MS HB808

Authorizes issuance of $25,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with all bonds to be issued by July 1, 2015.

Bonds are general obligations of Mississippi with full faith and credit pledge; principal and interest payable from state appropriations, with State Treasurer authorized to issue warrants for payment when due.

Proceeds must be deposited into the Small Municipalities and Limited Population Counties Fund and disbursed solely under control of the Mississippi Development Authority (MDA) for grants to eligible municipalities and counties.

Amends Section 57-1-18 to allow MDA to use up to 3% of bond proceeds to reimburse reasonable actual and necessary administrative costs for project assistance, with separate accounting maintained for each project.

Establishes grant program with maximum grant per municipality or county of $250,000 per grant period; requires annual reporting to Governor and Legislature by December 1.