Senate Bill 2974 Summary

• Adds kitchen appliance manufacturers to the list of qualifying projects under the Mississippi Major Economic Impact Act, requiring at least 500 existing employees in Mississippi, $20 million capital investment over four years, creation of 120 new jobs, and maintenance of 600 total employees.

• Authorizes the Mississippi Major Economic Impact Authority to provide grant funds to kitchen appliance manufacturers for machinery, equipment upgrades, job training, and dealer training.

• Authorizes issuance of up to $12 million in state general obligation bonds for kitchen appliance manufacturing projects, with bond issuance deadline of July 1, 2018.

• Removes the reverter on provisions allowing the State Bond Commission to negotiate the sale of bonds issued under the Mississippi Major Economic Impact Act, making bond sale negotiation authority permanent.

• Establishes procedures for bond proceeds to be used for costs associated with kitchen appliance projects including reimbursement of development authority and audit expenses.