MS HB400

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund grants for construction, renovation, and expansion of livestock facilities in counties and municipalities.

Establishes the "2010 County and Municipality Livestock Facility Improvements Fund" as a separate state treasury fund to receive bond proceeds and any investment earnings.

Requires counties and municipalities receiving grants to provide matching funds equal to the grant amount, with up to $25,000 of the match allowed as in-kind contributions; limits individual grants to a maximum of $500,000 per location.

Authorizes the Department of Agriculture and Commerce to administer the grant program and establish rules for grant applications and equitable fund distribution.

Bonds are general obligations of Mississippi backed by full faith and credit of the state; bonds and income are exempt from state taxation and mature within 25 years; effective July 1, 2010.