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MS HB1601
Bill
Status
6/3/2020
Primary Sponsor
Jarvis Dortch
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AI Summary
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Authorizes issuance of up to $250,000 in state general obligation bonds to assist the Town of Utica, Mississippi with repairs to its natural gas system lines and related infrastructure.
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Creates a special fund designated "2020 Town of Utica-Natural Gas System Repair Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs under direction of the Department of Finance and Administration.
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Grants the State Bond Commission authority to issue and sell the bonds, determine sale method, prescribe bond terms, and manage all aspects of bond issuance and delivery.
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Specifies bonds shall mature within 25 years, bear interest rates not to exceed Mississippi Code limits, and are backed by the full faith and credit of the State of Mississippi with tax-exempt status.
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No bonds may be issued after July 1, 2024; any remaining funds after project completion must be applied toward debt service on the issued bonds.
Legislative Description
Bonds; authorize issuance to assist Town of Utica with repairs to natural gas lines.
Last Action
Died In Committee
6/3/2020