Bonds; authorize issuance to assist Lowndes County in paying costs of wastewater and sewer upgrades in Supervisor District 4.

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To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Turner-Ford

SENATE BILL NO. 3188

AN ACT TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION 1
BONDS TO PROVIDE FUNDS TO ASSIST THE BOARD OF SUPERVISORS OF 2
LOWNDES COUNTY, MISSISSIPPI, IN PAYING THE COSTS ASSOCIATED WITH 3
WASTEWATER AND SEWER UPGRADES IN SUPERVISOR DISTRICT FOUR, WITHIN 4
THE BOUNDARIES OF MISSISSIPPI SENATE DISTRICT 16; AND FOR RELATED 5
PURPOSES. 6
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 7
SECTION 1. (1) The provisions of this section shall apply 8
to every section of this act that relates to the issuance of bonds 9
unless otherwise provided in this act. 10
(2) As used in this act, the following words shall have the 11
meanings ascribed herein unless the context clearly requires 12
otherwise: 13
(a) "State" means the State of Mississippi. 14
(b) "Commission" means the State Bond Commission. 15
(3) The principal of and interest on the bonds authorized 16
under this act shall be payable in the manner provided in this 17
subsection. Such bonds shall bear such date or dates, be in such 18
denomination or denominations, bear interest at such rate or rates 19
(not to exceed the limits set forth in Section 75-17-101, 20
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Mississippi Code of 1972), be payable at such place or places 21
within or without the State of Mississippi, shall mature 22
absolutely at such time or times not to exceed twenty-five (25) 23
years from date of issue, be redeemable before maturity at such 24
time or times and upon such terms, with or without premium, shall 25
bear such registration privileges, and shall be substantially in 26
such form, all as shall be determined by resolution of the 27
commission. 28
(4) The bonds authorized by this act shall be signed by the 29
chairman of the commission, or by his facsimile signature, and the 30
official seal of the commission shall be affixed thereto, attested 31
by the secretary of the commission. The interest coupons, if any, 32
to be attached to such bonds may be executed by the facsimile 33
signatures of such officers. Whenever any such bonds shall have 34
been signed by the officials designated to sign the bonds who were 35
in office at the time of such signing but who may have ceased to 36
be such officers before the sale and delivery of such bonds, or 37
who may not have been in office on the date such bonds may bear, 38
the signatures of such officers upon such bonds and coupons shall 39
nevertheless be valid and sufficient for all purposes and have the 40
same effect as if the person so officially signing such bonds had 41
remained in office until their delivery to the purchaser, or had 42
been in office on the date such bonds may bear. However, 43
notwithstanding anything herein to the contrary, such bonds may be 44
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issued as provided in the Registered Bond Act of the State of 45
Mississippi. 46
(5) All bonds and interest coupons issued under the 47
provisions of this act have all the qualities and incidents of 48
negotiable instruments under the provisions of the Uniform 49
Commercial Code, and in exercising the powers granted by this act, 50
the commission shall not be required to and need not comply with 51
the provisions of the Uniform Commercial Code. 52
(6) The commission shall act as issuing agent for the bonds 53
authorized under this act, prescribe the form of the bonds, 54
determine the appropriate method for sale of the bonds, advertise 55
for and accept bids or negotiate the sale of the bonds, issue and 56
sell the bonds so authorized to be sold, pay all fees and costs 57
incurred in such issuance and sale, and do any and all other 58
things necessary and advisable in connection with the issuance and 59
sale of such bonds. The commission is authorized and empowered to 60
pay the costs that are incident to the sale, issuance and delivery 61
of the bonds authorized under this act from the proceeds derived 62
from the sale of such bonds. The commission may sell such bonds 63
on sealed bids at public sale or may negotiate the sale of the 64
bonds for such price as it may determine to be for the best 65
interest of the State of Mississippi. All interest accruing on 66
such bonds so issued shall be payable semiannually or annually. 67
If such bonds are sold by sealed bids at public sale, notice 68
of the sale shall be published at least one time, not less than 69
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ten (10) days before the date of sale, and shall be so published 70
in one or more newspapers published or having a general 71
circulation in the City of Jackson, Mississippi, selected by the 72
commission. 73
The commission, when issuing any bonds under the authority of 74
this act, may provide that bonds, at the option of the State of 75
Mississippi, may be called in for payment and redemption at the 76
call price named therein and accrued interest on such date or 77
dates named therein. 78
(7) The bonds issued under the provisions of this act are 79
general obligations of the State of Mississippi, and for the 80
payment thereof the full faith and credit of the State of 81
Mississippi is irrevocably pledged. If the funds appropriated by 82
the Legislature are insufficient to pay the principal of and the 83
interest on such bonds as they become due, then the deficiency 84
shall be paid by the State Treasurer from any funds in the State 85
Treasury not otherwise appropriated. All such bonds shall contain 86
recitals on their faces substantially covering the provisions of 87
this subsection. 88
(8) Upon the issuance and sale of bonds under the provisions 89
of this act, the commission shall transfer the proceeds of any 90
such sale or sales to the special fund created in subsection (1) 91
of the applicable section of this act. The proceeds of such bonds 92
shall be disbursed from the special fund under such restrictions, 93
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if any, as may be contained in the resolution providing for the 94
issuance of the bonds. 95
(9) The bonds authorized under this act may be issued 96
without any other proceedings or the happening of any other 97
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
(10) The bonds authorized under the authority of this act 105
may be validated in the Chancery Court of the First Judicial 106
District of Hinds County, Mississippi, in the manner and with the 107
force and effect provided by Chapter 13, Title 31, Mississippi 108
Code of 1972, for the validation of county, municipal, school 109
district and other bonds. The notice to taxpayers required by 110
such statutes shall be published in a newspaper published or 111
having a general circulation in the City of Jackson, Mississippi. 112
(11) 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
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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
(12) 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
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
(13) 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
(14) 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
(15) 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
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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 (a) the stated initial value of such bond, plus (b) the 146
interest accrued thereon from the issue date to the date of 147
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
(16) 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 Lowndes County Wastewater and Sewer Fund," is created 157
within the State Treasury. The fund shall be maintained by the 158
State Treasurer as a separate and special fund, separate and apart 159
from the General Fund of the state. Unexpended amounts remaining 160
in the fund at the end of a fiscal year shall not lapse into the 161
State General Fund, and any interest earned or investment earnings 162
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, to assist the Board of Supervisors of Lowndes 166
County, Mississippi, in paying the costs associated with 167
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wastewater and sewer upgrades in Supervisor District Four, within 168
the boundaries of Mississippi Senate District 16. 169
(b) Amounts deposited into such special fund shall be 170
disbursed to pay the costs of the projects described in paragraph 171
(a) of this subsection. Promptly after the commission has 172
certified, by resolution duly adopted, that the projects described 173
in paragraph (a) of this subsection shall have been completed, 174
abandoned, or cannot be completed in a timely fashion, any amounts 175
remaining in such special fund shall be applied to pay debt 176
service on the bonds issued under this section, in accordance with 177
the proceedings authorizing the issuance of such bonds and as 178
directed by the commission. 179
(2) (a) The commission, at one time, or from time to time, 180
may declare by resolution the necessity for issuance of general 181
obligation bonds of the State of Mississippi to provide funds for 182
all costs incurred or to be incurred for the purposes described in 183
subsection (1) of this section. Upon the adoption of a resolution 184
by the Department of Finance and Administration, declaring the 185
necessity for the issuance of any part or all of the general 186
obligation bonds authorized by this section, the department shall 187
deliver a certified copy of its resolution or resolutions to the 188
commission. Upon receipt of such resolution, the commission is 189
authorized to proceed under the provisions of Section 1(6) of this 190
act. The total amount of bonds issued under this section shall 191
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ST: Bonds; authorize issuance to assist Lowndes
County in paying costs of wastewater and sewer
upgrades in Supervisor District 4.
not exceed One Million Dollars ($1,000,000.00). No bonds shall be 192
issued under this section after July 1, 2030. 193
(b) Any investment earnings on amounts deposited into 194
the special fund created in subsection (1) of this section shall 195
be used to pay debt service on bonds issued under this section, in 196
accordance with the proceedings authorizing issuance of such 197
bonds. 198
(3) The provisions of Section 1 of this act shall apply to 199
the issuance of bonds authorized under this section. 200
SECTION 3. This act shall take effect and be in force from 201
and after its passage. 202