MS HB1711

Creates a revolving loan program administered by the Mississippi Development Authority to provide emergency infrastructure loans to rural counties (population ≤30,000) and rural municipalities (population ≤10,000).

Establishes the "Rural Counties and Municipalities Emergency Infrastructure Improvements Fund" in the State Treasury to hold loan funds and repayments for infrastructure repair, maintenance, construction, reconstruction, and upgrades.

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund the loan program, with bonds issued no later than July 1, 2021.

Sets maximum loan amount at $250,000 per applicant with a maximum term of 5 years; requires applicants to submit project descriptions, costs, and requested loan amounts to the MDA.

Pledges full faith and credit of the State of Mississippi to repay bonds; exempts bond proceeds and income from state taxation and makes bonds legal investments for state fiduciaries and financial institutions.