MS HB82

Creates the Dairy Industry Stabilization Fund as a revolving fund administered by the Mississippi Development Authority to provide loans to dairy producers for Hurricane Katrina restoration, equipment upgrades, and debt refinancing at zero percent interest.

Authorizes issuance of $10,000,000 in state general obligation bonds to fund the Dairy Industry Stabilization Fund, with bonds to be issued by July 1, 2011 and maturing within 25 years.

Establishes loan priorities: first for restoring Hurricane Katrina-damaged dairies, second for equipment upgrades and modernization, and third for refinancing existing debt at zero percent.

Allows the Mississippi Development Authority to reimburse reasonable administrative costs up to 3% of bond proceeds and to waive program requirements for unique projects.

Brings forward sections 69-2-13 through 69-2-41 of Mississippi Code related to the Emerging Crops Fund for amendment, establishing full faith and credit pledge of the state for bond repayment.