MS HB322

Establishes a grant program administered by the Mississippi Development Authority to assist businesses in providing and expanding cellular and broadband access in rural counties (population 30,000 or less) and rural municipalities (population 10,000 or less).

Creates the "Rural Counties and Municipalities Cellular and Broadband Fund" in the state treasury to receive grant funds, with unexpended amounts not lapsing and investment earnings deposited back into the fund.

Limits individual grants to a maximum of 25% of the cost of each cellular or broadband project for which assistance is requested.

Authorizes the State Bond Commission to issue up to $15,000,000 in general obligation bonds to fund the grant program, with all bonds to be issued by July 1, 2025 and maturing within 25 years.

Makes the bonds general obligations of the state with full faith and credit backing; designates bond income as tax-exempt in Mississippi and authorizes bonds as legal investments for state fiduciaries and financial institutions.