1998 Regular Session
To: Economic Dev, Tourism and Parks; Finance
By: Senator(s) Horhn
Senate Bill 3135
AN ACT TO AUTHORIZE THE MISSISSIPPI DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TO PROVIDE GRANTS AND INTEREST-FREE LOANS UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT FOR CERTAIN PROJECTS IN THE FARISH STREET ENTERTAINMENT DISTRICT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Notwithstanding any provision of this chapter to the contrary, the Department of Economic and Community Development shall utilize not more than Six Million Dollars ($6,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-free loans to the City of Jackson for improvements on publicly owned property necessary to complete the Farish Street Entertainment District. Payments on such loan shall be deferred for not to exceed ten (10) years.
(2) Notwithstanding any provision of this chapter to the contrary, the City of Jackson shall certify to the department the amount of money necessary for land acquisition, construction of an amphitheater, infrastructure, and parking lots, for the Farish Street Entertainment District, which shall not be more than Three Million Dollars ($3,000,000.00), and the department shall provide a grant for such amount out of the proceeds of bonds issued under this chapter. Any funds remaining unexpended upon completion of such project shall be deposited in the Mississippi Business Investment Sinking Fund.
(3) The requirements of Section 57-61-9 shall not apply to any loan or grant made under this section.
SECTION 2. Section 1 of this act shall be codified in Chapter 61, Title 57, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after its passage.