1 | | - | MISSISSIPPI LEGISLATURE 2025 Regular Session To: Municipalities; Ways and Means By: Representative Rushing House Bill 733 (As Sent to Governor) AN ACT TO CREATE THE "PROPERTY CLEANUP REVOLVING FUND" TO ASSIST MUNICIPALITIES WITH THE CLEANUP OF PROPERTIES SOLD FOR TAXES THAT HAVE BEEN CERTIFIED TO THE STATE; TO AUTHORIZE THE CREATION OF A GRANT PROGRAM ADMINISTERED BY THE MISSISSIPPI HOME CORPORATION FOR SUCH PROPERTY CLEANUP BY THE MUNICIPALITY; TO SPECIFICALLY AUTHORIZE MUNICIPALITIES WITH A POPULATION IN EXCESS OF 145,000 TO APPLY FOR GRANTS UNDER THE PROGRAM; TO AUTHORIZE MUNICIPALITIES TO ENTER INTO AGREEMENTS AND TAKE SUCH ACTIONS NECESSARY TO PARTICIPATE IN THE GRANT PROGRAM; TO AMEND SECTION 29-1-145, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE SECRETARY OF STATE TO UTILIZE MONIES IN THE LAND RECORDS MAINTENANCE FUND TO CONTRACT WITH VENDORS TO MAINTAIN LANDS STRUCK OFF TO THE STATE; TO AMEND SECTIONS 29-1-95 AND 27-104-205, MISSISSIPPI CODE OF 1972, TO RESTRICT MONIES IN THE LAND RECORDS MAINTENANCE FUND FROM LAPSING INTO THE GENERAL FUND AT THE END OF THE FISCAL YEAR; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. Definitions. For the purposes of this act, the following words and phrases shall have the meanings ascribed herein unless the context clearly requires otherwise: (a) "Corporation" means the Mississippi Home Corporation. (b) "Grant fund" means the Property Cleanup Revolving Fund created under Section 2 of this act. (c) "Municipality" means any incorporated city, town, or village under state law. (d) "Project" means property cleanup conducted by a municipality or its contractors on property sold for taxes that has been certified to the state that may include cutting grass and weeds; filling cisterns; securing abandoned or dilapidated buildings; removing rubbish, abandoned or dilapidated fences, outside toilets, abandoned or dilapidated buildings, slabs, personal property, which removal of personal property shall not be subject to the provisions of Section 21-39-21, and other debris; and draining cesspools and standing water therefrom. (e) "State" means the State of Mississippi. SECTION 2. Establishment of grant fund. (1) There is established in the State Treasury a fund to be known as the "Property Cleanup Revolving Fund," which shall be administered by the corporation. The grant fund shall be funded from any funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source whether or not designated for deposit into such fund. Unexpended amounts remaining in the grant fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the grant fund shall be deposited to the credit of the grant fund. The grant fund shall be maintained in perpetuity for the purposes established in this section. (2) The corporation shall establish a grant program utilizing the funds in the grant fund which shall commence after July 1, 2025, to assist municipalities with projects. The corporation shall promulgate such guidelines, rules, forms, and regulations as may be necessary to carry out the provisions of this act. Grants from the grant fund may be made to municipalities as set forth in an agreement in amounts not exceeding one hundred percent (100%) of estimated costs of a project. The corporation shall establish a maximum amount for any grant to provide for broad and equitable participation in the program. (3) Except as otherwise provided in this section, the grant fund may be used only: (a) To make grants upon receipt of an application from a municipality provided that a municipality may not receive more than fifteen (15) grants in any calendar year. However, a grant may be used for more than one (1) project in a municipality; (b) To earn interest on fund accounts; and (c) For the reasonable costs of administering the grant fund and conducting activities under this act. (4) The corporation may establish and collect fees to defray the reasonable costs of administering the grant fund. The administration fees may be paid from the grant fund and included in the grant to municipalities for the purpose of facilitating payment to the corporation. The fees may not exceed three percent (3%) of the grant. SECTION 3. Authority to apply and oversight. (1) In a municipality with a population in excess of one hundred forty-five thousand (145,000), according to the 2020 United States Census, the Urban Renewal Authority and the Parking Authority with oversight of the Jackson Redevelopment Authority (JRA) are authorized to apply for grants under this act and to enter into agreements and take actions necessary to carry out site demolition and site preparation for the purposes of urban renewal. Funds shall be used exclusively for site preparation and property cleanup with oversight of the funds from the Jackson Redevelopment Authority. (2) All applications and projects under Section 3 of this act shall be conducted under the oversight and coordination of the Jackson Redevelopment Authority (JRA). (3) The corporation shall promulgate such rules, guidelines, forms, and regulations as may be necessary to administer the grant program. (4) Grants may be awarded in amounts not exceeding Two Thousand Dollars ($2,000.00) per project. The corporation shall establish a maximum grant amount to ensure equitable access to funding. (5) No more than fifteen (15) grants may be awarded per calendar year to any municipality or authority. SECTION 4. Municipal authority. Municipalities are hereby authorized to apply for a grant and to enter into agreements and to take such actions necessary to obtain such grants under the provisions of this act. SECTION 5. Section 29-1-145, Mississippi Code of 1972, is amended as follows: 29-1-145. (1) The chancery clerk or municipal clerk shall report to the Secretary of State any reasonable costs incurred by the county or municipality in maintaining unredeemed lands sold for taxes while those lands remain unsold. The Secretary of State shall pay the maintenance costs out of the money deposited into the Land Records Maintenance Fund. The Secretary of State shall certify to the Department of Finance and Administration and to the State Treasurer the amount of maintenance costs allowed to the county and municipality, and the Department of Finance and Administration shall issue a warrant in favor of the county or municipality for the amount of those costs. In no event shall the maintenance costs allowed the county or municipality exceed the market value of the lands or the purchase money received from the sale of those lands, unless the potential damage to the property or any adjacent property requires the costs to exceed the market value of the lands or the purchase money received from the sale of those lands. (2) The Secretary of State is authorized to use, upon appropriation by the Legislature, any monies deposited into the Land Records Maintenance Fund to contract with a vendor in accordance with state competitive bidding process to maintain unredeemed lands sold for taxes while those lands remain unsold and lands sold for taxes that have been certified to the state. For purposes of this section, the term "maintain" means cutting grass, trees and/or limbs, or repairing, clearing or demolishing structures and/or cleaning rubbish and debris. SECTION 6. Section 29-1-95, Mississippi Code of 1972, is amended as follows: 29-1-95. (1) All taxes due the county, municipality, public school district, drainage district or levee board on lands sold to the state for taxes and listed into the Secretary of State's office shall remain in abeyance until the land be sold, and thereafter such taxes shall be paid out of the purchase money; but state, county, municipality, public school district, drainage district or levee board taxes shall not accrue on such lands after the fiscal year in which it was certified to the state. Upon the payment of the purchase money of any tax land into the Treasury, the Secretary of State shall certify to the Department of Finance and Administration and to the Treasurer the amount of fees and costs allowed to the county tax collector and chancery clerk, as in cases of the redemption of lands from tax sales, under the provisions of Section 25-7-21; and the Department of Finance and Administration shall issue warrants in favor of such county tax collector and chancery clerk for the amount of such fees. The Secretary of State shall also certify to the Department of Finance and Administration and the Treasurer the amount of the county, municipality, public school district, drainage district and levee board taxes for which said land was sold to the state, and all taxes accruing on said land until the year in which it was certified to the state; and the Department of Finance and Administration shall issue warrants in favor of the proper county, municipality, public school district, drainage district, and levee board for the said four (4) years' taxes. The balance of the purchase money shall be deposited into a special fund to be known as the "Land Records Maintenance Fund," that is hereby created in the State Treasury. The fund shall be administered by the Secretary of State, upon appropriation by the Legislature, to reimburse municipalities and counties for maintenance of unredeemed lands sold for taxes while those lands remain unsold; to contract with vendors in accordance with state competitive bidding procedures to maintain lands sold for taxes that have been certified to the state and to maintain unredeemed lands sold for taxes while those lands remain unsold. * * *Any amount on hand in said Land Records Maintenance Fund at the end of the fiscal year that is not necessary to pay any obligations to local governmental units set out in this subsection shall, after June 30 of each year, be transferred to the General Fund, and shall not be authorized for expenditure by the Secretary of State to reimburse or otherwise defray the expenses of any office administered by the Secretary of State Any amount on hand in the Land Records Maintenance Fund at the end of the fiscal year that is not necessary to pay obligations to local governmental units set out in this subsection, after June 30 of each year, shall not lapse into the General Fund, but shall remain in the Land Records Maintenance Fund to be used for maintenance of unredeemed lands as prescribed under this subsection. (2) If, after the payment of the fees and costs allowed to the county tax collector and the chancery clerk, as aforesaid, the balance of the purchase money of any tax land paid into the Treasury shall be insufficient to cover the amount of the state, county, municipality, public school district, drainage district or levee board taxes due thereon, or if the records of the Secretary of State fail to show the amount of state, county, municipality, public school district, drainage district or levee board taxes accruing for the years until said land was certified to the state, on lands sold by the Secretary of State, he shall apportion the balance of the purchase money derived from the sale of such lands between the state, county, municipality, public school district, drainage district and levee board upon the basis of the amount of taxes due the state, county, municipality, public school district, drainage district and levee board, respectively, at the time said land was struck off to the state for delinquent taxes by the sheriff and tax collector, and for which said lands were struck off to the state. (3) All funds derived from the sale of properties under the provisions of Sections 7-11-15, 29-1-27, 29-1-29, 29-1-35, 29-1-37, 29-1-53 through 29-1-57, 29-1-73 and 29-1-81 through 29-1-87 shall be handled in the manner provided herein for funds derived from the sale of lands. (4) From and after July 1, 2016, the expenses of this agency shall be defrayed by appropriation from the State General Fund and all user charges and fees, except the Land Records Maintenance Fund, authorized under this section shall be deposited into the State General Fund as authorized by law. The requirements of this subsection (4) shall not apply to disbursements * * * made to local governmental units by the Secretary of State from the Land Records Maintenance Fund, and to any funds which by law are to be collected and deposited to the Land Records Maintenance Fund. (5) From and after July 1, 2016, no state agency shall charge another state agency a fee, assessment, rent or other charge for services or resources received by authority of this section. This prohibition shall not apply to payments made from the Land Records Maintenance Fund provided for in subsection (1) of this section. SECTION 7. Section 27-104-205, Mississippi Code of 1972, is amended as follows: 27-104-205. (1) From and after July 1, 2016, the expenses of the following enumerated state agencies shall be defrayed by appropriation of the Legislature from the State General Fund: the State Fire Marshal, the State Fire Academy (not including the State Fire Academy Workforce Program Fund), the Office of Secretary of State (not including the Preneed Contracts Loss Recovery Fund, Land Records Maintenance Fund), the Mississippi Public Service Commission, the Mississippi Department of Information Technology Services, (not including the Mississippi Department of Information Technology Services Revolving Fund), the State Personnel Board, the Mississippi Department of Insurance (not including the Municipal Fire Protection Fund, Section 83-1-37, the County Volunteer Fire Department Fund, Section 83-1-39, and the Mississippi Propane Education and Research Fund, Section 75-57-119), the Mississippi Law Enforcement Officers' Minimum Standards Board, the Mississippi Gaming Commission, the Office of the State Public Defender, the Mississippi Workers' Compensation Commission (not including the Second Injury Trust Fund) and the Office of Attorney General. Beginning July 1, 2016, any fees, assessments or other revenues charged for the support of the above-named state agencies shall be deposited into the State General Fund, and any special fund or depository established within the State Treasury for the deposit of such fees, assessments or revenues shall be abolished and the balance transferred to the State General Fund. Expenses heretofore drawn from such special funds or other depositories shall be drawn from the agencies' General Fund Account. (2) Beginning with the fiscal year ending June 30, 2016, the amount to be appropriated annually from the State General Fund for the support of each of the above-named state agencies shall not exceed the amount appropriated for such purpose in the preceding fiscal year, plus any increases in or additional fees, assessments or other charges authorized by act of the Legislature for the succeeding fiscal year. (3) The provisions of this section shall not apply to any trust fund account that is maintained by any above-named agency. (4) The provisions of this section shall not prohibit any of the above-named agencies from maintaining clearing accounts in approved depositories. (5) The provisions of this section shall not apply to any trust fund accounts maintained by the Public Employees' Retirement System and protected under Section 272A of the Mississippi Constitution of 1890. SECTION 8. This act shall take effect and be in force from and after July 1, 2025. |
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| 1 | + | MISSISSIPPI LEGISLATURE 2025 Regular Session To: Municipalities; Ways and Means By: Representative Rushing House Bill 733 (As Passed the House) AN ACT TO CREATE THE "PROPERTY CLEANUP REVOLVING FUND" TO ASSIST MUNICIPALITIES WITH THE CLEAN UP OF PROPERTIES THAT HAVE BEEN DETERMINED TO BE A MENACE TO THE PUBLIC HEALTH, SAFETY AND WELFARE OF THE COMMUNITY IN ACCORDANCE WITH SECTION 21-19-11 OR COURT; TO AUTHORIZE THE CREATION OF A GRANT PROGRAM AND A REVOLVING LOAN PROGRAM ADMINISTERED BY THE MISSISSIPPI HOME CORPORATION FOR SUCH PROPERTY CLEANUP BY THE MUNICIPALITY; TO AUTHORIZE MUNICIPALITIES TO ENTER INTO AGREEMENTS AND TAKE SUCH ACTIONS NECESSARY TO PARTICIPATE IN THE GRANT PROGRAM AND LOAN PROGRAM; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. Definitions. For the purposes of this act, the following words and phrases shall have the meanings ascribed herein unless the context clearly requires otherwise: (a) "Corporation" means the Mississippi Home Corporation. (b) "Loan agreement" means an agreement by and among the corporation, a municipality, and the Department of Revenue to evidence the terms and provisions of a loan under this act. (c) "Municipality" means any incorporated city, town, or village under state law. (d) "Municipal security" means a bond, note, line of credit, or other evidence of indebtedness issued by a municipality to evidence a loan pursuant to the provisions of this act. (e) "Project" means property cleanup conducted by a municipality or its contractors pursuant to Section 21-19-11 or as authorized by a court of law. (f) "Revolving fund" means the Property Cleanup Revolving Fund created under Section 2. (g) "State" means the State of Mississippi. SECTION 2. Establishment of revolving fund. (1) There is established in the State Treasury a fund to be known as the "Property Cleanup Revolving Fund," which shall be administered by the corporation. The revolving fund shall be funded from any funds appropriated or otherwise made available by the Legislature in any manner, the proceed of bonds authorized to be issued by this act, and funds from any other source whether or not designated for deposit into such fund. Unexpended amounts remaining in the revolving fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the revolving fund shall be deposited to the credit of the revolving fund. The revolving fund shall be maintained in perpetuity for the purposes established in this section. (2) The corporation shall establish a grant program and loan program utilizing the funds in the revolving fund which shall commence after July 1, 2025, to assist municipalities in projects to clean up property as authorized by Section 21-19-11 or a court. The corporation shall promulgate such guidelines, rules, forms, and regulations as may be necessary to carry out the provisions of this act. Grants and loans, or an aggregate thereof, from the revolving fund may be made to municipalities as set forth in an agreement in amounts not exceeding one hundred percent (100%) of estimated costs of a project allowed by Section 21-19-11 or a court and as otherwise allowed by this act. The corporation shall establish a maximum amount for any grant or loan in order to provide for broad and equitable participation in the program. (3) Except as otherwise provided in this section, the revolving fund may be used only: (a) To make loans on the condition that: (i) The loans are made at or below market interest rates, and the interest rate may vary from time to time and from loan to loan at the discretion of the corporation; (ii) Principal and interest payments may in the discretion of the corporation commence not later than one (1) year after the date of the loan; and (iii) The recipient of a loan will establish a dedicated source of revenue for repayment of loans from any available funds of the municipality. (b) To buy or refinance the debt obligations of municipalities at or below market rates where the projects were undertaken in compliance with applicable federal and state regulations; (c) To guarantee, or purchase insurance for, obligations of municipalities where the action would improve credit market access or reduce interest rates; (d) To provide loan guarantees for similar revolving funds established by municipalities; (e) To earn interest on fund accounts; (f) For the reasonable costs of administering the revolving fund and conducting activities under this act; (g) To make grants upon receipt of an application from a municipality on the condition that: (i) No more than twenty percent (20%) of the funds in the revolving fund at the beginning of each fiscal year, as determined by the corporation, may be used for the grant program each fiscal year; (ii) A municipality may not have a population of more than ten thousand (10,000) people based on the most recent United States decennial census; (iii) A municipality may not receive more than one (1) grant in any single fiscal year; and (iv) A municipality shall reimburse the corporation from any funds received from the sale of the project for which a grant was awarded, and such funds shall be deposited in the revolving fund. (4) The corporation may provide a loan or grant from the revolving fund only with respect to a project if that project has been determined by the municipality to be a menace to the public health, safety, and welfare of the community in accordance with Section 21-19-11 or if a court has authorized a municipality to clean up the property. A grant or loan may be made for more than one project in a municipality. (5) The revolving fund shall be credited with all payments of principal and interest derived from the fund uses described in subsection (3) of this section and such payments shall not lapse into the State General Fund. (6) The corporation may establish and collect fees to defray the reasonable costs of administering the revolving fund. The administration fees may be paid from the revolving fund and included in grant and loan amounts to municipalities for the purpose of facilitating payment to the corporation. The fees may not exceed three percent (3%) of the grant or loan amount. (7) Notwithstanding anything herein to the contrary, the corporation may, on a case-by-case basis, renegotiate the payment of principal and interest on loans made under this section to municipalities located in areas designated as a major disaster area by the President of the United States. SECTION 3. Loan repayment. (1) A municipality which receives a loan from the revolving fund is required to and authorized to pledge for the repayment of such loan (a) any part of the sales tax reimbursement to which it may be entitled under Section 27-65-75, (b) any part of the homestead exemption annual tax loss reimbursement to which it may be entitled under Section 27-33-77, and (c) funds received from the sale, pursuant to Section 21-19-11, of the property that loan proceeds were used for the project up to the amount of the cost assessed by the municipality against the property to meet a repayment schedule set forth in a loan agreement. The loan agreement shall provide for (i) monthly payments, (ii) semiannual payments or (iii) other periodic payments, the annual total of which shall not exceed the annual total for any other year of the loan by more than fifteen percent (15%). The loan agreement shall provide for the repayment of all funds received from the revolving fund for a period not to exceed twenty (20) years. The Department of Revenue shall pay to the revolving fund monthly, or as often as is practicable, from the amount, which would otherwise be remitted to the municipality from its sales tax reimbursement or homestead exemption annual tax loss reimbursement, the amounts set forth in such loan agreement. (2) Before any municipality shall receive any loan from the revolving fund, it shall have executed with the Department of Revenue and the corporation a loan agreement evidencing that loan. The loan agreement provided for in this section shall not be construed to prohibit any recipient from prepaying any part or all of the funds received; and (3) Municipal securities incurred or issued either pursuant to this chapter, in relation to this chapter, or pursuant to any other law as evidence of any loan made or indebtedness incurred pursuant to this chapter, shall not be deemed indebtedness within the meaning specified in Section 21-33-303 or subject to any debt limitations thereof. SECTION 4. Municipal authority. (1) Municipalities are hereby authorized to apply for a grant and borrow monies under the provisions of Sections 1 through 5, to issue municipal securities to evidence such loans, and to enter into such other agreements necessary for such grants, loans, and municipal securities on such terms and conditions as such municipalities shall deem necessary and advisable. (2) In connection with the issuance of municipal securities by municipalities to evidence loans under the provisions of this chapter, the following provisions shall specifically apply: (a) No notice of intent to issue municipal securities as may otherwise be required by state law shall be required; (b) The governing body of the municipality shall adopt such resolutions as may be necessary to borrow monies under this chapter, to issue and sell municipal securities to evidence such loans, and to approve and authorize the execution of any agreements related thereto; (c) Such loan and municipal securities shall be secured as provided for in Section 3; (d) Such loans and municipal securities shall not be deemed general obligations; (e) Such municipal securities shall be sold only to evidence the repayment of a loan under this chapter and may be sold at such price or prices, in such form, and subject to such terms and conditions of issue, redemption and maturity, rate of interest and time of payment of interest as otherwise provided for a loan under this chapter; (f) A municipality may pay all expenses, premiums, fees and commissions which it may deem necessary and advantageous in connection with any loan and the issuance and sale of municipal securities under this chapter; (g) Municipal securities issued under this chapter may or may not be validated as provided in Section 31-13-1 et. seq.; and (h) This section shall be deemed to provide an additional, alternate and complete method for accomplishing the purposes authorized hereby and shall be deemed and construed to be supplemental to any provisions of any other laws and not in derogation of any such provisions. In connection with the issuance of municipal securities under this chapter, a municipality shall not be required to comply with the provisions of any other law except as provided herein. SECTION 5. Program funding. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise: (a) "Accreted value" of any bonds means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity. (b) "Bond Commission" means the State Bond Commission. (2) (a) The corporation, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the state to provide funds for the program authorized in Section 2. Upon the adoption of a resolution by the corporation, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the corporation shall deliver a certified copy of its resolution or resolutions to the bond commission. Upon receipt of such resolution, the bond commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds outstanding under this section shall not exceed Five Million Dollars ($5,000,000.00). No bonds authorized under this section shall be issued after July 1, 2027. (b) The proceeds of bonds issued pursuant to this section shall be deposited into the Property Cleanup Revolving Fund created pursuant to Section 2. Any investment earnings on bonds issued pursuant to this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds. (3) The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this subsection. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 7517101), be payable at such place or places within or without the state, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the bond commission. (4) The bonds authorized by this section shall be signed by the chairman of the bond commission, or by his facsimile signature, and the official seal of the bond commission shall be affixed thereto, attested by the Secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the state. All bonds and interest coupons issued under the provisions of this section have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this section, the bond commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code. (5) The bond commission shall act as issuing agent for the bonds authorized under this section, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this section from the proceeds derived from the sale of such bonds. The bond commission may sell such bonds on sealed bids at public sale or may negotiate the sale of the bonds for such price as it may determine to be for the best interest of the state. All interest accruing on such bonds so issued shall be payable semiannually or annually. If such bonds are sold by sealed bids at public sale, notice of the sale shall be published at least one (1) time, not less than ten (10) days before the date of sale and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, selected by the bond commission. The bond commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the state, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein. (6) The bonds issued under the provisions of this section are general obligations of the state, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this subsection. (7) Upon the issuance and sale of bonds under the provisions of this section, the bond commission shall transfer the proceeds of any such sale or sales to the Property Cleanup Revolving Fund created in Section 2. The proceeds of such bonds shall be disbursed solely upon the order of the commission under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds. (8) The bonds authorized under this section may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this section. Any resolution providing for the issuance of bonds under the provisions of this section shall become effective immediately upon its adoption by the bond commission, and any such resolution may be adopted at any regular or special meeting of the bond commission by a majority of its members. (9) The bonds authorized under the authority of this section may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi. (10) Any holder of bonds issued under the provisions of this section or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this section, or under such resolution, and may enforce and compel performance of all duties required by this section to be performed, in order to provide for the payment of bonds and interest thereon. (11) All bonds issued under the provisions of this section shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the state, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds. (12) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the state. (13) The proceeds of the bonds issued under this section shall be used solely for the purposes therein provided, including the costs incident to the issuance and sale of such bonds. (14) The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof. (15) This section shall be deemed to be full and complete authority for the exercise of the powers therein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state. SECTION 6. This act shall take effect and be in force from and after its passage. |
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