Mississippi Legislature
2005 3rd Extraordinary Session

Senate Bill 2002

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Bill Text

History of Actions

Amendments

Background

Title

Description: Bonds; issue general obligation bonds for certain projects.

Bill Text: [Introduced] [Passed Senate]

History of Actions:

1 07/01 (S) Referred To Finance
2 07/01 (S) Title Suff Do Pass As Amended
3 07/01 (S) Amended
4 07/01 (S) Passed As Amended
5 07/02 (S) Motion to Reconsider Entered
6 07/02 (S) Motion to Reconsider Tabled
7 07/02 (S) Transmitted To House
8 07/02 (H) Referred To Ways and Means
9 07/02 (H) Died In Committee

Amendments:

Adopted [S] Committee Amendment No 1
Adopted [S] Amendment No 2
Adopted [S] Amendment No 3

Background Information:

Effective date** See Text
DispositionDead
DeadlineNone
RevenueNo
Vote type requiredThree/Fifths

Senate Committee:

House Committee:

Principal Author: Robertson

Additional Authors: Simmons, Dearing, Butler

Code Sections: A 057-0075-0011, A 057-0075-0015

Title: AN ACT TO AMEND SECTION 57-75-11, MISSISSIPPI CODE OF 1972, TO REVISE THE AMOUNT OF ASSISTANCE THE MISSISSIPPI MAJOR ECONOMIC IMPACT AUTHORITY MAY PROVIDE THROUGH GRANT AND LOAN FUNDS TO ENTERPRISES OWNING OR OPERATING CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AMEND SECTION 57-75-15, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF BONDS THAT MAY BE ISSUED FOR CERTAIN PROJECTS UNDER THE MISSISSIPPI MAJOR ECONOMIC IMPACT ACT; TO AUTHORIZE THE ISSUANCE OF $56,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS AT THE STATE-OWNED SHIPYARD LOCATED IN JACKSON COUNTY, MISSISSIPPI; TO PROVIDE THAT THE ISSUANCE OF SUCH BONDS SHALL BE CONDITIONED ON THE LESSEE INCURRING A CERTAIN AMOUNT OF DEBT FOR CAPITAL IMPROVEMENTS, CAPITAL INVESTMENTS OR CAPITAL UPGRADES TO SHIPYARDS IN MISSISSIPPI OWNED OR LEASED BY SUCH LESSEE; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI IN THE AMOUNT OF $2,000,000.00 FOR THE PURPOSE OF PROVIDING FUNDS FOR THE B.B. KING MUSEUM; TO AUTHORIZE THE ISSUANCE OF GENERAL OBLIGATION BONDS OF THE STATE OF MISSISSIPPI IN THE AMOUNT OF $2,000,000.00 FOR THE SOUTHERN ARTS AND ENTERTAINMENT CENTER; TO AUTHORIZE THE ISSUANCE OF $8,000,000.00 IN STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR CAPITAL IMPROVEMENTS AT AN ECONOMIC DEVELOPMENT AND TOURISM DESTINATION FACILITY IN HANCOCK COUNTY, MISSISSIPPI, THAT FEATURES A SPACE, SCIENCE AND EDUCATION CENTER; TO REQUIRE THE COMMITMENT OF A CERTAIN AMOUNT OF PRIVATE, LOCAL OR FEDERAL FUNDS FOR SUCH PROJECTS AS A CONDITION PRECEDENT TO THE ISSUANCE OF BONDS UNDER THIS ACT; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $2,000,000.00 FOR THE PURPOSE OF PROVIDING FUNDS FOR THE CONSTRUCTION AND IMPROVEMENT OF ROADS FOR ECONOMIC DEVELOPMENT FOR THE CITY OF HOLLY SPRINGS, MISSISSIPPI; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER THE PROJECT AND FUNDS AUTHORIZED UNDER THIS ACT; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $400,000.00 FOR THE PURPOSE OF PROVIDING FUNDS FOR REPAIR, REHABILITATION, UPGRADES, AND OTHER IMPROVEMENTS TO RAILROAD LINES IN JASPER AND NEWTON COUNTIES; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS IN THE AMOUNT OF $2,000,000.00 FOR THE FORKS OF THE ROAD INTERPRETIVE CENTER TO BE LOCATED IN THE CITY OF NATCHEZ, MISSISSIPPI; TO REQUIRE THE COMMITMENT OF A CERTAIN AMOUNT OF PRIVATE, LOCAL OR FEDERAL FUNDS FOR SUCH PROJECT AS A CONDITION PRECEDENT TO THE ISSUANCE OF BONDS UNDER THIS ACT; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER THE PROJECT AND FUNDS AUTHORIZED UNDER THIS ACT; TO AMEND CHAPTER 534, LAWS OF 1998, TO AUTHORIZE GENERAL OBLIGATION BONDS ISSUED FOR CERTAIN WORK AT THE PORT OF PASCAGOULA, MISSISSIPPI, TO BE UTILIZED FOR CERTAIN ADDITIONAL PURPOSES; TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS WHO INCUR COSTS AND EXPENSES FOR THE REHABILITATION OF ELIGIBLE PROPERTY WHICH IS A CERTIFIED HISTORIC STRUCTURE OR A STRUCTURE IN A CERTIFIED HISTORIC DISTRICT IN AN AMOUNT EQUAL TO 5% OF THE TOTAL COSTS AND EXPENSES OF REHABILITATION INCURRED, IF THE COSTS AND EXPENSES ASSOCIATED WITH REHABILITATION EXCEED 50% OF THE TOTAL BASIS IN THE PROPERTY AND THE REHABILITATION IS CONSISTENT WITH THE STANDARDS OF THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR AS DETERMINED BY THE MISSISSIPPI DEPARTMENT OF ARCHIVES AND HISTORY; TO PROVIDE THAT IF THE AMOUNT OF THE TAX CREDIT EXCEEDS THE TOTAL STATE INCOME TAX LIABILITY FOR THE YEAR IN WHICH THE REHABILITATED PROPERTY IS PLACED IN SERVICE, THE AMOUNT THAT EXCEEDS THE TOTAL STATE INCOME TAX LIABILITY MAY BE CARRIED FORWARD FOR THE 10 SUCCEEDING TAX YEARS; TO PROVIDE THE MANNER IN WHICH SUCH CREDIT MAY BE CLAIMED; TO PROVIDE FOR THE MISSISSIPPI DEVELOPMENT AUTHORITY TO DETERMINE THE AMOUNT OF THE ELIGIBLE TAX CREDIT, CONSISTENT WITH THE STANDARDS OF THE SECRETARY OF THE UNITED STATES DEPARTMENT OF THE INTERIOR; TO REQUIRE THAT THE EXPENDITURES HAVE A POSITIVE ECONOMIC, FISCAL OR TAX IMPACT ON THE STATE OR LOCAL GOVERNMENTS; TO PROVIDE FOR A DECEMBER 31, 2010, REPEAL DATE ON THE INCOME TAX CREDIT AUTHORIZED UNDER THIS ACT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 07/05/05 at 08:46.

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