MS HB741

Municipalities may pledge up to 75% of annual funds received to secure bonds or debt for road, bridge, water, and sewer infrastructure improvements, with repayment period not exceeding 10 years.

Counties may pledge up to 75% of annual funds received to secure bonds or debt for road, bridge, and street improvements, with repayment period not exceeding 10 years.

Grant funds and loan funds received by municipalities and expended for eligible infrastructure purposes shall be excluded from calculations of average annual expenditures used to determine funding eligibility.

Adds drainage improvements related to roads, streets, and bridges in municipalities as an eligible use of special fund monies.

Effective date: July 1, 2020.