MS HB1105

Authorizes issuance of $20,000,000 in state general obligation bonds, with all bonds to be issued by July 1, 2022, to fund a revolving loan program for road and bridge improvements.

Creates the "Small Municipalities and Rural Counties Road and Bridge Improvements Fund" in the state treasury to receive bond proceeds and loan repayments for use in the revolving loan program.

Establishes a revolving loan program administered by the Mississippi Development Authority to make loans up to $500,000 each to small municipalities (population 10,000 or less) and rural counties (population 30,000 or less) for repair, maintenance, and reconstruction of roads, streets, and bridges.

Requires small municipalities receiving loans to pledge sales tax revenue distributions for repayment and requires rural counties to pledge homestead exemption tax loss reimbursements for repayment.

Permits the MDA to reimburse up to 3% of bond proceeds for reasonable costs incurred in administering projects and requires annual reporting to the Governor and Legislature on all assistance provided.