MS HB120

Authorizes Mississippi to issue up to $600,000 in general obligation bonds to assist the City of Holly Springs in repairing, renovating, and restoring the former Holly Springs Water and Light Plant building for use as a welcome center and/or museum.

Creates the "2020 City of Holly Springs Water and Light Plant Building Repair and Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds under the Department of Finance and Administration's discretion.

Bonds may mature up to 25 years from issue date at interest rates not exceeding limits set in Mississippi Code Section 75-17-101, with no bonds to be issued after July 1, 2024.

Pledges the full faith and credit of the State of Mississippi to guarantee bond repayment, with any shortfall to be covered from the State Treasury's general funds.

Bond proceeds are exempt from Mississippi state taxation, and any remaining funds after project completion shall be applied to debt service on the bonds.