House Bill 70 Summary

• Authorizes issuance of up to $60,000 in state general obligation bonds through a special fund to assist the City of Verona and Towns of Plantersville and Shannon with infrastructure and park improvements ($20,000 each).

• Authorizes issuance of up to $20,000 in state general obligation bonds through a separate special fund to assist Lee County with construction of a volunteer fire department building near Shannon and an adjacent community center.

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

• Bond proceeds are designated as special funds maintained separately from the state General Fund, with unexpended amounts and investment earnings retained in the funds and used for debt service if projects are completed or abandoned.

• State Bond Commission acts as issuing agent and may sell bonds through public sealed bids or negotiated sale, with full faith and credit of the State pledged for payment and bonds exempt from state taxation.