MS HB321

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

Requires the shipyard lessee to incur at least $90,000,000 in debt and/or irrevocably dedicate funds for capital improvements at facilities owned or leased by the lessee in Jackson County before any bonds can be issued.

Creates a special "2018 State Shipyard Improvement Fund" in the State Treasury to receive bond proceeds and disburse funds for shipyard modernization and improvements determined by the Mississippi Development Authority.

Requires the lessee to maintain binding commitments regarding minimum job levels and economic impact, with repayment obligations if commitments are not met.

Prohibits bond issuance after July 1, 2022, and exempts all improvements made to the state shipyard with bond proceeds from ad valorem taxation except for school district purposes.