MS HB1598

Establishes the Mississippi Existing Forestry Industry Enterprise Revolving Loan Program administered by the Mississippi Development Authority to provide nonrecourse loans to qualifying forestry enterprises at 2.5% annual interest.

Defines eligible enterprises as those with principal business in Mississippi operating for at least 3 years, performing initial processing of pine/hardwood logs or producing poles/timbers, and employing an average of at least 15 employees over the preceding 36 months.

Limits individual loans to a maximum of $500,000 per enterprise and requires recipients to maintain at least 50% of their average employment level for 12 months following loan receipt.

Authorizes issuance of $18,500,000 in state general obligation bonds to fund the revolving loan program, with no bonds to be issued after July 1, 2014, and bonds maturing within 25 years.

Establishes the Mississippi Existing Forestry Industry Enterprise Revolving Loan Fund to receive bond proceeds and loan repayments, with investment earnings credited back to the fund and administrative costs capped at 3% of bond proceeds.