MS HB18

Directs the Mississippi Development Authority to establish a grant program for agribusiness enterprises engaged in peanut processing, drying, storing, or shipping that have invested a minimum of $6,000,000 in land, facilities, and equipment prior to April 17, 2009, with grants not to exceed $1,000,000 per enterprise and $1,000,000 in aggregate.

Authorizes grants to existing peanut processing enterprises for upgrades, expansions, renovations, and other improvements to equipment, facilities, and operations, with grants not to exceed $1,000,000 per enterprise and $1,000,000 in aggregate; requires prior receipt of assistance under the initial grant program to be eligible.

Requires grant recipients to remain in business in Mississippi for not less than five years and to meet conditions established by the Mississippi Development Authority ensuring economic benefit to the state, with binding commitments requiring repayment of funds if conditions are not met.

Increases the maximum amount of state general obligation bonds that may be issued to provide funds for the Emerging Crops Fund by $1,000,000 to support the peanut processing grant program.

Funds for grants shall be drawn from the Emerging Crops Fund and administered by the Mississippi Development Authority in accordance with the Mississippi Administrative Procedures Law.