MS HB1497

Authorizes issuance of $10,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with bonds to be issued no later than July 1, 2022

Grants of up to $250,000 per grant period available to municipalities with populations of 10,000 or less and counties with populations of 30,000 or less

Eligible projects include highways, streets, bridges, sidewalks, utilities, airports, equipment acquisition, and real property development or improvement

Up to 3% of bond proceeds may be used by the Mississippi Development Authority to reimburse administrative costs related to project assistance

Bonds mature within 25 years, are tax-exempt in Mississippi, and are backed by the full faith and credit of the state