MS HB1469

Authorizes issuance of state general obligation bonds not to exceed $300,000 to assist the Town of Friars Point, Mississippi in constructing a community center and related facilities.

Creates a special fund designated as the "2020 Friars Point Community Center Fund" within the State Treasury to receive bond proceeds and disburse funds for the community center project.

Bonds may mature up to 25 years from date of issue and bear interest at rates not exceeding limits under Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

No bonds may be issued under this authority after July 1, 2024; any remaining fund balance after project completion shall be applied to pay debt service on the bonds.

Bonds are backed by the full faith and credit of the State of Mississippi, are exempt from state taxation, and are legal investments for fiduciaries, banks, and insurance companies.