MS SB2575

Expands the definition of "qualified corporation" under Mississippi water authority law to include for-profit entities formed solely to comply with federal or state orders, in addition to existing not-for-profit corporations and associations.

Allows qualified corporations to convert into water authorities, which are bodies politic and governmental entities that can access tax-exempt capital markets to obtain lower water rates for customers.

Requires converting corporations to file a resolution, application for reconstitution, bylaws, and proof of name uniqueness with the Secretary of State, along with a reasonable filing fee not to exceed standard incorporation fees.

Permits two or more qualified corporations to jointly convert into a single water authority using the same conversion procedures.

Takes effect July 1, 2025.