Bill Text: MS HB1074 | 2016 | Regular Session | Enrolled
Bill Title: Economic Development and Infrastructure Fund; create and deposit certain funds into.
Spectrum: Bipartisan Bill
Status: (Passed) 2016-05-13 - Approved by Governor [HB1074 Detail]
Download: Mississippi-2016-HB1074-Enrolled.html
MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Gaming; Revenue and Expenditure General Bills
By: Representatives Bennett, Monsour, Dixon, Hines
House Bill 1074
(As Sent to Governor)
AN ACT TO CREATE THE "ECONOMIC DEVELOPMENT AND INFRASTRUCTURE FUND" AS A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THAT MONIES IN THE FUND WILL BE USED BY THE MISSISSIPPI DEVELOPMENT AUTHORITY TO PROVIDE GRANTS TO ASSIST WITH CONSTRUCTION AND REPAIR OF INFRASTRUCTURE IN COUNTIES WHERE LEGAL GAMING IS BEING CONDUCTED OR IS AUTHORIZED AND FOR STRUCTURES DESIGNED TO PROMOTE THE GAMING AND ENTERTAINMENT INDUSTRY IN SUCH COUNTIES, AND TO ASSIST COMMERCIAL SERVICE AIRPORTS WITH AIR SERVICE DEVELOPMENT GOALS UNDER THE MISSISSIPPI AIR SERVICE DEVELOPMENT PROGRAM ACT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) There is created in the State Treasury a special fund to be designated as the "Economic Development and Infrastructure Fund." The special fund shall consist of monies deposited into the fund from any source that is designated for deposit into such fund. Unexpended amounts 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 to the credit of the fund. Monies in the fund shall be used by the Mississippi Development Authority for the purposes authorized in subsection (2) of this section.
(2) (a) The Mississippi Development Authority shall establish a program to provide grants (i) to assist with construction and repair of infrastructure in counties in this state where legal gaming is being conducted or is authorized and for structures designed to promote the gaming and entertainment industry in such counties, and (ii) to aid in increasing commercial air service at existing commercial service airports in counties in this state in which legal gaming is being conducted or is authorized by offering to assist Part 121 carriers through the following air service development methods: revenue guaranty, seat guaranty, seat cost mitigation, ground handling and marketing.
(b) The Mississippi Development Authority shall establish a procedure for accepting and reviewing applications for grants under this section.
(c) If funds are available in the fund created under this section, not less than Two Million Five Hundred Thousand Dollars ($2,500,000.00) shall be used annually for grants provided for under paragraph (a)(ii) of this subsection (2). Thereafter, the funds may be used for grants provided for under paragraph (a)(i) of this subsection (2).
(3) The Mississippi Development Authority shall have all powers necessary to implement and administer the program established under this section, and the Mississippi Development Authority shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.
SECTION 2. This act shall take effect and be in force from and after July 1, 2016.
