House Bill 1119

AN ACT TO CREATE NEW SECTION 27-103-215, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IN ANY FISCAL YEAR IN WHICH THE AMOUNT OF ACTUAL GENERAL FUND REVENUE RECEIVED EXCEEDS THE OFFICIAL SINE DIE GENERAL FUND REVENUE ESTIMATE FOR THAT FISCAL YEAR, THE FIRST FIFTY MILLION DOLLARS OF THE AMOUNT OF THE SURPLUS GENERAL FUND REVENUE ABOVE THE REVENUE ESTIMATE, REDUCED BY THE RATE OF INFLATION FOR THE PREVIOUS CALENDAR YEAR, SHALL BE USED TO REDUCE THE DEBT OF THE STATE OF MISSISSIPPI; TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE SURPLUS REVENUE DEBT REDUCTION FUND, WHICH SHALL BE EXPENDED, UPON APPROPRIATION OF THE LEGISLATURE, ONLY FOR PAYING MATURING BONDS AND INTEREST ON THE FULL FAITH AND CREDIT BONDS OF THE STATE OF MISSISSIPPI WHEN THEY ARE DUE, AND FOR PAYING SERVICE CHARGES TO BANKS FOR ACTING AS AGENTS OF THE STATE IN PAYING MATURING BONDS AND INTEREST ON THE FULL FAITH AND CREDIT BONDS OF THE STATE; TO PROVIDE THAT UPON THE PASSAGE OF THIS ACT, THE STATE FISCAL OFFICER SHALL TRANSFER THE SUM OF ONE HUNDRED MILLION DOLLARS FROM THE CAPITAL EXPENSE FUND TO THE SURPLUS REVENUE DEBT REDUCTION FUND CREATED IN THIS ACT, AND THAT SUM SHALL BE APPROPRIATED FROM THE SURPLUS REVENUE DEBT REDUCTION FUND BY THE LEGISLATURE FOR THE PAYMENT OF DEBT SERVICE FOR THE 2024 FISCAL YEAR; TO AMEND SECTION 27-103-213, MISSISSIPPI CODE OF 1972, TO CONFORM TO THE PRECEDING PROVISIONS; AND FOR RELATED PURPOSES.

In the House of Representatives

• Jansen Owen

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 16 – Jan 31

1. Jan 16Referred to the House committee on Appropriations
2. Jan 31Died in committee in the House