MS HB1256

Authorizes the issuance of state general obligation bonds up to $3,150,000 to assist the Progress Community Water Association in Lamar County, Mississippi with water system expansion and facility upgrades.

Creates a special fund called the "2019 Progress Community Water Association Improvements Fund" within the State Treasury to receive and disburse bond proceeds for project costs.

Bonds may not be issued after July 1, 2023, shall mature within 25 years, and are backed by the full faith and credit of the State of Mississippi.

Authorizes the State Bond Commission to determine bond terms, prescribe bond form, manage the sale process, and handle all administrative costs related to issuance and sale.

Upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds, and bond income is exempt from state taxation.