MS SB2943

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 "2018 State Shipyard Improvement Fund" in the State Treasury to receive bond proceeds and fund shipyard modernization projects as part of a five-year competitiveness plan.

Conditions bond issuance on the shipyard lessee incurring at least $90,000,000 in debt or dedicating funds for capital improvements at Jackson County facilities since calendar year 2006, and maintaining minimum job requirements.

Allows the State Bond Commission to issue and sell bonds with interest rates not exceeding statutory limits, maturity dates up to 25 years, and payable semiannually or annually.

Pledges the full faith and credit of Mississippi for bond repayment; bonds are exempt from state taxation and improvements to the shipyard are exempt from ad valorem taxation except for school district purposes.

Bond issuance authorization expires July 1, 2022; unused funds after four years must be used for debt service.