MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Ports and Marine Resources; Finance

By: Senator(s) Hewes

AN ACT TO AMEND SECTION 57-61-41, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT LOANS MADE THROUGH THE PORT REVITALIZATION REVOLVING LOAN FUND TO STATE, COUNTY AND MUNICIPAL PORT AND AIRPORT AUTHORITIES SHALL BE INTEREST FREE; AND FOR RELATED PURPOSED.

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

SECTION 1. Section 57-61-41, Mississippi Code of 1972, is amended as follows:

57-61-41. (1) Notwithstanding any provision of this chapter to the contrary, the department shall utilize not more than Eight Million Dollars ($8,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available to state, county or municipal port and airport authorities through a Port Revitalization Revolving Loan Fund for the purpose of making loans to port authorities for the improvement of port and airport facilities to promote commerce and economic growth. Proceeds shall not be made available to provide any facilities for utilization by a gaming vessel.

(2) In exercising their authority, the department shall work in conjunction with the Water Resources Council to establish criteria and guidelines to govern loans made pursuant to this section. Loans shall be made at no interest. The department may require delinquent loans to bear interest at the rate established in its guidelines.

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