Water authority; authorize conversion of for-profit entity formed solely to comply with federal or state order to.

HB 1194 allows certain for-profit water companies - specifically those created solely to meet federal or state water compliance orders - to convert their status to a "water authority" (a public entity). This change enables them to access tax-exempt financing for water infrastructure, potentially lowering costs for customers. To convert, these entities must file a resolution, application, and bylaws with Mississippi’s Secretary of State, meeting specific requirements outlined in the bill. The law takes effect July 1, 2025, and directly affects eligible water providers formed for regulatory compliance.