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150 | FINANCEobligation bonds. Under the enabling act,the local government shall prepare thetax increment financing plan, which describesthe public infrastructure improvementsto be financed and the economicdevelopment project to be constructed bythe private company.Public Improvement Districts(PID)Pursuant to Miss. Code Ann. Section19-31-35 et seq., private developers inMississippi also may take advantage of asignificant economic incentive for thefinancing of basic project infrastructurethrough the creation of a publicimprovement district, commonly referredto as a “PID.” Once establishedby a local government, a PID offersprivate developers the opportunity tohave tax-exempt revenue bonds issuedfor the purpose of financing qualifiedinfrastructure. A PID allows a local governmentin Mississippi to offer an effectiveeconomic development incentivethrough financing public improvementswith a lower, tax-exempt interest rate.Special assessments levied on the landand improvements within a PID serveas collateral for the bonds issued by thePID. Additionally, such special assessmentsmay be used to satisfy the debtservice of the PID bonds. Interest rates,maturity and terms and conditions ofany bonds issued by a PID will be basedon the borrowing strength of the privatedeveloper, the type of development andthe specifications of the bond purchaser.Private Activity BondsTax-exempt bonds can be used for avariety of private purposes designatedby the federal government. These taxexemptgovernment bonds may be usedto finance certain projects, includingbut not limited to airports, water treatmentplants, facilities for certain privatebusinesses such as manufacturing, andChart 5. Permissable uses of tax-exempt bonds for private activities.redevelopment in certain designatedareas. The amount that can be issued islimited to an annual cap for each state.Federal AppropriationsCongress recently approved a $29billion measure for hurricane disasterassistance in the affected states. Themeasure, led by Senators Thad Cochranand Trent Lott, the state’s congressionaldelegation, and Governor Barbour,includes funding for the CommunityDevelopment Block Grant (CDBG)program, assistance for education needs,and funding for state and local law enforcement.Twenty-four billion dollarswill be provided through previously appropriatedFEMA funds, and an additional$5 billion will come from a slim,across-the-board cut to discretionaryspending. Bill highlights include:■ CDBG. $11.5 billion for relief effortsand mitigation activities, includinghousing assistance, infrastructuredevelopment, and assistance to publicservices.■ State and Local Law Enforcement.$125 million for funding law enforcementactivities in hurricane damagedareas, including the hiring of additionalofficers in areas that have experienceda sudden population increasedue to hurricane evacuees. Fundingalso may be used to replace equipmentthat was damaged, lost, or destroyedby the hurricane.■ U.S. Army Corps of Engineers LeveeRestoration. $2.89 billion will beused to accelerate completion of authorizedlevee projects around NewOrleans, restore levees damaged byHurricane Katrina, and completeLouisiana and Mississippi studies onincreased hurricane protection forCategory 5 protection.Source: Goldman, Sachs & Co. Memorandum to Governor’s Commission, Committee on Finance, Nov. 2005.
THE GOVERNOR’S COMMISSION REPORT | 151■ Small Business Administration DisasterLoan Program. $441 millionin funding will provide loans to homeownersand businesses sufferingphysical damage and economic injuryand to cover the costs associated withadministering these loans.■ Federal Highway Administration.$2.75 billion will allow the affectedstates to repair roads and bridges.■ Social Services Block Grants. $550million provides funding to furnishsocial services tailored to the needsof the affected states. Services mayinclude special assistance for the disabled,counseling, child care, and employmentservices.■ U.S. Department of Education. $1.6billion is provided for education assistanceto K-12 schools that were damagedor serving students affected bythe hurricane. Another $200 millionis available for assistance to highereducation institutions and students.■ Shipbuilding. $1.69 billion will ensurecontinuation of Naval shipbuildingactivities on the Gulf Coast.■ National Institute of Standards andTechnology. $4.5 million is includedfor the Manufacturing ExtensionsPartnership Program to provide consultingto businesses and manufacturerswhose productivity and workforcewere affected by 2005 hurricanes.■ Veterans Affairs. $685.5 million includes$619.7 million for the Departmentof Veterans Affairs and $65.8million for the Armed Forces RetirementHome.■ Military Construction and FamilyHousing. $1.378 billion is providedfor the Army National Guard to helprebuild Jackson Barracks in Louisianaand replace readiness centers acrossMississippi and Louisiana. Fundingwill also be used to help rebuild StennisSpace Center, Keesler Air ForceBase, and provide Navy and Air Forcefamily housing.■ United States Department of Agriculture.$1.1 billion will provide a varietyof assistance. The Emergency ForestryConservation Reserve Program willreceive $404.1 million to help provideassistance for forest landownersin hurricane-affected counties; $200million is provided for the EmergencyConservation Program (ECP) torehabilitate farmland damage causedby natural disasters; $300 million isprovided through the EmergencyWatershed Program (EWP) to removedebris, repair structures, and reshapeand protect eroded land.■ Rural Development Programs. $45million is provided for the RuralCommunity Advancement Programto provide grants to communities toreestablish water, waste disposal, andwastewater facilities. Another $65 millionis provided to the Rural HousingService and will be made available tolow-income families to purchase andrepair single-family homes.■ Training and Employment Services.$125 million provides job trainingopportunities for dislocated hurricanevictims.■ NASA. $349.8 million will providenecessary repairs and hardening forNASA facilities that sustained hurricanedamage. These facilities are criticalto the mission of NASA and areintegral to the shuttle program andfor future manned space activities.■ While officials continue to determineamounts ultimately allocated to Mississippi,the appropriations describedabove will provide a major componentto the state’s recovery.TheMunicipalMarketToday there is approximately$2 trillionof tax-exempt debtoutstanding issuedby over 50,000 stateand local issuers in theUnited States. Retailinvestors are the majorparticipants in themunicipal market,either through fundsor direct holdings. Thevast majority of municipalbonds are lowrisk,investment-gradecredits. Tax-exemptbonds provide themajor source of stateand local governmentfunding as wellas providing fundingaccess for certainprivate activities, someof which are illustratedin Chart Five.
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Governor’s Commissionon Recovery,
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THE GOVERNOR’S COMMISSION REPORT
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INFRASTRUCTUREThe four subcommittee
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12 | LAND USE■ City land use plan
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14 | LAND USEgional level, coastal
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16 | LAND USElored for South Missis
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18 | LAND USEThe qualityof life and
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20 | LAND USEand building requireme
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22 | LAND USEThroughout the Renewal
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24 | LAND USEapproval process for c
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26 | INTERMODAL TRANSPORTATIONINTER
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28 | INTERMODAL TRANSPORTATIONson C
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30 | INTERMODAL TRANSPORTATIONOn pu
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34 | INTERMODAL TRANSPORTATIONOn th
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36 | PUBLIC SERVICESPUBLICSERVICESK
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38 | PUBLIC SERVICEStic tank use; a
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40 | PUBLIC SERVICESsources. The go
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42 | PUBLIC SERVICESBefore Katrinan
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44 | PUBLIC SERVICEScoverage capabi
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46 | PUBLIC SERVICESThe methods by
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48 | AFFORDABLE HOUSINGAFORDABLEHOU
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50 | AFFORDABLE HOUSINGTable 1, bel
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52 | AFFORDABLE HOUSINGlived below
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54 | AFFORDABLE HOUSINGthat about 6
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56 | AFFORDABLE HOUSINGbe helpful.
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58 | AFFORDABLE HOUSING[I]t would a
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60 | AFFORDABLE HOUSINGcities or co
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62 | AFFORDABLE HOUSINGand heavy tr
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64 | AFFORDABLE HOUSINGInvestment A
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66 | AFFORDABLE HOUSINGmendations i
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68 | AFFORDABLE HOUSINGadvice on th
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70 | AFFORDABLE HOUSINGAs insurance
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72 | AFFORDABLE HOUSINGRecommendati
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ECONOMICDEVELOPMENTIn this section
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