MS SB3015

Authorizes the City of Biloxi to make improvements to jointly-owned Point Cadet and Covacevich properties, including an oyster aquaculture center, seafood marketplace, deep sea fishing tournament center, public off-loading dock, and related waterfront facilities.

Directs state and higher education institution rental revenues from the Point Cadet Leasing Fund to be deposited into a new Point Cadet Waterfront Enterprise Fund controlled by the city for financing authorized improvements.

Empowers the City of Biloxi to issue municipal revenue bonds (up to 30-year maturity) to finance planning, design, construction, and operation of the authorized facilities without counting against the city's debt limitations.

Requires the city to maintain separate accounting for the Enterprise Fund and submit annual audits detailing revenues and expenditures to the state and Board of Trustees of State Institutions of Higher Learning.

Establishes that title to improvements made with Enterprise Fund money will be held by the state and city as tenants in common in proportions matching their existing property ownership interests.