MS HB1645

Authorizes issuance of state general obligation bonds up to $50,000,000 to fund water system and sewer system expansion, upgrades, and improvements for the City of Clinton, Mississippi.

Creates a special fund designated the "2020 City of Clinton Water and Sewer Systems Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible projects.

Bonds may be issued at any time or from time to time, with no bonds issued after July 1, 2024, and may mature up to 25 years from issuance at rates not exceeding limits set in Mississippi Code Section 75-17-101.

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise for and accept bids or negotiate sales, and pay all costs incidental to issuance and sale from bond proceeds.

Bonds are general obligations of Mississippi with full faith and credit pledged; bond income is exempt from all state taxation and may serve as legal investments for trustees, fiduciaries, banks, and insurance companies; act effective July 1, 2020.