MS HB1762

Authorizes the State Bond Commission to issue up to $800,000 in general obligation bonds to assist Farmington Water Association with water system upgrades, improvements, and infrastructure projects.

Creates a special "2020 Farmington Water Association Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs, including repayment of prior debt incurred by the association.

Bonds may be issued until July 1, 2024, with a maximum maturity of 25 years and interest rates subject to Mississippi Code Section 75-17-101 limits.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment; any shortfall shall be paid by the State Treasurer from unappropriated state funds.

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