MS HB1631

Authorizes issuance of $50,000,000 in state general obligation bonds to assist the Rankin-Hinds Pearl River Flood and Drainage Control District in constructing a flood control project in Hinds and Rankin Counties.

Creates the "Metropolitan Flood Control Project Loan Fund" in the State Treasury to disburse loan proceeds to the district for property acquisition, planning, design, and construction of the flood control project.

Establishes a "Metropolitan Flood Control Project Loan Bond Sinking Fund" to receive loan repayments from the district and provide for bond principal and interest payments; requires legislative appropriation from the General Fund if sinking fund is insufficient.

Amends the Mississippi Business Investment Act to allow the Mississippi Development Authority to provide up to $45,000,000 in grants to urban flood control districts for flood control projects that enhance the local economy.

Amends Section 57-61-9 to exclude flood control district grants from standard business assistance requirements, allowing the Mississippi Development Authority to establish separate criteria and guidelines for those grants.