MS HB587

Creates the Dairy Stabilization Grant Fund administered by the Mississippi Development Authority to assist milk producers with continued operation and maintenance of existing dairy businesses

Limits eligibility to milk producers who previously received a Milk Producers Transportation Cost Assistance Loan and can demonstrate economic hardship in their dairy operations

Caps individual grants at 100% of the original loan amount received under the Milk Producers Transportation Cost Assistance Loan Program, with grant funds prohibited from being used to repay state debts

Authorizes issuance of up to $10 million in general obligation bonds to fund the program, with bonds required to be issued before July 1, 2012

Requires applicants to submit a two-year business plan, three years of financial statements or tax returns, credit reports, and documentation of efforts to secure other funding sources