MS SB3002

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" to disburse loan proceeds to the district for acquiring property and planning, designing, and constructing the flood control project.

Establishes the "Metropolitan Flood Control Project Loan Bond Sinking Fund" to receive district loan repayments and pay principal and interest on the bonds, with the State General Fund covering any deficiency.

Amends the Mississippi Business Investment Act to authorize the Mississippi Development Authority to use not more than $45,000,000 in unobligated bond proceeds as grants to urban flood control districts for flood control projects that enhance district economies.

Exempts urban flood control district grants from standard Mississippi Business Investment Act requirements, allowing the Development Authority to establish separate criteria and guidelines for grant administration.