MS HB1142

Authorizes the issuance of state general obligation bonds up to $100,000 to assist the City of Saltillo, Mississippi, with costs associated with repair and renovation of the city's community center.

Creates a special fund designated the "2020 City of Saltillo Community Center Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Grants the State Bond Commission authority to determine bond terms, including maturity dates (not to exceed 25 years), interest rates, and redemption options, and to advertise for and accept bids or negotiate bond sales.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments, with any shortfall covered by the State Treasurer from unappropriated funds in the State Treasury.

Specifies that bonds cannot be issued after July 1, 2024, and that remaining funds must be applied to debt service once the renovation project is completed, abandoned, or deemed unable to be completed in a timely fashion.