MS SB2909

Authorizes the Mississippi Development Authority to make loans to Hinds County for development projects, including a hotel with at least 200 guest rooms, the Byram-Clinton Parkway project, and other county board-approved projects.

Creates the "Hinds County Development Projects Loan Fund" to be maintained in the State Treasury as a special fund separate from the State General Fund, with loan proceeds distributed at the Mississippi Development Authority's discretion.

Loan interest rates set at the true interest cost on the most recent 20-year state general obligation bonds, with county repayment required within 20 years through monthly, semiannual, or other periodic payments pledging homestead exemption reimbursements and project revenues.

Authorizes issuance of up to $30,000,000 in general obligation bonds by the State Bond Commission to fund the special loan fund, with bonds maturing within 25 years and secured by the full faith and credit of Mississippi.

Creates a "Hinds County Development Projects Loan Fund Bond Sinking Fund" to hold loan repayments and other funds for bond debt service, with any deficiency covered by legislative appropriation from the State General Fund.