MISSISSIPPI LEGISLATURE
1999 Regular Session
To: Local and Private Legislation; Banks and Banking
By: Representatives Endt, Broomfield, Guice, Hamilton, Maples, Read, Wells-Smith
House Bill 1700
AN ACT TO AUTHORIZE THE BOARD OF SUPERVISORS OF JACKSON COUNTY, MISSISSIPPI, TO SET UP, OWN, OPERATE AND MAINTAIN A MITIGATION BANK WITH ANY COUNTY-OWNED PROPERTY THAT IS NO LONGER NEEDED FOR THE OPERATION OF THE COUNTY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. The Board of Supervisors of Jackson County, Mississippi, in its discretion, may set up, own, operate and maintain a mitigation bank with any county-owned property that is no longer needed for the operation of the county and may sell credits in the bank, provided that the board finds that (a) the sale of the credits is for fair market value; and (b) that the sale of the credits will promote and foster the development and improvement of the community or the economic or industrial welfare of the community.
SECTION 2. The Board of Supervisors of Jackson County may make any agreements required with any federal and/or state regulatory agencies in furtherance of the provisions of this act.
SECTION 3. The Board of Supervisors of Jackson County may utilize the following described real property owned by Jackson County, Mississippi, as a mitigation bank or may sell the subject property as mitigation lands, provided that the sum of Four Hundred Eighty Thousand Dollars ($480,000.00) is replaced or is reserved to be replaced into the proceeds of the General Obligation Bonds (Port Road Improvement Project), Series 1993 of Jackson County, Mississippi, dated September 1, 1993, in the aggregate principal amount of Four Million Dollars ($4,000,000.00), the property described as:
Government Lots 1, 2, 5, 6, 7, 8, 9, 10, 11 and 12; the North One-Half (N 1/2) of Governmental Lot 3; and the South One-Half (S 1/2) of Governmental Lot 4, all situated in Section 8, Township 7 South, Range 4 West, Jackson County, Mississippi, less and except, however, all oil, gas and mineral rights which have been reserved by prior owners, and subject to a right-of-way easement of the L&N Railroad.
The balance of any proceeds generated from operation of a mitigation bank or from sale of the subject property shall be paid into the general fund of the county.
SECTION 4. The Board of Supervisors of Jackson County may expend from funds otherwise available to the board such sums as reasonable and necessary to improve the marketability of property as a mitigation bank or for sale as wetlands mitigation land, and may employ any professionals and expend any sums for any purpose reasonable and necessary to carry out the provisions of this act.
SECTION 5. This act shall take effect and be in force from and after its passage.