Bill > HB1987

This bill increases the maximum amount of bonds or notes that can be issued by the Madison County Economic Development Authority (EDA) from $12 million to $25 million. The bill amends a previous law that established the EDA as a seven-member board responsible for economic development in Madison County, Mississippi. The EDA has broad powers to acquire, develop, and sell land for industrial and economic development purposes, borrow money, and issue bonds. The increased borrowing limit will allow the authority to have more financial flexibility in pursuing economic development projects, such as creating industrial parks, developing infrastructure, and attracting businesses to the county. The bonds can be used to acquire land, improve sites, refund existing debt, and support various economic development initiatives. The issuance of these bonds requires either board approval or a public election if 10% of qualified electors file a protest. The county can levy a special tax not exceeding five mills to support the repayment of these bonds, with 90% of income from property sales or leases dedicated to bond retirement.

Government Affairs

https://billstatus.ls.state.ms.us/2025/pdf/history/HB/HB1987.xml