MS SB2639

Creates eleven separate special funds in the State Treasury: one for each of the ten planning and development districts, plus a "Gulf Coast Restoration Fund" for Hancock, Harrison, and Jackson Counties, with unexpended amounts not lapsing at fiscal year end.

Establishes a nine-member Board of Trustees for the Gulf Coast Restoration Fund, with members appointed by county boards of supervisors, municipal mayors, and three executive directors from county development entities in the Gulf Coast region.

Authorizes planning and development districts and the Board of Trustees to make loans, loan guarantees, grants, and other financial assistance to eligible applicants (local governments, nonprofits, institutions of higher learning, ports, airports, and public-private partnerships) for approved economic development projects.

Requires the planning and development districts and Board of Trustees to establish application procedures and scoring processes prioritizing projects that generate economic activity, create jobs, support workforce development, enhance quality of life, and leverage regional assets, with administrative expenses capped at one percent of administered funds.

Mandates annual reporting to the Governor and Legislature detailing fund receipts, expenditures, applications reviewed, and project status, with the State Auditor conducting biennial operational audits of assistance recipients; effective July 1, 2018.