Senate Bill 2503 Summary

• Establishes the "Property Cleanup Revolving Fund" administered by the Mississippi Home Corporation to assist municipalities with cleanup of properties deemed a menace to public health, safety, and welfare under Section 21-19-11 or by court order.

• Creates grant and loan programs through the revolving fund, with grants limited to municipalities with populations under 10,000 and capped at 20% of annual fund balance, with no municipality receiving more than one grant per fiscal year.

• Authorizes loans at or below market rates with repayment periods up to 20 years, secured by municipal sales tax reimbursements, homestead exemption reimbursements, or proceeds from property sales.

• Allows issuance of up to $5,000,000 in state general obligation bonds to fund the revolving fund, with no bonds issued after July 1, 2026.

• Grants municipalities authority to issue securities, apply for grants and loans, and enter agreements without typical statutory notice requirements or debt limitations.