MS HB1721

Increases the maximum amount of general obligation bonds that may be issued from $6,000,000 to $12,000,000 to fund loans and grants through the Mississippi Development Authority for development in the Farish Street Historic District.

Clarifies that loan proceeds may be used for acquisition, construction, demolition, design, engineering, architectural and consulting services, and other approved costs for commercial and culturally significant property development.

Removes the limitation on the maximum amount of a single loan that may be made to any one person or entity.

Requires projects to be reviewed by the Department of Archives and History to ensure compliance with the Secretary of the Interior's Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings.

Establishes a sinking fund for bond repayment from loan repayments and creates a separate Farish Street Historic District Fund within the State Treasury to be managed by the Mississippi Development Authority.