MS HB983

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

Creates a "2019 State Shipyard Improvement Fund" to receive bond proceeds and disburse funds for shipyard modernization costs as determined by the Mississippi Development Authority.

Requires the shipyard lessee to incur at least $90,000,000 in debt or irrevocably dedicate funds for capital improvements at Jackson County facilities before bonds can be issued, in addition to prior obligations.

Authorizes the State Bond Commission to issue bonds maturing within 25 years at rates not exceeding statutory limits, with proceeds serving as general obligations backed by the full faith and credit of Mississippi.

Bonds must be issued by July 1, 2023; unused funds after four years shall be applied to debt service, and improvements remain exempt from ad valorem taxation except for school district purposes.