MS HB38

Authorizes issuance of $5,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with bonds to be issued by July 1, 2019.

Bonds mature within 25 years, bear interest not exceeding limits in Section 75-17-101, and are secured by the full faith and credit of the State of Mississippi with exemption from state taxation.

Proceeds are deposited into the Small Municipalities and Limited Population Counties Fund for grants to municipalities with populations of 10,000 or less and counties with populations of 30,000 or less, with maximum grants of $250,000 per entity.

Allows up to 3 percent of bond proceeds to reimburse the Mississippi Development Authority for actual and necessary administrative costs related to projects funded under the program.

Bond commission is authorized to manage bond issuance, sale, and delivery with all associated costs paid from bond proceeds, and establishes procedures for public sale or negotiated sale of bonds.