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Senate adopts conference report increasing disaster trust fund draw limits and creating low-interest revolving loan option
Summary
The Mississippi Senate adopted the conference report on House Bill 1646 to raise per-event and annual draw limits from the disaster trust fund and to create a revolving loan program with a 3% interest cap that becomes payable only after FEMA reimbursements are processed.
The Mississippi Senate on the morning calendar adopted a conference report on House Bill 1646 that raises emergency draw limits from the state disaster trust fund and establishes a revolving loan fund to speed local recovery after disasters.
Senator Delano, who explained the bill on the floor, told colleagues the measure increases the per-event draw limit from $1,000,000 to $2,500,000 and raises the annual cap on amounts the Department of Finance and Administration may pull from stabilization funds from $2,000,000 to $5,000,000. "Originally, the amount was 1,000,000. We're moving that to $2,500,000 for an event, and we've capped the annual expenditures ... from 2,000,000 to $5,000,000," Delano said.
The conference…
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