MS HB1740

Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist Mendenhall, Mississippi with construction, expansion, upgrades, and improvements to its water system and related facilities.

Creates a special fund designated "2020 City of Mendenhall Water System Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for water system projects.

Bonds may be issued at any time or from time to time but no later than July 1, 2024, with a maximum maturity of 25 years from date of issue.

Bonds are general obligations of Mississippi with full faith and credit of the State pledged for repayment; any deficiency in appropriated funds shall be paid from the State Treasury.

Bond proceeds used solely for water system project costs and issuance expenses; any unused funds remaining after project completion shall be applied to bond debt service.