MS HB706

Creates the Mississippi Small Project Development Financing Revolving Fund to provide loans or grants to local governments, economic development organizations, and qualifying business enterprises for infrastructure and facility construction

Qualifying business enterprises must create at least 50 new full-time jobs with benefits including health insurance and invest a minimum of $2,000,000 in new capital in the state

Eligible facilities include water and sewer systems, utility transmission systems, building construction, site preparation, roads, and fire protection equipment

Authorizes issuance of $5,000,000 in general obligation bonds to fund the program, with bonds to be issued before July 1, 2015

Requires at least 50% of all grants or loans to be allocated to projects in rural counties with fewer than 45 persons per square mile