MCA Chapter 119

in effect

Miss. Code Ann. § 57-119-1 Gulf Coast Restoration Fund (GCRF) created; use of fund monies limited to projects or programs located in the Gulf Coast region.

There is created in the State Treasury a special fund to be designated as the “Gulf Coast Restoration Fund” (GCRF). The GCRF shall consist of funds required to be deposited into the GCRF by Section 27-103-302, funds appropriated or otherwise made available by the Legislature in any manner, and funds from any other source designated for deposit into the GCRF. Unexpended amounts remaining in the GCRF at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the GCRF shall be deposited to the credit of the GCRF. Monies in the GCRF shall be administered by the Mississippi Development Authority (MDA), and shall be used, upon appropriation by the Legislature, to provide assistance to applicants through programs or projects authorized by this chapter. Monies in the GCRF shall be used only for programs or projects that are located in the Gulf Coast region as defined in the federal RESTORE Act, or twenty-five (25) miles from the northern boundaries of the three (3) coastal counties of Harrison, Hancock and Jackson, but not to expand beyond the boundaries of Hancock, Harrison, Jackson, Pearl River, Stone, and George Counties. If a county is included in the coastal zone, then the county seat and the land lying to the east, west and south within that county would be considered a part of the coastal zone.

Miss. Code Ann. § 57-119-3 Use of fund monies only for purposes specified in this chapter and upon appropriation by the Legislature; full faith and credit of state for GCRF monies obligated or pledged as security for MDA debt.

Monies in theGulf Coast Restoration Fund shall be used only for the purposes specifiedin this chapter, and no other expenditure, appropriation or transfer ofmonies in the GCRF shall be made except by an act of the Legislaturemaking specific reference to the GCRF as the source of those monies. If any moniesin the GCRF are obligated or pledged as security for any debt incurredby MDA, and the monies in the GCRF that have been obligated or pledgedare later expended, appropriated, transferred, obligated or pledgedfor any other purpose, the debt for which the monies were originallyobligated or pledged shall be the obligation and indebtedness of theState of Mississippi secured by the full faith and credit of the state.

Miss. Code Ann. § 57-119-5 Gulf Coast Restoration Fund Advisory Board created; purpose; membership.

There is createdthe Gulf Coast Restoration Fund Advisory Board for the purpose ofproviding guidance and expertise to MDA when reviewing applicationsfor assistance under this chapter. The advisory board shall consistof the following seven (7) members: Three (3) appointmentsfrom the Governor; Two (2) appointmentsfrom the Lieutenant Governor; and Two (2) appointmentsfrom the Speaker of the House of Representatives. The Governorshall appoint the chairman of the board and the board shall electsuch other officers as it considers necessary from among its members. A majority ofthe members of the board shall constitute a quorum for the conductof meetings and all actions of the board shall be by a majority vote. The MississippiDevelopment Authority shall provide any necessary administrative supportto the board. No person nominated for, appointed to or serving asa member of the board may be an elected official. Members of theboard shall serve without compensation, per diem or mileage expense. All expensesof the MDA in carrying out its duties and responsibilities under thissection shall be paid from funds in the Gulf Coast Restoration Fund.

Miss. Code Ann. § 57-119-7 Mississippi Development Authority to be administrator of the GCRF.

MDA shall bethe administrator of the Gulf Coast Restoration Fund. MDA is authorizedto carry out any powers and duties authorized in this chapter andshall handle all of the day-to-day matters relating to the GCRF. The annual administrationexpenses of MDA in carrying out its duties under this chapter shallnot exceed one percent (1%) of the amount of the funds deposited intothe GCRF under Section 27-103-302 for thatyear. MDA may recover from applicants and recipients of funds underthis chapter a portion of the costs associated with administeringassistance provided under this chapter, which shall not be subjectto the one percent (1%) limitation under this subsection.

Miss. Code Ann. § 57-119-9 Eligible applicants for assistance; eligible projects; MDA to establish criteria for accepting and reviewing applications for assistance.

Applicants who are eligible for assistance under this section include, but are not limited to, local units of government, nongovernmental organizations, institutions of higher learning, community colleges, ports, airports, public-private partnerships, private for-profit entities, private nonprofit entities and local economic development entities. Projects that are eligible for assistance under this section are projects that have the potential to generate increased economic activity in the region, as described in Section 57-119-11(3). MDA shall establish criteria, rules, and procedures for accepting and reviewing applications for assistance under this section. MDA, with advice from the Gulf Coast Restoration Fund Advisory Board, shall review, compile and score all timely received applications, and shall present the applications and its recommendations for assistance to individual projects under this section to the Legislature no later than December 1 of the year. The Legislature shall determine individual projects that will be funded under this section by separate line items in an appropriation bill. Applications for assistance under this section will be received through web portals set up by MDA. MDA shall set criteria for the web portal which may include protection of the confidentiality of any or all of the application.

Miss. Code Ann. § 57-119-11 MDA authorized to establish programs for making loans, loan guarantees, grants, etc., to applicants with approved projects; prioritization of projects.

MDA is further authorized, on such terms and conditions consistent with the criteria set forth in this section as it may determine, to establish programs for making loans, loan guarantees, grants and any other financial assistance from the GCRF to applicants whose projects are approved for assistance under this section. MDA shall establish criteria, rules and procedures for accepting, reviewing, granting or denying applications, and for terms and conditions of financial assistance under this section in accordance with state law. The Legislature shall appropriate monies from the GCRF to the MDA to fund the programs established under this section in an amount requested annually by MDA for such purpose. Applicants who are eligible for assistance under this section include, but are not limited to, local units of government, nongovernmental organizations, institutions of higher learning, community colleges, ports, airports, public-private partnerships, private for-profit entities, private nonprofit entities, and local economic development entities. MDA shall establish programs and an application process to provide assistance to applicants under this section that prioritize: Projects that will impact the long-term competitiveness of the region and may result in a significant positive impact on tax base, private sector job creation and private sector investment in the region; Projects that demonstrate the maximum long-term economic benefits and long-term growth potential of the region based on a financial analysis such as a cost-benefit analysis or a return-on-investment analysis; Projects that demonstrate long-term financial sustainability, including clear performance metrics, over the duration of the project; Projects that leverage or encourage leveraging of other private sector, local, state and federal funding sources with preference to projects that can demonstrate contributions from other sources than funds from the BP settlement; Projects that are supported by multiple government or private sector entities; Projects that can move quickly and efficiently to the design, engineering, and permitting phase; Projects that enhance the quality of life/place and business environment of the region, including tourism and recreational opportunities; Projects that expand the region’s ability to attract high-growth industries or establish new high-growth industries in the region; Projects that leverage or further enhance key regional assets, including educational institutions, research facilities, ports, airports, rails and military bases; Projects that are transformational for the future of the region but create a wider regional impact; Projects that enhance the marketability of existing industrial properties; Projects that enhance a targeted industry cluster or create a Center of Excellence unique to the region; Infrastructure projects for business retention and development; Projects that enhance research and innovative technologies in the region; and Projects that provide outcome and return on investment measures, to be judged by clear performance metrics, over the duration of the project or program.

Miss. Code Ann. § 57-119-13 Assistance provided from GCRF cannot be used to cover 100% of the cost of approved project; contracts to include provisions for recovery of funds obtained fraudulently; performance reports.

Assistance provided under this chapter may not be used to finance one hundred percent (100%) of the cost of any project. Contracts executed by MDA with recipients of assistance under this chapter must include provisions requiring a performance report on the contracted activities, must account for the proper use of funds provided under the contract, and must include provisions for recovery of assistance if the assistance was based upon fraudulent information or the recipient of the assistance is not meeting the performance requirements established by MDA of the assistance. Recipients of assistance under this chapter must regularly report to MDA the status of the project on a schedule determined by MDA.

Miss. Code Ann. § 57-119-15 Audit of recipients of assistance from GCRF; scope of review; performance audit of MDA's administration of GCRF by State Auditor; scope of audit.

The scope ofa financial audit of recipients of assistance under this chapter shallinclude funds related to any year in which the recipient receivesassistance under this chapter. The scope of review for these fundsshall include, but is not limited to, compliance with state and federallaws related to the receipt and expenditure of those funds and thecriteria established by MDA. The State Auditorshall conduct performance audits of MDA’s administration ofthe GCRF under this chapter. The scope of review shall include, but isnot limited to, evaluating internal controls, internal audit functions,reporting and performance requirements required for use of the assistance,and compliance with state and federal law. The audit shall includeany funds disbursed under this chapter and matching funds providedin the contract with MDA. In addition tothe rules of the State Auditor, the State Auditor shall adopt rulesfor the form and conduct all financial audits performed by independentcertified public accountants and for audits of recipients of assistanceunder this chapter. The State Auditormay report findings to the Secretary of the Treasury of the UnitedStates in addition to the reporting requirements under state law. The costs ofthe audits performed as provided in this section may be paid fromthe GCRF.

Miss. Code Ann. § 57-119-17 Annual report; contents.

MDA shall file an annual report with the Speaker of the House, the Lieutenant Governor, the Chairs of the Appropriations Committees of the House and the Senate, and the Legislative Budget Office not later than December 1 of each year, including detailed information regarding at least the following specific areas: Receipts and expenditures of the funds received and provided as assistance under this chapter; Expenditures for all administration expenses of MDA in carrying out its duties under this chapter; Overview of applications reviewed and a detailed description of applications approved for assistance for the current year; and Schedule of all applications for which assistance was provided under this chapter detailing status of progress, start date, anticipated completion date, benchmark achievements, and any modifications to the original application after receipt of assistance.