MS HB1631

Authorizes issuance of $20,000,000 in state general obligation bonds for capital improvements at the state-owned shipyard in Jackson County, Mississippi.

Establishes the "2015 State Shipyard Improvement Fund" within the State Treasury to receive bond proceeds and fund capital improvements as part of a five-year modernization plan.

Conditions bond issuance on the shipyard lessee incurring at least $40,000,000 in debt or irrevocably dedicating funds for capital improvements at Jackson County facilities since calendar year 2006, in addition to prior commitments.

Requires the lessee to enter into binding commitments regarding minimum job maintenance and economic impact, with repayment obligations if commitments are not satisfied.

Bonds cannot be issued after July 1, 2019, may mature within 25 years, and improvements to state-owned property are exempt from ad valorem taxation except for school district purposes.