MS HB119

Authorizes issuance of state general obligation bonds up to $3,000,000 to fund construction, reconstruction, repair, upgrades, and improvements to Mississippi Highway 178 and related infrastructure in Holly Springs.

Creates the "2020 City of Holly Springs Mississippi Highway 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

Bonds may not be issued after July 1, 2024, and shall mature within 25 years of issuance with interest rates not exceeding limits set by Mississippi Code Section 75-17-101.

Remaining fund balance after project completion shall be applied to bond debt service; any investment earnings on the fund shall also be used for debt service.

State Bond Commission serves as issuing agent with authority to determine bond terms, advertise for bids, and conduct sales; bonds are backed by full faith and credit of the State of Mississippi.