MS HB378

Appropriates $10,000,000 from the State General Fund to the Mississippi Development Authority for fiscal year 2018-2019 to establish and administer a revolving loan program for rural infrastructure projects.

Provides loans to rural counties with populations of 30,000 or less and rural municipalities with populations of 10,000 or less for emergency repair, maintenance, construction, reconstruction, upgrades, and improvements to infrastructure and infrastructure-related projects.

Limits individual loans to a maximum of $250,000 with a maximum term of five years.

Takes effect July 1, 2018.