Bill > SB2856

This bill expands the Local Governments Capital Improvements Revolving Loan Program by modifying the definition of "capital improvements" to include any project that the Mississippi Development Authority (MDA) determines is a capital improvement. The bill amends two sections of Mississippi law to accomplish this, adding a new provision that gives MDA broad discretion to designate projects as eligible for the revolving loan fund. The program allows counties and municipalities to apply for loans to fund various types of infrastructure and economic development projects, such as water and sewer facilities, road construction, building renovations, and recreational facilities. The bill also extends, from 2025 to 2029, the authority for MDA to use certain interest earnings from loan payments for its general operational support, with the restriction that these funds cannot be used for employee salary increases. Additionally, the bill makes some technical corrections to existing language and extends the loan program's existing provisions, maintaining the fund's structure with separate taxable and non-taxable subaccounts and continuing the existing framework for loan terms, interest rates, and repayment mechanisms. The changes aim to provide more flexibility for local governments in accessing capital improvement funds and give MDA more latitude in supporting local development projects.

Budget and Finance

https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2856.xml