Senate Bill 2962 Summary

• Increases the Mississippi Industry Incentive Financing Revolving Fund bond authorization by $40,000,000, from $220,000,000 to $260,000,000, with issuance deadline of July 1, 2014.

• Raises the Mississippi Business Investment Act general obligation bond limit from $323,100,000 to $328,900,000.

• Increases equipment and public facilities grant/loan fund allocation from $32,500,000 to $37,500,000 and capital access program reserve account allocation from $750,000 to $1,550,000.

• Authorizes $2,000,000 in general obligation bonds for the Mississippi Rural Impact Fund and $10,000,000 each for the Mississippi Existing Industry Productivity Loan Fund and ACE Fund, all with July 1, 2015 issuance deadlines.

• All authorized bonds are general obligations of the state backed by full faith and credit, exempt from state taxation, and subject to State Bond Commission oversight for issuance and sale procedures.