MS HB1389

Extends the repealer date from July 1, 2015 to July 1, 2018 for the Mississippi Development Authority's authorization to use interest earned from taxable bond loans in the Local Governments Capital Improvements Revolving Loan Fund for general operating expenses.

Allows the MDA to use these interest earnings for ordinary and necessary general support, but prohibits use for salary increases of MDA employees.

The authorization applies only to interest on loan payments received after January 1, 2002 from loans funded with proceeds of bonds whose interest is not exempt from federal income taxation.

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

Takes effect July 1, 2015.