Senate Bill 2868

(As Sent to Governor)

AN ACT TO AMEND SECTION 55-24-17, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI COAST COLISEUM COMMISSION TO UTILIZE THE MISSISSIPPI COAST COLISEUM AND CONVENTION TRUST FUND TO MAKE REPAIRS TO THE MISSISSIPPI COAST COLISEUM NECESSITATED BY DAMAGE SUFFERED AS A RESULT OF HURRICANE KATRINA IF THE PROCEEDS OF THE TRUST FUND SO UTILIZED WILL BE REIMBURSED TO THE COMMISSION BY ANY STATE OR FEDERAL AGENCY OR ENTITY; TO REQUIRE THE PROCEEDS OF ANY REIMBURSEMENT TO BE DEPOSITED INTO THE TRUST FUND; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 55-24-17, Mississippi Code of 1972, is amended as follows:

55-24-17. The proceeds from the tax authorized under the provisions of Sections 1 and 2 of Chapter 863, Local and Private Laws of 1987, shall be paid to the Mississippi Coast Coliseum Commission for the establishment of a trust fund for the operational, maintenance, replacement and capital expenses of the Mississippi Coast Coliseum and Convention Center, as hereinafter provided. All such proceeds shall be deposited by the commission in a trust fund which the commission is hereby authorized to establish. The trust fund shall be known as the Mississippi Coast Coliseum and Convention Trust Fund. Amounts on deposit in the fund shall be invested in interest-bearing accounts or approved securities to include, but not limited to, U.S. Treasury bills and U.S. Treasury notes and bonds, federal agency securities or federal mortgage-backed securities guaranteed as to repayment of principal by the federal government or an agency of the federal government, certificates of deposits fully covered by insurance administered by the Federal Deposit Insurance Corporation or covered by pledge securities, repurchase agreements and short-term money market funds invested in U.S. Government and U.S. Government agencies. All interest income earned on the fund shall be paid over to the commission and applied solely to the payment of operating, maintenance and replacement expenses of the Mississippi Coast Coliseum and Convention Center. The principal amount deposited into the fund from the proceeds of the special taxes authorized by Chapter 863, Laws of 1987 shall not be withdrawn from the trust for any purpose whatsoever except as provided for in subsection (2) of this section. The interest earned on the fund may also be used for debt service for capital improvements or expansion or for payment of expenses for operations, maintenance and replacement of capital improvements.

(2) The commission is authorized, in its discretion, to utilize the trust fund to make necessary repairs, restorations and improvements to the Mississippi Coast Coliseum necessitated by damage suffered as a result of Hurricane Katrina if the proceeds of the trust fund so utilized will be reimbursed to the commission by the Federal Emergency Management Agency or any other state or federal agency or entity. The proceeds of any reimbursement shall, upon receipt, be deposited into the trust fund.

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