied to pay debt 251
service on the bonds issued under this section, in accordance with 252
the proceedings authorizing the issuance of such bonds and as 253
directed by the commission. 254
(2) (a) The commission, at one time, or from time to time, 255
may declare by resolution the necessity for issuance of general 256
obligation bonds of the State of Mississippi to provide funds for 257
all costs incurred or to be incurred for the purposes described in 258
subsection (1) of this section. Upon the adoption of a resolution 259
by the Department of Finance and Administration, declaring the 260
necessity for the issuance of any part or all of the general 261
obligation bonds authorized by this section, the department shall 262
deliver a certified copy of its resolution or resolutions to the 263
commission. Upon receipt of such resolution, the commission is 264
authorized to proceed under the provisions of Section 1(6) of this 265
act. The total amount of bonds issued under this section shall 266
S. B. No. 3050 *SS08/R243* ~ OFFICIAL ~
26/SS08/R243
PAGE 12 (icj\kr)
ST: Bonds; authorize issuance for Sharkey
County and Town of Rolling Fork to assist in
paying various disaster recovery costs.
not exceed Three Million Dollars ($3,000,000.00). No bonds shall 267
be issued under this section after July 1, 2030. 268
(b) Any investment earnings on amounts deposited into 269
the special fund created in subsection (1) of this section shall 270
be used to pay debt service on bonds issued under this section, in 271
accordance with the proceedings authorizing issuance of such 272
bonds. 273
(3) The provisions of Section 1 of this act shall apply to 274
the issuance of bonds authorized under this section. 275
SECTION 4. This act shall take effect and be in force from 276
and after its passage. 277