MS HB254

Creates a "Rural Counties and Municipalities Cellular and Broadband Fund" in the state treasury to make grants to businesses for providing and expanding cellular and broadband access in rural counties (population ≤30,000) and rural municipalities (population ≤10,000).

Authorizes the Mississippi Development Authority to administer the grant program, with maximum grants not exceeding 25% of project costs.

Authorizes issuance of $15,000,000 in state general obligation bonds to fund the program, with no bonds to be issued after July 1, 2023.

Bond terms include maturity not exceeding 25 years from date of issue, interest rates not to exceed limits in Mississippi Code Section 75-17-101, and bonds are backed by the full faith and credit of the state.

Takes effect July 1, 2019.