MS HB78

Authorizes the State Bond Commission to issue up to $4,000,000 in general obligation bonds to fund water and sewer system repairs, upgrades, and improvements for the City of Jackson, Mississippi.

Creates a special fund called the "2020 City of Jackson Water and Sewer Systems Improvements Fund" within the State Treasury to receive and disburse bond proceeds for authorized projects.

Bonds may be issued at any time or in multiple installments until July 1, 2024, with a maturity date not to exceed 25 years from issuance and interest rates subject to Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to repay bonds; any insufficient appropriated funds for debt service shall be paid from the State Treasury.

Bond proceeds are exempt from state taxation and may be used as legal investments and securities for trustees, fiduciaries, banks, and public entities in Mississippi.