MS SB2243

Authorizes issuance of $10,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with no bonds to be issued after July 1, 2020.

Bond proceeds deposited into the fund are used to make grants to small municipalities (population 10,000 or less) and limited population counties (population 30,000 or less) for projects including highways, bridges, utilities, airports, and equipment acquisition.

Allows the Mississippi Development Authority to use up to 3% of bond proceeds for each project to reimburse reasonable administrative costs related to providing project assistance.

Establishes the State Bond Commission as the issuing agent for bonds with authority to determine bond terms, methods of sale, and pricing, with bonds backed by full faith and credit of the State of Mississippi.

Bond income is exempt from state taxation, and bond proceeds remaining unspent at fiscal year-end do not lapse into the general fund.