MS HB1576

Authorizes issuance of state general obligation bonds up to $3,000,000 to assist the City of Quitman, Mississippi with the Quitman Village Project.

Bond proceeds shall fund acquisition of land and construction, development, upgrades and improvements to water system infrastructure, roads, and other related infrastructure for the project.

Creates a special "2020 City of Quitman - Quitman Village Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years from date of issue and cannot be issued after July 1, 2024; interest accruing on bonds shall be payable semiannually or annually.

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