Bill Text: MS HB1609 | 2014 | Regular Session | Engrossed

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Bill Title: Grocery Store Development Loan Program Act; issue bonds to help construct new grocery stores in underserved areas.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2014-03-18 - Died In Committee [HB1609 Detail]

Download: Mississippi-2014-HB1609-Engrossed.html

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MISSISSIPPI LEGISLATURE

2014 Regular Session

To: Ways and Means

By: Representatives DeLano, Barker

House Bill 1609

(As Passed the House)

AN ACT TO CREATE THE GROCERY STORE DEVELOPMENT LOAN PROGRAM ACT; TO PROVIDE DEFINITIONS FOR THIS ACT; TO CREATE THE GROCERY STORE DEVELOPMENT LOAN PROGRAM FUND; TO REQUIRE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO ESTABLISH A PROGRAM TO MAKE LOANS TO PERSONS, CORPORATIONS, MUNICIPALITIES, COUNTIES AND OTHER ENTITIES TO CONSTRUCT NEW GROCERY STORES THAT SELL NONPROCESSED PROTEIN AND FRESH PRODUCE IN UNDERSERVED AREAS OF THE STATE; TO REQUIRE THAT ANY GROCERY STORE RECEIVING A LOAN FROM THE PROGRAM BE OPEN FOR OPERATION NOT LATER THAN DECEMBER 31, 2017; TO REQUIRE PERSONS, CORPORATIONS, MUNICIPALITIES, COUNTIES AND OTHER ENTITIES DESIRING TO RECEIVE A LOAN UNDER THE PROGRAM TO SUBMIT AN APPLICATION TO THE MISSISSIPPI DEVELOPMENT AUTHORITY CONTAINING SPECIFIC INFORMATION REGARDING THE PROPOSED GROCERY STORE DEVELOPMENT PROJECT; TO REQUIRE THE MISSISSIPPI DEVELOPMENT AUTHORITY TO REVIEW THE APPLICATION AND DETERMINE IF IT QUALIFIES AS A GROCERY STORE DEVELOPMENT PROJECT UNDER THIS ACT; TO PROVIDE THAT IF THE PROPOSED PROJECT QUALIFIES UNDER THIS ACT, THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ISSUE A CERTIFICATE DESIGNATING THE APPLICANT AS AN APPROVED PARTICIPANT AND AUTHORIZING THE APPROVED PARTICIPANT TO RECEIVE A LOAN FROM THE PROGRAM; TO PROVIDE THAT IF THE APPROVED PARTICIPANT IS NOT THE GROCERY STORE OPERATOR, THE APPROVED PARTICIPANT AND THE GROCERY STORE OPERATOR SHALL ENTER INTO AN AGREEMENT ABOUT THE USE OF THE FUNDS FROM THE LOAN; TO PROVIDE FOR THE MAXIMUM AMOUNT OF A LOAN THAT MAY BE MADE TO ANY APPROVED PARTICIPANT FROM THE PROGRAM; TO PROVIDE THAT AN APPROVED PARTICIPANT THAT RECEIVES A LOAN FROM THE PROGRAM IS OBLIGATED FOR THE FULL REPAYMENT OF THE LOAN; TO PROVIDE ASSISTANCE WITH THE REPAYMENT OF THE LOANS BY GIVING THE GROCERY STORE OPERATORS A REBATE OF 80% OF THE AMOUNT OF SALES TAX REVENUE COLLECTED FROM THE OPERATION OF THE GROCERY STORE DEVELOPMENT PROJECT; TO PROVIDE THAT THE AGGREGATE AMOUNT OF THE REBATES THAT A GROCERY STORE OPERATOR MAY RECEIVE SHALL NOT EXCEED 30% OF THE APPROVED PROJECT COSTS INCURRED BY THE APPROVED PARTICIPANT FOR THE GROCERY STORE DEVELOPMENT PROJECT; TO PROVIDE THAT THE REBATES WILL END ON THE EARLIER OF THE DATE THAT AN AGGREGATE AMOUNT OF 30% OF THE APPROVED PROJECT COSTS INCURRED BY THE APPROVED PARTICIPANT FOR THE GROCERY STORE DEVELOPMENT PROJECT HAS BEEN PAID TO THE GROCERY STORE OPERATOR, OR 10 YEARS AFTER THE DATE THE GROCERY STORE OPENS FOR COMMERCIAL OPERATION; TO AUTHORIZE GROCERY STORE OPERATORS TO ENTER INTO AGREEMENTS WITH THE MUNICIPALITY OR COUNTY IN WHICH THE GROCERY STORE DEVELOPMENT PROJECT WILL BE LOCATED TO ALLOCATE UP TO FIVE PERCENT OF THE AMOUNT OF SALES TAX REVENUE COLLECTED FROM THE OPERATION OF THE GROCERY STORE DEVELOPMENT PROJECT THAT THE GROCERY STORE OPERATOR RECEIVES, TO REIMBURSE THE MUNICIPALITY OR COUNTY FOR ALL OR A PORTION OF THE COST INCURRED BY THE MUNICIPALITY OR COUNTY IN PROVIDING NECESSARY INFRASTRUCTURE AND OFF-SITE IMPROVEMENTS FOR THE GROCERY STORE DEVELOPMENT PROJECT; TO AMEND SECTION 27-65-75, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT 80% OF THE SALES TAX REVENUE COLLECTED FROM THE OPERATION OF A GROCERY STORE DEVELOPMENT PROJECT UNDER THE PROVISIONS OF THIS ACT SHALL BE DEPOSITED, AFTER CERTAIN DIVERSIONS, INTO THE GROCERY STORE DEVELOPMENT LOAN PROGRAM FUND; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $500,000.00 AND PROVIDE THAT THE PROCEEDS OF THOSE BONDS SHALL BE DEPOSITED INTO THE GROCERY STORE DEVELOPMENT LOAN PROGRAM FUND; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  Sections 1 though 4 of this act shall be known as the "Grocery Store Development Loan Program Act."

     SECTION 2.  (1)  For the purposes of Sections 1 through 4 of this act, the following words shall have the following meanings as defined in this section, unless the context clearly otherwise requires:

          (a)  "Approved project costs" means site preparation, engineering and architectural fees, land costs, construction costs, furniture, fixtures and equipment, and off-site infrastructure costs approved by the Mississippi Development Authority relating to a grocery store development project.  All costs must be verified by an independent third party approved by the MDA.  An approved participant shall pay the costs for the third party verification of costs.  Approved project costs may not increase regardless of the actual costs incurred by the project.

          (b)  "Approved participant" means a person, corporation, municipality, county or other entity issued a certificate by the Mississippi Development Authority under Section 3 of this act.

          (c)  "Grocery store development project" means the new construction of a grocery store that will (i) have not less than five (5%) of its total sales, or such higher percentage as set by regulation of the MDA, from the sale of nonprocessed protein and fresh produce; (ii) have not less than nine thousand (9,000) square feet in sales area; (iii) be located in an area where no other grocery store selling nonprocessed protein and fresh produce exists within a ten-minute driving radius; (iv) be open for operation not later than December 31, 2017.  Discount stores that also sell food do not qualify for the program and will not be considered when determining the ten-minute driving radius to other stores.

          (d)  "MDA" means the Mississippi Development Authority.

     (2)  (a)  There is created in the State Treasury a special fund to be known as the "Grocery Store Development Loan Program Fund," which shall consist of funds from the bonds issued under Section 6 of this act and from any other source designated for deposit into the fund.  Monies in the fund shall be used by the MDA for the purposes authorized in Section 3 of this act.  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 on amounts in the fund shall be deposited to the credit of the fund.

          (b)  Monies in the fund that are derived from the proceeds of bonds issued under Section 6 of this act may be used to reimburse reasonable actual and necessary costs incurred by the MDA in making loans under Section 3 of this act through the use of proceeds of those bonds.  An accounting of actual costs incurred for which reimbursement is sought shall be maintained for each loan made by the MDA.  Reimbursement of reasonable actual and necessary costs for assistance provided by the MDA shall not exceed three percent (3%) of the proceeds of the bonds.  Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements.

     SECTION 3.  (1)  The MDA shall establish a program to make loans to persons, corporations, municipalities, counties and other entities to construct new grocery stores that sell nonprocessed protein and fresh produce in underserved areas of the state, which shall be known as the Grocery Store Development Loan Program.  The MDA shall promulgate rules and regulations necessary for the development, implementation and administration of the program.

     (2)  A person, corporation, municipality, county or other entity desiring to receive a loan under the Grocery Store Development Loan Program  must submit an application to the MDA.  The application must contain (a) a business plan and project plans for the proposed grocery store development project; (b) a detailed description of the proposed grocery store development project, including all public and private infrastructure needs; (c) the method of financing the proposed grocery store development project and the terms of the financing; and (d) any other information required by the MDA.  The Executive Director of the MDA shall review the application and determine if it qualifies as a grocery store development project under this section and under the rules and regulations promulgated under this section.  If the executive director determines the proposed grocery store development project qualifies as a grocery store development project under Sections 1 through 4 of this act and under the rules and regulations promulgated under this section, he shall issue a certificate to the person, corporation, municipality, county or other entity designating that person, corporation, municipality, county or other entity as an approved participant and authorizing the approved participant to receive a loan from the program.  If the approved participant is not the operator of the grocery store, the approved participant and the grocery store operator shall enter into an agreement about the use of the funds from the loan.

     SECTION 4.  (1)  The maximum amount of a loan that may be made to any approved participant from the program is Two Hundred Thousand Dollars ($200,000.00).  An approved participant that receives a loan from the program is obligated for the full repayment of the loan, with interest at a rate of not less than five percent (5%) per annum, for a term of not more than ten (10) years.  The amount of the loan repayment shall be reduced by the amount the rebates of this provided under subsection (2) of this section.

     (2)  To assist with the repayment of the loans, the operators of the grocery stores shall receive a rebate of eighty percent (80%) of the amount of sales tax revenue collected from the operation of the grocery store development project, after making the diversions required in Section 27-65-75(7) and (8).  The aggregate amount of rebates that a grocery store operator may receive shall not exceed thirty percent (30%) of the approved project costs incurred by the approved participant for the grocery store development project.  Expansions, enlargements or additional investments made by an approved participant will not increase the amount of the rebates certified by the MDA.  The MDA shall make the calculations necessary to make the rebates provided for in this section.  The amount of the rebates provided to the grocery store operator shall be used to reduce the amount of the loan repayment required from the approved participant.

     (3)  (a)  The MDA shall cease making rebates to a grocery store operator on the occurrence of the earlier of:

              (i)  The date that an aggregate amount of thirty percent (30%) of the approved project costs incurred by the approved participant for the grocery store development project has been paid to the grocery store operator; or

              (ii)  Ten (10) years after the date the grocery store opens for commercial operation.

          (b)  At such time as rebates are no longer required to be made to a grocery store operator, the MDA shall notify the Department of Revenue and the sales tax revenue collected from the grocery store development project shall no longer be deposited into the Grocery Store Development Loan Program Fund.  Any amounts remaining in the fund that were collected from that project shall be transferred to the State General Fund.

     (4)  The operator of the grocery store may enter into an agreement with the municipality in which the grocery store development project will be located, or with the county if the project will not be located in a municipality, to allocate up to five percent (5%) of the amount of sales tax revenue collected from the operation of the grocery store development project that the grocery store operator receives under subsection (2) of this section.  This allocation is to reimburse the municipality or county for all or a portion of the cost incurred by the municipality or county in providing necessary infrastructure and off-site improvements for the grocery store development project.  The allocation to the municipality or county will end at the same time that the rebates to the grocery store operator end as provided under subsection (3) of this section.

     SECTION 5.  Section 27-65-75, Mississippi Code of 1972, is amended as follows:

 * * * [From and after March 25, 2013, and until July 1, 2014, this section shall read as follows:]

27‑65‑75.  On or before the fifteenth day of each month, the revenue collected under the provisions of this chapter during the preceding month shall be paid and distributed as follows:

(1)  (a)  On or before August 15, 1992, and each succeeding month thereafter through July 15, 1993, eighteen percent (18%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Sections 27‑65‑15, 27‑65‑19(3) and 27‑65‑21, on business activities within a municipal corporation shall be allocated for distribution to the municipality and paid to the municipal corporation.  On or before August 15, 1993, and each succeeding month thereafter, eighteen and one‑half percent (18‑1/2%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Sections 27‑65‑15, 27‑65‑19(3), 27‑65‑21 and 27‑65‑24, on business activities within a municipal corporation shall be allocated for distribution to the municipality and paid to the municipal corporation.

A municipal corporation, for the purpose of distributing the tax under this subsection, shall mean and include all incorporated cities, towns and villages.

Monies allocated for distribution and credited to a municipal corporation under this paragraph may be pledged as security for a loan if the distribution received by the municipal corporation is otherwise authorized or required by law to be pledged as security for such a loan.

In any county having a county seat that is not an incorporated municipality, the distribution provided under this subsection shall be made as though the county seat was an incorporated municipality; however, the distribution to the municipality shall be paid to the county treasury in which the municipality is located, and those funds shall be used for road, bridge and street construction or maintenance in the county.

  (b)  On or before August 15, 2006, and each succeeding month thereafter, eighteen and one‑half percent (18‑1/2%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Sections 27‑65‑15, 27‑65‑19(3) and 27‑65‑21, on business activities on the campus of a state institution of higher learning or community or junior college whose campus is not located within the corporate limits of a municipality, shall be allocated for distribution to the state institution of higher learning or community or junior college and paid to the state institution of higher learning or community or junior college.

(2)  On or before September 15, 1987, and each succeeding month thereafter, from the revenue collected under this chapter during the preceding month, One Million One Hundred Twenty‑five Thousand Dollars ($1,125,000.00) shall be allocated for distribution to municipal corporations as defined under subsection (1) of this section in the proportion that the number of gallons of gasoline and diesel fuel sold by distributors to consumers and retailers in each such municipality during the preceding fiscal year bears to the total gallons of gasoline and diesel fuel sold by distributors to consumers and retailers in municipalities statewide during the preceding fiscal year.  The Department of Revenue shall require all distributors of gasoline and diesel fuel to report to the department monthly the total number of gallons of gasoline and diesel fuel sold by them to consumers and retailers in each municipality during the preceding month.  The Department of Revenue shall have the authority to promulgate such rules and regulations as is necessary to determine the number of gallons of gasoline and diesel fuel sold by distributors to consumers and retailers in each municipality.  In determining the percentage allocation of funds under this subsection for the fiscal year beginning July 1, 1987, and ending June 30, 1988, the Department of Revenue may consider gallons of gasoline and diesel fuel sold for a period of less than one (1) fiscal year.  For the purposes of this subsection, the term "fiscal year" means the fiscal year beginning July 1 of a year.

(3)  On or before September 15, 1987, and on or before the fifteenth day of each succeeding month, until the date specified in Section 65‑39‑35, the proceeds derived from contractors' taxes levied under Section 27‑65‑21 on contracts for the construction or reconstruction of highways designated under the highway program created under Section 65‑3‑97 shall, except as otherwise provided in Section 31‑17‑127, be deposited into the State Treasury to the credit of the State Highway Fund to be used to fund that highway program.  The Mississippi Department of Transportation shall provide to the Department of Revenue such information as is necessary to determine the amount of proceeds to be distributed under this subsection.

(4)  On or before August 15, 1994, and on or before the fifteenth day of each succeeding month through July 15, 1999, from the proceeds of gasoline, diesel fuel or kerosene taxes as provided in Section 27‑5‑101(a)(ii)1, Four Million Dollars ($4,000,000.00) shall be deposited in the State Treasury to the credit of a special fund designated as the "State Aid Road Fund," created by Section 65‑9‑17.  On or before August 15, 1999, and on or before the fifteenth day of each succeeding month, from the total amount of the proceeds of gasoline, diesel fuel or kerosene taxes apportioned by Section 27‑5‑101(a)(ii)1, Four Million Dollars ($4,000,000.00) or an amount equal to twenty‑three and one‑fourth percent (23‑1/4%) of those funds, whichever is the greater amount, shall be deposited in the State Treasury to the credit of the "State Aid Road Fund," created by Section 65‑9‑17.  Those funds shall be pledged to pay the principal of and interest on state aid road bonds heretofore issued under Sections 19‑9‑51 through 19‑9‑77, in lieu of and in substitution for the funds previously allocated to counties under this section.  Those funds may not be pledged for the payment of any state aid road bonds issued after April 1, 1981; however, this prohibition against the pledging of any such funds for the payment of bonds shall not apply to any bonds for which intent to issue those bonds has been published for the first time, as provided by law before March 29, 1981.  From the amount of taxes paid into the special fund under this subsection and subsection (9) of this section, there shall be first deducted and paid the amount necessary to pay the expenses of the Office of State Aid Road Construction, as authorized by the Legislature for all other general and special fund agencies.  The remainder of the fund shall be allocated monthly to the several counties in accordance with the following formula:

  (a)  One‑third (1/3) shall be allocated to all counties in equal shares;

  (b)  One‑third (1/3) shall be allocated to counties based on the proportion that the total number of rural road miles in a county bears to the total number of rural road miles in all counties of the state; and

  (c)  One‑third (1/3) shall be allocated to counties based on the proportion that the rural population of the county bears to the total rural population in all counties of the state, according to the latest federal decennial census.

For the purposes of this subsection, the term "gasoline, diesel fuel or kerosene taxes" means such taxes as defined in paragraph (f) of Section 27‑5‑101.

The amount of funds allocated to any county under this subsection for any fiscal year after fiscal year 1994 shall not be less than the amount allocated to the county for fiscal year 1994.

Any reference in the general laws of this state or the Mississippi Code of 1972 to Section 27‑5‑105 shall mean and be construed to refer and apply to subsection (4) of Section 27‑65‑75.

(5)  One Million Six Hundred Sixty‑six Thousand Six Hundred Sixty‑six Dollars ($1,666,666.00) each month shall be paid into the special fund known as the "State Public School Building Fund" created and existing under the provisions of Sections 37‑47‑1 through 37‑47‑67.  Those payments into that fund are to be made on the last day of each succeeding month hereafter.

(6)  An amount each month beginning August 15, 1983, through November 15, 1986, as specified in Section 6 of Chapter 542, Laws of 1983, shall be paid into the special fund known as the Correctional Facilities Construction Fund created in Section 6 of Chapter 542, Laws of 1983.

(7)  On or before August 15, 1992, and each succeeding month thereafter through July 15, 2000, two and two hundred sixty‑six one‑thousandths percent (2.266%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Section 27‑65‑17(2), shall be deposited by the department into the School Ad Valorem Tax Reduction Fund created under Section 37‑61‑35.  On or before August 15, 2000, and each succeeding month thereafter, two and two hundred sixty‑six one‑thousandths percent (2.266%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Section 27‑65‑17(2), shall be deposited into the School Ad Valorem Tax Reduction Fund created under Section 37‑61‑35 until such time that the total amount deposited into the fund during a fiscal year equals Forty‑two Million Dollars ($42,000,000.00).  Thereafter, the amounts diverted under this subsection (7) during the fiscal year in excess of Forty‑two Million Dollars ($42,000,000.00) shall be deposited into the Education Enhancement Fund created under Section 37‑61‑33 for appropriation by the Legislature as other education needs and shall not be subject to the percentage appropriation requirements set forth in Section 37‑61‑33.

(8)  On or before August 15, 1992, and each succeeding month thereafter, nine and seventy‑three one‑thousandths percent (9.073%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Section 27‑65‑17(2), shall be deposited into the Education Enhancement Fund created under Section 37‑61‑33.

(9)  On or before August 15, 1994, and each succeeding month thereafter, from the revenue collected under this chapter during the preceding month, Two Hundred Fifty Thousand Dollars ($250,000.00) shall be paid into the State Aid Road Fund.

(10)  On or before August 15, 1994, and each succeeding month thereafter through August 15, 1995, from the revenue collected under this chapter during the preceding month, Two Million Dollars ($2,000,000.00) shall be deposited into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27‑51‑105.

(11)  Notwithstanding any other provision of this section to the contrary, on or before February 15, 1995, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27‑65‑17(2) and the corresponding levy in Section 27‑65‑23 on the rental or lease of private carriers of passengers and light carriers of property as defined in Section 27‑51‑101 shall be deposited, without diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27‑51‑105.

(12)  Notwithstanding any other provision of this section to the contrary, on or before August 15, 1995, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27‑65‑17(1) on retail sales of private carriers of passengers and light carriers of property, as defined in Section 27‑51‑101 and the corresponding levy in Section 27‑65‑23 on the rental or lease of these vehicles, shall be deposited, after diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27‑51‑105.

(13)  On or before July 15, 1994, and on or before the fifteenth day of each succeeding month thereafter, that portion of the avails of the tax imposed in Section 27‑65‑22 that is derived from activities held on the Mississippi State Fairgrounds Complex shall be paid into a special fund that is created in the State Treasury and shall be expended upon legislative appropriation solely to defray the costs of repairs and renovation at the Trade Mart and Coliseum.

(14)  On or before August 15, 1998, and each succeeding month thereafter through July 15, 2005, that portion of the avails of the tax imposed in Section 27‑65‑23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited in an amount not to exceed Two Million Dollars ($2,000,000.00) into the special fund created under Section 69‑37‑39.  On or before August 15, 2007, and each succeeding month thereafter through July 15, 2010, that portion of the avails of the tax imposed in Section 27‑65‑23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited in an amount not to exceed Two Million Dollars ($2,000,000.00) into the special fund created under Section 69‑37‑39 until all debts or other obligations incurred by the Certified Cotton Growers Organization under the Mississippi Boll Weevil Management Act before January 1, 2007, are satisfied in full.  On or before August 15, 2010, and each succeeding month thereafter through July 15, 2011, fifty percent (50%) of that portion of the avails of the tax imposed in Section 27‑65‑23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited into the special fund created under Section 69‑37‑39 until such time that the total amount deposited into the fund during a fiscal year equals One Million Dollars ($1,000,000.00).  On or before August 15, 2011, and each succeeding month thereafter, that portion of the avails of the tax imposed in Section 27‑65‑23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited into the special fund created under Section 69‑37‑39 until such time that the total amount deposited into the fund during a fiscal year equals One Million Dollars ($1,000,000.00).

(15)  Notwithstanding any other provision of this section to the contrary, on or before September 15, 2000, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27‑65‑19(1)(d)(i)2, and 27‑65‑19(d)(i)3 shall be deposited, without diversion, into the Telecommunications Ad Valorem Tax Reduction Fund established in Section 27‑38‑7.

(16)  (a)  On or before August 15, 2000, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of this chapter on the gross proceeds of sales of a project as defined in Section 57‑30‑1 shall be deposited, after all diversions except the diversion provided for in subsection (1) of this section, into the Sales Tax Incentive Fund created in Section 57‑30‑3.

  (b)  On or before August 15, 2007, and each succeeding month thereafter, eighty percent (80%) of the sales tax revenue collected during the preceding month under the provisions of this chapter from the operation of a tourism project under the provisions of Sections 57‑26‑1 through 57‑26‑5, shall be deposited, after the diversions required in subsections (7) and (8) of this section, into the Tourism Project Sales Tax Incentive Fund created in Section 57‑26‑3.

(17)  Notwithstanding any other provision of this section to the contrary, on or before April 15, 2002, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under Section 27‑65‑23 on sales of parking services of parking garages and lots at airports shall be deposited, without diversion, into the special fund created under Section 27‑5‑101(d).

(18)  [Repealed]

(19)  (a)  On or before August 15, 2005, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of this chapter on the gross proceeds of sales of a business enterprise located within a redevelopment project area under the provisions of Sections 57‑91‑1 through 57‑91‑11, and the revenue collected on the gross proceeds of sales from sales made to a business enterprise located in a redevelopment project area under the provisions of Sections 57‑91‑1 through 57‑91‑11 (provided that such sales made to a business enterprise are made on the premises of the business enterprise), shall, except as otherwise provided in this subsection (19), be deposited, after all diversions, into the Redevelopment Project Incentive Fund as created in Section 57‑91‑9.

  (b)  For a municipality participating in the Economic Redevelopment Act created in Sections 57‑91‑1 through 57‑91‑11, the diversion provided for in subsection (1) of this section attributable to the gross proceeds of sales of a business enterprise located within a redevelopment project area under the provisions of Sections 57‑91‑1 through 57‑91‑11, and attributable to the gross proceeds of sales from sales made to a business enterprise located in a redevelopment project area under the provisions of Sections 57‑91‑1 through 57‑91‑11 (provided that such sales made to a business enterprise are made on the premises of the business enterprise), shall be deposited into the Redevelopment Project Incentive Fund as created in Section 57‑91‑9, as follows:

   (i)  For the first six (6) years in which payments are made to a developer from the Redevelopment Project Incentive Fund, one hundred percent (100%) of the diversion shall be deposited into the fund;

   (ii)  For the seventh year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, eighty percent (80%) of the diversion shall be deposited into the fund;

   (iii)  For the eighth year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, seventy percent (70%) of the diversion shall be deposited into the fund;

   (iv)  For the ninth year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, sixty percent (60%) of the diversion shall be deposited into the fund; and

   (v)  For the tenth year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, fifty percent (50%) of the funds shall be deposited into the fund.

(20)  On or before January 15, 2007, and each succeeding month thereafter, eighty percent (80%) of the sales tax revenue collected during the preceding month under the provisions of this chapter from the operation of a tourism project under the provisions of Sections 57‑28‑1 through 57‑28‑5 shall be deposited, after the diversions required in subsections (7) and (8) of this section, into the Tourism Sales Tax Incentive Fund created in Section 57‑28‑3.

(21)  (a)  On or before April 15, 2007, and each succeeding month thereafter through June 15, 2013, One Hundred Fifty Thousand Dollars ($150,000.00) of the sales tax revenue collected during the preceding month under the provisions of this chapter shall be deposited into the MMEIA Tax Incentive Fund created in Section 57‑101‑3.

  (b)  On or before July 15, 2013, and each succeeding month thereafter, One Hundred Fifty Thousand Dollars ($150,000.00) of the sales tax revenue collected during the preceding month under the provisions of this chapter shall be deposited into the Mississippi Development Authority Job Training Grant Fund created in Section 57‑1‑451.

(22)  Notwithstanding any other provision of this section to the contrary, on or before August 15, 2009, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27‑65‑201 shall be deposited, without diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27‑51‑105.

(23)  The remainder of the amounts collected under the provisions of this chapter shall be paid into the State Treasury to the credit of the General Fund.

(24)  It shall be the duty of the municipal officials of any municipality that expands its limits, or of any community that incorporates as a municipality, to notify the commissioner of that action thirty (30) days before the effective date.  Failure to so notify the commissioner shall cause the municipality to forfeit the revenue that it would have been entitled to receive during this period of time when the commissioner had no knowledge of the action.  If any funds have been erroneously disbursed to any municipality or any overpayment of tax is recovered by the taxpayer, the commissioner may make correction and adjust the error or overpayment with the municipality by withholding the necessary funds from any later payment to be made to the municipality.

[From and after July 1, 2014, this section shall read as follows:]

     27-65-75.  On or before the fifteenth day of each month, the revenue collected under the provisions of this chapter during the preceding month shall be paid and distributed as follows:

     (1)  (a)  On or before August 15, 1992, and each succeeding month thereafter through July 15, 1993, eighteen percent (18%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Sections 27-65-15, 27-65-19(3) and 27-65-21, on business activities within a municipal corporation shall be allocated for distribution to the municipality and paid to the municipal corporation.  On or before August 15, 1993, and each succeeding month thereafter, eighteen and one-half percent (18-1/2%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Sections 27-65-15, 27-65-19(3), 27-65-21 and 27-65-24, on business activities within a municipal corporation shall be allocated for distribution to the municipality and paid to the municipal corporation.

     A municipal corporation, for the purpose of distributing the tax under this subsection, shall mean and include all incorporated cities, towns and villages.

     Monies allocated for distribution and credited to a municipal corporation under this paragraph may be pledged as security for a loan if the distribution received by the municipal corporation is otherwise authorized or required by law to be pledged as security for such a loan.

     In any county having a county seat that is not an incorporated municipality, the distribution provided under this subsection shall be made as though the county seat was an incorporated municipality; however, the distribution to the municipality shall be paid to the county treasury in which the municipality is located, and those funds shall be used for road, bridge and street construction or maintenance in the county.

          (b)  On or before August 15, 2006, and each succeeding month thereafter, eighteen and one-half percent (18-1/2%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Sections 27-65-15, 27-65-19(3) and 27-65-21, on business activities on the campus of a state institution of higher learning or community or junior college whose campus is not located within the corporate limits of a municipality, shall be allocated for distribution to the state institution of higher learning or community or junior college and paid to the state institution of higher learning or community or junior college.

     (2)  On or before September 15, 1987, and each succeeding month thereafter, from the revenue collected under this chapter during the preceding month, One Million One Hundred Twenty-five Thousand Dollars ($1,125,000.00) shall be allocated for distribution to municipal corporations as defined under subsection (1) of this section in the proportion that the number of gallons of gasoline and diesel fuel sold by distributors to consumers and retailers in each such municipality during the preceding fiscal year bears to the total gallons of gasoline and diesel fuel sold by distributors to consumers and retailers in municipalities statewide during the preceding fiscal year.  The Department of Revenue shall require all distributors of gasoline and diesel fuel to report to the department monthly the total number of gallons of gasoline and diesel fuel sold by them to consumers and retailers in each municipality during the preceding month.  The Department of Revenue shall have the authority to promulgate such rules and regulations as is necessary to determine the number of gallons of gasoline and diesel fuel sold by distributors to consumers and retailers in each municipality.  In determining the percentage allocation of funds under this subsection for the fiscal year beginning July 1, 1987, and ending June 30, 1988, the Department of Revenue may consider gallons of gasoline and diesel fuel sold for a period of less than one (1) fiscal year.  For the purposes of this subsection, the term "fiscal year" means the fiscal year beginning July 1 of a year.

     (3)  On or before September 15, 1987, and on or before the fifteenth day of each succeeding month, until the date specified in Section 65-39-35, the proceeds derived from contractors' taxes levied under Section 27-65-21 on contracts for the construction or reconstruction of highways designated under the highway program created under Section 65-3-97 shall, except as otherwise provided in Section 31-17-127, be deposited into the State Treasury to the credit of the State Highway Fund to be used to fund that highway program.  The Mississippi Department of Transportation shall provide to the Department of Revenue such information as is necessary to determine the amount of proceeds to be distributed under this subsection.

     (4)  On or before August 15, 1994, and on or before the fifteenth day of each succeeding month through July 15, 1999, from the proceeds of gasoline, diesel fuel or kerosene taxes as provided in Section 27-5-101(a)(ii)1, Four Million Dollars ($4,000,000.00) shall be deposited in the State Treasury to the credit of a special fund designated as the "State Aid Road Fund," created by Section 65-9-17.  On or before August 15, 1999, and on or before the fifteenth day of each succeeding month, from the total amount of the proceeds of gasoline, diesel fuel or kerosene taxes apportioned by Section 27-5-101(a)(ii)1, Four Million Dollars ($4,000,000.00) or an amount equal to twenty-three and one-fourth percent (23-1/4%) of those funds, whichever is the greater amount, shall be deposited in the State Treasury to the credit of the "State Aid Road Fund," created by Section 65-9-17.  Those funds shall be pledged to pay the principal of and interest on state aid road bonds heretofore issued under Sections 19-9-51 through 19-9-77, in lieu of and in substitution for the funds previously allocated to counties under this section.  Those funds may not be pledged for the payment of any state aid road bonds issued after April 1, 1981; however, this prohibition against the pledging of any such funds for the payment of bonds shall not apply to any bonds for which intent to issue those bonds has been published for the first time, as provided by law before March 29, 1981.  From the amount of taxes paid into the special fund under this subsection and subsection (9) of this section, there shall be first deducted and paid the amount necessary to pay the expenses of the Office of State Aid Road Construction, as authorized by the Legislature for all other general and special fund agencies.  The remainder of the fund shall be allocated monthly to the several counties in accordance with the following formula:

          (a)  One-third (1/3) shall be allocated to all counties in equal shares;

          (b)  One-third (1/3) shall be allocated to counties based on the proportion that the total number of rural road miles in a county bears to the total number of rural road miles in all counties of the state; and

          (c)  One-third (1/3) shall be allocated to counties based on the proportion that the rural population of the county bears to the total rural population in all counties of the state, according to the latest federal decennial census.

     For the purposes of this subsection, the term "gasoline, diesel fuel or kerosene taxes" means such taxes as defined in paragraph (f) of Section 27-5-101.

     The amount of funds allocated to any county under this subsection for any fiscal year after fiscal year 1994 shall not be less than the amount allocated to the county for fiscal year 1994.

     Any reference in the general laws of this state or the Mississippi Code of 1972 to Section 27-5-105 shall mean and be construed to refer and apply to subsection (4) of Section 27-65-75.

     (5)  One Million Six Hundred Sixty-six Thousand Six Hundred Sixty-six Dollars ($1,666,666.00) each month shall be paid into the special fund known as the "State Public School Building Fund" created and existing under the provisions of Sections 37-47-1 through 37-47-67.  Those payments into that fund are to be made on the last day of each succeeding month hereafter.

     (6)  An amount each month beginning August 15, 1983, through November 15, 1986, as specified in Section 6 of Chapter 542, Laws of 1983, shall be paid into the special fund known as the Correctional Facilities Construction Fund created in Section 6 of Chapter 542, Laws of 1983.

     (7)  On or before August 15, 1992, and each succeeding month thereafter through July 15, 2000, two and two hundred sixty-six one-thousandths percent (2.266%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Section 27-65-17(2), shall be deposited by the department into the School Ad Valorem Tax Reduction Fund created under Section 37-61-35.  On or before August 15, 2000, and each succeeding month thereafter, two and two hundred sixty-six one-thousandths percent (2.266%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Section 27-65-17(2), shall be deposited into the School Ad Valorem Tax Reduction Fund created under Section 37-61-35 until such time that the total amount deposited into the fund during a fiscal year equals Forty-two Million Dollars ($42,000,000.00).  Thereafter, the amounts diverted under this subsection (7) during the fiscal year in excess of Forty-two Million Dollars ($42,000,000.00) shall be deposited into the Education Enhancement Fund created under Section 37-61-33 for appropriation by the Legislature as other education needs and shall not be subject to the percentage appropriation requirements set forth in Section 37-61-33.

     (8)  On or before August 15, 1992, and each succeeding month thereafter, nine and seventy-three one-thousandths percent (9.073%) of the total sales tax revenue collected during the preceding month under the provisions of this chapter, except that collected under the provisions of Section 27-65-17(2), shall be deposited into the Education Enhancement Fund created under Section 37-61-33.

     (9)  On or before August 15, 1994, and each succeeding month thereafter, from the revenue collected under this chapter during the preceding month, Two Hundred Fifty Thousand Dollars ($250,000.00) shall be paid into the State Aid Road Fund.

     (10)  On or before August 15, 1994, and each succeeding month thereafter through August 15, 1995, from the revenue collected under this chapter during the preceding month, Two Million Dollars ($2,000,000.00) shall be deposited into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27-51-105.

     (11)  Notwithstanding any other provision of this section to the contrary, on or before February 15, 1995, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27-65-17(2) and the corresponding levy in Section 27-65-23 on the rental or lease of private carriers of passengers and light carriers of property as defined in Section 27-51-101 shall be deposited, without diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27-51-105.

     (12)  Notwithstanding any other provision of this section to the contrary, on or before August 15, 1995, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27-65-17(1) on retail sales of private carriers of passengers and light carriers of property, as defined in Section 27-51-101 and the corresponding levy in Section 27-65-23 on the rental or lease of these vehicles, shall be deposited, after diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27-51-105.

     (13)  On or before July 15, 1994, and on or before the fifteenth day of each succeeding month thereafter, that portion of the avails of the tax imposed in Section 27-65-22 that is derived from activities held on the Mississippi State Fairgrounds Complex shall be paid into a special fund that is created in the State Treasury and shall be expended upon legislative appropriation solely to defray the costs of repairs and renovation at the Trade Mart and Coliseum.

     (14)  On or before August 15, 1998, and each succeeding month thereafter through July 15, 2005, that portion of the avails of the tax imposed in Section 27-65-23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited in an amount not to exceed Two Million Dollars ($2,000,000.00) into the special fund created under Section 69-37-39.  On or before August 15, 2007, and each succeeding month thereafter through July 15, 2010, that portion of the avails of the tax imposed in Section 27-65-23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited in an amount not to exceed Two Million Dollars ($2,000,000.00) into the special fund created under Section 69-37-39 until all debts or other obligations incurred by the Certified Cotton Growers Organization under the Mississippi Boll Weevil Management Act before January 1, 2007, are satisfied in full.  On or before August 15, 2010, and each succeeding month thereafter through July 15, 2011, fifty percent (50%) of that portion of the avails of the tax imposed in Section 27-65-23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited into the special fund created under Section 69-37-39 until such time that the total amount deposited into the fund during a fiscal year equals One Million Dollars ($1,000,000.00).  On or before August 15, 2011, and each succeeding month thereafter, that portion of the avails of the tax imposed in Section 27-65-23 that is derived from sales by cotton compresses or cotton warehouses and that would otherwise be paid into the General Fund shall be deposited into the special fund created under Section 69-37-39 until such time that the total amount deposited into the fund during a fiscal year equals One Million Dollars ($1,000,000.00).

     (15)  Notwithstanding any other provision of this section to the contrary, on or before September 15, 2000, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27-65-19(1)(d)(i)2, and 27-65-19(d)(i)3 shall be deposited, without diversion, into the Telecommunications Ad Valorem Tax Reduction Fund established in Section 27-38-7.

     (16)  (a)  On or before August 15, 2000, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of this chapter on the gross proceeds of sales of a project as defined in Section 57-30-1 shall be deposited, after all diversions except the diversion provided for in subsection (1) of this section, into the Sales Tax Incentive Fund created in Section 57-30-3.

          (b)  On or before August 15, 2007, and each succeeding month thereafter, eighty percent (80%) of the sales tax revenue collected during the preceding month under the provisions of this chapter from the operation of a tourism project under the provisions of Sections 57-26-1 through 57-26-5, shall be deposited, after the diversions required in subsections (7) and (8) of this section, into the Tourism Project Sales Tax Incentive Fund created in Section 57-26-3.

     (17)  Notwithstanding any other provision of this section to the contrary, on or before April 15, 2002, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under Section 27-65-23 on sales of parking services of parking garages and lots at airports shall be deposited, without diversion, into the special fund created under Section 27-5-101(d).

     (18)  [Repealed]

     (19)  (a)  On or before August 15, 2005, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of this chapter on the gross proceeds of sales of a business enterprise located within a redevelopment project area under the provisions of Sections 57-91-1 through 57-91-11, and the revenue collected on the gross proceeds of sales from sales made to a business enterprise located in a redevelopment project area under the provisions of Sections 57-91-1 through 57-91-11 (provided that such sales made to a business enterprise are made on the premises of the business enterprise), shall, except as otherwise provided in this subsection (19), be deposited, after all diversions, into the Redevelopment Project Incentive Fund as created in Section 57-91-9.

          (b)  For a municipality participating in the Economic Redevelopment Act created in Sections 57-91-1 through 57-91-11, the diversion provided for in subsection (1) of this section attributable to the gross proceeds of sales of a business enterprise located within a redevelopment project area under the provisions of Sections 57-91-1 through 57-91-11, and attributable to the gross proceeds of sales from sales made to a business enterprise located in a redevelopment project area under the provisions of Sections 57-91-1 through 57-91-11 (provided that such sales made to a business enterprise are made on the premises of the business enterprise), shall be deposited into the Redevelopment Project Incentive Fund as created in Section 57-91-9, as follows:

              (i)  For the first six (6) years in which payments are made to a developer from the Redevelopment Project Incentive Fund, one hundred percent (100%) of the diversion shall be deposited into the fund;

              (ii)  For the seventh year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, eighty percent (80%) of the diversion shall be deposited into the fund;

              (iii)  For the eighth year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, seventy percent (70%) of the diversion shall be deposited into the fund;

              (iv)  For the ninth year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, sixty percent (60%) of the diversion shall be deposited into the fund; and

              (v)  For the tenth year in which such payments are made to a developer from the Redevelopment Project Incentive Fund, fifty percent (50%) of the funds shall be deposited into the fund.

     (20)  On or before January 15, 2007, and each succeeding month thereafter, eighty percent (80%) of the sales tax revenue collected during the preceding month under the provisions of this chapter from the operation of a tourism project under the provisions of Sections 57-28-1 through 57-28-5 shall be deposited, after the diversions required in subsections (7) and (8) of this section, into the Tourism Sales Tax Incentive Fund created in Section 57-28-3.

     (21)  (a)  On or before April 15, 2007, and each succeeding month thereafter through June 15, 2013, One Hundred Fifty Thousand Dollars ($150,000.00) of the sales tax revenue collected during the preceding month under the provisions of this chapter shall be deposited into the MMEIA Tax Incentive Fund created in Section 57-101-3.

          (b)  On or before July 15, 2013, and each succeeding month thereafter, One Hundred Fifty Thousand Dollars ($150,000.00) of the sales tax revenue collected during the preceding month under the provisions of this chapter shall be deposited into the Mississippi Development Authority Job Training Grant Fund created in Section 57-1-451.

     (22)  Notwithstanding any other provision of this section to the contrary, on or before August 15, 2009, and each succeeding month thereafter, the sales tax revenue collected during the preceding month under the provisions of Section 27-65-201 shall be deposited, without diversion, into the Motor Vehicle Ad Valorem Tax Reduction Fund established in Section 27-51-105.

     (23)  Subject to the provisions of Section 4 of this act, on or before August 15, 2014, and each succeeding month thereafter, eighty percent (80%) of the sales tax revenue collected during the preceding month under the provisions of this chapter from the operation of a grocery store development project under the provisions of Sections 1 through 4 of this act, shall be deposited, after the diversions required in subsections (7) and (8) of this section, into the Grocery Store Development Loan Program Fund created in Section 2 of this act.

     ( * * *2324)  The remainder of the amounts collected under the provisions of this chapter shall be paid into the State Treasury to the credit of the General Fund.

     ( * * *2425)  It shall be the duty of the municipal officials of any municipality that expands its limits, or of any community that incorporates as a municipality, to notify the commissioner of that action thirty (30) days before the effective date.  Failure to so notify the commissioner shall cause the municipality to forfeit the revenue that it would have been entitled to receive during this period of time when the commissioner had no knowledge of the action.  If any funds have been erroneously disbursed to any municipality or any overpayment of tax is recovered by the taxpayer, the commissioner may make correction and adjust the error or overpayment with the municipality by withholding the necessary funds from any later payment to be made to the municipality.

     SECTION 6.  (1)  As used in this section, the following words shall have the meanings as defined in this section 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)  "State" means the State of Mississippi.

          (c)  "Commission" means the State Bond Commission.

          (d)  "MDA" means the Mississippi Development Authority.

     (2)  (a)  The Mississippi Development Authority, 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 the loan program authorized in Sections 1 through 4 of this act.  Upon the adoption of a resolution by the MDA, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the MDA shall deliver a certified copy of its resolution or resolutions to the commission.  Upon receipt of the resolution, the 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 issued under this section shall not exceed Five Hundred Thousand Dollars ($500,000.00).  No bonds authorized under this section shall be issued after July 1, 2018.

          (b)  The proceeds of bonds issued under this section shall be deposited into the Grocery Store Development Loan Program Fund created in Section 2 of this act.  Any investment earnings on bonds issued under 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.  The 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 determined by resolution of the commission.

     (4)  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 the bonds may be executed by the facsimile signatures of the officers.  Whenever any of those bonds have been signed by the officials designated to sign the bonds who were in office at the time of the signing but who may have ceased to be those officers before the sale and delivery of the bonds, or who may not have been in office on the date that the bonds may bear, the signatures of those officers upon the 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 the bonds may bear.  However, notwithstanding anything in this section to the contrary, the bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

     (5)  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.

     (6)  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 the issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of the 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 the bonds.  The commission may sell the bonds on sealed bids at public sale or may negotiate the sale of the bonds for any price as it may determine to be for the best interest of the State of Mississippi.  All interest accruing on the bonds so issued shall be payable semiannually or annually.

     If the 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 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 in the bonds and accrued interest on the date or dates named in the bonds.

     (7)  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 the 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 of those bonds shall contain recitals on their faces substantially covering the provisions of this subsection.

     (8)  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 Grocery Store Development Loan Program Fund created in Section 2 of this act.  The proceeds of the bonds shall be disbursed solely upon the order of the MDA under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.

     (9)  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 that 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.

     (10)  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 those statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

     (11)  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 the 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 on the bonds.

     (12)  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 the bonds shall be legal securities that 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.

     (13)  Bonds issued under the provisions of this section and income from the bonds shall be exempt from all taxation in the State of Mississippi.

     (14)  The proceeds of the bonds issued under this section shall be used solely for the purposes provided in this section, including the costs incident to the issuance and sale of such bonds.

     (15)  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 the bonds in ample time to discharge the bonds, or the interest on the bonds, on the due dates thereof.

     (16)  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 7.  This act shall take effect and be in force from and after July 1, 2014, and shall stand repealed from and after June 30, 2014.  This act shall stand repealed on June 30, 2014.

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