MS HB1511

Creates the Gulf Coast Restoration Fund in the State Treasury to provide assistance through grant and loan programs administered by the Southern Mississippi Planning and Development District (SMPDD).

Establishes a 9-member Board of Trustees with representatives appointed by the Governor and local officials from Hancock, Harrison, and Jackson Counties to review and approve recommendations for assistance.

Implements four assistance programs: (1) infrastructure and buildings grants for private business projects, (2) public facilities grants for public sector job creation, (3) community preparation and capacity building grants, and (4) small business revolving loans with terms up to 15 years.

Requires the SMPDD to file annual reports detailing fund receipts and expenditures, approved applications, project status, and effectiveness assessments; SMPDD may use up to 3% of allocated funds for administration costs.

Takes effect July 1, 2018, with loan repayments and investment earnings deposited back into the Gulf Coast Restoration Fund.