MS HB1248

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

Creates a special "2014 Hinds County Development Projects Loan Fund" in the State Treasury to hold funds for disbursement as loans, with loan repayment to include monthly, semiannual, or other periodic payments over not more than 20 years at the true interest cost rate of the most recent 20-year state general obligation bonds.

Establishes a bond sinking fund to receive loan repayment from the county; if insufficient to pay bond principal and interest, the Legislature shall appropriate the deficiency from the State General Fund.

Authorizes issuance of up to $30,000,000 in general obligation bonds by the State Bond Commission, with bonds bearing interest rates not to exceed limits in Section 75-17-101, maturing within 25 years, and pledging the full faith and credit of Mississippi for repayment.

Provides that county loan payments may be secured by pledging homestead exemption tax loss reimbursements; authorizes the State Auditor to audit county payments and the Department of Finance and Administration to withhold homestead exemption reimbursements if the county falls into arrears.