MS HB483

Extends the repeal date from July 1, 2022 to July 1, 2025 for the Mississippi Development Authority's authority to use interest monies from the Local Governments Capital Improvements Revolving Loan Fund for ordinary and necessary general operating expenses.

The extended authority applies only to interest derived from loan payments on taxable bonds (those whose interest is not exempt from federal income taxation) received after January 1, 2002.

Prohibits use of these funds for employee salary increases and requires the MDA to escalate its budget in accordance with Department of Finance and Administration rules consistent with federal fund escalation practices.

Takes effect July 1, 2022.