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MS SB2632
Bill
AI Summary
- Creates the Local Governments Disaster Recovery Emergency Loan Program administered by the Mississippi Emergency Management Agency to provide loans to counties, municipalities, and political subdivisions affected by the January 23-27, 2026 winter storm (federal disaster EM-3640/DR-4899-MS).
- Loans cover up to 75% of FEMA-reimbursable expenses under public assistance categories A through F, with 0% interest until FEMA reimbursements are processed, then 1% fixed interest, and maximum loan terms of 5 years.
- Establishes the "2026 Local Governments Disaster Recovery Emergency Loan Fund" in the State Treasury to receive appropriations, bond proceeds, grants, and loan repayments, with administrative costs capped at 0.5% of loan proceeds.
- Requires borrowers to pledge dedicated revenue sources (use tax for counties, sales tax distributions for municipalities) as collateral, with automatic withholding by the Department of Revenue if FEMA denies reimbursement and repayment becomes due within 2 years.
- No loans may be issued after July 1, 2027, and the agency is exempt from Public Procurement Review Board approval requirements and the Mississippi Administrative Procedures Law for program implementation.
Legislative Description
Local Governments Disaster Recovery Emergency Loan Program; create.
Last Action
Enrolled Bill Signed
3/16/2026
Committee Referrals
State Affairs2/16/2026
Government Structure1/19/2026
Full Bill Text
No bill text available