Mississippi legislation · 2025 Regular Session
Mississippi SB2812: Bonds; create a rural counties and municipalities emergency infrastructure loan program and authorize issuance of bonds.
Status: Failed, February 26, 2025
AN ACT TO ESTABLISH A REVOLVING LOAN PROGRAM FOR THE PURPOSE OF MAKING LOANS TO ASSIST RURAL COUNTIES AND MUNICIPALITIES IN PAYING COSTS ASSOCIATED WITH EMERGENCY REPAIR, MAINTENANCE, CONSTRUCTION, RECONSTRUCTION, UPGRADES OF AND IMPROVEMENTS TO INFRASTRUCTURE PROJECTS; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER THE REVOLVING LOAN PROGRAM CREATED IN THIS ACT; TO CREATE A SPECIAL FUND IN THE STATE TREASURY, DESIGNATED AS THE "RURAL COUNTIES AND MUNICIPALITIES EMERGENCY INFRASTRUCTURE IMPROVEMENTS FUND"; TO AUTHORIZE THE ISSUANCE OF $10,000,000.00 OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE "RURAL COUNTIES AND MUNICIPALITIES EMERGENCY INFRASTRUCTURE IMPROVEMENTS FUND"; AND FOR RELATED PURPOSES.
What the bill says
An act to establish a revolving loan program for the purpose of making loans to assist rural counties and municipalities in paying costs associated with emergency repair, maintenance, construction, reconstruction, upgrades of and improvements to infrastructure projects; to provide that the mississippi development authority shall administer the revolving loan program created in this act; to create a special fund in the state treasury, designated as the "rural counties and municipalities emergency infrastructure improvements fund"…
From the introduced text:
AN ACT TO ESTABLISH A REVOLVING LOAN PROGRAM FOR THE PURPOSE OF MAKING LOANS TO ASSIST RURAL COUNTIES AND MUNICIPALITIES IN PAYING COSTS ASSOCIATED WITH EMERGENCY REPAIR, MAINTENANCE, CONSTRUCTION, RECONSTRUCTION, UPGRADES OF AND IMPROVEMENTS TO INFRASTRUCTURE PROJECTS; TO PROVIDE THAT THE MISSISSIPPI DEVELOPMENT AUTHORITY SHALL ADMINISTER THE REVOLVING LOAN PROGRAM CREATED IN THIS ACT; TO CREATE A SPECIAL FUND IN THE STATE TREASURY, DESIGNATED AS THE "RURAL COUNTIES AND MUNICIPALITIES EMERGENCY INFRASTRUCTURE IMPROVEMENTS FUND"; TO AUTHORIZE THE ISSUANCE OF $10,000,000.00 OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS FOR THE "RURAL COUNTIES AND MUNICIPALITIES EMERGENCY INFRASTRUCTURE IMPROVEMENTS FUND"; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. (1) For the purposes of this section, the following terms shall have the meanings ascribed in this section unless the context clearly indicates otherwise: (a) "MDA" means the Mississippi Development Authority. (b) "Rural county" means a county in the State of Mississippi with a population of thirty thousand (30,000) or less according to the most recent federal decennial census at the time the county submits its application to the MDA under this section. (c) "Rural municipality" means a municipality in the State of Mississippi with a population of ten thousand (10,000) or less according to the most recent federal decennial census at the time the …