MS SB3022

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

Creates the "2017 State Shipyard Improvement Fund" to receive bond proceeds and disburse funds for shipyard modernization and capital improvements as part of a five-year competitive improvement plan.

Conditions bond issuance on the shipyard lessee incurring or dedicating at least $90,000,000 in debt and/or funds for capital improvements, investments, or upgrades at facilities it owns or leases in Jackson County since calendar year 2006.

Requires the lessee to maintain minimum job levels and economic impact commitments, with provisions requiring repayment of state funds if commitments are not satisfied.

Bonds mature within 25 years, are backed by the full faith and credit of the State of Mississippi, are tax-exempt, and cannot be issued after July 1, 2021.