TVA Service Area Utilities Grant Program; create.

HB 1507 creates a $25 million grant program administered by Mississippi's Development Authority (MDA) to provide financial assistance to local utility providers operating within the Tennessee Valley Authority (TVA) service area in Mississippi. The bill allocates $25 million in state bonds to fund 90% matching grants for eligible utilities, with priority for entities serving areas impacted by the March 2023 storms. A specific provision requires the Okolona Electric Department to commit to matching funds for infrastructure improvements outside its city limits before receiving grants. Future funding will come from 10% of Mississippi's annual TVA tax revenue (previously directed to the general fund), and the MDA must report annually on grant distributions.