MS HB1456

Authorizes the Mississippi Development Authority to make loans to Hinds County from a special fund created for development projects, including a hotel with at least 200 guest rooms, the Byram-Clinton Parkway project, and other county board-approved projects.

Establishes the "2016 Hinds County Development Projects Loan Fund" to be maintained separately in the State Treasury, with funds disbursed by the Mississippi Development Authority at its discretion.

Authorizes issuance of up to $30,000,000 in general obligation bonds by the State Bond Commission to provide funds for the loans, with bonds bearing interest at the true interest cost of the most recent 20-year state bonds.

Requires Hinds County to repay loans within 20 years using homestead exemption tax loss reimbursements and project revenues, with the State Auditor empowered to audit county payments and enforce compliance through withholding of state reimbursements if the county falls into arrears.

Establishes a bond sinking fund to receive county loan repayments, with the Legislature required to appropriate any shortfall from the State General Fund to ensure timely payment of bond principal and interest.