MS HB1697

Authorizes the Mississippi Development Authority to make loans to Hinds County using funds from a special "Hinds County Development Projects Loan Fund" for hotel construction (minimum 200 guest rooms), the Byram-Clinton Parkway project, or other projects approved by the county board of supervisors.

Authorizes issuance of up to $30,000,000 in general obligation state bonds to fund the loan program, with bonds maturing within 25 years and bearing interest at the true interest cost of the most recent 20-year state general obligation bonds.

Requires Hinds County to repay loans within 20 years through monthly, semiannual, or other periodic payments pledged against homestead exemption tax loss reimbursements and project revenues, with payments deposited into a bond sinking fund.

Establishes the Mississippi Development Authority's oversight authority to supervise fund usage, review fund utilization, maintain records, and adopt implementing regulations; authorizes the State Bond Commission to issue, sell, and manage the bonds.

Designates bonds as general obligations of the State of Mississippi backed by full faith and credit, with tax-exempt status and exemption from state taxation on bond income.