MS HB1619

Authorizes the City of Biloxi to make improvements to the Point Cadet Property and Covacevich Property (jointly owned by the city and state) to establish an oyster aquaculture center, seafood marketplace, deep sea fishing tournament center, and related waterfront facilities.

Directs the state and institutions of higher learning to disburse shared rent revenues from the Point Cadet Leasing Fund to the city's Point Cadet Waterfront Enterprise Fund within 30 days of collection for financing authorized improvements.

Authorizes the city to issue municipal revenue bonds (up to 30-year maturity) to construct and maintain the facilities, with principal and interest payable only from enterprise fund revenues and other pledged security.

Requires the city to maintain separate accounting for the enterprise fund with annual independent audits and provisions to remit excess revenues to the state and IHL in proportion to their ownership interests.

Effective July 1, 2018; bonds are exempt from state debt limitations and bond interest is exempt from state and local taxation.