MS HB1765

Authorizes issuance of up to $500,000 in state general obligation bonds to assist the City of Brandon, Mississippi with downtown improvements including sidewalks, streets, parking areas, and water system infrastructure.

Creates the "2020 City of Brandon Downtown Improvements Fund" within the State Treasury as a separate fund to receive bond proceeds and disburse funds for eligible projects.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101; no bonds may be issued after July 1, 2024.

Bonds are backed by the full faith and credit of the State of Mississippi, with the State Treasurer required to pay any deficiencies from the State Treasury if appropriated funds are insufficient for debt service.

Investment earnings on amounts in the fund shall be used for debt service on bonds issued; any remaining funds after project completion shall be applied to bond debt service as directed by the State Bond Commission.