MS HB565

Authorizes issuance of state general obligation bonds totaling up to $5,000,000 to provide funds to the City of Senatobia for North Oak Regional Medical Center acquisition, repair, and renovation.

Creates a special fund designated "2020 City of Senatobia - North Oak Regional Medical Center Fund" within the State Treasury to receive bond proceeds and disburse funds to the city.

Allows the City of Senatobia to use funds as grants (up to $2,500,000) or interest-free loans (up to $2,500,000) to entities for costs associated with the medical center's acquisition and improvements.

Loan repayments received by the city must be remitted to the Department of Finance and Administration and applied to bond debt service; any remaining fund balances after project completion shall also be applied to debt service.

Bonds may not be issued after July 1, 2024, and shall mature within 25 years; bonds are general obligations of the State of Mississippi with full faith and credit pledged, and are exempt from state taxation.