HB 1533 Summary

• Authorizes issuance of $5,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with all bonds to be issued by July 1, 2018.

• Bonds are general obligations of Mississippi backed by full faith and credit of the state, with principal and interest payable over a maturity period not exceeding 25 years.

• Proceeds from bonds are exempt from state taxation and shall be disbursed by the Mississippi Development Authority (MDA) solely for grant purposes to eligible small municipalities and limited population counties.

• Amends Section 57-1-18 to permit the MDA to reimburse reasonable actual and necessary costs of project administration from bond proceeds, capped at 3% of proceeds per project.

• Establishes grant program with individual grants capped at $250,000 per applicant during any grant period for projects including highways, bridges, utilities, airfields, real property acquisition and improvements.