As Amended
SEC. 29-17-5. Issuance of bonds; disbursement of proceeds; excess funds; investment earnings.
(1) The State Bond Commission is hereby authorized and empowered to declare the necessity for issuance of, and to sell and issue, general obligation bonds of the State of Mississippi in an aggregate principal amount not to exceed Sixty-nine Million Four Hundred Eighty-five Thousand Dollars ($69,485,000.00) pursuant to this chapter, for the purposes of providing funds to be disbursed as hereinafter provided in this section.
(2) The proceeds of the bonds authorized in this chapter shall be applied as follows:
(a) $1,000,000.00 shall be deposited into the 1991 Mississippi Public Facilities Asbestos Abatement Fund created pursuant to Section 29-17-3;
(b) $2,000,000.00 shall be deposited into the 1991 Mississippi Public Facilities Roofing and Waterproofing Fund created pursuant to Section 29-17-3;
(c) $1,000,000.00 shall be deposited into the 1991 Mississippi Public Facilities Paving Fund created pursuant to Section 29-17-3;
(d) $1,000,000.00 shall be deposited into the 1991 Mississippi Public Facilities Mechanical Equipment and Utility Systems Repair and Replacement Fund created pursuant to Section 29-17-3;
(e) $500,000.00 shall be deposited into the 1991 Mississippi Public Facilities Handicapped Accessibility Improvements Fund created pursuant to Section 29-17-3;
(f) $500,000.00 shall be deposited into the 1991 Mississippi Public Facilities Energy Savings and Improvements Fund created pursuant to Section 29-17-3;
(g) $63,085,000.00 shall be deposited into the 1991 Capital Improvement Fund created pursuant to Section 29-17-3. There shall also be deposited into such fund all of the Six Million Five Hundred Seventy-five Thousand Dollars ($6,575,000.00) which was reallocated from the construction of office facilities for the Department of Rehabilitation Services to the restoration of the Central High Legislative Services Building pursuant to Section 29-17-3.
(h) From the balance of the proceeds of such bonds, all costs incident to the issuance and sale of such bonds shall be paid as authorized in Section 29-17-13, and the remaining funds shall be deposited into the 1991 Mississippi Public Facilities Capital Improvement Contingency Revolving Fund created pursuant to Section 29-17-3.
(3) The proceeds of such bonds shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds. The costs incident to the issuance and sale of such bonds shall be disbursed by warrant upon requisition of the State Bond Commission, signed by the Governor.
(4) In the event that the amount allocated to any project as set forth in Section 29-17-3 (7) shall exceed the actual cost of such project, such excess shall, upon completion of such project, be deposited into the 1991 Mississippi Public Facilities Capital Improvement Contingency Revolving Fund. In the event that any project specified in Section 29-17-3 (7) of this act shall be abandoned, the amount allocated to such project as set forth in Section 29-17-3 (7) of this act shall, upon receipt by the Department of Finance and Administration of a certificate executed by the chief executive officer of the agency which would have been responsible for administration of such project, and a certificate executed by the Executive Director of the Department of Finance and Administration, each certifying that such project has been abandoned, be transferred to the 1991 Mississippi Public Facilities Capital Improvement Contingency Revolving Fund.
(5) Any investment earnings on amounts deposited into the funds created pursuant to subsections (1), (2), (3), (4), (5), (6), (7) and (8) of Section 29-17-3 shall be used to pay debt service on bonds issued pursuant to this chapter, in accordance with the proceedings authorizing issuance of such bonds.
(6) Upon completion or abandonment of all projects described in Section 29-17-3 (7), as evidenced by a resolution adopted by the State Bond Commission certifying that all such projects have been completed or abandoned, the balance, if any, remaining in the 1991 Capital Improvement Fund shall be promptly applied to pay debt service on bonds issued pursuant to this chapter, in accordance with the proceedings authorizing issuance of such bonds.
SOURCES: Laws, 1990, ch. 581, Sec. 3, eff from and after passage (approved April 9, 1990).