House Bill 134 - Save Our Roads Act of 2011

• Increases gasoline excise tax by 5 cents per gallon, effective August 15, 2011, with 25% of proceeds funding a local governments loan program and 75% funding state highway improvements

• Establishes the Local Governments Road Improvement Project Revolving Loan Fund administered by the Mississippi Department of Transportation, providing loans to counties and municipalities for road construction and repair projects

• Limits loans to 50% of project costs with counties and municipalities required to match at least 50% of costs, with loans carrying no interest if payments are made on time

• Requires counties to pledge homestead exemption tax reimbursements and municipalities to pledge sales tax revenue distributions for loan repayment, with 15-year repayment terms

• Exempts loan indebtedness from county and municipal debt limitations under existing law, and directs MDOT to file annual reports to the Legislature on fund usage by county and municipality