MS SB2998

Authorizes issuance of state general obligation bonds up to $1,200,000 to assist the City of West Point, Mississippi, in remodeling, renovating, and improving Northside School.

Creates a special fund designated the "2020 City of West Point Northside School Renovation Fund" within the State Treasury to disburse bond proceeds for project costs.

Bonds shall mature no later than 25 years from date of issue and bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged for bond payment; any deficiency shall be paid from the State Treasury.

Bonds must be issued by July 1, 2024, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.