MS HB379

Creates a revolving loan program administered by the Mississippi Development Authority to provide emergency infrastructure loans to rural counties (population ≤30,000) and rural municipalities (population ≤10,000).

Establishes the "Rural Counties and Municipalities Emergency Infrastructure Improvements Loan Fund" in the State Treasury to fund loans for emergency repair, maintenance, construction, reconstruction, upgrades, and improvements to infrastructure projects.

Authorizes issuance of up to $10,000,000 in general obligation state bonds to provide funds for the loan program, with bond issuance authorized through July 1, 2022.

Sets maximum loan amount at $250,000 per applicant with a maximum loan term of five years; requires applicants to submit applications describing the project, costs, and loan amount requested.

Bonds issued are general obligations of the State of Mississippi backed by full faith and credit, with proceeds deposited into the loan fund and repayments returned to the fund to maintain its revolving nature.