MS HB1149

Amends Section 17, Chapter 472, Laws of 2015, to clarify provisions regarding bond proceeds for capital improvements at the state-owned shipyard in Jackson County, Mississippi.

Creates a "2015 State Shipyard Improvement Fund" within the State Treasury to be maintained separately from the General Fund, with unexpended amounts and interest earnings remaining in the fund.

Authorizes the State Bond Commission to issue general obligation bonds up to $20,000,000 to fund shipyard capital improvements, with no bonds issued after July 1, 2019, and requires the shipyard lessee to have incurred or dedicated at least $40,000,000 in capital investments before bonds are issued.

Requires the shipyard lessee to enter into binding commitments regarding minimum job maintenance and repayment obligations if commitments are not satisfied, and limits reimbursements to the Mississippi Development Authority and Department of Audit to $300,000 and $100,000 respectively.

Specifies that all improvements to the state shipyard funded by bond proceeds are exempt from ad valorem taxation except for school district purposes, and establishes that bonds are general obligations of the state backed by the full faith and credit of Mississippi.