MS HB1145

Authorizes the State Bond Commission to issue general obligation bonds not exceeding $450,000 to assist the City of Baldwyn, Mississippi with expansion, improvements, and upgrades to its natural gas system and related infrastructure.

Creates a special fund called the "2020 City of Baldwyn Natural Gas System Improvements Fund" within the State Treasury to receive bond proceeds and disburse them for the natural gas system project costs.

Bonds may mature up to 25 years from issuance with interest rates complying with Section 75-17-101, Mississippi Code of 1972, and must be issued by July 1, 2024.

Bonds are general obligations of the State of Mississippi backed by the full faith and credit of the state; any remaining fund amounts after project completion shall be applied to bond debt service.

Bond income is exempt from all Mississippi state taxation, and bonds are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies.