House Bill 158 Summary

• Reduces population requirement for establishing a Sixteenth Section Development Authority from 200,000 to 25,000 residents and updates census reference from 1970 to 2010.

• Adds "biofuel" to the definition of "Project" and expands authority powers to develop bicycle trails and walking paths.

• Revises board of trustees composition to include one member appointed by the Mississippi Development Authority and one by the Regional Development Authority, in addition to existing appointees.

• Increases the aggregate amount of bonds that may be outstanding at any one time from $1,500,000 to $2,000,000.

• Adds interest rate caps for bonds based on project type, ranging from 2.5% to 2.8%, with maturity limits between 20-25 years depending on project purpose.