Senate Bill 2975 Summary

• Authorizes issuance of $30,000,000 in state general obligation bonds for the North Central Mississippi Regional Rail Authority to acquire a rail line extending from Southaven to near Canton, with lease payments deposited into a bond sinking fund to retire bonds within 15 years.

• Authorizes $20,000,000 in general obligation bonds for the ACE (Accelerating Community Expansion) Fund, with spending limits of $8,000,000 in fiscal year 2015, $6,000,000 in fiscal year 2016, and $6,000,000 in fiscal year 2017, for economic development grants.

• Amends the ACE Fund program to allow the Mississippi Development Authority to make grants to local units of government for purchasing real property to benefit existing industries maintaining a minimum of 1,300 jobs for 10 years.

• Revises the distribution of oil severance taxes on amounts exceeding $600,000, gradually increasing the county share from 20% to 26% over fiscal years 2015-2019, with amounts above 20% to be used for infrastructure repairs.

• All bonds issued are exempt from state taxation and backed by the full faith and credit of the State of Mississippi; provisions take effect July 1, 2014.