MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Finance

By: Senator(s) Horhn

AN ACT TO AMEND SECTIONS 65-4-3 AND 65-4-5, MISSISSIPPI CODE OF 1972, TO AMEND THE ECONOMIC DEVELOPMENT HIGHWAY ACT TO REVISE THE DEFINITION OF THE TERM "HIGH ECONOMIC BENEFIT PROJECT" TO INCLUDE CERTAIN PLANNED COMMUNITIES; TO REVISE THE TERM "PRIVATE COMPANY" TO INCLUDE HOSPITALS AND DEVELOPERS OF CERTAIN PLANNED COMMUNITIES; TO AMEND SECTION 65-4-25, MISSISSIPPI CODE OF 1972, TO INCREASE FROM $105,000,000.00 TO $150,000,000.00, THE AMOUNT OF STATE 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 65-4-3, Mississippi Code of 1972, is amended as follows:

65-4-3. It is the purpose of this chapter to promote, attract and secure industrial and other significant development in the state through the construction and improvement of highways in areas of the state which demonstrate actual and immediate potential for the creation or expansion of major industry or other significant development which is heavily dependent upon the use of and direct access to primary highways.

SECTION 2. Section 65-4-5, Mississippi Code of 1972, is amended as follows:

65-4-5. (1) 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; (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; * * * (v) any project which would benefit from the construction of any highway bypass which would aid in economic development and would provide an alternate route to avoid an existing route which underpasses a railroad and which would aid in existing or proposed industry; or (vi) any planned community consisting of an integrated commercial, industrial, recreational, educational, health care and residential development and improvements, located on a project site of not less than three thousand five hundred (3,500) acres, not less than fifty percent (50%) of which is set aside for and devoted to retirees, the development of which is the product of a long-range, multi-phase development plan, that combines complementary mix of land uses representing unifying characteristics and design elements, and provides comprehensive planning and logical and staged implementation and development;

(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, hospital, large hotel, resort or movie industry studio; (iii) the federal government with respect to any specific project which meets the criteria established in paragraph (c)(i) of this subsection; * * * (iv) any existing or proposed industry in regard to a project described in paragraph (c)(v) of this subsection; or (v) a developer with respect to any specific project which meets the criteria established in paragraph (c)(vi) of this subsection.

(2) The Mississippi Department of Transportation is hereby authorized to purchase rights-of-way and construct and maintain roads and highways authorized to be constructed pursuant to this chapter.

SECTION 3. Section 65-4-25, Mississippi Code of 1972, is amended as follows:

65-4-25. The 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 Fifty Million Dollars ($150,000,000.00) in the aggregate.

SECTION 4. This act shall take effect and be in force from and after its passage.