MS HB1650

Creates the "Rural Counties and Municipalities Cellular and Broadband Fund" in the State Treasury to provide grants to businesses for expanding cellular and broadband access in rural counties (population ≤30,000) and rural municipalities (population ≤10,000).

Authorizes the Mississippi Development Authority (MDA) to administer a grant program with a maximum grant amount of 25% of project costs for eligible businesses.

Authorizes issuance of up to $15,000,000 in state general obligation bonds to fund the program, with all bonds issued by July 1, 2021 and maturing within 25 years.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and proceeds must be used solely for the grant program and issuance costs.

Takes effect July 1, 2017.