MS HB1684

Authorizes issuance of state general obligation bonds not to exceed $300,000 to assist the City of Raymond, Mississippi with repair, renovation, expansion, and improvements to its Police Department building and related facilities.

Creates a special fund designated the "2019 City of Raymond Police Department Building Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the authorized projects.

Bonds may mature up to 25 years from issuance, with interest rates not to exceed limits in Mississippi Code Section 75-17-101, and no bonds may be issued after July 1, 2023.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on bonds; any insufficiency shall be paid from the State Treasury.

Bond proceeds are exempt from state taxation, and bonds are legal investments for trustees, fiduciaries, savings banks, and insurance companies in Mississippi.