House Bill 1766 Summary

• Authorizes the issuance of state general obligation bonds up to $500,000 to assist the City of Brandon, Mississippi, with repair, renovation, and improvements to its City Hall building and construction of additional parking facilities.

• Creates a special fund designated the "2020 City of Brandon City Hall Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

• Grants the State Bond Commission authority to issue, sell, and manage the bonds, which shall mature no later than 25 years from issuance and bear interest rates not to exceed limits set by Mississippi Code.

• Pledges the full faith and credit of the State of Mississippi to guarantee repayment of the bonds; any insufficient appropriated funds shall be covered by the State Treasurer from unappropriated state funds.

• Requires all bonds to be issued by July 1, 2024, and exempts the bonds and income therefrom from all taxation in Mississippi; unused project funds shall be applied to debt service once projects are completed or abandoned.