MS HB166

Extends the repealer date from July 1, 2010 to July 1, 2015 for the Mississippi Development Authority's authority to use interest from the Local Governments Capital Improvements Revolving Loan Fund for general operating expenses (excluding salary increases).

Revises the interest rate on loans from the Nontaxable Local Governments Capital Improvements Revolving Loan Subaccount to the lesser of 2% per annum or the true interest cost on the most recent issue of state general obligation bonds, for loans made after April 9, 2002.

Changes the interest rate on other capital improvement loans made after April 9, 2002 from the variable true interest cost rate to a fixed 3% per annum.

Requires the fund to maintain a minimum allocation of $25,000,000 to the Nontaxable Subaccount for projects qualifying for tax-exempt bond financing.

Takes effect July 1, 2010.