MS SB2911

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

Creates a special "2015 State Shipyard Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for shipyard modernization as part of a five-year improvement plan.

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

Requires the lessee to maintain minimum job levels and economic impact commitments, with provisions for repayment of state funds if commitments are not satisfied.

Allows reimbursement of up to $300,000 in aggregate to the Mississippi Development Authority and $100,000 to the Department of Audit for project-related costs, with all bond proceeds exempt from state taxation and improvements exempt from ad valorem taxation except for school district purposes.