House Bill 1948

AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE CITY OF OLIVE BRANCH, MISSISSIPPI, TO ACQUIRE, BUY, SELL, LEASE, CONVEY OR OTHERWISE DISPOSE OF SITES WITHIN INDUSTRIAL, TECHNOLOGY, OR EDUCATIONAL PARKS; TO FINANCE OR OTHERWISE PROVIDE OR RECEIVE FUNDING FOR CERTAIN PROJECTS AND FACILITIES THAT PROMOTE MUNICIPAL, COMMUNITY, TECHNOLOGICAL, INDUSTRIAL OR EDUCATIONAL DEVELOPMENT WITHIN THE CITY OF OLIVE BRANCH, MISSISSIPPI; AND FOR RELATED PURPOSES.

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

SECTION 1. As used in this act:

(a) "City" means the City of Olive Branch, Mississippi.

(b) "Costs of project" means all costs of acquiring real property associated with a project; costs of site preparation and other site-related start-up costs; costs of engineering, surveying, environmental, geotechnical, architectural and legal services; costs of plans and specifications and all expenses necessary or incidental to determining the feasibility or practicability of the project; administrative expenses; and such other expenses as may be necessary or incidental to the financing authorized in this chapter. The costs of any project may also include funds for the creation of a debt service reserve, a renewal and replacement reserve, bond insurance, and such other reserves as may be reasonably required by the city for the operation of its projects and as may be authorized by any bond resolution pursuant to the provisions of which the issuance of any such bonds may be authorized. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the costs of the project and may be paid or reimbursed as such out of the proceeds of any revenues obtained by the city, including, without limitation, special assessments, general obligation bonds or notes issued pursuant to Section 21-31-301 et seq., Mississippi Code of 1972, tax increment financing pursuant to Section 21-45-1 et seq., Mississippi Code of 1972, or revenue bonds or notes.

(c) "Facilities related to a project" means and includes the acquisition, improvement, demolition or removal of any of the following, or any portion thereof, as they may pertain to:

(i) Site preparation and improvements, including clearing, grubbing and grading activities;

(ii) Potable and nonpotable water supply systems that will serve the project area or any project located thereon, whether or not such potable and nonpotable water supply systems are located on or outside of the project area;

(iii) Sewage and waste disposal systems that will serve the project area or any project located thereon, whether or not such sewage and waste disposal systems are located on or outside of the project area;

(iv) Stormwater drainage and other drainage systems that will serve the project area or any project located thereon, whether or not such stormwater drainage and other drainage systems are located on or outside of the project area;

(v) Highways, streets and other roadways located upon the project area or which are otherwise necessary to provide any access to and from the project area or any project located thereon;

(vi) Fire suppression and prevention systems that will serve the project area or any project located thereon, whether or not such fire suppression and prevention systems are located on or outside of the project area;

(vii) Utility distribution systems, including, but not limited to, water, sewer, electricity, natural gas, telephone and other information and telecommunications facilities, whether by wire, fiber or wireless means, that will serve the project area or any project located thereon, whether or not such utility distribution systems are located on or outside of the project area; and

(viii) Municipal purposes authorized by or defined in Section 21-27-23 or 21-33-301, Mississippi Code of 1972.

(d) "Governing authorities" means the Mayor and Board of Aldermen of the city.

(e) "Project" means and includes the acquisition and improvement of real property, and if applicable the disposition of real property as provided for herein, for purposes of promoting industrial, technological, and education economic development within the project area.

(f) "Project area" means a project located within the following described areas within the municipal boundaries of the city area located within the municipal limits and situated in Section 5, Township 2 South, Range 6 West.

SECTION 2. The governing authorities may expend funds for the acquisition, development and improvement of real estate within the project area, to be used for an industrial, technological or educational park or parks, and for such purposes the governing authorities shall have the authority to own, hold, maintain, control and develop such real estate; to engage in works of internal improvement therefor, including, but not limited to, construction, or contracting for the construction of facilities related to projects including streets, roads, site improvements, water, sewerage, natural gas, drainage, pollution control and other related facilities necessary or required for industrial, technological, or educational park complexes; to acquire, purchase, install, lease, construct, own, hold, equip, control, maintain, use, operate and repair other structures and facilities related to a project necessary and convenient for the development of the project areas; and planning, development, use, operation and maintenance of such industrial, technology and education park or parks. The governing authorities are authorized and empowered to acquire, option, sell, lease, trade, exchange or otherwise dispose of sites situated within the project area to individuals, firms or corporations, public or private, and governmental entities for industrial, technological, or educational uses, upon such terms and conditions, and for such considerations, with such safeguards as will best promote and protect the public interest, convenience and necessity, and to execute deeds, leases, contracts, easements and other legal instruments necessary or convenient therefor.

SECTION 3. The governing authorities are authorized and empowered, to acquire, sell, lease, sublease, trade, exchange or otherwise convey or dispose of real property within the project area or any portions thereof or any interests therein to individuals, firms or business enterprises, public or private, or to governmental entities, for the development of projects within the project area, as well as for any facilities related to one or more projects, upon such terms and conditions, for such consideration, and with such safeguards as are determined by the governing authorities to best promote and protect the public interest, convenience and necessity, and to enter into and execute options, deeds, leases, subleases, development agreements and other contracts, easements and other legal instruments necessary or convenient therefor. The governing authorities are further authorized and empowered to undertake any transactions authorized by this act, and to enter into and execute any contract, agreement or instrument with respect thereto, on the basis of negotiation without the necessity of any appraisal, advertisement for proposals, bids or offers, or of any other public procurement, acquisition or sale requirements.

SECTION 4. With respect to any lease or sublease, authorized by this act, the term of any of such agreement may extend for any period not to exceed fifty (50) years, and the agreement shall be binding on any successors to the governing authorities.

SECTION 5. The governing authorities are authorized to incur bonded and floating indebtedness by issuing general obligation bonds, revenue bonds, tax increment financing bonds or special assessment bonds as authorized by any statute authorizing the issuance of such bonds, and otherwise incur indebtedness in any manner for which it is authorized by statute to incur debt, may appropriate general or enterprise funds for the purposes and in the manner prescribed by law, and may accept and utilize grants, donations or contributions from any source, whether public or private, to fund costs of the project. Revenues derived from any project financed with bonds issued pursuant to this act may be pledged, in whole or in part, to secure payment of the bonded indebtedness incurred to finance a project.

SECTION 6. The powers conferred by this act shall be in addition and supplemental to the powers conferred by any other law.

SECTION 7. This act shall take effect and be in force from and after its passage.