MS SB2844

Establishes the TVA Service Area Utilities Grant Fund as a special fund in the State Treasury to provide grants to local utilities service providers in the Tennessee Valley Authority service area in Mississippi.

Authorizes issuance of $25,000,000 in state general obligation bonds to fund the grant program, with the Mississippi Development Authority's Office of Energy administering the program and promulgating rules and regulations.

Directs MDA to distribute 90% matching grants to eligible entities whose service areas were affected by the March 24-25, 2023 federal disaster declaration for severe storms, straight-line winds and tornadoes, with remaining funds distributed pro rata to entities receiving federal Grid Resilience and Innovation Partnerships (GRIP) Program grants.

Requires the Okolona Electric Department to sign an agreement committing to spend from other sources an amount equal to half the state grant to improve distribution lines outside the City of Okolona as a condition of receiving funds.

Amends Section 27-37-301 to redirect 10% of Tennessee Valley Authority in lieu tax payments to the TVA Service Area Utilities Grant Fund after general obligation bonds issued under Section 65-26-15 are fully paid.