MS HB1487

Authorizes issuance of $2,000,000 in state general obligation bonds to fund the Mississippi Site Development Grant Fund, with all bonds to be issued by July 1, 2022.

Bonds are backed by the full faith and credit of the State of Mississippi, mature within 25 years, and proceeds transfer to the Mississippi Site Development Grant Fund for disbursement by the Mississippi Development Authority.

Amends Section 57-1-701 to allow up to 3% of bond proceeds to reimburse the Mississippi Development Authority's reasonable actual and necessary administrative costs related to projects funded under the program.

Establishes that the grant fund supports eligible entities (counties, municipalities, and nonprofit local economic development entities) for site development improvements on publicly owned industrial property, with eligible expenditures including consulting fees and infrastructure improvements.

Effective July 1, 2018.