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H. B. No. 1648 *HR26/R1622SG* ~ OFFICIAL ~ G1/2
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To: Appropriations E;
Appropriations A
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Representatives Read, Cockerham
HOUSE BILL NO. 1648
(As Sent to Governor)
AN ACT TO ESTABLISH THE GULF COAST RESTORATION REVOLVING LOAN 1
PROGRAM FOR THE PURPOSE OF PROVIDING LOAN ASSISTANCE TO ELIGIBLE 2
APPLICANTS FOR ELIGIBLE PROJECTS IN THE GULF COAST REGION; TO 3
PROVIDE THAT THE PROGRAM SHALL BE ADMINISTERED BY THE DEPARTMENT 4
OF FINANCE AND ADMINISTRATION AND THE SOUTH MISSISSIPPI PLANNING 5
AND DEVELOPMENT DISTRICT; TO CREATE A SPECIAL FUND IN THE STATE 6
TREASURY TO BE DESIGNATED AS THE GULF COAST RESTORATION REVOLVING 7
LOAN PROGRAM FUND; TO PROVIDE THAT MONIES IN THE REVOLVING FUND 8
SHALL BE ADMINISTERED BY THE DEPARTMENT AND THE DISTRICT, AND 9
SHALL BE USED, ONLY UPON APPROPRIATION BY THE LEGISLATURE, FOR THE 10
PURPOSE OF PROVIDING LOAN ASSISTANCE TO ELIGIBLE APPLICANTS FOR 11
ELIGIBLE PROJECTS, WHICH SHALL BE DETERMINED BY THE LEGISLATURE BY 12
SEPARATE LINE ITEMS IN AN APPROPRIATION BILL; TO PROVIDE THAT 13
AFTER THE MISSISSIPPI DEVELOPMENT AUTHORITY HAS PRESENTED THE 14
LEGISLATURE WITH THE APPLICATIONS FOR ASSISTANCE AND ITS 15
RECOMMENDATIONS FOR ASSISTANCE TO INDIVIDUAL PROJECTS FROM THE 16
GULF COAST RESTORATION FUND (GCRF), THE LEGISLATURE MAY AUTHORIZE 17
LOAN ASSISTANCE TO ELIGIBLE APPLICANTS FOR INDIVIDUAL ELIGIBLE 18
PROJECTS UNDER THIS ACT; TO PROVIDE THAT THE LEGISLATURE SHALL 19
DETERMINE THE INDIVIDUAL PROJECTS FOR WHICH LOAN ASSISTANCE WILL 20
BE PROVIDED UNDER THIS ACT BY SEPARATE LINE ITEMS IN THE 21
APPROPRIATION BILL FOR THE DEPARTMENT OF FINANCE AND 22
ADMINISTRATION; TO PROVIDE THAT AN ELIGIBLE APPLICANT MAY RECEIVE 23
LOAN ASSISTANCE UNDER THIS ACT IN ADDITION TO RECEIVING ASSISTANCE 24
FROM THE GCRF, AND AN ELIGIBLE APPLICANT MAY RECEIVE LOAN 25
ASSISTANCE UNDER THIS ACT WITHOUT RECEIVING ASSISTANCE FROM THE 26
GCRF; TO PROVIDE THAT IT IS NOT A REQUIREMENT THAT AN ELIGIBLE 27
APPLICANT BE A RECIPIENT OF ASSISTANCE FROM THE GCRF IN ORDER TO 28
RECEIVE LOAN ASSISTANCE UNDER THIS ACT; TO PROVIDE THAT THE 29
DEPARTMENT SHALL PROVIDE THE DISTRICT WITH MONIES FROM THE 30
REVOLVING FUND THAT ARE SUFFICIENT TO MAKE THE LOAN ASSISTANCE 31
THAT HAS BEEN AUTHORIZED BY THE LEGISLATURE IN THE APPROPRIATION 32
BILL; TO PROVIDE THAT THE INTEREST RATE ON LOANS MADE UNDER THIS 33
SECTION SHALL BE DETERMINED BY THE DISTRICT, BUT NOT MORE THAN 34
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THREE AND ONE HALF PERCENT PER ANNUM FIXED INTEREST RATE; TO 35
PROVIDE THAT THE DISTRICT SHALL ADMINISTER THE LOANS MADE UNDER 36
THIS ACT BY DISTRIBUTING THE FUNDS TO THE RECIPIENTS AND RECEIVING 37
THE REPAYMENTS OF PRINCIPAL AND INTEREST DERIVED FROM LOANS, WHICH 38
SHALL BE DEPOSITED IN THE REVOLVING FUND TO BE USED FOR ADDITIONAL 39
LOAN ASSISTANCE; TO PROVIDE THAT THE DEPARTMENT SHALL PROMULGATE 40
SUCH RULES, REGULATIONS AND PROCEDURES AS NECESSARY TO EFFECTUATE 41
THE PURPOSES OF THIS ACT; TO PROVIDE THAT ALL EXPENSES OF THE 42
DEPARTMENT IN CARRYING OUT ITS DUTIES AND RESPONSIBILITIES UNDER 43
THIS ACT SHALL BE PAID FROM FUNDS IN THE REVOLVING FUND; TO 44
REQUIRE THE DEPARTMENT TO FILE AN ANNUAL REPORT WITH THE SPEAKER 45
OF THE HOUSE, THE LIEUTENANT GOVERNOR, THE CHAIRS OF THE 46
APPROPRIATIONS COMMITTEES OF THE HOUSE AND THE SENATE, AND THE 47
LEGISLATIVE BUDGET OFFICE NOT LATER THAN DECEMBER 1 OF EACH YEAR, 48
WHICH SHALL INCLUDE DETAILED INFORMATION REGARDING CERTAIN 49
SPECIFIC AREAS; AND FOR RELATED PURPOSES. 50
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 51
SECTION 1. (1) As used in this section, the following terms 52
have the meanings as defined in this subsection unless the context 53
clearly requires otherwise: 54
(a) "Department" means the Department of Finance and 55
Administration. 56
(b) "District" means the South Mississippi Planning and 57
Development District. 58
(c) "Eligible applicant" means an applicant who is 59
eligible for assistance from the GCRF under Section 57-119-1 et 60
seq. 61
(d) "Eligible project" means a project that is eligible 62
for assistance from the GCRF under Section 57-119-1 et seq. 63
(e) "GCRF" means the Gulf Coast Restoration Fund 64
created under Section 57-119-1. 65
(f) "Program" means the Gulf Coast Restoration 66
Revolving Loan Program established in this section. 67
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(g) "Revolving fund" or "Fund" means the Gulf Coast 68
Restoration Revolving Loan Program Fund created in this section. 69
(2) There is established the Gulf Coast Restoration 70
Revolving Loan Program, which shall be administered by the 71
department and the district as provided in this section for the 72
purpose of providing loan assistance to eligible applicants for 73
eligible projects. 74
(3) There is created a special fund in the State Treasury to 75
be designated as the Gulf Coast Restoration Revolving Loan Program 76
Fund. The revolving fund shall consist of funds appropriated or 77
otherwise made available by the Legislature in any manner for the 78
revolving fund, funds from any other source designated for deposit 79
into the revolving fund, and repayments of principal and interest 80
derived from loans made from the revolving fund. Monies in the 81
revolving fund shall be administered by the department and the 82
district, and shall be used, only upon appropriation by the 83
Legislature, for the purpose of providing loan assistance to 84
eligible applicants for eligible projects, which shall be 85
determined by the Legislature by separate line items in an 86
appropriation bill. Unexpended amounts remaining in the revolving 87
fund at the end of a fiscal year shall not lapse into the State 88
General Fund, and any interest earned on amounts in the revolving 89
fund shall be deposited to the credit of the revolving fund. 90
(4) After the Mississippi Development Authority has 91
presented the Legislature with the applications for assistance and 92
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its recommendations for assistance to individual projects from the 93
GCRF under Section 57-119-9, the Legislature may authorize loan 94
assistance to eligible applicants for individual eligible 95
projects. The Legislature shall determine the individual projects 96
for which loan assistance will be provided under this section by 97
separate line items in the appropriation bill for the department. 98
An eligible applicant may receive loan assistance under this 99
section in addition to receiving assistance from the GCRF, and an 100
eligible applicant may receive loan assistance under this section 101
without receiving assistance from the GCRF. It is not a 102
requirement that an eligible applicant be a recipient of 103
assistance from the GCRF in order to receive loan assistance under 104
this section. 105
(5) The department shall provide the district with monies 106
from the revolving fund that are sufficient to make the loan 107
assistance that has been authorized by the Legislature in the 108
appropriation bill. The interest rate on loans made under this 109
section shall be determined by the district, but not more than 110
three and one-half percent (3.5%) per annum fixed interest rate. 111
The district shall administer the loans made under this section by 112
distributing the funds to the recipients and receiving the 113
repayments of principal and interest derived from loans, which 114
shall be deposited in the revolving fund to be used for additional 115
loan assistance. 116
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ST: Gulf Coast Restoration Revolving Loan
Program; establish.
(6) The department shall promulgate such rules, regulations 117
and procedures as necessary to effectuate the purposes of this 118
section. All expenses of the department in carrying out its 119
duties and responsibilities under this section shall be paid from 120
funds in the revolving fund. 121
(7) The department shall file an annual report with the 122
Speaker of the House, the Lieutenant Governor, the Chairs of the 123
Appropriations Committees of the House and the Senate, and the 124
Legislative Budget Office not later than December 1 of each year, 125
including detailed information regarding at least the following 126
specific areas: 127
(a) Receipts and expenditures of the funds received and 128
provided as loan assistance under this section; 129
(b) Expenditures for all administration expenses of 130
department in carrying out its duties under this section; 131
(c) Detailed description of eligible applicants 132
approved for loan assistance for the current year; and 133
(d) Schedule of all eligible projects for which loan 134
assistance was provided under this act, detailing status of 135
progress, start date, anticipated completion date, benchmark 136
achievements, and any modifications to the original application 137
after receipt of the loan assistance. 138
SECTION 2. This act shall take effect and be in force from 139
and after July 1, 2026. 140