MS HB1715

Exempts contracts entered into by the Madison County Economic Development Authority for construction and improvement of industrial buildings from bid law requirements under Section 31-7-13, Mississippi Code of 1972.

Increases the maximum outstanding principal amount of bonds that may be issued by Madison County for the Authority from $12,000,000 to $200,000,000.

Maintains existing Authority structure of seven resident citizens (one from each supervisor district) plus two at-large appointments, each serving five-year terms.

Authorizes the Authority to acquire land, develop industrial parks, construct infrastructure, lease/sell sites, and employ necessary personnel for economic development purposes.

Allows the Board of Supervisors to levy up to five mills in special tax annually to pay principal and interest on bonds, with 90% of revenue from property sales or leases dedicated to bond retirement and 10% for additional economic development.