MS SB3034

Establishes a revolving loan program administered by the Mississippi Development Authority to provide loans to rural counties (population 30,000 or less) and rural municipalities (population 10,000 or less) for emergency infrastructure repair, maintenance, construction, and improvements.

Creates the "Rural Counties and Municipalities Emergency Infrastructure Improvements Fund" in the state treasury to hold loan funds, with loan repayments deposited back into the fund and investment earnings retained in the fund.

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund the loan program, with bonds not to be issued after July 1, 2021.

Sets maximum loan amount at $250,000 per applicant with a maximum five-year repayment term; MDA required to promulgate rules and regulations for program administration.

Bonds issued are general obligations of the State of Mississippi backed by full faith and credit; bond proceeds exempt from state taxation and eligible for investment by state fiduciaries.