MS HB1698

Creates the Mississippi Industry Incentive Financing Revolving Fund to provide loans or grants to local governments and business enterprises for infrastructure including water systems, sewage disposal, buildings, rail lines, airports, highways, and fire protection facilities

Requires qualifying businesses to create at least 250 new full-time jobs with $30 million capital investment in Tier 1/2 counties, 250 jobs with $15 million investment in Tier 3 counties, or 1,000 new jobs statewide

Authorizes issuance of up to $50,000,000 in general obligation bonds to fund the program, with bonds to be issued before July 1, 2012, and maturing within 25 years

Mississippi Development Authority administers the program with sole discretion over grant/loan decisions, and loan repayments return to the revolving fund

Exempts local government contracts for project construction from standard competitive bidding requirements under Section 31-7-13 when MDA determines it would better serve the project's purposes