HB 1942

AN ACT TO CREATE A NEW CODE SECTION TO BE CODIFIED AS SECTION 21-45-23, MISSISSIPPI CODE OF 1972, TO AUTHORIZE MUNICIPALITIES TO ISSUE BONDS, NOTES OR OTHER OBLIGATIONS AS A CONDUIT ISSUER TO FINANCE THE COSTS OF A REDEVELOPMENT PROJECT UNDER THE TAX INCREMENT FINANCING ACT, AND TO SECURE SUCH FINANCING BY TAXPAYER AGREEMENTS; TO AUTHORIZE MUNICIPALITIES TO ENTER INTO TAXPAYER AGREEMENTS IN CONNECTION WITH TAX INCREMENT FINANCING OF REDEVELOPMENT PROJECTS FOR THE PURPOSE OF SECURING SUCH FINANCING; TO PROVIDE FOR OPTIONAL LIEN SECURITY FOR TAXPAYER AGREEMENTS; TO PROVIDE THAT TAXPAYER AGREEMENTS DO NOT CONSTITUTE TAXES, PUBLIC DEBT OR PLEDGES OF GOVERNMENTAL CREDIT; TO AMEND SECTION 21-45-3, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERM "TAXPAYER AGREEMENT" AND TO REVISE THE DEFINITION OF THE TERM "REDEVELOPMENT PROJECT" UNDER THE TAX INCREMENT FINANCING ACT; TO BRING FORWARD SECTIONS 21-45-5, 21-45-7, 21-45-9, 21-45-11, 21-45-13, 21-45-15, 21-45-17, 21-45-19 AND 21-45-21, MISSISSIPPI CODE OF 1972, WHICH ARE SECTIONS OF THE TAX INCREMENT FINANCING ACT, FOR THE PURPOSE OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.