(1) (a) There is established the 2026 Local Governments Disaster Recovery Emergency Loan Program to be administered by the Mississippi Emergency Management Agency for the purpose of assisting local governments in recovering from the disaster by issuing loans to local governments.(b) The agency shall act as quickly as is practicable and prudent in deciding on any loan request that it receives. Loans from the emergency fund shall be made to eligible local governments, as set forth in an executed loan agreement for payment or reimbursement of the eligible expenditure(s) of the local government as determined by the agency. The agency shall establish a maximum amount for any loan from the emergency fund in order to provide for broad and equitable participation in the program.(c) Eligible borrowers may apply for a loan pursuant to the policies and processes established by the agency.(d) No loan shall be issued under this article after July 1, 2027. The term of any loan issued under this article shall not exceed a period of five (5) years.
(a) There is established the 2026 Local Governments Disaster Recovery Emergency Loan Program to be administered by the Mississippi Emergency Management Agency for the purpose of assisting local governments in recovering from the disaster by issuing loans to local governments.
(b) The agency shall act as quickly as is practicable and prudent in deciding on any loan request that it receives. Loans from the emergency fund shall be made to eligible local governments, as set forth in an executed loan agreement for payment or reimbursement of the eligible expenditure(s) of the local government as determined by the agency. The agency shall establish a maximum amount for any loan from the emergency fund in order to provide for broad and equitable participation in the program.
(c) Eligible borrowers may apply for a loan pursuant to the policies and processes established by the agency.
(d) No loan shall be issued under this article after July 1, 2027. The term of any loan issued under this article shall not exceed a period of five (5) years.
(2) (a) Loan proceeds may be used by the recipient local government for eligible expenditure(s).(b) Loans issued under this article shall be at a zero percent (0%) interest rate until all Federal Emergency Management Agency reimbursements have been processed and applied to the loan balance. After such time, a three percent (3%) per annum fixed interest rate shall be charged to cover the administrative costs to service the loan.
(a) Loan proceeds may be used by the recipient local government for eligible expenditure(s).
(b) Loans issued under this article shall be at a zero percent (0%) interest rate until all Federal Emergency Management Agency reimbursements have been processed and applied to the loan balance. After such time, a three percent (3%) per annum fixed interest rate shall be charged to cover the administrative costs to service the loan.
(3) In administering this article, the agency shall have the following powers and duties:(a) To supervise the use of all funds and loan proceeds made available under this article for local governments to recover from the disaster;(b) To promulgate rules and regulations, to make variances and exceptions thereto, and to establish procedures in accordance with this article for the implementation of the program;(c) To ensure the funds made available under this article to a local government provide for a distribution of funds that ensures broad and equitable participation among the local governments affected by the disaster;(d) To maintain, in accordance with generally accepted government accounting standards, an accurate record of all monies in the emergency fund made available to local governments under this article and the expenditures incurred by each recipient;(e) To establish policies, procedures and requirements concerning viability and financial capability to repay loans that may be used in approving loans available under this article;(f) To contract for those facilities and staff needed to administer and provide routine management for the funds and loan program;(g) To require recipient local governments to consult with the county’s emergency management agency and/or an authorized representative of the Mississippi Emergency Management Agency;(h) To ensure the dedicated source of revenue as collateral by a borrower is sufficient to repay the loan within the loan period;(i) To require a rigorous documentation process to ensure that state funds are utilized in a manner that maximizes eventual federal reimbursement; and(j) To file with the Legislature reports, no later than October 1 of each year and no later than February 1 of each year, detailing how monies in the emergency fund were expended during the preceding year by each participating local government by period, the number of loans approved and disbursed, the amount of expenditures incurred by each loan recipient, the current balance of any outstanding loans, the specific projects of each loan recipient with a description of the project and the recipient entities, the amounts deposited into the emergency fund under Section 33-15-609(4) by loan, and the number of loans repaid under this article.
(a) To supervise the use of all funds and loan proceeds made available under this article for local governments to recover from the disaster;
(b) To promulgate rules and regulations, to make variances and exceptions thereto, and to establish procedures in accordance with this article for the implementation of the program;
(c) To ensure the funds made available under this article to a local government provide for a distribution of funds that ensures broad and equitable participation among the local governments affected by the disaster;
(d) To maintain, in accordance with generally accepted government accounting standards, an accurate record of all monies in the emergency fund made available to local governments under this article and the expenditures incurred by each recipient;
(e) To establish policies, procedures and requirements concerning viability and financial capability to repay loans that may be used in approving loans available under this article;
(f) To contract for those facilities and staff needed to administer and provide routine management for the funds and loan program;
(g) To require recipient local governments to consult with the county’s emergency management agency and/or an authorized representative of the Mississippi Emergency Management Agency;
(h) To ensure the dedicated source of revenue as collateral by a borrower is sufficient to repay the loan within the loan period;
(i) To require a rigorous documentation process to ensure that state funds are utilized in a manner that maximizes eventual federal reimbursement; and
(j) To file with the Legislature reports, no later than October 1 of each year and no later than February 1 of each year, detailing how monies in the emergency fund were expended during the preceding year by each participating local government by period, the number of loans approved and disbursed, the amount of expenditures incurred by each loan recipient, the current balance of any outstanding loans, the specific projects of each loan recipient with a description of the project and the recipient entities, the amounts deposited into the emergency fund under Section 33-15-609(4) by loan, and the number of loans repaid under this article.
(4) For efficient and effective administration of the program and emergency fund, the agency shall authorize an administrator to carry out any or all of the powers and duties enumerated above.
(5) In carrying out its responsibilities under this article, for any contract under the purview of the Public Procurement Review Board, the agency shall be exempt from any requirement that the Public Procurement Review Board approve any personal or professional services contracts or pre-approve any solicitation of such contracts.
(6) In carrying out its responsibilities under this article, for any policy, procedure, and/or regulation produced by the agency, the agency shall be exempt from all requirements under the Mississippi Administrative Procedures Law.