House Bill 728

(As Passed the House)

AN ACT TO AMEND SECTION 29-5-215, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF SHORT-TERM DEBT THAT THE DEPARTMENT OF FINANCE AND ADMINISTRATION MAY INCUR TO IMPLEMENT AND ADMINISTER THE PROJECTS IN THE CAPITOL COMPLEX IMPROVEMENT DISTRICT SECURED BY THE PORTION OF THE PROCEEDS OF THE SPECIAL SALES TAX ALLOCATED TO THE CAPITOL COMPLEX IMPROVEMENT DISTRICT FUND; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 29-5-215, Mississippi Code of 1972, is amended as follows:

29-5-215. (1) There is created in the State Treasury the Capitol Complex Improvement District Project Fund, into which shall be deposited the money specified in Section 27-65-75(1)(c) and such other money from whatever source derived.

(2) An amount not to exceed five percent (5%) of the amount deposited into the fund may be utilized to reimburse the Department of Finance and Administration for the cost of providing necessary personnel, services or other expenses it incurs in performing its duties under Sections 29-5-201 through 29-5-217.

(3) An amount not to exceed ten percent (10%) of the amount deposited into the fund may be utilized, in the discretion of the Executive Director of the Department of Finance and Administration, to compensate the City of Jackson for general police and fire protection provided by the city in the Capitol Complex Improvement District created in Section 29-5-203 and for police coverage for major events conducted within such district.

(4) An amount of not less than eighty-five percent (85%) of the amount deposited into the fund, which shall be designated as "improvement project funds," shall be utilized within the district for improvement projects in accordance with the comprehensive plan described in Section 29-5-209. In addition to fully funding improvement projects, money in the fund may be utilized to fund a portion of an improvement project in cases in which other funds are available for a project and may be used as leverage or matching funds for projects in the district that comport with the district's comprehensive plan.

(5) Money in the fund shall be expended upon appropriation by the Legislature. Unexpended amounts remaining in the fund at the end of the state fiscal year shall not lapse into the State General Fund, and investment earnings on amounts in the fund shall be deposited to the credit of the fund.

(6) The Department of Finance and Administration, with the concurrence of the State Bond Commission, is authorized to incur debt, including notes or other evidences of indebtedness, for the purpose of paying the costs of implementing and administering the improvement projects outlined in the comprehensive plan established pursuant to Section 29-5-209. Any debt incurred to pay such costs may be secured by the sales tax revenue that is required to be deposited to the Capitol Complex Improvement District Project Fund under Section 27-65-75(1)(c). All notes or certificates of indebtedness issued for purposes of this subsection shall mature in approximately equal installments of principal and interest over a period not to exceed five (5) years from the date of issuance thereof. The maximum amount of debt that may be incurred by the Department of Finance and Administration under this subsection shall not exceed * * *~~Seven Million Dollars ($7,000,000.00)~~ Nine Million Dollars $9,000,000.00).

SECTION 2. This act shall take effect and be in force from and after its passage.