MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Finance

By: Senator(s) Hewes

AN ACT TO AMEND SECTION 29-15-9, MISSISSIPPI CODE OF 1972, TO REQUIRE CERTAIN CONDITIONS FOR USE OF TIDELANDS TRUST FUNDS BY LOCAL GOVERNMENTS; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 29-15-9, Mississippi Code of 1972, is amended as follows:

29-15-9. There is hereby created in the State Treasury a special fund to be known as the "Public Trust Tidelands Fund." The fund shall be administered by the Secretary of State as trustee.

Any funds derived from lease rentals of tidelands and submerged lands, except those funds derived from mineral leases, or funds heretofore specifically designated to be applied to other agencies, shall be transferred to the special fund. However, funds derived from lease rentals may be used to cover the administrative cost incurred by the Secretary of State. Any remaining funds derived from lease rentals shall be disbursed pro rata to the local taxing authorities for the replacement of lost ad valorem taxes, if any. Then, any remaining funds shall be disbursed to the commission for new and extra programs of tidelands management, such as conservation, reclamation, preservation, acquisition, education or the enhancement of public access to the public trust tidelands or public improvement projects as they relate to such lands. To receive funds for a project, a local governmental entity must meet the following conditions:

(a) Provide twenty-five percent (25%) of the cost of the project; and

(b) Complete the project within two (2) years in order to be eligible for funds for other projects.

SECTION 2. This act shall take effect and be in force from and after July 1, 1998.