1997 Regular Session
By: Senator(s) Gollott, Hewes
Senate Bill 3096
AN ACT TO AMEND SECTION 65-4-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "HIGH ECONOMIC BENEFIT PROJECT" UNDER THE ECONOMIC DEVELOPMENT HIGHWAY ACT TO INCLUDE NEW INVESTMENTS BY TWO PRIVATE COMPANIES UPON LAND THAT IS ADJACENT WHENEVER THE NEW INVESTMENTS OF BOTH COMPANIES ARE AT LEAST $60,000,000.00 IN THE AGGREGATE, AND SUCH NEW INVESTMENTS BY BOTH PRIVATE COMPANIES PROVIDE FOR THE EMPLOYMENT OF AT LEAST 500 EMPLOYEES IN THE AGGREGATE; TO AMEND SECTION 65-4-25, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF GENERAL OBLIGATION BONDS THAT MAY BE ISSUED UNDER THE ECONOMIC DEVELOPMENT HIGHWAY ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 65-4-5, Mississippi Code of 1972, is amended as follows:
65-4-5. The following words when used in this chapter shall have the meanings herein ascribed unless the context otherwise clearly requires:
(a) "Board" means the Mississippi Department of Economic and Community Development;
(b) "Department" means the Mississippi Department of Transportation;
(c) "High economic benefit project" means (i) any new investment by a private company with capital investments in land, buildings, depreciable fixed assets and improvements of at least Fifty Million Dollars ($50,000,000.00); (ii) any new investment of at least Twenty Million Dollars ($20,000,000.00) by a private company having capital investments in this state in land, buildings, depreciable fixed assets and improvements of at least One Billion Dollars ($1,000,000,000.00) in the aggregate; * * * (iii) public investment of at least One Hundred Million Dollars ($100,000,000.00) to take place over a specified period of time and in accordance with a master plan duly adopted by the controlling political subdivision; or (iv) any new investments in land, buildings, depreciable fixed assets and improvements by two (2) private companies upon land that is adjacent whenever the new investments of both companies is at least Sixty Million Dollars ($60,000,000.00) in the aggregate, and such new investments by both private companies provide for the employment of at least five hundred (500) employees in the aggregate;
(d) "Political subdivision" means one or more counties or incorporated municipalities in the state, or a state-owned port located in a county bordering on the Gulf of Mexico;
(e) "Private company" means (i) any agricultural, aquacultural, maricultural, processing, distribution, warehousing, manufacturing or research and development enterprise; (ii) any air transportation and maintenance facility, regional shopping mall, large hotel, resort or movie industry studio; or (iii) the federal government with respect to any specific project which meets the criteria established in paragraph (c)(i) of this section.
SECTION 2. Section 65-4-25, Mississippi Code of 1972, is amended as follows:
65-4-25. Mississippi Department of Economic and Community Development, acting through its executive director, is authorized, at one time or from time to time, to declare by resolution the necessity for issuance of negotiable general obligation bonds of the State of Mississippi to provide funds for the Economic Development Highway Fund established in Section 65-4-15, Mississippi Code of 1972. Upon the adoption of a resolution by the Executive Director of the Mississippi Department of Economic and Community Development, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, the executive director shall deliver a certified copy of his resolution or resolutions to the State Bond Commission. Upon receipt of same, the State Bond Commission, in its discretion, shall act as the issuing agent, prescribe the form of the bonds, advertise for and accept bids, issue and sell the bonds so authorized to be sold, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The principal amount of bonds issued under Sections 65-4-25 through 65-4-45, Mississippi Code of 1972, shall not exceed One Hundred Fifteen Million Dollars ($115,000,000.00) in the aggregate.
SECTION 3. This act shall take effect and be in force from and after July 1, 1997.