Local Governments Capital Improvements Revolving Loan Fund; extend repealer on MDA authority to use funds for general support.

Extended the repeal date for the provision authorizing the Mississippi Development Authority to use certain monies for general support from July 1, 2028, to July 1, 2025.

Created a new special fund called the Local Governments Brownfields Redevelopment Grant Fund consisting of monies from Section 57-1-307, which will be abolished after July 1, 2009, with funds transferred to the Capital Improvements Revolving Loan Fund.

Added requirements for loan repayment schedules, allowing monthly, semiannual, or other periodic payments, with annual totals not exceeding the previous year's total by more than 15%, and requiring full repayment within 20 years of project completion.

Authorized the State Auditor to audit counties or municipalities with delinquent loan payments and to withhold future homestead exemption reimbursements and sales tax revenue distributions until payments are current.

Added authority for the Mississippi Development Authority to renegotiate loan payments for the six southern counties affected by Hurricane Katrina, with interest forgiveness limited to 24 months and maturity extensions limited to 48 months.

Added a provision stating that evidences of indebtedness issued under this chapter are not considered indebtedness for purposes of city and county debt limitations.