MS HB1492

Establishes a grant program administered by the Mississippi Development Authority to provide grants to municipalities and counties for establishing, developing, and promoting trails and related tourism and economic development activities.

Creates the "Municipalities and Counties Trails Fund" in the State Treasury to hold appropriated funds and other sources designated for the program, with unexpended amounts not lapsing at fiscal year end.

Sets maximum grant amount at $50,000 per municipality or county applicant, with the MDA required to promulgate rules and file annual reports to the Governor and Legislature.

Authorizes the State Bond Commission to issue up to $1,000,000 in general obligation bonds to fund the trails program, with bonds maturing in no more than 25 years and not issued after July 1, 2028.

Pledges the full faith and credit of Mississippi to repay bonds, with proceeds deposited to the Municipalities and Counties Trails Fund and bond income exempt from state taxation.