Section 29-5-251 - [Repealed 1/1/2027] Capital City Water/Sewer Projects Fund; definitions; use of fund monies; establishment and submission of plan for project for which assistance is requested(1) As used in this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise: (a) "Department" means the Department of Finance and Administration.(b) "Governing authorities" means the governing authorities of the City of Jackson, Mississippi.(c) "Project" or "projects" means construction, reconstruction, repairs, upgrades and improvements to the City of Jackson's water and sewer systems and related facilities.(2)(a) There is created in the State Treasury a special fund, to be designated as the "Capital City Water/Sewer Projects Fund," which shall consist of funds appropriated or otherwise made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. 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. However, any unexpended amounts remaining in the fund on January 1, 2027, shall lapse into the State General Fund.(b) Except as otherwise provided in this paragraph (b), monies in the fund shall be used by the department, upon appropriation by the Legislature, for the purpose of providing funds to assist the City of Jackson in paying costs associated with projects. An amount not to exceed one percent (1%) of the monies deposited into the fund may be used, upon appropriation by the Legislature, to reimburse the department for reasonable actual and necessary costs incurred by the department in performing its duties under this section.(3)(a) If the governing authorities desire assistance under this section, the governing authorities must establish a plan for the project or projects for which the governing authorities desire assistance and submit the plan and an application for assistance to the department. The plan shall include at least the following: (i) A description of the project or projects for which the assistance is requested, including the projected cost of the project or projects;(ii) The projected starting date and completion date for the project or projects;(iii) A description of any funds from other sources that may be available to the City of Jackson to assist with paying the costs of the project or projects; and(iv) Any other information required by the department.(b) The department shall review the application and determine whether to approve the assistance requested, and if approved, whether to provide the assistance in whole or in part. In addition to using assistance received under this section to fully fund a project or projects, the governing authorities may use the assistance to fund a portion of a project or projects in cases in which other funds are available for the project or projects and may be used as leverage or matching funds for the project or projects. If the department provides assistance for a project or projects under this section, the governing authorities shall provide quarterly reports to the department describing the receipt and expenditure of such assistance, the status of the project or projects and any other information required by the department.(4) The department shall have all powers necessary to implement and administer the provisions of this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.(5) This section shall stand repealed on January 1, 2027.Added by Laws, 2022, ch. 450, HB 1031,§ 1, eff. 4/18/2022.