MS HB1097

Amends Section 49-17-87 of Mississippi Code to allow repayment of Water Pollution Control Revolving Fund loans within the maximum time allowed by federal law instead of the current 20-year limit.

Extends the same flexibility to emergency fund loans, maintaining the current 10-year maximum repayment period for those funds.

Changes references from "State Tax Commission" to "Department of Revenue" for administering loan agreements and collecting payments from political subdivisions.

Allows political subdivisions to pledge sales tax reimbursements and homestead exemption tax loss reimbursements to secure loan repayment, with annual payments not varying by more than 15% year-to-year.

Takes effect July 1, 2015.