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

HB 1202 allows certain water providers to convert from for-profit or not-for-profit entities into public water authorities. Specifically, it applies to for-profit entities formed solely to comply with federal or state water regulations, and existing not-for-profit water corporations. To convert, these entities must file a resolution, application, and bylaws with the Secretary of State, changing their status to a "water authority" under Mississippi law. This conversion enables them to access tax-exempt financing for water infrastructure projects, aiming to secure affordable water supplies at lower rates.