MS HB1713

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

Bonds may only be issued if the shipyard lessee has incurred at least $90,000,000 in debt and/or dedicated funds for capital improvements at facilities in Jackson County since calendar year 2006, and has maintained required minimum job levels.

Creates the "2017 State Shipyard Improvement Fund" within the State Treasury to receive bond proceeds and disburse funds for shipyard modernization costs, with up to $300,000 for authority reimbursements and $100,000 for Department of Audit reimbursements.

Bonds are general obligations of the state with full faith and credit pledge, may mature up to 25 years, and cannot be issued after July 1, 2021.

Improvements to the state shipyard funded by these bonds are exempt from ad valorem taxation except for school district purposes; bond income is tax-exempt in Mississippi.