HB 660 — Gulf Coast Restoration Fund; limitation on assistance for any one project not applicable to certain public entities.

660 (As Sent to Governor) AN ACT TO AMEND SECTIONS 57-119-9 AND 57-119-11, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT PUBLIC SCHOOLS ARE ELIGIBLE FOR ASSISTANCE FOR PROJECTS FROM THE GULF COAST RESTORATION FUND;

TO AMEND SECTION 57-119-13, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE PERCENTAGE LIMITATION ON ASSISTANCE THAT MAY BE PROVIDED FROM THE GULF COAST RESTORATION FUND FOR THE COST OF ANY PROJECT SHALL NOT APPLY TO PROJECTS OFFOR CERTAIN PUBLIC ENTITIES;SCHOOLS;

660 *HR26/R1520**HR26/R1520SG* ~ OFFICIAL ~ G1/2 22/HR26/R152022/HR26/R1520SG PAGE 1 (RF\KW) (2) MDA shall establish criteria, rules, and procedures for accepting and reviewing applications for assistance under this section.

Section 57-119-11, Mississippi Code of 1972, isas amended asby follows:Senate Bill No.

57-119-11.2095, 2022 Regular Session, is amended as follows:

(1) MDA is further authorized, on such terms and conditions consistent with the criteria set forth in this section H.

660 *HR26/R1520**HR26/R1520SG* ~ OFFICIAL ~ 22/HR26/R152022/HR26/R1520SG PAGE 2(RF\KW) as57-119-11. it may determine, to establish programs for making loans, loan guarantees, grants and any other financial assistance from the GCRF to applicants whose projects are approved for assistance under this section.

(1) MDA is further authorized, on such terms and conditions consistent with the criteria set forth in this section as it may determine, to establish programs for making loans, loan guarantees, grants and any other financial assistance from the GCRF to applicants whose projects are approved for assistance under this section.

(b) Projects that demonstrate the maximum long-term economic benefits and long-term growth potential of the region H.

660 *HR26/R1520**HR26/R1520SG* ~ OFFICIAL ~ 22/HR26/R152022/HR26/R1520SG PAGE 3(RF\KW) (b) Projects that demonstrate the maximum long-term economic benefits and long-term growth potential of the region based on a financial analysis such as a cost-benefit analysis or a return-on-investment analysis;

(j) Projects that are transformational for the future of the region but create a wider regional impact;

660 *HR26/R1520**HR26/R1520SG* ~ OFFICIAL ~ 22/HR26/R152022/HR26/R1520SG PAGE 4(RF\KW) (k)(j) Projects that enhanceare transformational for the marketabilityfuture of existingthe industrialregion properties;but create a wider regional impact;

(k) Projects that enhance the marketability of existing industrial properties;

(4) The MDA shall not approve any application for assistance or provide any assistance under this section for projects that are medical cannabis establishments as defined in the Mississippi Medical Cannabis Act or for projects related in any manner to medical cannabis establishments.

however, this limitation shall not apply to projects for local units of government, state institutions of higher learning, public communityschools. colleges, public schools, government-owned ports and government-owned airports.

(2) Contracts executed by MDA with recipients of assistance under this chapter must include provisions requiring a performance report on the contracted activities, must account for the proper use of funds provided under the contract, and must include provisions for recovery of assistance if the assistance was based upon fraudulent information or the recipient of the assistance is H.

660 *HR26/R1520**HR26/R1520SG* ~ OFFICIAL ~ 22/HR26/R152022/HR26/R1520SG PAGE 5(RF\KW) (2) Contracts executed by MDA with recipients of assistance under this chapter must include provisions requiring a performance report on the contracted activities, must account for the proper use of funds provided under the contract, and must include provisions for recovery of assistance if the assistance was based upon fraudulent information or the recipient of the assistance is not meeting the performance requirements established by MDA of the assistance.

660 *HR26/R1520**HR26/R1520SG* ~ OFFICIAL ~ 22/HR26/R152022/HR26/R1520SG ST: