MS SB2275

Extends the repeal date from July 1, 2015 to July 1, 2019 for the Mississippi Development Authority's authority to use interest income from the Local Governments Capital Improvements Revolving Loan Fund for general agency support.

Interest derived from loan payments on taxable bonds may continue to be used by the Mississippi Development Authority for ordinary and necessary expenses, excluding employee salary increases.

The MDA must escalate its budget for such expenditures consistent with the escalation of federal funds and in accordance with Department of Finance and Administration rules.

Maintains the existing structure of the revolving loan fund with separate taxable and nontaxable subaccounts, with at least $25,000,000 allocated to the nontaxable subaccount.

Takes effect July 1, 2015.