MS SB2985

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

Creates a special fund called the "2019 State Shipyard Improvement Fund" to receive bond proceeds and pay costs for shipyard modernization and capital projects.

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

Authorizes the State Bond Commission to issue bonds with interest rates not exceeding limits in Mississippi Code Section 75-17-101, maturing within 25 years, with bonds backed by full faith and credit of the state.

Bonds must be issued by July 1, 2023; improvements made with bond proceeds are exempt from ad valorem taxation except for school district purposes; unused funds after four years must be applied to debt service on the bonds.