MS HB910

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

Establishes Point Cadet Waterfront Enterprise Fund to be administered by Biloxi and funded by rent revenues from state and higher education institution (IHL) shares under existing settlement agreements, with state and IHL rent payments to flow into the enterprise fund within 30 days of collection.

Authorizes City of Biloxi to issue municipal revenue bonds (up to 30 years) to finance construction and equipment costs, with bonds secured by enterprise fund revenues and not constituting state debt or counting against the city's debt limitation.

Requires separate accounting and annual independent audits of the enterprise fund, and mandates that any excess revenues over expenditures be returned to state and IHL proportional to their ownership interests in the properties.

Effective July 1, 2018; IHL may dedicate its one-third share of shared rents to the enterprise fund or retain it for other authorized facilities under existing settlement agreement amendments.