Section 57-1-661 - Establishment of program to provide grants to assist eligible applicants in paying costs associated with research and development to expand small Unmanned Aircraft Systems manufacturing capabilities; Small Unmanned Aircraft System Manufacturer Grant Fund created(1) As used in this section, the following words and phrases shall have the meanings as defined in this section unless the context clearly indicates otherwise: (a) "MDA" means the Mississippi Development Authority. (b) "Eligible applicant" means any Mississippi-based small Unmanned Aircraft Systems (sUAS) manufacturer of which a majority of ownership is by residents of the State of Mississippi and which will provide a capital investment from private sources of not less than One Million Dollars ($1,000,000.00) for the purposes for which a grant is requested. (2)(a) The MDA shall establish a program to provide grants to assist eligible applicants in paying costs associated with research and development to expand small Unmanned Aircraft Systems (sUAS) manufacturing capabilities in Mississippi. (b) An entity desiring assistance under the grant program established under this section must submit an application to the department. The application must contain: (i) A description of the purposes for which a grant is requested and proof that funds from private sources have been irrevocably dedicated in an amount of not less than One Million Dollars ($1,000,000.00) for such purposes; (ii) The amount of grant funds requested; and (iii) Any other information requested by the MDA. (c) The MDA shall review such application and determine whether the applicant is eligible to participate in the grant program. If the MDA approves the applicant for participation in the grant program, it shall issue a certificate of participation to the applicant designating the applicant as an eligible applicant under the program. (3) There is created in the State Treasury a special fund, to be designated as the "Small Unmanned Aircraft System Manufacturer Grant Fund", which shall consist of funds made available by the Legislature in any manner. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the fund shall be deposited into such fund. Monies in the fund shall be disbursed, upon appropriation by the Legislature, in the discretion of the MDA, to provide grants for the purposes described in this section. (4) The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section. Added by Laws, 2024, ch. 507, HB 1983,§ 14, eff. 7/1/2024.