MS HB205

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 with grants capped at 25% of project costs for eligible businesses.

Authorizes issuance of $15,000,000 in state general obligation bonds to fund the grant program, with bonds to be issued no later than July 1, 2028.

Bonds shall mature within 25 years, bear interest at rates not exceeding statutory limits, and are backed by the full faith and credit of the state; interest earnings from the fund may be used for debt service on bonds.

Takes effect July 1, 2024.