HB1507: TVA Service Area Utilities Grant Program; create.

Legislative Summary

An Act To Create The Tennessee Valley Authority (tva) Service Area Utilities Grant Fund As A Special Fund In The State Treasury; To Direct The Office Of Energy At The Mississippi Development Authority (mda) To Establish The Tva Service Area Utilities Grant Program To Provide Grants To Local Utilities Service Providers In The Tva Service Area In Mississippi; To Provide That Eligible Entities Shall Apply To Mda's Office Of Energy For Grant Funding; To Provide For The Distribution Of $25,000,000.00 In The Special Fund Derived From The Issuance Of State General Obligation Bonds Under This Act; To Provide For The Distribution Of Future Monies In Excess Of The First $25,000,000.00 As Determined By The Mda; To Provide That No Monies May Be Provided To The Okolona Electric Department, Unless It Signs An Agreement Committing To Spending From Other Sources An Amount Equal To Half The State Grant To Improve Distribution Lines Outside The City Of Okolona; To Direct The Mda To Declare By Resolution, As Soon As Practicable, The Necessity For Issuance Of State General Obligation Bonds In The Amount Of $25,000,000.00 For The Tva Service Area Utilities Grant Fund; To Authorize The Mda To Promulgate Rules And Regulations To Implement This Act; To Direct The Mda To File An Annual Report With The Governor And The Legislature Describing All Assistance Provided Under This Act; To Authorize The Issuance Of State General Obligation Bonds In The Amount Of $25,000,000.00 To Provide Monies For The Tva Service Area Utilities Grant Fund; To Amend Section 27-37-301, Mississippi Code Of 1972, To Provide That, Of The Payments To Be Received By The State Of Mississippi And Its Counties From The Tennessee Valley Authority In Lieu Of Taxes Under The Tennessee Valley Authority Act Of 1933, After The Principal, Redemption Premium And Interest On The General Obligation Bonds Issued Under Section 65-26-15 Have Been Paid In Full, The 10% That Has Been Paid Into The State General Fund Shall Hereafter Be Paid Into The Tva Service Area Utilities Grant Fund Created In This Act; And For Related Purposes.