MS HB86

Authorizes issuance of up to $1,000,000 in state general obligation bonds to assist the City of Jackson with costs of acquiring, removing, and demolishing dilapidated and blighted properties near state grounds and within or near the Farish Street Historic District.

Creates the "2020 City of Jackson Dilapidated and Blighted Properties Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds to the City of Jackson for eligible project costs.

Grants the State Bond Commission authority to issue, sell, and manage the bonds with terms up to 25 years, at interest rates not exceeding limits in Mississippi Code Section 75-17-101, with no bonds to be issued after July 1, 2024.

Pledges the full faith and credit of the State of Mississippi to back the bonds; any funds remaining after project completion shall be applied to pay bond debt service.

Exempts bonds and their income from all taxation in Mississippi and authorizes investment earnings on the special fund to be used for bond debt service.