MS HB462

Establishes a revolving loan program administered by the Mississippi Development Authority to provide loans to rural counties (population ≤30,000) and rural municipalities (population ≤10,000) for emergency infrastructure repair, maintenance, construction, reconstruction, upgrades, and improvements.

Creates the "Rural Counties and Municipalities Emergency Infrastructure Improvements Loan Fund" in the state treasury to hold loan funds, with repayments and investment earnings deposited back into the fund.

Limits individual loans to a maximum of $250,000 with a maximum term of five years, with applicants required to submit project descriptions, cost estimates, and loan amount requests to the MDA.

Authorizes issuance of up to $10,000,000 in state general obligation bonds to fund the loan program, with all bonds to be issued by July 1, 2023, and maturing within 25 years.

Pledges the full faith and credit of Mississippi for bond repayment, exempts bond income from state taxation, and allows the State Treasurer to issue warrants as needed to cover principal and interest payments.