HB 1641 Summary

• Authorizes issuance of up to $1,500,000 in state general obligation bonds to assist Pat Harrison Waterway District with capital improvements including cabin renovations, electrical repairs, water/wastewater upgrades, and road overlays, with bond proceeds deposited into a dedicated special fund.

• Creates the "2015 Pat Harrison Waterway District Capital Improvements Fund" within the State Treasury to receive and disburse bond proceeds under direction of the Department of Finance and Administration.

• Establishes bond terms including maturity not to exceed 25 years, interest rates per Mississippi law limits, and allows bonds to be redeemable before maturity at State's option; bonds backed by full faith and credit of State of Mississippi.

• Amends Chapter 464, Laws of 1999 to revise the "Pat Harrison Waterway District Lake Improvements Fund" to expand eligible uses to include administrative, management, legal, accounting, engineering and other implementation costs (capped at 3% of bond proceeds) in addition to lake construction costs.

• Authorizes State Bond Commission to act as issuing agent for bond sale through public bidding or negotiated sale, with notice published in Jackson newspapers at least 10 days before sale; bonds exempt from state taxation.