Gulf Coast Restoration Revolving Loan Program; establish., the official text

MISSISSIPPI LEGISLATURE

2026 Regular Session

To: Appropriations E; Appropriations A

By: Representatives Read, Cockerham

House Bill 1648

(As Sent to Governor)

AN ACT TO ESTABLISH THE GULF COAST RESTORATION REVOLVING
LOAN PROGRAM FOR THE PURPOSE OF PROVIDING LOAN ASSISTANCE TO ELIGIBLE
APPLICANTS FOR ELIGIBLE PROJECTS IN THE GULF COAST REGION; TO PROVIDE THAT THE
PROGRAM SHALL BE ADMINISTERED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION
AND THE SOUTH MISSISSIPPI PLANNING AND DEVELOPMENT DISTRICT; TO CREATE A
SPECIAL FUND IN THE STATE TREASURY TO BE DESIGNATED AS THE GULF COAST
RESTORATION REVOLVING LOAN PROGRAM FUND; TO PROVIDE THAT MONIES IN THE
REVOLVING FUND SHALL BE ADMINISTERED BY THE DEPARTMENT AND THE DISTRICT, AND
SHALL BE USED, ONLY UPON APPROPRIATION BY THE LEGISLATURE, FOR THE PURPOSE OF
PROVIDING LOAN ASSISTANCE TO ELIGIBLE APPLICANTS FOR ELIGIBLE PROJECTS, WHICH
SHALL BE DETERMINED BY THE LEGISLATURE BY SEPARATE LINE ITEMS IN AN
APPROPRIATION BILL; TO PROVIDE THAT AFTER THE MISSISSIPPI DEVELOPMENT AUTHORITY
HAS PRESENTED THE LEGISLATURE WITH THE APPLICATIONS FOR ASSISTANCE AND ITS
RECOMMENDATIONS FOR ASSISTANCE TO INDIVIDUAL PROJECTS FROM THE GULF COAST
RESTORATION FUND (GCRF), THE LEGISLATURE MAY AUTHORIZE LOAN ASSISTANCE TO
ELIGIBLE APPLICANTS FOR INDIVIDUAL ELIGIBLE PROJECTS UNDER THIS ACT; TO PROVIDE
THAT THE LEGISLATURE SHALL DETERMINE THE INDIVIDUAL PROJECTS FOR WHICH LOAN
ASSISTANCE WILL BE PROVIDED UNDER THIS ACT BY SEPARATE LINE ITEMS IN THE
APPROPRIATION BILL FOR THE DEPARTMENT OF FINANCE AND ADMINISTRATION; TO PROVIDE
THAT AN ELIGIBLE APPLICANT MAY RECEIVE LOAN ASSISTANCE UNDER THIS ACT IN
ADDITION TO RECEIVING ASSISTANCE FROM THE GCRF, AND AN ELIGIBLE APPLICANT MAY
RECEIVE LOAN ASSISTANCE UNDER THIS ACT WITHOUT RECEIVING ASSISTANCE FROM THE
GCRF; TO PROVIDE THAT IT IS NOT A REQUIREMENT THAT AN ELIGIBLE APPLICANT BE A
RECIPIENT OF ASSISTANCE FROM THE GCRF IN ORDER TO RECEIVE LOAN ASSISTANCE UNDER
THIS ACT; TO PROVIDE THAT THE DEPARTMENT SHALL PROVIDE THE DISTRICT WITH MONIES
FROM THE REVOLVING FUND THAT ARE SUFFICIENT TO MAKE THE LOAN ASSISTANCE THAT
HAS BEEN AUTHORIZED BY THE LEGISLATURE IN THE APPROPRIATION BILL; TO PROVIDE
THAT THE INTEREST RATE ON LOANS MADE UNDER THIS SECTION SHALL BE DETERMINED BY
THE DISTRICT, BUT NOT MORE THAN THREE AND ONE HALF PERCENT PER ANNUM FIXED
INTEREST RATE; TO PROVIDE THAT THE DISTRICT SHALL ADMINISTER THE LOANS MADE
UNDER THIS ACT BY DISTRIBUTING THE FUNDS TO THE RECIPIENTS AND RECEIVING THE
REPAYMENTS OF PRINCIPAL AND INTEREST DERIVED FROM LOANS, WHICH SHALL BE
DEPOSITED IN THE REVOLVING FUND TO BE USED FOR ADDITIONAL LOAN ASSISTANCE; TO
PROVIDE THAT THE DEPARTMENT SHALL PROMULGATE SUCH RULES, REGULATIONS AND
PROCEDURES AS NECESSARY TO EFFECTUATE THE PURPOSES OF THIS ACT; TO PROVIDE THAT
ALL EXPENSES OF THE DEPARTMENT IN CARRYING OUT ITS DUTIES AND RESPONSIBILITIES
UNDER THIS ACT SHALL BE PAID FROM FUNDS IN THE REVOLVING FUND; TO REQUIRE THE
DEPARTMENT TO FILE AN ANNUAL REPORT WITH THE SPEAKER OF THE HOUSE, THE
LIEUTENANT GOVERNOR, THE CHAIRS OF THE APPROPRIATIONS COMMITTEES OF THE HOUSE
AND THE SENATE, AND THE LEGISLATIVE BUDGET OFFICE NOT LATER THAN DECEMBER 1 OF
EACH YEAR, WHICH SHALL INCLUDE DETAILED INFORMATION REGARDING CERTAIN SPECIFIC
AREAS; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1.
(1)  As used in this section, the following terms have the meanings as defined
in this subsection unless the context clearly requires otherwise:

(a)
"Department" means the Department of Finance and Administration.

(b)
"District" means the South Mississippi Planning and Development
District.

(c)  "Eligible
applicant" means an applicant who is eligible for assistance from the GCRF
under Section 57-119-1 et seq.

(d)  "Eligible
project" means a project that is eligible for assistance from the GCRF
under Section 57-119-1 et seq.

(e)  "GCRF"
means the Gulf Coast Restoration Fund created under Section 57-119-1.

(f)
"Program" means the Gulf Coast Restoration Revolving Loan Program
established in this section.

(g)  "Revolving
fund" or "Fund" means the Gulf Coast Restoration Revolving Loan
Program Fund created in this section.

(2)  There is established
the Gulf Coast Restoration Revolving Loan Program, which shall be administered
by the department and the district as provided in this section for the purpose
of providing loan assistance to eligible applicants for eligible projects.

(3)  There is created a special
fund in the State Treasury to be designated as the Gulf Coast Restoration
Revolving Loan Program Fund.  The revolving fund shall consist of funds
appropriated or otherwise made available by the Legislature in any manner for
the revolving fund, funds from any other source designated for deposit into the
revolving fund, and repayments of principal and interest derived from loans
made from the revolving fund.  Monies in the revolving fund shall be
administered by the department and the district, and shall be used, only upon
appropriation by the Legislature, for the purpose of providing loan assistance
to eligible applicants for eligible projects, which shall be determined by the
Legislature by separate line items in an appropriation bill.  Unexpended amounts
remaining in the revolving fund at the end of a fiscal year shall not lapse
into the State General Fund, and any interest earned on amounts in the
revolving fund shall be deposited to the credit of the revolving fund.

(4)  After the Mississippi
Development Authority has presented the Legislature with the applications for
assistance and its recommendations for assistance to individual projects from
the GCRF under Section 57-119-9, the Legislature may authorize loan assistance
to eligible applicants for individual eligible projects.  The Legislature shall
determine the individual projects for which loan assistance will be provided
under this section by separate line items in the appropriation bill for the
department.  An eligible applicant may receive loan assistance under this
section in addition to receiving assistance from the GCRF, and an eligible
applicant may receive loan assistance under this section without receiving
assistance from the GCRF.  It is not a requirement that an eligible applicant
be a recipient of assistance from the GCRF in order to receive loan assistance
under this section.

(5)  The department shall
provide the district with monies from the revolving fund that are sufficient to
make the loan assistance that has been authorized by the Legislature in the
appropriation bill.  The interest rate on loans made under this section shall
be determined by the district, but not more than three and one-half percent
(3.5%) per annum fixed interest rate.  The district shall administer the loans
made under this section by distributing the funds to the recipients and
receiving the repayments of principal and interest derived from loans, which
shall be deposited in the revolving fund to be used for additional loan
assistance.

(6)  The department shall
promulgate such rules, regulations and procedures as necessary to effectuate
the purposes of this section.  All expenses of the department in carrying out
its duties and responsibilities under this section shall be paid from funds in
the revolving fund.

(7)  The department shall
file an annual report with the Speaker of the House, the Lieutenant Governor,
the Chairs of the Appropriations Committees of the House and the Senate, and
the Legislative Budget Office not later than December 1 of each year, including
detailed information regarding at least the following specific areas:

(a)  Receipts and
expenditures of the funds received and provided as loan assistance under this
section;

(b)  Expenditures for
all administration expenses of department in carrying out its duties under this
section;

(c)  Detailed
description of eligible applicants approved for loan assistance for the current
year; and

(d)  Schedule of all
eligible projects for which loan assistance was provided under this act,
detailing status of progress, start date, anticipated completion date,
benchmark achievements, and any modifications to the original application after
receipt of the loan assistance.

SECTION 2.  This act
shall take effect and be in force from and after July 1, 2026.