Mississippi Sports Hall of Fame and Dizzy Dean Museum

Miss. Code Ann. tit. 39, ch. 17
in effect

Miss. Code Ann. § 39-17-1 Recognition of need for Sports Hall of Fame.

The Legislature recognizes the need for a Sports Hall of Fame to honor Mississippians who have made significant contributions to Mississippi through sports. The Legislature further recognizes that a Sports Hall of Fame would be of great economic and cultural importance to Mississippi.

Miss. Code Ann. § 39-17-3 Site of Mississippi Sports Hall of Fame and Dizzy Dean Museum.

The Mississippi Sports Hall of Fame and Dizzy Dean Museum may be constructed on property currently owned by the state and located adjacent to the Jim Buck Ross Mississippi Agriculture and Forestry Museum in Jackson, Mississippi, or on property located adjacent to the Jim Buck Ross Mississippi Agriculture and Forestry Museum and conveyed to the state by the City of Jackson. The Department of Finance and Administration may enter into agreement with the governing authorities of the City of Jackson for the movement and relocation of exhibits housed in the currently existing Dizzy Dean Museum.

Miss. Code Ann. § 39-17-5 Funding of facility; special account.

The Mississippi Sports Hall of Fame and Dizzy Dean Museum shall be funded, in part, by the sale of exclusive rights to market soft drinks at the State Fairgrounds, the Jim Buck Ross Mississippi Agriculture and Forestry Museum and the Mississippi Sports Hall of Fame and Dizzy Dean Museum; however, the sale of such rights for the state fairgrounds shall include the Mississippi State Fair and the Dixie National Livestock Show and Rodeo and no other event or activity on the state fairgrounds. The Mississippi Fair Commission and the Mississippi Department of Agriculture and Commerce shall have the authority to enter contracts for the sale of the aforementioned exclusive rights for a term not exceeding twelve (12) years per contract. If bids for the purchase of such rights are in an amount that is less than the amount needed to construct the Mississippi Sports Hall of Fame and Dizzy Dean Museum, then the Mississippi Fair Commission and the Mississippi Department of Agriculture and Commerce may reject all bids and shall not be obligated to enter into such contracts. Funds so generated shall be deposited in a special, interest-bearing account, in the State Treasury to be administered by the Department of Finance and Administration. The account shall be known as the “Mississippi Sports Hall of Fame and Dizzy Dean Museum Account” and all interest accrued thereon shall be credited to the account. Any funds in the account shall not lapse into the General Fund at the end of the fiscal year but shall remain in the account. Any balance remaining at the end of the project shall be transferred to the operating account of the Mississippi Sports Hall of Fame and Dizzy Dean Museum.

Miss. Code Ann. § 39-17-7 Construction, furnishing and equipping of facility.

The Department of Finance and Administration shall proceed with constructing, furnishing and equipping the facility as soon as practicable after April 1, 1993.

Miss. Code Ann. § 39-17-9 Lease of facility to nonprofit corporation [Repealed effective July 1, 2036].

The Department of Finance and Administration may lease the Mississippi Sports Hall of Fame and Dizzy Dean Museum for a period not exceeding twenty (20) years to a nonprofit corporation whose primary purpose for incorporation is the support and improvement of the Mississippi Sports Hall of Fame and Dizzy Dean Museum. The lease may be renewed for one (1) period not exceeding twenty (20) years. The benefit to Mississippi from the operation of such lease or renewal lease shall be considered as sufficient consideration. The lease or renewal lease shall be executed for a nominal fee and it shall be presumed that such lease or renewal lease shall not amount to a donation of state property. This section shall stand repealed from and after July 1, 2036.

Miss. Code Ann. § 39-17-101 Department of Finance and Administration authorized to issue general obligation bonds for construction, repairing, remodeling, equipping, furnishing, adding to or improving the capital facility of Mississippi Sports Hall of Fame and Dizzy Dean Museum.

The Department of Finance and Administration, 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 construction, repairing, remodeling, equipping, furnishing, adding to or improving the capital facility of the Mississippi Sports Hall of Fame and Dizzy Dean Museum authorized under Sections 39-17-1 through 39-17-9. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the department shall deliver a certified copy of its resolution or resolutions to the State Bond Commission. Upon receipt of such resolution, the State Bond Commission, in its discretion, may act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, 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 amount of bonds issued under Sections 39-17-101 through 39-17-127 shall not exceed Two Million Five Hundred Thousand Dollars ($2,500,000.00).

Miss. Code Ann. § 39-17-103 Form and terms of bonds.

The principal of and interest on the bonds authorized under Sections 39-17-101 through 39-17-127 shall be payable in the manner provided in this section. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates not exceeding the limits set forth in Section 75-17-101, 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 (20) 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 State Bond Commission.

Miss. Code Ann. § 39-17-105 Execution of bonds and coupons.

The bonds authorized under Sections 39-17-101 through 39-17-127 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, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything in Sections 39-17-101 through 39-17-127 to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.

Miss. Code Ann. § 39-17-107 Negotiability of bonds and coupons; compliance with Uniform Commercial Code not required.

All bonds and interest coupons issued under the provisions of Sections 39-17-101 through 39-17-127 have all the qualities and incidents of negotiable instruments under the provisions of the Mississippi Uniform Commercial Code, and in exercising the powers granted by Sections 39-17-101 through 39-17-127, the State Bond Commission shall not be required to and need not comply with the provisions of the Mississippi Uniform Commercial Code.

Miss. Code Ann. § 39-17-109 State Bond Commission to issue bonds; sale and redemption of bonds.

The State Bond Commission shall act as the issuing agent for the bonds authorized under Sections 39-17-101 through 39-17-127, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do all other things necessary and advisable in connection with the issuance and sale of the bonds. The State Bond Commission may pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under Sections 39-17-101 through 39-17-127 from the proceeds derived from the sale of the 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 may be made at a price less than par plus accrued interest to the date of delivery of the bonds to the purchaser. All interest accruing on such bonds so issued shall be payable semiannually or annually; however, the first interest payment may be for any period of not more than one (1) year. Notice of the sale of any such bond 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, and in one or more other newspapers or financial journals with a national circulation, to be selected by the State Bond Commission. The State Bond Commission, when issuing any bonds under the authority of Sections 39-17-101 through 39-17-127, may provide that the bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.

Miss. Code Ann. § 39-17-111 Bonds deemed general obligations of State; payment of principal and interest from State treasury.

The bonds issued under the provisions of Sections 39-17-101 through 39-17-127 are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this section.

Miss. Code Ann. § 39-17-113 Certification of necessity for warrants; issuance of warrants to pay principal of and interest on bonds.

The State Treasurer is authorized to certify to the State Fiscal Officer the necessity for warrants, and the State Fiscal Officer 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 accredited value of, all bonds issued under Sections 39-17-101 through 39-17-127; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest on the bonds, on their due dates.

Miss. Code Ann. § 39-17-115 Deposit of proceeds of bonds into “Mississippi Sports Hall of Fame Fund”; use of funds.

Upon the issuance and sale of bonds under Sections 39-17-101 through 39-17-127, the State Bond Commission shall deposit the proceeds of any such sale or sales in a special fund created in the State Treasury to be known as the “Mississippi Sports Hall of Fame Fund.” The proceeds of such bonds shall be used solely for the purposes provided in Sections 39-17-101 through 39-17-127, including the costs incident to the issuance and sale of such bonds. The costs incident to the issuance and sale of such bonds shall be disbursed by warrant upon requisition of the State Bond Commission, signed by the chairman of the commission. The remaining moneys in the fund shall be expended solely under the direction of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds, and such funds shall be paid by the State Treasurer upon warrants issued by the State Fiscal Officer.

Miss. Code Ann. § 39-17-117 Proceedings, conditions, etc., for issuance of bonds; bond issue resolution.

The bonds authorized under Sections 39-17-101 through 39-17-127 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 Sections 39-17-101 through 39-17-127. Any resolution providing for the issuance of bonds under Sections 39-17-101 through 39-17-127 shall become effective immediately upon its adoption by the State Bond Commission, and any such resolution may be adopted at any regular or special meeting of the State Bond Commission by a majority of its members.

Miss. Code Ann. § 39-17-119 Validation of bonds.

The bonds authorized under the authority of Sections 39-17-101 through 39-17-127 may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Chapter 13, Title 31, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.

Miss. Code Ann. § 39-17-121 Enforcement of rights of bondholders.

Any holder of bonds issued under Sections 39-17-101 through 39-17-127 or of any of the interest coupons pertaining to the bonds may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce all rights granted under Sections 39-17-101 through 39-17-127, or under such resolution, and may enforce and compel performance of all duties required by Sections 39-17-101 through 39-17-127 to be performed, in order to provide for the payment of bonds and interest on the bonds.

Miss. Code Ann. § 39-17-123 Bonds as legal investments and securities.

All bonds issued under Sections 39-17-101 through 39-17-127 shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities 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.

Miss. Code Ann. § 39-17-125 Exemption from taxation of bonds and income.

Bonds issued under Sections 39-17-101 through 39-17-127 and income from the bonds shall be exempt from all taxation in the State of Mississippi.

Miss. Code Ann. § 39-17-127 Construction of §§ 39-17-101 through 39-17-127.

Sections 39-17-101 through 39-17-127 shall be deemed to be full and complete authority for the exercise of the powers granted, but Sections 39-17-101 through 39-17-127 shall not be deemed to repeal or to be in derogation of any existing law of this state.

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