MS HB1637

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

Establishes a "2015 State Shipyard Improvement Fund" to be maintained separately from the General Fund, with funds used for shipyard modernization as part of a five-year competitiveness plan.

Prohibits bond issuance unless the shipyard lessee has incurred at least $40,000,000 in debt or irrevocably dedicated funds (or combination thereof) for capital improvements at Jackson County facilities since calendar year 2006, and has maintained required minimum job levels.

Allows reimbursement of up to $300,000 to the Mississippi Development Authority and up to $100,000 to the Department of Audit for project-related costs.

Sets a July 1, 2019 deadline for bond issuance, establishes a 25-year maximum maturity period, and makes improvements exempt from ad valorem taxation except for school district purposes.