MS HB1595

Increases the maximum amount of general obligation bonds that may be issued under the Mississippi Major Economic Impact Act from $67,000,000 to $68,000,000 for projects designed to enhance military facilities at risk for closure under the Base Closure and Realignment Act of 1991.

The State Bond Commission must adopt a finding that bond issuance will improve, expand, or enhance the military installation and its operations, provide employment opportunities to replace those lost by closure, or support critical studies authorized by law.

Bond proceeds may be used for facility improvements, land acquisition, employee recruitment and training, interest payments, debt service reserves, and other costs related to military facility enhancement projects.

The increased bond authority applies to Section 57-75-5(f)(ii) projects and becomes effective July 1, 2017.

Bond issuance requires State Bond Commission approval and is backed by the full faith and credit of the state, with the Legislature appropriating funds annually to pay principal and interest as bonds mature.