House Bill 702

(As Passed the House)

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; TO PROHIBIT THE COMMISSION FROM APPROVING AND THE DEPARTMENT FROM ENTERING INTO ANY AGREEMENT WITH AN ENTITY WHOSE PRODUCTS ARE ILLEGAL FOR USE BY MINORS; TO PRESCRIBE THE PURPOSES FOR WHICH FUNDS DERIVED FROM SUCH AGREEMENTS FOR NAMING RIGHTS MAY BE USED; TO CREATE A SPECIAL FUND IN THE STATE TREASURY FOR THE DEPOSIT OF SUCH FUNDS TO BE RETAINED AND MANAGED BY THE DEPARTMENT FOR THE PURPOSES OF THIS ACT; AND FOR RELATED PURPOSES.

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

SECTION 1. (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.

(2) The commission shall not approve, nor shall the department enter into any public-private partnership agreement with any entity whose products are illegal for participation in or use by persons eighteen (18) years of age and under.

(3) Any funds received by the department from an entity with whom it has entered a public-private partnership agreement under the authority of subsection (1) for the purposes specified therein, shall be retained by the department and deposited into a special fund managed by the department to be used for capital improvements to rest areas and visitor centers and welcome centers throughout the state.

(4) (a) There is established in the State Treasury a special fund for the department for the monies collected under this section.

(b) Unexpended monies remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into the fund.

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