MS HB1987

Increases the maximum authorized amount of bonds or notes that may be issued by the Madison County Economic Development Authority from $12,000,000 to $25,000,000.

Bonds may be used for acquiring land and buildings, improving property, economic development purposes, and refunding existing Authority debt.

Bonds require approval through a public notice and election process unless 10% of qualified county electors file a written protest, in which case an election is mandatory.

County must levy an annual special tax not exceeding 5 mills to provide funds for principal and interest payments on issued bonds.

90% of income from the sale or lease of property acquired through bond proceeds must be used to retire the bonds, with 10% available for additional economic development or debt retirement.