MS HB1663

Authorizes issuance of $10,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with bonds to be issued no later than July 1, 2021

Bonds may have maturities up to 25 years from date of issue, with interest payable semiannually or annually, and are backed by the full faith and credit of the State of Mississippi

Eligible recipients include municipalities with populations of 10,000 or less and counties with populations of 30,000 or less, based on the most recent federal census

Individual grants to small municipalities or limited population counties cannot exceed $250,000 per grant period established by the Mississippi Development Authority

Up to 3% of bond proceeds may be used to reimburse the Mississippi Development Authority for administrative costs related to projects funded under the program