MS HB1529

Authorizes the issuance of state general obligation bonds up to $1,000,000 to assist the City of Jackson in purchasing fire fighting equipment and apparatus for high-rise building fire protection services.

Creates a special fund designated "2011 City of Jackson Fire Department Equipment Fund" within the State Treasury to receive bond proceeds and any interest earnings, which shall not lapse at fiscal year-end.

Bonds may be issued at any time before July 1, 2015, with maturity not exceeding 25 years from date of issue and interest rates subject to Section 75-17-101 of Mississippi Code.

The State Bond Commission acts as issuing agent and may sell bonds through sealed bid public sale or negotiated sale, with notice published in Jackson-area newspapers at least 10 days before sale.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and any unused project funds shall be applied to pay debt service on the bonds.