HB 321 — Bonds; authorize issuance for improvements at the state-owned shipyard in Jackson County.

HB 321 (As Introduced)Passed the House) - 2018 Regular Session MISSISSIPPI LEGISLATURE Regular Session To:

Representative Read House Bill 321 (As Passed the House) AN ACT TO AUTHORIZE THE ISSUANCE OF $45,000,000.00 IN STATE  GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS AT THE STATE-OWNED SHIPYARD LOCATED IN JACKSON COUNTY, MISSISSIPPI;

     (3)  (a)  The commission, 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 all costs incurred or to be incurred for the purposes described in subsection (2) of this section.  No bonds shall be issued under this act until the authority is provided proof that the lessee of the shipyard has incurred debt or has otherwise irrevocably dedicated funds or a combination of debt and funds in the amount of not less than Ninety Million Dollars ($90,000,000.00) used by the lessee in calendar year 2006 or thereafter, for capital improvements, capital investments or capital upgrades at facilities in Jackson County, Mississippi, owned or leased by the lessee.  The debt or dedication of funds or combination of debt and funds required of the lessee under this section shall be in addition to any debt or funds required of the lessee under Section 4 of Chapter 501, Laws of 2003, Section 4 of Chapter 1, Laws of 2004 Third Extraordinary Session, and Section 4 of Chapter 475, 2006 Regular Session, Section 17, Chapter 472, Laws of 2015, and Section 25, Chapter 511, Laws of 2016. 2016, and Section 3, Chapter 390, Laws of 2017.  In addition, no bonds shall be issued under this act until the authority has certified that the lessee has satisfied the minimum jobs requirements of Section 3(2) of Chapter 501, Laws of 2003, Section 3(2) of Chapter 1, Laws of 2004 Third Extraordinary Session, and Section 3 of Chapter 475, 2006 Regular Session.  Upon the adoption of a resolution by the authority, declaring that the lessee has incurred the required amount of debt and/or irrevocable dedication of funds and maintained the required minimum number of jobs and/or economic impact and declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this section, the authority shall deliver a certified copy of its resolution or resolutions to the commission.  Upon receipt of such 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 act shall not exceed Forty-five Million Dollars ($45,000,000.00).  No bonds shall be issued under this section after July 1, 2022.