MS SB2056

Authorizes the issuance of $10,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with bonds to be issued by July 1, 2022.

Bonds mature within 25 years, bear interest rates not exceeding limits in Section 75-17-101, and are backed by the full faith and credit of Mississippi.

Proceeds deposited to the Small Municipalities and Limited Population Counties Fund may be used for grants to municipalities with populations of 10,000 or less and counties with populations of 30,000 or less for infrastructure and development projects.

Allows Mississippi Development Authority to reimburse up to 3% of bond proceeds for administrative costs related to project assistance, with individual grants capped at $250,000 per grant period.

Bonds and income are exempt from state taxation, and the State Treasurer is authorized to issue warrants for principal, interest, and accreted value payments when due.