MS HB1512

Creates eleven special funds in state treasury: one for each of ten planning and development districts (excluding Hancock, Harrison, Jackson counties) and one "Gulf Coast Restoration Fund" for those three counties.

Establishes Mississippi Development Authority (MDA) administration of funds to provide loans, loan guarantees, grants, and financial assistance to eligible applicants including local governments, higher education institutions, ports, airports, nonprofits, and public-private partnerships.

Requires annual application submission by October 31, MDA review by December 31, and presentation to legislative advisory committees (comprised of district representatives) by December 31 for advisory recommendations only, with MDA retaining final approval authority.

Sets MDA administrative expenses cap at 1% of administered funds and requires contracts include performance reporting, fund accountability provisions, and recovery mechanisms for fraudulent information or unmet performance requirements.

Mandates annual report to Governor and Legislature by December 1 detailing fund receipts and expenditures, applications reviewed, approved projects, and progress status of funded projects; requires financial and operational audits of assistance recipients biannually.