MS SB2051

Amends Section 17 of Chapter 472, Laws of 2015 to revise the Mississippi Development Authority's authority over disbursement of bond proceeds for capital improvements at the state-owned shipyard in Jackson County.

Authorizes the State Bond Commission to issue up to $20,000,000 in general obligation bonds for shipyard capital improvements, with bonds not to be issued after July 1, 2019.

Creates the "2015 State Shipyard Improvement Fund" to receive bond proceeds, which may be used for capital improvements considered part of a five-year modernization plan and for reimbursement of reasonable costs to the Authority (up to $300,000) and Department of Audit (up to $100,000).

Requires the shipyard lessee to enter into binding commitments regarding minimum job maintenance and economic impact, and to repay funds if commitments are not met.

Declares all improvements made to the state shipyard with bond proceeds are exempt from ad valorem taxation except for school district purposes, and bonds are exempt from state taxation.