MS HB91

Creates the "Dairy Industry Stabilization Fund" as a revolving fund administered by the Mississippi Development Authority to provide zero-interest loans to dairy producers for restoring Hurricane Katrina-damaged dairies, upgrading and modernizing equipment, and refinancing existing debt

Authorizes issuance of $10,000,000 in state general obligation bonds to fund the Dairy Industry Stabilization Fund, with bonds to mature within 25 years and prohibited from being issued after July 1, 2011

Establishes loan priority order: first for Katrina-damaged dairy restoration, second for equipment upgrades statewide, and third for debt refinancing at 0% interest

Pledges the full faith and credit of Mississippi for bond repayment, with bonds exempt from all state taxation and proceeds limited to 3% for administrative costs

Brings forward existing Emerging Crops Fund provisions (Sections 69-2-13 through 69-2-41) which authorize up to $109 million in bonds for agribusiness loans, minority business development, and agricultural programs