Mississippi § 37-119-7 - Bond issue for improving athletic stadium.

§ 37-119-7. Bond issue for improving athletic stadium.

The University of Southern Mississippi (herein sometimes referred to as the “university”) is authorized and empowered to require the state building commission to issue bonds in an amount not exceeding the sum of seven hundred fifty thousand dollars ($750,000.00), bearing interest at a rate not exceeding six per cent per annum, for the purpose of and to be expended in extending, adding to and improving the athletic stadium on its campus; to impose student athletic fees; to impose charges, in addition to and distinguished from the established price of admission, upon persons, other than students, for the privilege of attending events held in such stadium, which such charges shall be exempt from any amusement tax now levied and collected in the State of Mississippi, and to immediately commence, prior to the issuance and sale of the bonds herein authorized and to continue, the collection of such charges; and to apply to the satisfaction and retirement, as and when due, of the principal of and interest on such bonds, said athletic fees and said charges, and also, rental income from the dormitory facilities now in the stadium, and income, not otherwise appropriated or allocated, from any other sources. Such bonds shall be authorized by the board of trustees of state institutions of higher learning in the manner now provided by Sections 37-101-91 through 37-101-103, and all of the provisions of said sections (except as herein otherwise provided and as are not in conflict with the provisions hereof) shall be applicable to the authorization and issuance of such bonds. Reference in Sections 37-101-95, 37-101-101, to “dormitories, dwellings or apartments” shall be understood to apply also to all other projects authorized to be financed under the provisions of Section 37-101-99. Upon request of the university, acting through its president and financial secretary, authorization having been first obtained from the board of trustees of state institutions of higher learning, the state building commission shall issue and sell bonds of the university at not less than par and accrued interest in the manner provided by Section 21-27-45, Mississippi Code of 1972, for the sale of bonds of municipalities issued thereunder and upon terms and at interest rates, not to exceed the maximum therein authorized, to be fixed by the state building commission. The state building commission is hereby authorized to supervise the contracting for, and the erection of, all buildings erected, extended, added to, or improved under the provisions of this section. The board of trustees of state institutions of higher learning is hereby authorized and empowered to specify the nature of such extensions, additions, improvements or new construction, and shall approve the plans and specifications therefor prior to the letting of any new contract for any such work. All contracts let under the supervision of the state building commission shall be let as provided by law for other contracts let by said commission. The board of trustees of state institutions of higher learning, in the resolution authorizing such bonds, may provide for the imposition of such student athletic fees, such charges for the privilege of attending events held in such stadium (as hereinabove distinguished from the price of admission), such rental charges for use of the dormitories facilities now in the stadium and for application to the retirement of such bonds of such other sources of income, not otherwise appropriated or allocated, as it may consider desirable. Said board may provide for the collection and the allocation of such fees and charges. Such fees and charges or other income shall always be in such amounts as will assure the prompt payment of principal of and interest on such bonds and the carrying out of all of the covenants and agreements contained in such resolution authorizing such bonds. All bonds so issued shall constitute negotiable instruments within the meaning of the Uniform Commercial Code of Mississippi. Any bonds authorized under authority of this section may be validated in the chancery court of first judicial district, Hinds County in the manner and with the force and effect now or hereafter provided by general law for the validation of municipal bonds. This section, without reference to any other statute or law of Mississippi other than the portions of Sections 37-101-91 through 37-101-103, not in conflict herewith, and Section 31-19-25, shall constitute full authority for the extension, adding to and improvement of the aforesaid stadium and the authorization and issuance of bonds hereunder and no other provisions of the statutes pertinent thereto, except as herein expressly provided, shall be construed as applying to any proceedings had hereunder or any acts done pursuant hereto.