MS HB552

Authorizes issuance of state general obligation bonds totaling up to $4,000,000 to assist the City of Jackson with repairs, upgrades, and improvements to its water and sewer systems.

Creates a special fund designated "2019 City of Jackson Water and Sewer Systems Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the projects.

Grants the State Bond Commission authority to determine bond terms, interest rates (not to exceed limits in Mississippi Code Section 75-17-101), maturity dates (up to 25 years), and sale methods.

Pledges the full faith and credit of the State of Mississippi to back the bonds, requiring the State Treasurer to pay any deficiency from the general treasury if appropriated funds are insufficient.

Expires authority to issue bonds on July 1, 2023, and provides that any remaining fund balance after project completion shall be applied to pay debt service on the bonds.