House Bill 698 Summary

• Amends Section 31, Chapter 511, Laws of 2016 to change the City of Terry bond fund purpose from "Historic Preservation" to "Community Center Construction," authorizing up to $150,000 in general obligation bonds for construction, furnishing, and equipping of a new community center.

• Amends Section 28, Chapter 511, Laws of 2016 to change the City of Saltillo bond fund purpose from "Recreation Facilities Improvements" to "Traffic Signal Lights," authorizing up to $150,000 in general obligation bonds for installation of traffic signal lights at the intersection of Highway 45 and Highway 145.

• Adds new Section 3 authorizing up to $150,000 in general obligation bonds for the City of Laurel to support repair, renovation, refurbishment, and equipment for the National Oak Park Alumni Association, with issuance deadline of July 1, 2021.

• All bonds are general obligations of Mississippi backed by the full faith and credit of the state, are exempt from state taxation, and mature in not more than 25 years with interest payable semiannually or annually.

• Bonds become effective immediately upon State Bond Commission adoption of necessary resolutions, with proceeds managed by the Department of Finance and Administration in separate special funds maintained by the State Treasurer.