House Bill 702

(COMMITTEE SUBSTITUTE)

AN ACT TO PROVIDE THAT THE MISSISSIPPI DEPARTMENT OF TRANSPORTATION, A POLITICAL SUBDIVISION OF THE STATE OR A MUNICIPALITY OF THE STATE MAY FORM A PUBLIC-PRIVATE PARTNERSHIP FOR A HIGHWAY, ROAD, BRIDGE OR OTHER ASSET IMPROVEMENT BY WHICH THE DEPARTMENT, POLITICAL SUBDIVISION OR MUNICIPALITY MAY NEGOTIATE FOR PRIVATE FUNDING ASSISTANCE TOWARD A HIGHWAY, ROAD, BRIDGE OR OTHER ASSET IMPROVEMENT IN EXCHANGE FOR NAMING RIGHTS OF THE SECTION OF HIGHWAY, ROAD, BRIDGE OR OTHER ASSET FOR WHICH THE PRIVATE FUNDING ASSISTANCE WAS PROVIDED; AND FOR RELATED PURPOSES.

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

SECTION 1. The Mississippi Department of Transportation, a political subdivision of the state or a municipality of the state may form a public-private partnership for a highway, road, bridge or other asset by which the department, political subdivision or municipality may negotiate for private funding assistance toward a highway, road, bridge or other asset improvement in exchange for naming rights of the section of highway, road, bridge or other asset improvement for which the private funding assistance was provided, which such public-private partnership agreements shall be subject to the approval of the Mississippi Transportation Commission. The Mississippi Department of Transportation shall adopt rules and regulations necessary for the department to utilize such public-private partnerships.

SECTION 2. This act shall take effect and be in force from and after July 1, 2024.