Bill Text: MS SB2918 | 2013 | Regular Session | Introduced
Bill Title: Bonds; authorize the issuance of general obligation bonds to purchase real estate for the University Medical Center.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-02-27 - Died In Committee [SB2918 Detail]
Download: Mississippi-2013-SB2918-Introduced.html
MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Finance
By: Senator(s) Horhn
Senate Bill 2918
AN ACT TO AUTHORIZE THE DEPARTMENT OF FINANCE AND ADMINISTRATION TO ACQUIRE CERTAIN REAL ESTATE IN THE CITY OF JACKSON FOR THE USE AND BENEFIT OF THE UNIVERSITY OF MISSISSIPPI MEDICAL CENTER; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO PURCHASE SUCH PROPERTY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) The Mississippi Department of Finance and Administration is authorized to acquire certain real estate located in the City of Jackson, Hinds County, Mississippi, for the use and benefit of the University of Mississippi Medical Center, which such property is more particularly described as follows:
Tract 1
A certain parcel of land being situated in Lot 24, E. & S. Virden's Subdivision of Nichols Place, a subdivision according to a map or plat thereof which is on file and of record in the Office of the Chancery Clerk of Hinds County at Jackson, Mississippi, in Plat Book A at Page 239, reference to which is hereby made in aid of and as part of this description and also situated in the Southwest Quarter of the Southeast Quarter of Section 21, Township 6 North, Range 1 East and being more particularly described by metes and bounds as follows:
Commencing at the southeast corner of the High School Park, Part 2 a subdivision according to a map or plat thereof which is on file and of record in the Office of the Chancery Clerk of Hinds County at Jackson, Mississippi, in Plat Book 16 at Page 41 and run North 89 degrees 53 minutes East along the north line of Ridgeway Street a distance of 819.04 feet to its intersection with the west line of Bay Street having a sixty-foot right-of-way; thence South 80 degrees 36 minutes East and continue along the north line of Ridgeway Street 60.6 feet to the intersection of the east line of Bay Street and the north line of Ridgeway Street having a fifty-foot right-of-way said point being the Point of Beginning of the property herein described; thence North 00 degrees 27 minutes East along the said East line of Bay Street 174.7 feet to the south line of that property described in Deed Book 2994 at Page 300; thence South 89 degrees 26 minutes East along south line of said property described in Deed Book 2994 at Page 300 extended for a distance of 678.3 feet to the west line of the right-of-way for the Yazoo and Mississippi Valley Branch of the Illinois Central Gulf Railroad; from said point run North 62 degrees 39 minutes East radially toward the center 2939.79 foot circular curve marking the west right-of-way of the said railroad for a distance of 50.0 feet; thence South 29 degrees 48 minutes East along the chord of a curve bearing to the left having a radius of 2889.79 feet as shown on a survey by Warren Garrott, PLS No. 1223 dated November 26, 1984, and shown in Deed Book 4322 at Page 331 at the Office of the Chancery Clerk of Jackson, Hind County, Mississippi, a distance of 215.8 feet; thence South 57 degrees 55 minutes West radially from the center of said curve a distance of 50.0 feet to said west line of Railroad; thence South 34 degrees 20 minutes East along the chord of a curve bearing to the left marking the west line of Railroad having a radius of 2939.79 feet as shown on said Garrott survey a distance of 220.1 feet to the north line of Ridgeway Street, thence South 89 degrees 34 minutes West along the north line of Ridgeway Street a distance of 19.3 feet; thence North 33 degrees 58 minutes West along the chord of a curve bearing to the right having a radius of 2954.79 feet a distance of 219.2 feet; thence South 89 degrees 27 minutes West along the north line of that property described in Deed Book 1820 at Page 646 a distance of 28.9 feet; thence South 00 degrees 22 minutes East along the east line of that property described in Deed Book 1860 at Page 487 a distance of 182.60 feet to the Southwest corner of the R.B. Golden Property as described in Deed Book 403 at Page 500; thence South 89 degrees 34 minutes West along the north line of said Ridgeway Street 242.0 feet to the point of curvature of a curve marking the north line of Ridgeway Street bearing to the right having a chord distance and bearing of North 71 degrees 31 minutes West 300.1 feet to the point of a reverse curve bearing to the left marking the said north line and having a chord bearing and distance of North 61 degrees 58 minutes West 248.4 feet to the Point of Beginning and containing 5.78 acres, more or less.
Tract 2
Being situated in the SE ¼ of the SW ¼ and the SW ¼ of the SE ¼ of Section 21, T6N-R1E, Jackson, Hinds County, Mississippi, and being more particularly described as follows:
Commence at the southeast corner of High School Park, Part 2, as recorded in Plat Book 16 at Page 41 in the Office of the Chancery Clerk of Hinds County, Mississippi, and run easterly, along the north right-of-way line of Ridgeway Street as it is now (March 1979) in use, 659.41 feet to the centerline of a drainage ditch and the Point of Beginning for the property herein described, turn thence through a deflection angle of 87 degrees 59 minutes and run northerly, along the said centerline of a drainage ditch and the east boundary of the St. Peter Missionary Baptist Church property, 308.40 feet to the northeast corner of said Church property; turn thence through an interior angle of 183 degrees 12 minutes and run northerly, along the said centerline, 236.10 feet to a point; leaving said centerline of the drainage ditch, turn thence through an interior angle of 89 degrees 02 minutes and run easterly, 161.58 feet to a point that is 50 feet measured perpendicular to the east right-of-way line of Bay Street; turn thence through an interior angle of 90 degrees 00 minutes and run southerly parallel to the said east right-of-way line of Bay Street, 534.88 feet to a point in the aforesaid north right-of-way line of Ridgeway Street; turn thence through an interior angle of 134 degrees 53 minutes and run southwesterly, along the said north right-of-way line of 14.11 feet to a point; turn thence through an interior angle of 134 degrees 54 minutes and run westerly, along the said north right-of-way line of Ridgeway Street, 159.63 to the Point of Beginning. Containing 2.022 acres.
Tract 3
A certain tract of land lying in and being situated in the E 1/2 of the NW 1/4 and the W 1/2 of the NE 1/4 of Section 28, Township 6 North, Range 1 East, First Judicial District of Hinds County, City of Jackson, Mississippi, said tract of land being more particularly described by metes and bounds as follows, to wit:
For a place of beginning, start at a point on the West line of the E 1/2 of the NW 1/4 of said Section 28, at the North line of Shady Oaks Subdivision, run thence North 1,660.0 feet to a concrete monument which marks the NE corner of Lot 2 of Block G of Shady Oaks Subdivision, Part 2, according to the Record Map or Plat thereof on file in Plat Book 5 at Page 47 in the office of the Hinds County Chancery Clerk at Jackson, Mississippi, reference to which is made in aid hereto, which concrete monument is also the South line of Ridgeway Street; which South line is parallel with and a distance of 25 feet measured Southerly from and at right angles to the centerline thereof as established by the office of the Jackson, Mississippi, City Engineer, City Plat #F-163(M) dated September 21, 1960; run thence North 89 degrees 45 minutes East parallel with and 25 feet Southerly from the aforesaid centerline of Ridgeway Street for a distance of 1,129.50 feet to a point, which point is the NW corner of and true place of beginning for the description of the tract of land hereinafter described and herein insured; and from this point of beginning run thence Easterly and Southerly along the Southern line of Ridgeway Street and the Western line of Livingston Road as follows: North 89 degrees 45 minutes East 159.74 feet to the point of a curve to the right, having a radius of 280.91 feet; thence to the right and along the arc of curve for a distance of 188.10 feet; thence South 51 degrees 53 minutes East 2.64 feet to the point of a curve to the left, having a radius of 661.62 feet; thence to the left and along the arc of the curve for a distance of 427.64 feet; thence South 88 degrees 55 minutes East 246.54 feet to a point which is 25 feet Southerly from as measured at right angles to the centerline of Ridgeway Street as established by the City aforesaid, which point is the point of a curve to the right, having a radius of 212.32 feet; run thence to the right and along the arc of the curve for a distance of 179.97 feet to a point, which point is a distance of 35 feet measured Southwesterly from and at right angles to the centerline of Ridgeway Street as established by the City aforesaid; run thence South 40 degrees 21 minutes East for a distance of 343.62 feet to the point of a curve to the right and having a radius of 452.65 feet; thence Southerly along said curve a chord distance and bearing of South 26 degrees 53 minutes East 210.92 feet; thence leaving said road run South 85 degrees 47 minutes West 1,404.88 feet; run thence North 10 degrees 06 minutes West 580.3 feet; run thence North 10 degrees 24 minutes East 268.00 feet to the place of beginning and containing an area of 19.40 acres, more or less.
A certain tract of land lying in and being situated in the E 1/2 of the NW 1/4 and the W 1/2 of the NE 1/4 of Section 28, Township 6 North, Range 1 East, First Judicial District of Hinds County, City of Jackson, Mississippi, and more particularly described as being part of that tract of land heretofore conveyed by Gammill Investment Company to Mississippi Products, Inc. on the 8th day of June 1945 by deed recorded in Deed Book 399 at Page 286 in the office of the Hinds County Chancery Clerk at Jackson, Mississippi, and said tract of land herein conveyed being more particularly described by metes and bounds as follows, to wit:
For a place of beginning, start at a point on the West line of the E 1/2 of the NW 1/4 of said Section 28, at the North line of Shady Oaks Subdivision, run thence North 1,660.0 feet to a concrete monument which marks the NE corner of Lot 2 of Block G of Shady Oaks Subdivision, Part 2, according to the record map or Plat thereof on file in Plat Book 5 at Page 47 in the office of the Hinds County Chancery Clerk at Jackson, Mississippi, reference to which is made in aid hereto, which concrete monument is also the South line of Ridgeway Street, which South line is parallel with and a distance of 25 feet measured Southerly from and at right angles to the centerline thereof as established by the office of the Jackson, Mississippi, City Engineer, City Plat #F-163(M) dated September 21, 1960; run thence North 89 degrees 45 minutes East parallel with and 25 feet Southerly from the aforesaid centerline of Ridgeway Street for a distance of 1,129.50 feet to a point, run thence Easterly and Southerly along the Southern line of Ridgeway Street and the Western line of Livingston Road as follows:
North 89 degrees 45 minutes East 159.74 feet to the point of a curve to the right, having a radius of 280.91 feet; thence to the right and along the arc of curve for a distance of 188.10 feet; thence South 51 degrees 53 minutes East 2.64 feet to the point of a curve to the left, having a radius of 661.62 feet; thence to the left and along the arc of the curve for a distance of 427.64 feet; thence South 88 degrees 55 minutes East 246.54 feet to a point which is 25 feet Southerly from as measured at right angles to the centerline of Ridgeway Street as established by the City aforesaid, which point is the point of a curve to the right, having a radius of 212.32 feet; run thence to the right and along the arc of the curve for a distance of 179.97 feet to a point, which point is a distance of 35 feet measured Southwesterly from and at right angles to the centerline of Ridgeway Street as established by the City aforesaid; run thence South 40 degrees 21 minutes East for a distance of 343.62 feet to the point of a curve to the right and having a radius of 452.65 feet; thence along the arc of the curve to the right for a chord distance and bearing of South 26 degrees 53 minutes East 210.92 feet to the Point of Beginning; thence continue along last mentioned curve a chord distance and bearing of South 07 degrees 30 minutes East 93.24 feet; run thence South 1 degree 35 minutes East for a distance of 1,301.70 feet to a point, which point is a distance of 35 feet measured Westerly from and at right angles to the centerline of Livingston Road, as established by the City aforesaid, which point is also the point of a curve to the right having a radius of 11,432 feet; run thence to the right along the arc of the curve for a distance of 94.25 feet to a point on the West line of Livingston Road, which point is a distance of 397.23 feet North of the South line of the herein aforesaid tract conveyed by Gammill Investments Company to Mississippi Products, Inc.; run thence South 89 degrees 34 minutes West for a distance of 855.52 feet along the North line of THE JACKSON HOUSING AUTHORITY property as described in Deed Book 4050/455; run thence South 00 degrees 45 minutes 02 seconds West along the West line of said HOUSING AUTHORITY a distance of 388.91 feet; thence South 89 degrees 04 minutes West along the South line of the herein aforesaid tract conveyed by Gammill Investments Company to Mississippi Products, Inc. a distance of 342.07 feet; thence North 27 degrees 06 minutes West 547.30 feet; run thence North 13 degrees 06 minutes West 110.00 feet; run thence North 4 degrees 54 minutes East 390.00 feet; run thence North 4 degrees 09 minutes East for 540.00 feet; run thence North 10 degrees 06 minutes West 269.7 feet; run thence North 85 degrees 47 minutes East 1,404.88 feet to the place of beginning and containing an area of 51.0 acres, more or less, together with all improvements situated thereon and all appurtenances thereto.
(2) The real property and the improvements thereon, described in subsection (1) of this section, shall be acquired for the purposes specified in that subsection for not more than the current fair market value as determined by the average of at least two (2) appraisals by qualified appraisers, who shall be selected by the Department of Finance and Administration and shall be certified and licensed by the Mississippi Real Estate Appraiser Licensing and Certification Board.
SECTION 2. (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 bond 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) "State" means the State of Mississippi.
(c) "Commission" means the State Bond Commission.
(2) (a) (i) A special fund, to be designated as the "2013 University of Mississippi Property Acquisition Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund.
(ii) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to purchase the real estate described in Section 1 of this act.
(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.
(3) (a) The commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in subsection (2) of this section. Upon the adoption of a resolution by the Department of Finance and Administration declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the department shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission, in its discretion, may act as 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 issued under this section shall not exceed Five Million Dollars ($5,000,000.00). No bonds shall be issued under this section after July 1, 2017.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (2) of 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.
(4) 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 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, 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 commission.
(5) The bonds authorized by this section shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the 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 of Mississippi.
(6) 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 commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.
(7) The 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 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 of Mississippi. 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 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 commission.
The commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.
(8) The bonds issued under the provisions of this section are general obligations of the State of Mississippi, 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.
(9) Upon the issuance and sale of bonds under the provisions of this section, the commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
(10) 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 commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.
(11) 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.
(12) 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.
(13) 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 of Mississippi, 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.
(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.
(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.
(16) 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.
(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.
SECTION 3. This act shall take effect and be in force from and after its passage.
