MS HB1112

Extends the repeal date from July 1, 2015 to July 1, 2018 for the Mississippi Development Authority's authority to use interest income from the Local Governments Capital Improvements Revolving Loan Fund for ordinary and general operating expenses.

Allows the MDA to use interest income derived from loan payments on taxable bonds (after January 1, 2002) for general operational support, but prohibits use for employee salary increases.

The MDA must escalate its budget and expend such monies in accordance with Department of Finance and Administration rules, consistent with federal fund escalation practices.

Maintains the existing loan program structure with two subaccounts: the Nontaxable Local Governments Capital Improvements Revolving Loan Subaccount (minimum $25 million allocation) and the Taxable Local Governments Capital Improvements Revolving Loan Subaccount.

Becomes effective July 1, 2015.