MS SB3021

Authorizes issuance of up to $5,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with bonds to be issued by the State Bond Commission before July 1, 2015

Requires at least 20% of money deposited into the fund after July 1, 2011, to be reserved for grants to municipalities with populations of 2,000 or less

Creates a new grant program for municipalities with 2,000 or fewer residents, with grants capped at $50,000 per grant period

Maintains the existing grant program for small municipalities (10,000 or fewer residents) and limited population counties (30,000 or fewer residents), with grants capped at $250,000 per grant period

Bonds may have terms up to 25 years, are general obligations backed by the full faith and credit of Mississippi, and are exempt from state taxation