MS HB1685

Establishes the "Mississippi Alternative Fuel School Bus and Municipal Motor Vehicle Revolving Loan Fund" as a special fund in the state treasury managed by the Mississippi Development Authority.

Authorizes the Mississippi Development Authority to provide interest-free revolving loans to public school districts and municipalities for purchasing alternative fuel vehicles (compressed natural gas, liquefied natural gas, or propane), converting existing vehicles to alternative fuels, and constructing refueling infrastructure.

Authorizes issuance of $2,750,000 in state general obligation bonds to fund the revolving loan program, with no bonds to be issued after July 1, 2017.

Requires loan applicants to submit applications describing the purpose, loan amount requested, and other information required by the Mississippi Development Authority.

Provides that loan repayments and any investment earnings on fund balances shall be deposited back into the fund and do not lapse at fiscal year end.