MS SB2245

Authorizes issuance of $10,000,000.00 in state general obligation bonds to fund grants for small municipalities (population 10,000 or less) and limited population counties (population 30,000 or less).

Bonds must be issued by July 1, 2021, with maturity not exceeding 25 years and interest rates subject to state limits.

Proceeds deposited into the Small Municipalities and Limited Population Counties Fund for grants not exceeding $250,000.00 per grant period to assist with highways, bridges, utilities, equipment, real property acquisition and improvements.

Authorizes Mississippi Development Authority to reimburse reasonable administrative costs up to 3% of bond proceeds for assistance provided related to funded projects.

Bonds are general obligations of the state with full faith and credit pledge; income and bonds are exempt from state taxation.