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MS HB1609
Bill
Status
6/3/2020
Primary Sponsor
Larry Byrd
Click for details
AI Summary
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Authorizes issuance of state general obligation bonds not to exceed $620,000 to assist City of Petal with parking lot improvements at Robert E. Russell Sports Complex and improvements at William Bradley "Brad" Pickett Memorial Baseball Fields.
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Creates special fund designated "2020 City of Petal - Robert E. Russell Sports Complex Parking Lots Fund" within State Treasury to receive bond proceeds and disburse funds for the specified projects.
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Grants State Bond Commission authority to issue, sell, and manage the bonds, which may mature up to 25 years from issuance date and bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101.
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Pledges full faith and credit of State of Mississippi to guarantee bond payment; requires State Treasurer to issue warrants for principal, interest, and accrued value when due.
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Sets bond issuance deadline of July 1, 2024; provides that unused funds after project completion shall be applied to debt service on bonds; makes bonds exempt from Mississippi state taxation and legal investments for trustees and financial institutions.
Legislative Description
Bonds; authorize issuance to assist City of Petal with improvements at the Robert E. Russell Sports Complex.
Last Action
Died In Committee
6/3/2020