MS HB1311

Expands the Regional Economic Development Act to allow all political subdivisions (including school districts, utility districts, community colleges, airport authorities, port authorities, and other state political subdivisions) to participate in regional economic development alliances, not just counties and municipalities.

Authorizes local government units to issue bonds or incur debt under the Regional Economic Development Act if they are otherwise authorized by law to issue bonds or incur debt, including general obligation bonds, revenue bonds, and special assessment bonds.

Permits any local government unit that is a member of a regional economic development alliance to negotiate purchase options for real property to be used for alliance purposes and to pay all costs associated with acquiring such options and conducting preliminary surveys or studies, regardless of whether the option is ultimately exercised.

Amends definitions throughout the statute to replace references to "counties" and "municipalities" with "local government units" to reflect the expanded participation eligibility.

Takes effect upon passage.