House Bill 603 Summary

• Transfers approximately $703 million from the Capital Expense Fund to specialized funds for higher education capital improvements, community colleges, state agencies, economic development, and infrastructure projects across Mississippi.

• Creates eight new special funds including the 2023 Local Improvements Projects Fund ($371.9 million), 2023 Mississippi Military Department Readiness Centers Fund, March 2023 Storm Housing Mission Fund, and Animal Disease Response Fund.

• Allocates $371.9 million from the 2023 Local Improvements Projects Fund for specific local projects statewide including courthouse repairs, fire department equipment, water/sewer infrastructure, road improvements, and community facilities in counties and municipalities throughout Mississippi.

• Authorizes the State Treasurer to borrow up to $250 million monthly from the Working Cash-Stabilization Reserve Fund through 2028 to address temporary cash flow deficiencies in the GF Obligations Fund.

• Amends existing statutes to modify fire fund transfer procedures, increase funding caps for the Mississippi Community Heritage Preservation Grant Fund, restrict new applications to the Mississippi Main Street Investment Grant Fund, and revise uses of University of Southern Mississippi bond proceeds.