MS HB48

Authorizes the issuance of up to $350,000 in state general obligation bonds to fund improvements to the City of Mound Bayou's existing city pool.

Creates a special fund called the "2019 Mound Bayou City Pool Improvements Fund" within the State Treasury to receive bond proceeds and any investment earnings, with funds disbursed by the Department of Finance and Administration.

Bonds must be issued by July 1, 2023, with a maturity period not to exceed 25 years from the date of issue and interest rates subject to Mississippi Code Section 75-17-101.

Upon project completion or abandonment, any remaining fund balance shall be applied to pay debt service on the bonds, with the state pledging its full faith and credit to cover any payment shortfalls.

Bonds and investment income are exempt from all state taxation and may be validated in Chancery Court under Chapter 13, Title 31 of the Mississippi Code.