MS HB774

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of Columbia, Mississippi with water and sewer system repairs, upgrades, and infrastructure improvements.

Creates a special fund ("2020 City of Columbia Water and Sewer Infrastructure Improvements Fund") within the State Treasury to receive bond proceeds and disburse funds for eligible projects at the discretion of the Department of Finance and Administration.

Grants the State Bond Commission authority to issue, sell, and manage the bonds, with a deadline of July 1, 2024 for bond issuance and bonds maturing no later than 25 years from issuance.

Pledges the full faith and credit of the State of Mississippi to repay bonds; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Exempts bonds and investment income from state taxation and designates bonds as legal investments for trustees, fiduciaries, and financial institutions in Mississippi.