MS HB935

Authorizes issuance of $10,000,000 in state general obligation bonds to fund the Small Municipalities and Limited Population Counties Fund, with all bonds to be issued by July 1, 2023.

Bonds are general obligations of Mississippi with full faith and credit of the state pledged; principal and interest payable over up to 25 years with interest rates not to exceed limits in Section 75-17-101.

Proceeds from bonds deposited into the Small Municipalities and Limited Population Counties Fund to make grants to municipalities with populations of 10,000 or less and counties with populations of 30,000 or less for infrastructure projects including roads, bridges, utilities, and equipment.

Allows Mississippi Development Authority to reimburse reasonable actual and necessary costs for administering projects using bond proceeds, capped at 3% of the proceeds for each project.

Grants to individual municipalities or counties limited to $250,000 per grant period; bond proceeds managed by State Bond Commission as issuing agent.