SB 2029 Summary

• Creates the "New Municipalities Infrastructure and Essential Services Fund" to provide grants to municipalities incorporated after January 1, 2009 with populations exceeding 5,000 for infrastructure and essential services projects.

• Authorizes the Mississippi Development Authority (MDA) to administer a grant program with maximum grants of $1,000,000 per new municipality for projects including roads, bridges, utilities, buildings, and equipment acquisition.

• Authorizes issuance of $1,000,000 in general obligation bonds by the State Bond Commission to fund the grant program, with bonds to be issued by July 1, 2013 and maturing within 25 years.

• Requires the MDA to file annual reports with the Governor and Legislature describing assistance provided under the program.

• Takes effect July 1, 2010.