MS HB1736

Authorizes issuance of $45,000,000 in general obligation bonds for capital improvements at the state-owned shipyard in Jackson County, Mississippi.

Creates a "2016 State Shipyard Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for modernization and competitive upgrades to the shipyard.

Conditions bond issuance on the shipyard lessee incurring at least $40,000,000 in debt or irrevocable funding commitments for capital improvements at Jackson County facilities from calendar year 2006 onward.

Requires the lessee to maintain minimum job and economic impact levels and repay funds to the state if commitments are not satisfied.

Bonds may not be issued after July 1, 2020 and have a maximum maturity of 25 years; improvements made with bond proceeds are exempt from ad valorem taxation except for school district purposes.