House Bill 422 Summary

• Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist the City of Columbia with costs for road, street, and bridge repairs, resurfacing, construction, and reconstruction.

• Authorizes issuance of up to $2,000,000 in state general obligation bonds to assist Marion County with costs for planning, design, construction, and improvements to the Columbia-Marion County Airport infrastructure and facilities.

• Authorizes issuance of up to $5,000,000 in state general obligation bonds to assist Marion County with costs for road, street, and bridge repairs, resurfacing, construction, and reconstruction.

• Establishes three separate special funds within the State Treasury to receive bond proceeds, with funds disbursed by the Department of Finance and Administration for authorized projects and remaining balances applied to bond debt service.

• Bonds are backed by full faith and credit of the State of Mississippi, mature within 25 years, are exempt from Mississippi taxation, and no bonds shall be issued after July 1, 2022.