MS HB1644

Authorizes issuance of state general obligation bonds not to exceed $50,000 to assist the Town of Flora, Mississippi with water and sewer system infrastructure improvements.

Creates a special fund designated the "2020 Town of Flora Water and Sewer Systems Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the specified projects.

Bonds may be issued until July 1, 2024, with a maturity date not to exceed 25 years from issuance and interest rates subject to Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure bond payment; any deficiency shall be paid from the State Treasury.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, and insurance companies.