Bill Text: MS SB2827 | 2020 | Regular Session | Introduced
Bill Title: Delta Incentives for Community and Economic Development Act; create.
Spectrum: Partisan Bill (Democrat 10-0)
Status: (Failed) 2020-03-03 - Died In Committee [SB2827 Detail]
Download: Mississippi-2020-SB2827-Introduced.html
MISSISSIPPI LEGISLATURE
2020 Regular Session
To: Economic and Workforce Development; Finance
By: Senator(s) Simmons (13th), Jackson (32nd), Jackson (11th), Barnett, Blackmon, Jordan, Thomas, Frazier, Witherspoon
Senate Bill 2827
AN ACT TO CREATE THE "DELTA INCENTIVES FOR COMMUNITY AND ECONOMIC DEVELOPMENT ACT"; TO DESIGNATE THE COUNTIES LYING WHOLLY OR PARTIALLY WEST OF INTERSTATE 55 AS THE "WEST MISSISSIPPI ENTERPRISE OPPORTUNITY ZONE" FOR THE PURPOSE OF PROVIDING ECONOMIC INCENTIVES TO NEW BUSINESSES FOR ECONOMIC DEVELOPMENT IN WEST MISSISSIPPI; TO PLACE THE WEST MISSISSIPPI ENTERPRISE OPPORTUNITY ZONE UNDER THE ADMINISTRATIVE OVERSIGHT OF THE MISSISSIPPI DEVELOPMENT AUTHORITY, AND TO AUTHORIZE THE AUTHORITY TO RECEIVE AND EXPEND FUNDS TO PROVIDE LOANS, GRANTS AND TAX INCENTIVES TO STARTUP BUSINESSES WITH 10 OR MORE EMPLOYEES; TO AMEND SECTION 37-159-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY NEW TEACHER WHO AGREES TO EMPLOYMENT AS A LICENSED TEACHER IN A SCHOOL DISTRICT LOCATED IN A GEOGRAPHICAL AREA OF THE STATE WHERE THERE EXISTS A CRITICAL SHORTAGE OF TEACHERS, FOR A PERIOD OF NOT LESS THAN FIVE YEARS, SHALL BE ELIGIBLE TO RECEIVE A REASONABLE HOUSING ALLOWANCE AND A $2,000.00 SIGNING BONUS; TO EXTEND THE REPEAL DATE ON THE SECTION TO JULY 1, 2024; TO AMEND SECTION 37-153-13, MISSISSIPPI CODE OF 1972, TO DIRECT THE MISSISSIPPI COMMUNITY COLLEGE BOARD TO COLLABORATE WITH THE ADMINISTRATIONS OF COAHOMA COMMUNITY COLLEGE, MISSISSIPPI DELTA COMMUNITY COLLEGE, HINDS COMMUNITY COLLEGE AND COPIAH-LINCOLN COMMUNITY COLLEGE FOR THE IMPLEMENTATION OF A WORKFORCE TRAINING INITIATIVE AT EACH COLLEGE; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST JACKSON STATE UNIVERSITY, MISSISSIPPI VALLEY STATE UNIVERSITY, ALCORN STATE UNIVERSITY AND DELTA STATE UNIVERSITY IN THE ADMINISTRATION AND OPERATION OF A SCIENCE, TECHNOLOGY, ENGINEERING AND MATHEMATICS (STEM) PROGRAM; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. This act shall be known and may be cited as the "Delta Incentives for Community and Economic Development Act."
SECTION 2. The counties lying wholly or partially west of Interstate 55 are designated the West Mississippi Enterprise Opportunity Zone. The purpose of the zone is to provide economic incentives to new businesses for the purpose of economic development in west Mississippi. The West Mississippi Enterprise Opportunity Zone shall be under the administrative oversight of the Mississippi Development Authority, which is authorized to receive and expend funds from public and private sources to provide loans, grants and tax incentives to startup businesses with ten (10) or more employees.
SECTION 3. Section 37-159-9, Mississippi Code of 1972, is amended as follows:
37-159-9. (1) There is established the University Assisted Teacher Recruitment and Retention Grant Program within the State Department of Education. The purposes of the program shall be to attract additional qualified teachers to those geographical areas of the state where there exists a critical shortage of teachers and to retain the qualified teachers already serving as licensed teachers in geographical critical teacher shortage areas by making available scholarships to persons working towards a Master of Education degree or an Educational Specialist degree at an institution of higher learning whose teacher education program is approved by the State Board of Education.
(2) Any institution of higher learning in the State of Mississippi which offers a Master of Education degree or an Educational Specialist degree may apply to the department for participation in the program. As part of the program, participating institutions shall collaborate with the Mississippi Teacher Center to identify, recruit and place teacher education graduates, from both within the state and out of state, in school districts situated within those areas of the state where there exists a critical shortage of teachers, as designated by the State Board of Education.
(3) The State Department of Education shall provide funds to participating institutions of higher learning for the purpose of awarding scholarships to qualified persons pursuing a Master of Education degree or an Educational Specialist degree at such institutions while rendering service to the state as a licensed teacher in a school district in a geographical area of the state where there exists a critical shortage of teachers, as approved by the State Board of Education. The financial scholarship shall be applied to the total cost for tuition, books, materials and fees at the institution in which the student is enrolled, not to exceed an amount equal to the highest total cost of tuition, books, materials and fees assessed by a state institution of higher learning during that school year. Teachers who relocate within Mississippi from out of state in order to participate in the program shall be classified as residents of the state for tuition purposes.
(4) Students awarded financial scholarships under the University Assisted Teacher Recruitment and Retention Grant Program may receive such awards for a maximum of four (4) school years; however, the maximum number of awards which may be made shall not exceed the length of time required to complete the number of academic hours necessary to obtain a Master of Education degree or an Educational Specialist degree. Financial scholarships under the program shall not be based upon an applicant's eligibility for financial aid.
(5) Persons relocating to a geographical area of the state where there exists a critical shortage of teachers, as approved by the State Board of Education, to participate in the University Assisted Teacher Recruitment and Retention Grant Program shall be eligible for reimbursement for their moving expenses to the critical teacher shortage area from the State Board of Education. The State Board of Education shall promulgate rules and regulations necessary for the administration of the relocation expense reimbursement component of the University Assisted Teacher Recruitment and Retention Grant Program.
(6) Subject to the availability of funds, the State Board of Education may provide for professional development and support services as may be necessary for the retention of teachers participating in the program in those geographical areas of the state where there exists a critical shortage of teachers.
(7) Any person participating in the program who fails to complete a program of study that will enable that person to obtain a Master of Education degree or Educational Specialist degree shall become liable immediately to the State Board of Education for the sum of all awards made to that person under the program, plus interest accruing at the current Stafford Loan rate at the time the person abrogates his participation in the program.
(8) As a condition for participation in the program, a teacher shall agree to employment as a licensed teacher in a school district located in a geographical area of the state where there exists a critical shortage of teachers, as designated by the State Board of Education, for a period of not less than three (3) years, which shall include those years of service rendered while obtaining the Master of Education degree or Educational Specialist degree. However, for any person who obtained a baccalaureate degree in education with a financial scholarship under the Critical Needs Teacher Scholarship Program and who entered the University Assisted Teacher Recruitment and Retention Grant Program before rendering service as a teacher, the period of employment for the purposes of this subsection shall be two (2) years, in addition to the employment commitment required under the Critical Needs Teacher Scholarship Program. Service rendered by a participant as a licensed teacher in a school district in a geographical critical teacher shortage area before that teacher becomes a participant in the program may not be considered to fulfill the employment commitment required under this subsection. Any person failing to comply with this employment commitment in any required school year shall immediately be in breach of contract and become liable immediately to the State Department of Education for the sum of all scholarships awarded and relocation expenses granted to that person, less one-third (1/3) of the amount of that sum for each year that service was rendered, or for those persons whose required period of employment is two (2) years, less one-half (1/2) of the amount of that sum for each year that service was rendered, plus interest accruing at the current Stafford Loan rate at the time the breach occurs, except in the case of a deferral for cause by the State Board of Education when there is no employment position immediately available upon the teacher's obtaining of the Master of Education degree or Educational Specialist degree. After the period of such deferral, the person shall begin or resume the required teaching duties or shall become liable to the board under this subsection. If a claim for repayment under this subsection is placed in the hands of an attorney for collection after default, then the obligor shall be liable for an additional amount equal to a reasonable attorney's fee.
(9) Any new teacher who agrees to employment as a licensed teacher in a school district located in a geographical area of the state where there exists a critical shortage of teachers, as designated by the State Board of Education, for a period of not less than five (5) years, including those years of service rendered while obtaining the Master of Education degree or Educational Specialist degree, shall be eligible to receive a reasonable housing allowance, as determined by the State Board of Education, and a Two Thousand Dollar ($2,000.00) signing bonus.
( * * *10) All funds received by the State
Department of Education from the repayment of scholarship awards and relocation
expenses by program participants shall be deposited in the Mississippi Critical
Teacher Shortage Fund.
( * * *11) The State Board of Education shall
promulgate rules and regulations necessary for the proper administration of the
University Assisted Teacher Recruitment and Retention Grant Program.
This section shall stand
repealed on July 1, * * * 2024.
SECTION 4. Section 37-153-13, Mississippi Code of 1972, is amended as follows:
37-153-13. (1) The Mississippi Community College Board is designated as the primary support agency to the workforce development centers. The Mississippi Community College Board may exercise the following powers:
(a) To provide the workforce development centers the assistance necessary to accomplish the purposes of this chapter;
(b) To provide the workforce development centers consistent standards and benchmarks to guide development of the local workforce development system and to provide a means by which the outcomes of local services can be measured;
(c) To develop the staff capacity to provide, broker or contract for the provision of technical assistance to the workforce development centers, including, but not limited to:
(i) Training local staff in methods of recruiting, assessment and career counseling;
(ii) Establishing rigorous and comprehensive local preemployment training programs;
(iii) Developing local institutional capacity to deliver total quality management training;
(iv) Developing local institutional capacity to transfer new technologists into the marketplace;
(v) Expanding the Skills Enhancement Program and improving the quality of adult literacy programs; and
(vi) Developing data for strategic planning;
(d) To collaborate with the Mississippi Development Authority and other economic development organizations to increase the community college systems' economic development potential;
(e) To administer presented and approved certification programs by the community colleges for tax credits and partnership funding for corporate training;
(f) To create and maintain an evaluation team that examines which kinds of curricula and programs and what forms of quality control of training are most productive so that the knowledge developed at one (1) institution of education can be transferred to others;
(g) To develop internal capacity to provide services and to contract for services from universities and other providers directly to local institutions;
(h) To develop and administer an incentive certification program;
(i) To develop and hire staff and purchase equipment necessary to accomplish the goals set forth in this section; and
(j) To collaborate, partner and contract for services with community-based organizations and disadvantaged businesses in the delivery of workforce training and career information especially to youth, as defined by the federal Workforce Investment Act, and to those adults who are in low income jobs or whose individual skill levels are so low as to be unable initially to be aided by a workforce development center. Community-based organizations and disadvantaged businesses must meet performance-based certification requirements set by the Mississippi Community College Board.
(2) The Mississippi Community College Board shall collaborate with the administrations of Coahoma Community College, Mississippi Delta Community College, Hinds Community College and Copiah-Lincoln Community College for the implementation of a Workforce Training Initiative at each college.
SECTION 5. (1) As used in this section, the following words shall have the meanings ascribed herein unless the context clearly requires otherwise:
(a) "Accreted value" of any bond means, as of any date of computation, an amount equal to the sum of (i) the stated initial value of such bond, plus (ii) the interest accrued thereon from the issue date to the date of computation at the rate, compounded semiannually, that is necessary to produce the approximate yield to maturity shown for bonds of the same maturity.
(b) "State" means the State of Mississippi.
(c) "Commission" means the State Bond Commission.
(2) (a) (i) A special fund, to be designated as the "2020 West Mississippi Science, Technology, Engineering and Mathematics (STEM) University Program Fund," is created within the State Treasury. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. 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 into such fund.
(ii) Monies deposited into the fund shall be disbursed, in the discretion of the Department of Finance and Administration, to provide funds to assist Jackson State University, Alcorn State University, Mississippi Valley State University and Delta State University in the administration and operation of a Science, Technology, Engineering and Mathematics (STEM) Program. The disbursements shall be made to the four universities in equal portions.
(b) Amounts deposited into such special fund shall be disbursed to pay the costs of the projects described in paragraph (a) of this subsection. Promptly after the commission has certified, by resolution duly adopted, that the projects described in paragraph (a) of this subsection shall have been completed, abandoned, or cannot be completed in a timely fashion, any amounts remaining in such special fund shall be applied to pay debt service on the bonds issued under this section, in accordance with the proceedings authorizing the issuance of such bonds and as directed by the commission.
(3) (a) The commission, at one time, or from time to time, may declare by resolution the necessity for issuance of general obligation bonds of the State of Mississippi to provide funds for all costs incurred or to be incurred for the purposes described in subsection (2) of this section. Upon the adoption of a resolution by the Department of Finance and Administration, declaring the necessity for the issuance of any part or all of the general obligation bonds authorized by this subsection, the department shall deliver a certified copy of its resolution or resolutions to the commission. Upon receipt of such resolution, the commission, in its discretion, may act as issuing agent, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The total amount of bonds issued under this section shall not exceed Twenty Million Dollars ($20,000,000.00). No bonds shall be issued under this section after July 1, 2024.
(b) Any investment earnings on amounts deposited into the special fund created in subsection (2) of this section shall be used to pay debt service on bonds issued under this section, in accordance with the proceedings authorizing issuance of such bonds.
(4) The principal of and interest on the bonds authorized under this section shall be payable in the manner provided in this subsection. Such bonds shall bear such date or dates, be in such denomination or denominations, bear interest at such rate or rates (not to exceed the limits set forth in Section 75-17-101, Mississippi Code of 1972), be payable at such place or places within or without the State of Mississippi, shall mature absolutely at such time or times not to exceed twenty-five (25) years from date of issue, be redeemable before maturity at such time or times and upon such terms, with or without premium, shall bear such registration privileges, and shall be substantially in such form, all as shall be determined by resolution of the commission.
(5) The bonds authorized by this section shall be signed by the chairman of the commission, or by his facsimile signature, and the official seal of the commission shall be affixed thereto, attested by the secretary of the commission. The interest coupons, if any, to be attached to such bonds may be executed by the facsimile signatures of such officers. Whenever any such bonds shall have been signed by the officials designated to sign the bonds who were in office at the time of such signing but who may have ceased to be such officers before the sale and delivery of such bonds, or who may not have been in office on the date such bonds may bear, the signatures of such officers upon such bonds and coupons shall nevertheless be valid and sufficient for all purposes and have the same effect as if the person so officially signing such bonds had remained in office until their delivery to the purchaser, or had been in office on the date such bonds may bear. However, notwithstanding anything herein to the contrary, such bonds may be issued as provided in the Registered Bond Act of the State of Mississippi.
(6) All bonds and interest coupons issued under the provisions of this section have all the qualities and incidents of negotiable instruments under the provisions of the Uniform Commercial Code, and in exercising the powers granted by this section, the commission shall not be required to and need not comply with the provisions of the Uniform Commercial Code.
(7) The commission shall act as issuing agent for the bonds authorized under this section, prescribe the form of the bonds, determine the appropriate method for sale of the bonds, advertise for and accept bids or negotiate the sale of the bonds, issue and sell the bonds so authorized to be sold, pay all fees and costs incurred in such issuance and sale, and do any and all other things necessary and advisable in connection with the issuance and sale of such bonds. The commission is authorized and empowered to pay the costs that are incident to the sale, issuance and delivery of the bonds authorized under this section from the proceeds derived from the sale of such bonds. The commission may sell such bonds on sealed bids at public sale or may negotiate the sale of the bonds for such price as it may determine to be for the best interest of the State of Mississippi. All interest accruing on such bonds so issued shall be payable semiannually or annually.
If such bonds are sold by sealed bids at public sale, notice of the sale shall be published at least one time, not less than ten (10) days before the date of sale, and shall be so published in one or more newspapers published or having a general circulation in the City of Jackson, Mississippi, selected by the commission.
The commission, when issuing any bonds under the authority of this section, may provide that bonds, at the option of the State of Mississippi, may be called in for payment and redemption at the call price named therein and accrued interest on such date or dates named therein.
(8) The bonds issued under the provisions of this section are general obligations of the State of Mississippi, and for the payment thereof the full faith and credit of the State of Mississippi is irrevocably pledged. If the funds appropriated by the Legislature are insufficient to pay the principal of and the interest on such bonds as they become due, then the deficiency shall be paid by the State Treasurer from any funds in the State Treasury not otherwise appropriated. All such bonds shall contain recitals on their faces substantially covering the provisions of this subsection.
(9) Upon the issuance and sale of bonds under the provisions of this section, the commission shall transfer the proceeds of any such sale or sales to the special fund created in subsection (2) of this section. The proceeds of such bonds shall be disbursed solely upon the order of the Department of Finance and Administration under such restrictions, if any, as may be contained in the resolution providing for the issuance of the bonds.
(10) The bonds authorized under this section may be issued without any other proceedings or the happening of any other conditions or things other than those proceedings, conditions and things which are specified or required by this section. Any resolution providing for the issuance of bonds under the provisions of this section shall become effective immediately upon its adoption by the commission, and any such resolution may be adopted at any regular or special meeting of the commission by a majority of its members.
(11) The bonds authorized under the authority of this section may be validated in the Chancery Court of the First Judicial District of Hinds County, Mississippi, in the manner and with the force and effect provided by Title 31, Chapter 13, Mississippi Code of 1972, for the validation of county, municipal, school district and other bonds. The notice to taxpayers required by such statutes shall be published in a newspaper published or having a general circulation in the City of Jackson, Mississippi.
(12) Any holder of bonds issued under the provisions of this section or of any of the interest coupons pertaining thereto may, either at law or in equity, by suit, action, mandamus or other proceeding, protect and enforce any and all rights granted under this section, or under such resolution, and may enforce and compel performance of all duties required by this section to be performed, in order to provide for the payment of bonds and interest thereon.
(13) All bonds issued under the provisions of this section shall be legal investments for trustees and other fiduciaries, and for savings banks, trust companies and insurance companies organized under the laws of the State of Mississippi, and such bonds shall be legal securities which may be deposited with and shall be received by all public officers and bodies of this state and all municipalities and political subdivisions for the purpose of securing the deposit of public funds.
(14) Bonds issued under the provisions of this section and income therefrom shall be exempt from all taxation in the State of Mississippi.
(15) The proceeds of the bonds issued under this section shall be used solely for the purposes herein provided, including the costs incident to the issuance and sale of such bonds.
(16) The State Treasurer is authorized, without further process of law, to certify to the Department of Finance and Administration the necessity for warrants, and the Department of Finance and Administration is authorized and directed to issue such warrants, in such amounts as may be necessary to pay when due the principal of, premium, if any, and interest on, or the accreted value of, all bonds issued under this section; and the State Treasurer shall forward the necessary amount to the designated place or places of payment of such bonds in ample time to discharge such bonds, or the interest thereon, on the due dates thereof.
(17) This section shall be deemed to be full and complete authority for the exercise of the powers herein granted, but this section shall not be deemed to repeal or to be in derogation of any existing law of this state.
SECTION 6. This act shall take effect and be in force from and after July 1, 2020.
