House Bill 127 Summary

• Creates the Mississippi Main Street Investment Act to establish a loan program through the Mississippi Development Authority for municipalities with populations under 15,000 to revitalize downtown areas designated as "revitalization zones"

• Establishes the Mississippi Main Street Investment Loan Fund and authorizes issuance of $5,000,000 in state general obligation bonds, with proceeds deposited into the fund to provide loans to eligible municipalities

• Requires municipalities to submit applications including a master plan approved by at least 60% of property owners in the proposed revitalization zone, with the MDA approving no more than one municipal project every two fiscal years

• Allocates sales tax revenue collected within approved revitalization zones directly to the municipality receiving a loan, with revenues pledged as security for repayment of the loan and distributions ceasing once the loan is fully repaid

• Takes effect October 1, 2014, with bond issuance authority expiring July 1, 2018