MCA Chapter 23

in effect

Miss. Code Ann. § 55-23-1 Legislative findings and declaration of intent.

The Legislature hereby finds and determines: That the Fifty Cents (50¢) per ticket charge and the one-fourth (1/4) of the amusement tax provided in Section 7 of Chapter 360, Laws of 1979, as amended by Chapter 456, Laws of 1985, have been insufficient in recent years to fully provide for the payment of the principal of and interest on bonds issued under said Chapter 360; that the proceeds of the charge and tax are, upon their deposit to the Mississippi Memorial Stadium Fund, commingled with other amounts intended for the payment of stadium operating costs; that in recent years amounts intended to pay operating costs have been diverted to pay said bonds; and that the imposition of such charge and tax at current levels is causing events not to be conducted at the Mississippi Veterans Memorial Stadium, thereby jeopardizing the continued viability of said stadium; and That it is the intent of the Legislature, by the enactment of this chapter, to provide a reasonable procedure for the payment of the bonds from the General Fund of the state, without adversely affecting the security interests of the holders of the bonds, in order to provide for the continued viability of the stadium.

Miss. Code Ann. § 55-23-3 Short title of Sections 55-23-3 through 55-23-11.

Sections 55-23-3 through 55-23-11 may be cited as “The Mississippi Veterans Memorial Stadium Act.”

Miss. Code Ann. § 55-23-5 Creation of Mississippi Veterans Memorial Stadium Commission; composition; qualifications, appointment, terms of office and compensation of members; officers; quorum; director.

There is hereby created a commission to be known as “The Mississippi Veterans Memorial Stadium Commission,” hereinafter sometimes referred to as the commission, which shall consist of six (6) members as follows: One (1) member shall be appointed by the Mayor of the City of Jackson, Mississippi; One (1) member shall be selected by the Board of Trustees of State Institutions of Higher Learning from among the membership of the board or shall be some other person designated by the board; Two (2) members shall be appointed by the Governor from the state at large outside of Hinds County, Mississippi, and one (1) member shall be appointed by the Governor from Hinds County, Mississippi. The appointee from Hinds County may be selected from a list of three (3) persons submitted by the Hinds County Board of Supervisors to the Governor; One (1) member shall be the President of Jackson State University, or his designee. Terms of members shall begin on May 1, 1987, as follows: Of the members appointed by the Governor, one (1) shall serve for a term of one (1) year, one (1) for a term of two (2) years and one (1) for a term of three (3) years; the member appointed by the Mayor of the City of Jackson shall serve for a term of four (4) years; and the member representing the Board of Trustees of State Institutions of Higher Learning shall serve for a term of five (5) years. Upon the expiration of the foregoing terms, members shall serve for terms of five (5) years each. The appointing authority shall fill any vacancy in the above terms by appointment of a member for the unexpired term. Members shall be eligible for reappointment. An appointed member serving on the commission on April 30, 1987, shall be eligible for appointment to the commission for a term beginning May 1, 1987, of either one (1), two (2), three (3), four (4) or five (5) years, if such member is otherwise qualified. One (1) member of the commission appointed by the Governor shall be a person knowledgeable in marketing with at least three (3) years actual experience therein and one (1) member appointed by the Governor shall be a person of recognized ability in a trade or business with at least five (5) years actual experience therein. From and after May 1, 1987, the name of the commission shall be the “Mississippi Veterans Memorial Stadium Commission” and any references in Sections 55-23-3 through 55-23-11 to the Mississippi Memorial Stadium Commission or commission shall mean the Mississippi Veterans Memorial Stadium Commission unless the context clearly indicates a different meaning. From and after May 1, 1987, the stadium shall be known as the “Mississippi Veterans Memorial Stadium.” The commission is authorized to accept donations of money, property or services from any public or private source to accomplish any physical replacement or alterations of stadium property necessary to accomplish the renaming of the stadium. The members of the commission shall serve without compensation except that members shall be paid their actual and necessary expenses in connection with the performance of their duties as members of the commission, including mileage, as authorized in Section 25-3-41, Mississippi Code of 1972, plus a per diem as is authorized by Section 25-3-69, Mississippi Code of 1972, while engaged in the performance of their duties. The expenses, mileage and per diem allowance shall be paid out of the Mississippi Veterans Memorial Stadium Fund. The commission shall elect from its membership a chairman who shall preside over meetings and a vice chairman who shall preside in the absence of the chairman. Three (3) members of the commission shall constitute a quorum for the transaction of any and all business of the commission. The powers of the commission shall be exercised by a majority of the members thereof, but it may delegate to one or more of its members, or to its agents and employees, such powers and duties as it may deem proper, and may adopt rules and regulations for the conduct of its business and affairs. The commission shall contract with a certified public accounting firm to conduct audits of concession and novelty sales by vendors at the stadium. The commission shall, as far as is practicable, provide that the cost of such audits shall be paid by the vendor of such concessions or novelties, or both. The commission shall appoint a director who shall have at least a bachelor’s degree from an accredited university or college. The director shall have the responsibility for insuring the marketing of tickets to events conducted in the stadium, in addition to such other duties as the commission may designate. Before entering upon the duties of his office, the director shall give bond to the State of Mississippi in the sum of Fifty Thousand Dollars ($50,000.00), and said bond shall be conditioned upon the faithful discharge and performance of his official duty. The principal and surety on said bond shall be liable thereunder to the state for double the amount of value of any money or property which the state may lose, if any, by reason of any wrongful or criminal act of said director. Said bond, when approved by the commission, shall be filed with the Secretary of State, and the premium thereon shall be paid from the Mississippi Veterans Memorial Stadium Fund.

Miss. Code Ann. § 55-23-6 Transfer of operational, administrative and managing powers and duties over Mississippi Veterans Memorial Stadium to Jackson State University; transfer of certain parcels of Mississippi Veterans Memorial Stadium property.

From and after March 16, 2011: The Department of Finance and Administration as managing agency for the Mississippi Veterans Memorial Stadium, upon consultation with Jackson State University and the Department of Health, shall transfer the operational, administrative and managing powers and duties over the Mississippi Veterans Memorial Stadium to Jackson State University, subject to an agreement reached by the Department of Finance and Administration, Jackson State University and the University of Mississippi Medical Center. The Department of Finance and Administration as managing agency for the Mississippi Veterans Memorial Stadium, upon consultation with Jackson State University, the University of Mississippi Medical Center and the Department of Health, shall transfer, the real property located in Hinds County, Mississippi, generally known as the “Mississippi Veterans Memorial Stadium Property,” being any property under the jurisdiction of the Department of Finance and Administration as of July 1, 2008, and any other state-owned property located in the area bounded on the north by Taylor Street, on the west by North West Street, on the south by Woodrow Wilson Avenue and on the east by North State Street used as part of or in connection with the Mississippi Veterans Memorial Stadium, to Jackson State University and the University of Mississippi Medical Center in accordance with the provisions of this section and Sections 55-23-8 and 55-23-9 and subject to an agreement reached by the Department of Finance and Administration, the University of Mississippi Medical Center and the developer of the property with whom the Department of Finance and Administration entered into a development lease agreement on July 13, 1993, as amended by an agreement on August 19, 1994, less and except any portion of real property excluded from the development agreement pursuant to a settlement agreement issued in the Circuit Court of Hinds County, Mississippi, on September 16, 2009, better described as Parcel B recorded in Book 4216, page 330, at Hinds County Courthouse, First Judicial District, Jackson, Mississippi; The property that is the subject of the development agreement entered into on July 13, 1993, as amended by an agreement on August 19, 1994, less and except any portion of real property excluded from the development agreement pursuant to a settlement agreement issued in the Circuit Court of Hinds County, Mississippi, on September 16, 2009, better described as Parcel B recorded in Book 4216, page 330, at Hinds County Courthouse, First Judicial District, Jackson, Mississippi, shall be transferred to the University of Mississippi Medical Center; The remainder of the Mississippi Veterans Memorial Stadium Property shall be transferred from the Department of Finance and Administration to Jackson State University, until such time as Jackson State University relocates its home football games to another venue. Once Jackson State University relocates its home football games to another venue, the portion of Mississippi Veterans Memorial Stadium Property conveyed to Jackson State University under this subsection (1) shall be transferred to the University of Mississippi Medical Center. From and after March 16, 2011, and at the point Jackson State University assumes possession of an operation of the real property transferred in this paragraph, Jackson State University shall have a three-year option to transfer said property back to the State of Mississippi; All necessary records, property, funds and other assets of the Mississippi Veterans Memorial Stadium shall be transferred from the Department of Finance and Administration to Jackson State University and/or the University of Mississippi Medical Center as applicable, in proportion to the interests that each such entity retains in the real property transferred under paragraphs (a) and (b) of this subsection; and Unless otherwise provided in the provisions of this section and Sections 55-23-8 and 55-23-9, any personal service, management or other contracts of like nature entered into by the Department of Finance and Administration, as such may apply to the properties transferred under paragraphs (a) and (b) of this subsection, shall be transferred to, acknowledged and complied with by Jackson State University and the University of Mississippi Medical Center as applicable to the interests that each such entity retains in the real property transferred under paragraphs (a) and (b) of this subsection. Any agreement reached by the Department of Finance and Administration, the University of Mississippi Medical Center and the current developer shall comply with all requirements of this section and Sections 55-23-8 and 55-23-9. From and after March 16, 2011, wherever the term “Department of Finance and Administration,” the term “Mississippi Veterans Memorial Stadium Commission” or the term “commission,” when referring to the Mississippi Veterans Memorial Stadium Commission, appears in the laws of the state, the terms shall mean “Jackson State University” or the “University of Mississippi Medical Center,” which shall be applicable to the interests that each such entity retains in the property transferred under subsection (1)(b) as stipulated in any agreement entered into by the Department of Finance and Administration, Jackson State University, the University of Mississippi Medical Center and the developer of the property for the transfer of such property and the administration and operations relating thereto.

Miss. Code Ann. § 55-23-7 Construction, renovation, repair and reconstruction of facilities and property of stadium.

Any construction, renovation, repair and reconstruction to the facilities and property of the Mississippi Veterans Memorial Stadium shall be carried on under the direction of the commission, which is authorized to make and enter into such contracts, agreements and undertakings as may be necessary to effect this purpose. The commission may take any action authorized in Section 55-23-8, relating to the facilities and property of the Mississippi Veterans Memorial Stadium.

Miss. Code Ann. § 55-23-8 Lease of Mississippi Veterans Memorial Stadium property; compliance with existing lease agreements by Jackson State University and University of Mississippi Medical Center.

Jackson State University and the University of Mississippi Medical Center shall comply fully with the terms of any lease agreement entered into by the Department of Finance and Administration with any public or private entity for that portion of the Mississippi Veterans Memorial Stadium Property transferred to and under its jurisdiction as provided in Section 55-23-6, including the existing lease agreement between the Department of Finance and Administration and the University of Mississippi Medical Center entered into on February 23, 2009, as amended from time to time, unless and except that public or private entity breaches the terms of the lease agreement or defaults on lease payments or upon an agreement of the parties to terminate. The University of Mississippi Medical Center may enter into agreements with any developer for the property conveyed to the University of Mississippi Medical Center under Section 55-23-6, or any lessee or lessees (or any designee of any such lessee or lessees), which agreements may extend over any period of time not exceeding the term of such lease (including renewals and extensions), pursuant to which the state shall be obligated to purchase contractual rights and/or improvements constructed on such property and/or any residual rights in connection with such improvements upon terms and for a purchase price, not to exceed Ten Million Dollars ($10,000,000.00). The University of Mississippi Medical Center, in its discretion, is authorized to enter into all other agreements as may be necessary or appropriate in connection with any financing by any lessee or lessees (or any designee of any such lessee or lessees) of any improvements to be constructed on property leased from the University of Mississippi Medical Center. Any lease, renewal thereof, or other agreement entered into by the University of Mississippi Medical Center under this section shall not be valid unless approved by the Board of Trustees of State Institutions of Higher Learning. Any lessee or lessees (or any designee of any such lessee or lessees) of property leased from the University of Mississippi Medical Center under this section shall not be considered as being the state, any political subdivision of the state or any officer or servant of the state for the purposes of any liability that may be waived under Section 11-46-1 et seq. The University of Mississippi Medical Center, or the Department of Finance and Administration, acting on behalf of the state or any state agency, is authorized to perform any additional steps and necessary duties to fully implement the provisions of this section and Sections 55-23-6 and 55-23-9, as the exercise of such authority relates to the negotiation or renegotiation of certain leases or acquiring rights in any property under any existing lease with the Department of Finance and Administration. In addition to the requirement imposed upon the University of Mississippi Medical Center and Jackson State University to fully comply with the terms of all lease agreements entered into concerning the “Mississippi Veterans Memorial Stadium Property,” the process of eminent domain shall not be used to acquire possession of any property interest leased under the provision of any existing development lease entered into on the property at anytime before the expiration of the term of the original lease or any amendment made thereto.

Miss. Code Ann. § 55-23-9 Possession, operation, maintenance, and improvement of stadium by Jackson State University; existing contracts to be transferred to, acknowledged and complied with by Jackson State University; monies and revenues to be retained by Jackson State University; form for tickets.

Jackson State University shall acquire possession of, operate, maintain and improve the Mississippi Veterans Memorial Stadium until such time that Jackson State University relocates its home football games to another venue, in accordance with the provisions of this section and Sections 55-23-6 and 55-23-8. Jackson State University shall employ such agents and employees as may be required in connection therewith. All personnel of the Mississippi Veterans Memorial Stadium Commission shall be transferred from the Department of Finance and Administration to Jackson State University. Jackson State University may enter into contracts for the use of the stadium, and fix the amount of the compensation therefor, and collect the same when due. Any personal service, management or other contracts of like nature entered into by the Department of Finance and Administration that are applicable to the Mississippi Veterans Memorial Stadium, in whole or in part, shall be transferred to, acknowledged and complied with by Jackson State University for the term of such contracts. All monies and revenues, including the amusement tax imposed upon the sale of tickets for admission to the stadium, and all other events on stadium property designated for Jackson State University and all monies arising from other use of stadium property, including that realized from the sale of concessions, shall be retained by Jackson State University for the operation, maintenance and improvements to the Mississippi Veterans Memorial Stadium and for the support of intercollegiate athletics at such university. Jackson State University shall seek appropriate state funding through the Department of Finance and Administration for completion by the Bureau of Building, Grounds and Real Property for all expenses incident to the necessary safety, repairs and renovations as determined by the Department of Finance and Administration to the Mississippi Veterans Memorial Stadium. All tickets sold to an event conducted in the Mississippi Veterans Memorial Stadium shall have printed in an appropriate and prominent place thereon the words A.C. “Butch” Lambert Field.

Miss. Code Ann. § 55-23-11 Promulgation of rules and regulations governing use of lands and facilities.

The commission shall promulgate rules and regulations governing the use of the lands and facilities under its supervision. The commission may take any action authorized in Section 55-23-8, relating to the property described in such section.

Miss. Code Ann. § 55-23-13 Maintenance of stadium driveways.

The State Highway Department is hereby authorized and empowered to maintain the driveways which lead to the Mississippi Veterans Memorial Stadium and are a part of the state-owned real property under the jurisdiction of the Mississippi Veterans Memorial Stadium Commission. In carrying out this section, the department is authorized to use its personnel, funds, equipment and machinery, and it may accept donations of funds from said commission, the City of Jackson, and Hinds County, which funds are hereby authorized to be expended, and other grants and bequests for carrying out the provisions of this section.

Miss. Code Ann. § 55-23-15 Use of state-owned lands for public parking facilities.

The Mississippi Veterans Memorial Stadium Commission is hereby authorized to utilize certain state-owned land in Hinds County bounded on the east by North State Street, on the north by Taylor Street, on the west by North West Street, and on the south by a street or driveway known as Stadium Drive as a public parking facility establishing reasonable rules and regulations connected with the operation of such a facility, including fees for the privilege of parking. The parking facilities shall not be extended any farther to the east than as the facilities existed on January 1, 1996. Further, the portion of the property described in this section, except the property west of the stadium between the stadium and North West Street, that was undeveloped as of January 1, 1996, shall remain undeveloped unless the Legislature enacts legislation approving the development of such property. The portion of the property described in this section that is west of the stadium between the stadium and North West Street may be developed to provide parking facilities for the Mississippi Department of Transportation offices located on North West Street. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8 relating to the property described in such section. The Mississippi Veterans Memorial Stadium Commission is authorized to lease such property to the Mississippi Transportation Commission for parking facilities for Department of Transportation offices, notwithstanding the time limitation on leases or other agreements provided in Section 55-23-8(9).

Miss. Code Ann. § 55-23-17 Penalties.

The commission is authorized to establish penalties for tow-away or impoundment charges for individual or corporate owners of vehicles violating such rules and regulations; and such other general rules and regulations as may be reasonably necessary.

Miss. Code Ann. § 55-23-19 Maintenance of parking facilities; exemption from fees.

Prior to July 1, 1989, the commission shall contract with the University of Mississippi Medical Center for provision by the medical center of funds in an amount reasonable and necessary to provide the following maintenance of parking facilities at the stadium: Adequate lighting; Routine care of the parking surface; Long-term resurfacing of any parking area utilized by medical center employees, students and patients; and Security. In consideration of the funds provided by the medical center, the University of Mississippi Medical Center students, employees, patients and visitors, and all other state employees, will be exempt from payment of any fees imposed by the commission for the use of the parking facilities at the Mississippi Veterans Memorial Stadium when there are no special events being held on the stadium grounds.

Miss. Code Ann. § 55-23-21 Enlargement and renovation of stadium generally; public parking facilities.

The Building Commission is hereby authorized and empowered, in addition to all other powers and duties of such commission, to enlarge and renovate the Mississippi Veterans Memorial Stadium in order to provide for a modern stadium having a seating capacity of approximately sixty-two thousand seven hundred thirty-one (62,731) persons, such authority to be conditioned upon a contribution by Hinds County, Mississippi, to the Building Commission of a sum of One Million Dollars ($1,000,000.00) for such enlargement and renovation. The parking facilities shall not be extended any farther to the east than as the facilities existed on January 1, 1996. Further, the portion of the state-owned property on which the stadium and parking facilities are located, except the property west of the stadium between the stadium and North West Street, that was undeveloped as of January 1, 1996, shall remain undeveloped unless the Legislature enacts legislation approving the development of such property. The portion of the state-owned property on which the stadium is located that is west of the stadium between the stadium and North West Street may be developed to provide parking facilities for the Mississippi Department of Transportation offices located on North West Street. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8, relating to the property described in such section.

Miss. Code Ann. § 55-23-23 Contribution by Hinds County to enlargement and renovation of stadium.

In keeping with the purposes of Sections 55-23-21 through 55-23-43, the Board of Supervisors of Hinds County, Mississippi, is authorized and empowered, in its discretion, to transfer and deliver to the Building Commission a sum of One Million Dollars ($1,000,000.00) out of any funds on hand or received by Hinds County. When such funds are received by the Building Commission, they shall be deposited at interest in banks located in Hinds County according to the same formula used for the investment of excess state funds, and all interest accruing as a result thereof shall be returned to the Board of Supervisors of Hinds County.

Miss. Code Ann. § 55-23-25 Issuance of bonds for enlargement and renovation of stadium; amount of bond issue; payment of principal and interest on bonds; details and execution of bonds.

Upon receipt of a sum of One Million Dollars ($1,000,000.00) from the Board of Supervisors of Hinds County, the Building Commission is authorized at one (1) time or from time to time to petition by resolution to the State Bond Commission for the issuance of negotiable bonds of the State of Mississippi by the State Bond Commission to provide funds for the purpose of paying all or any part of the cost of enlarging and renovating the Mississippi Veterans Memorial Stadium in accordance with the provisions of Sections 55-23-21 through 55-23-43. The amounts of bonds issued shall not exceed an aggregate sum of Three Million Dollars ($3,000,000.00). The principal of and the interest on such bonds shall be payable from the Mississippi Veterans Memorial Stadium Bond Sinking Fund, hereby created in the State Treasury, in the manner hereinafter set forth. Such bonds shall bear date or dates, be in such denomination or denominations, bear interest at such rate or rates, be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times, be redeemable prior to maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the State Bond Commission. Provided, however, that such bonds shall mature or otherwise be retired in annual installments beginning not more than five (5) years from date thereof and extending not more than twenty-five (25) years from date thereof. Such bonds shall be signed by the Chairman of the State Bond Commission, or by his facsimile signature, and the official seal of the State Bond Commission shall be affixed thereto, attested by the Secretary of the State Bond Commission. The interest coupons to be attached to such bonds may be executed by the facsimile signatures of said officers. Whenever any such bonds shall have been signed by the officials herein designated to sign the bonds, who were in the office at the time of such signing but who may have ceased to be such officers prior to the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until the delivery of the same to the purchaser, or had been in office on the date such bonds may bear.

Miss. Code Ann. § 55-23-27 Negotiability of bonds; exemption from taxation.

All bonds and interest coupons issued under the provisions of Sections 55-23-21 through 55-23-43 shall be and are hereby declared to have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code and in exercising the powers granted by Sections 55-23-21 through 55-23-43, the board and/or State Bond Commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code. Such bonds and income therefrom shall be exempt from all taxation within the State of Mississippi.

Miss. Code Ann. § 55-23-29 Sale of bonds; interest on bonds; redemption of bonds.

The State Bond Commission shall sell such bonds on sealed bids at public sale, and for such price as it may determine to be for the best interest of the State of Mississippi, but no such sale shall be made at a price less than par plus accrued interest to date of delivery of the bonds to the purchaser. All bonds shall bear interest at such rate or rates not exceeding seven percent (7%) per annum. All interest accruing on such bonds so issued shall be payable semiannually or annually. No interest payment due on any bond shall be evidenced by more than one (1) coupon and supplemental coupons will not be permitted; the difference between the highest rate of interest specified for any bond issue shall not exceed the lowest rate of interest specified for the same bond issue by more than one and one-fourth percent (1-1/4 %). Each interest rate specified in any bid must be in a multiple of one-eighth of one percent (1/8 of 1%) or one-tenth of one percent (1/10 of 1%) and a zero rate of interest cannot be named. Notice of the sale of any such bonds shall be published at least one (1) time, the first of which shall be made not less than ten (10) days prior to the date of sale, and shall be so published in one or more newspapers having a general circulation in the City of Jackson and in one or more other newspapers or financial journals with a large national circulation, to be selected by the State Bond Commission. The State Bond Commission, when issuing any bonds under the authority of Sections 55-23-21 through 55-23-43, shall provide that bonds maturing eleven (11) or more years after the date of the issuance of such bonds may, at the option of the State of Mississippi, be called in for payment and redemption in reverse numerical order at the call price named therein and accrued interest, or on the tenth anniversary of the date of issue, or on any interest payment date thereafter prior to maturity.

Miss. Code Ann. § 55-23-31 Security for payment of bonds.

The bonds issued under the provisions of Sections 55-23-21 through 55-23-43 shall be payable from the Mississippi Veterans Memorial Stadium Bond Sinking Fund and shall be the general obligations of the State of Mississippi and backed by the full faith and credit of the State of Mississippi, and if the funds available in the Mississippi Veterans Memorial Stadium Bond Sinking Fund be 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 foregoing provisions of this section.

Miss. Code Ann. § 55-23-33 Surcharge on stadium ticket prices for payment of bonds; use of portion of amusement sales tax for payment of bonds; university share of stadium revenues.

An additional charge of Fifty Cents (50¢) per ticket is hereby imposed upon every ticket which is sold (a) to an event conducted in the Mississippi Veterans Memorial Stadium in which there participates any team of a university which is a member of the National Collegiate Athletic Association with the exception of a university located in Hinds County, in which case an additional charge of Twenty-five Cents (25¢) per ticket shall be imposed, and (b) to any event in which there participates a professional team or in which the entertainers, performers or other participants are professionals. The funds derived from this additional charge shall be paid by the Stadium Commission to the State Treasurer to be deposited in the Mississippi Memorial Stadium Fund and are specifically reserved and dedicated for the payment of the principal of and the interest on bonds issued under the provisions of Sections 55-23-21 through 55-23-43 to enlarge and renovate the Mississippi Memorial Stadium. Upon a determination by the State Treasurer, the additional charge provided by this subsection may cease to be imposed when the other revenue pledged out of the Mississippi Memorial Stadium Fund to retire the bonds is at least one and one tenth (1.1) times the annual debt service plus the obligation to Hinds County or when the fund contains an amount sufficient to retire the amount of bonds then outstanding plus the obligation to Hinds County. If the charge ceases to be imposed as hereinbefore provided and revenues pledged out of the Mississippi Memorial Stadium Fund to retire the bonds fall below one (1.0) times the annual debt service plus the obligation to Hinds County, then at that time the State Treasurer shall notify the Stadium Commission and the charge shall be restored. Forty-two percent (42%) of the tax levied pursuant to Section 27-65-22, Mississippi Code of 1972, on gross revenue derived from the sale of admission to events conducted in the Mississippi Veterans Memorial Stadium, which is deposited in the Mississippi Memorial Stadium Fund, is hereby specifically reserved and dedicated for the payment of the principal of and the interest on bonds issued under the provisions of Sections 55-23-21 through 55-23-43 and repayment of the contribution of Hinds County to enlarge and renovate the Mississippi Veterans Memorial Stadium. It is the intent of the Legislature that a university’s share in revenue derived from events conducted at Mississippi Veterans Memorial Stadium not be reduced as a result of the enactment of this section; and, to that end, any proceeds derived from an event at the Mississippi Veterans Memorial Stadium to which a university is entitled shall not be less than that share to which it would otherwise have been entitled prior to the effective date of Sections 55-23-21 through 55-23-43. Notwithstanding the provisions of subsections (1) and (2) of this section, on and after April 19, 1989, the imposition and deposit of the additional per ticket charge described in subsection (1) of this section and the diversion of the portion of the tax described in subsection (2) of this section shall each be suspended so long as not less than thirty (30) days prior to the first day of each fiscal year of the State of Mississippi either (a) the Legislature has theretofore appropriated for deposit to the Mississippi Veterans Memorial Bond Sinking Fund an amount of moneys from any source sufficient to fully pay in a timely manner all of the principal and interest scheduled to become due in such fiscal year on all bonds theretofore issued and then outstanding under the provisions of Sections 55-23-21 through 55-23-43, plus an amount sufficient to pay all then overdue and unpaid installments of principal and interest on such bonds, if any, or (b) the amount on deposit in the Mississippi Veterans Memorial Stadium Bond Sinking Fund shall be sufficient to fully pay in a timely manner all of the principal and interest scheduled to become due prior to such fiscal year on all bonds theretofore issued and then outstanding under the provisions of Sections 55-23-21 through 55-23-43, plus all of the principal and interest scheduled to become due in such fiscal year on all such bonds, plus an amount sufficient to pay all then overdue and unpaid installments of principal and interest on such bonds, if any. Whenever the State Treasurer shall determine that the conditions of the aforesaid suspensions have not or will not be satisfied as provided in the immediately preceding sentence, the State Treasurer shall notify all appropriate state officials of the same and the imposition and deposit of said additional per ticket charge under subsection (1) of this section and the diversion of said portion of the tax under subsection (2) of this section, each to the Mississippi Veterans Memorial Stadium Bond Sinking Fund, shall be automatically and immediately restored.

Miss. Code Ann. § 55-23-35 Repayment of contribution of Hinds County.

It is the intent of the Legislature that Hinds County, Mississippi, be fully reimbursed for the amount of money contributed by it to the enlargement and renovation of Mississippi Veterans Memorial Stadium. To that end, the State Treasurer shall pay to the county out of any excess in the Mississippi Veterans Memorial Stadium Bond Sinking Fund not necessary to pay the debt service on bonds issued pursuant to Sections 55-23-21 through 55-23-43 an amount not to exceed Fifty Thousand Dollars ($50,000.00) per year or, in his discretion, a greater sum which will expedite such repayment provided the revenue paid into the fund exceeds that projected at the time of passage of Sections 55-23-21 through 55-23-43; provided, however, the percentage of money paid Hinds County shall not exceed the percentage of the state obligation which has been paid. In the event the state refunds bonds issued under Sections 55-23-21 through 55-23-43, the obligation created hereunder to Hinds County shall not be construed to impair such refunding issue but shall be a continuing subordinate obligation of the state until its repayment is effected. Notwithstanding the provisions of subsection (1) to the contrary, the Board of Supervisors of Hinds County may forgive and cancel all or any portion of such obligation of the commission or the State of Mississippi incurred pursuant to Sections 55-23-21 through 55-23-43, by resolution duly entered at any regular meeting to be held, or previously held, in calendar year 1989. However, if the Mississippi Veterans Memorial Stadium is sold, or any interest in same is permanently conveyed by the State of Mississippi, then Hinds County shall be paid all sums which were previously forgiven or cancelled by Hinds County in accordance with subsection (1) of this section.

Miss. Code Ann. § 55-23-37 Issuance of warrants for payment of bonds.

The State Treasurer is hereby authorized, without further process of law, to certify to the State Fiscal Management Board the necessity for warrants, and the State Fiscal Management Board is hereby authorized and directed to issue such warrants payable out of the Mississippi Veterans Memorial Stadium Bond Sinking Fund authorized by Sections 55-23-21 through 55-23-43 for such purpose, in such amounts as may be necessary to pay when due the principal of and interest on all bonds issued under the provisions of Sections 55-23-21 through 55-23-43; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of said bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.

Miss. Code Ann. § 55-23-39 Proceedings for issuance of bonds; validation of bonds.

Such general obligation bonds may be issued without any other proceedings or the happening of any other conditions or things than those proceedings, conditions and things which are specified or required by Sections 55-23-21 through 55-23-43. Any resolution providing for the issuance of general obligation bonds under the provisions of Sections 55-23-21 through 55-23-43 shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular, special or adjourned meeting of the State Bond Commission by a majority of its members. The bonds authorized under the authority of Sections 55-23-21 through 55-23-43 may be validated in the Chancery Court of Hinds County, Mississippi, in the manner and with the force and effect provided now or hereafter by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The necessary papers for such validation proceedings shall be transmitted to the State Bond Commission, and the required notice shall be published in a newspaper published in the City of Jackson, Mississippi.

Miss. Code Ann. § 55-23-41 Mississippi Memorial Stadium Construction Fund; use of Hinds County funds.

The proceeds of the bonds authorized in Sections 55-23-21 through 55-23-43 and funds appropriated for the enlargement and renovation of the Mississippi Veterans Memorial Stadium, including the funds to be supplied by Hinds County and also including funds from any and all other sources set aside for such enlargement and renovation by the Building Commission shall be used for the purpose of enlarging and renovating all physical components which make up the Mississippi Veterans Memorial Stadium and, except for the funds contributed by Hinds County, shall be deposited in the Mississippi Memorial Stadium Construction Fund, hereby created in the State Treasury. The funds contributed by Hinds County shall be deposited as provided in Section 55-23-23. To that end the commission is hereby authorized and empowered to make and enter into such contracts and execute such instruments containing such reasonably appropriate terms and conditions as, in its discretion, it may deem necessary, proper or advisable for the purpose of carrying out the terms of Sections 55-23-21 through 55-23-43, including the acceptance of that proportion of the cost of improvements required by the terms of Sections 55-23-21 through 55-23-43 to be contributed by Hinds County. Any funds received by the Mississippi Veterans Memorial Stadium Commission under Section 55-23-8, may be used for any purpose authorized in this section or Section 55-23-8, or both.

Miss. Code Ann. § 55-23-43 Employment of architects, engineers, etc.; letting of contracts; payment of stadium enlargement and renovation expenses pursuant to Sections 55-23-21 through 55-23-43.

The Building Commission may employ competent architects, engineers and other qualified agents to prepare plans, specifications and such other data as may be necessary to enable it to carry out the purposes of Sections 55-23-21 through 55-23-43 in a manner consistent with sound construction principles. When the plans and specifications have been approved and accepted by the Building Commission, contracts for the various phases of construction shall then be let by the Building Commission in the manner provided by law to competent and responsible firms or individuals whose work shall proceed under the constant inspection of a reliable and competent inspector to be furnished for that purpose by the State Building Commission. All expenses incurred in the enlargement and renovation under the provisions of Sections 55-23-21 through 55-23-43 shall be paid from the Mississippi Memorial Stadium Construction Fund created herein. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8, relating to the property described in such section.

Miss. Code Ann. § 55-23-45 Authorization of repair, remodeling and enlargement of stadium; public parking facilities.

The Building Commission is hereby authorized and empowered to repair and remodel the Mississippi Veterans Memorial Stadium and, notwithstanding the seating capacity limitations set out in Sections 55-23-21 through 55-23-43, to enlarge said stadium as funds become available for said purpose. The parking facilities shall not be extended any farther to the east than as the facilities existed on January 1, 1996. Further, the portion of the state-owned property on which the stadium and parking facilities are located, except the property west of the stadium between the stadium and North West Street, that was undeveloped as of January 1, 1996, shall remain undeveloped unless the Legislature enacts legislation approving the development of such property. The portion of state-owned property on which the stadium is located that is west of the stadium between the stadium and North West Street may be developed to provide parking facilities for the Mississippi Department of Transportation offices located on North West Street. The Mississippi Veterans Memorial Stadium Commission may take any action authorized in Section 55-23-8, relating to the property described in such section.

Miss. Code Ann. § 55-23-47 Provisions governing repair, remodeling and enlargement of stadium.

The repairing, remodeling and enlarging of the Mississippi Memorial Stadium shall be carried on throughout in accordance with the provisions of Section 12, Chapter 390, Laws of 1960.

Miss. Code Ann. § 55-23-49 Funding of repair, remodeling and enlargement of stadium.

The cost of repairing, remodeling and enlarging the Mississippi Veterans Memorial Stadium shall be paid from any funds appropriated by the Legislature for such purposes, or from the sale of revenue bonds or general obligation bonds issued for this purpose, as may be hereafter authorized by the Legislature. The costs of construction of improvements made under Section 55-23-8, may be paid from any funds provided under this section or Section 55-23-8, or both.

Miss. Code Ann. § 55-23-51 Designation of athletic field as “A.C. (Butch) Lambert Field.”

The athletic field at the Mississippi Veterans Memorial Stadium in Jackson, Mississippi, shall be named the “A.C. (Butch) Lambert Field.” The Mississippi Veterans Memorial Stadium Commission shall erect appropriate signs and markers at the stadium to indicate the name of the field.

Miss. Code Ann. § 55-23-53 Scheduling of football games at stadium.

Prior to January 1, 1990, the Board of Trustees of State Institutions of Higher Learning shall develop a proposal to encourage scheduling of football games by Mississippi universities in the Mississippi Veterans Memorial Stadium, which scheduling will acknowledge the obligation of such universities to support the enlarged stadium, the expansion of which was encouraged by such universities.