MS HB975

Establishes the Municipal Fire Truck and Police Vehicle Acquisition Assistance Program to be administered by the Department of Insurance to help municipalities acquire fire trucks and police vehicles.

Creates a special fund in the State Treasury called the "Municipal Fire Truck and Police Vehicle Acquisition Assistance Program Fund" with appropriations from the State General Fund; unexpended amounts do not lapse and interest earned is deposited to the fund.

Forms a committee composed of the Commissioner of Insurance, State Fire Coordinator, Director of the Rating Bureau, and Director of the State Fire Academy to review municipality applications and determine eligibility.

Requires eligible municipalities to pledge local matching funds equal to at least one-tenth of the amount requested from the state fund, to be set aside annually over a period not exceeding ten years.

Directs the Department of Insurance to maintain records of all distributions, file annual reports to the Legislature detailing fund usage, municipalities and counties served, vehicles purchased, and costs per vehicle.