SEC. 69-5-15. Revenue bonds; issuance for improvement on state fair grounds.
(1) The words "revenue bonds" shall be deemed to mean bonds payable solely from the net revenue received by the State Fair Commission.
The State Building Commission shall have power and is hereby authorized, at one (1) time or from time to time by resolution, to authorize the issuance of negotiable revenue bonds to provide funds for the purpose of paying all or any part of the cost of construction and/or improvements requested by the Mississippi Fair Commission pursuant to Section 69-5-13, or the cost of any purchase of property or improvements thereon pursuant to Section 17-17-49, but in no event shall the amount of such bonds outstanding at any one (1) time exceed Four Million Dollars ($4,000,000.00); and shall cause a certified copy of such resolution to be delivered to the State Bond Commission. Upon the receipt of said authorizing resolution, the State Bond Commission, acting as the issuing agent, shall issue and sell the revenue bonds of the State of Mississippi when authorized at the time and in the amount indicated in said resolution, prescribe the form of the bonds, advertise for and accept bids therefor, issue and sell the bonds, and do any and all other things necessary and advisable in the issuance and sale of said bonds. The principal of and the interest on such revenue bonds shall be payable solely from a special fund to be provided for that purpose from the net revenue received by the State Fair Commission. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, provided that the bonds of any issue shall not bear a greater overall maximum interest rate to maturity than that allowed in Section 75-17-103, be payable at such place or places within or without the State of Mississippi, shall mature at such time or times, be redeemable prior to 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 the State Bond Commission. Such bonds shall mature in annual installments beginning not more than three (3) years from date thereof and extending not more than twenty (20) years from date thereof. Such bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be affixed thereto, and attested by the Secretary of the State Bond Commission. The interest coupons, if any, to be attached to such bonds or other certificates thereon may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers prior to 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 the delivery of the same to the purchaser or had been in office on the date such bonds may bear.
(2) No bonds shall be issued under the authority of this section prior to February 1, 1983; thereafter such bonds may be issued provided that the expansion and other improvements of the Mississippi Industrial Showcase and Trade Mart Building shall have priority in the use of the proceeds of such bonds and provided that the State Building Commission has approved plans to increase the size of such building by at least fifty percent (50%).
SOURCES: Codes, 1942, Sec. 4435-50.3; Laws, 1956, ch. 143, Secs. 1-8; 1958, ch. 142; 1962, ch. 155; 1966, ch. 224, Sec. 1; 1968, ch. 236, Sec. 1; 1971, ch. 501, Sec. 1; 1981, ch. 514, Sec. 2; 1982, ch. 396, Sec. 1; 1983, ch. 480, Sec. 1; 1985, ch. 477, Sec. 15, eff from and after passage (approved April 8, 1985).