MS SB2480

Creates the Mississippi Small Project Development Financing Revolving Fund administered by the Mississippi Development Authority (MDA) to provide loans or grants to local governments and approved business enterprises for project-related facilities.

Defines an "approved business enterprise" as a project creating a minimum of 50 new full-time jobs with health insurance benefits and a minimum capital investment of $2,000,000 in Mississippi.

Requires the MDA to allocate at least 50% of all grants or loans to projects in counties with fewer than 45 persons per square mile according to the latest federal decennial census.

Authorizes issuance of general obligation bonds not to exceed $5,000,000 to fund the revolving fund, with bonds not to be issued after July 1, 2015; bonds shall mature within 25 years and carry the full faith and credit pledge of the State of Mississippi.

Allows the MDA to recover reasonable actual and necessary administrative costs up to 3% of bond proceeds, with loan repayments deposited back into the revolving fund.