MS HB1348

Authorizes issuance of state general obligation bonds up to $1,800,000 to assist the City of Philadelphia, Mississippi with maintenance, repairs, upgrades, and improvements to the levee system protecting its wastewater treatment plant and related facilities.

Creates a special fund designated "2021 City of Philadelphia - Philadelphia Utilities Levee System Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

Bonds may mature up to 25 years from issuance date with interest rates not to exceed statutory limits, and no bonds may be issued after July 1, 2025.

Bonds are full general obligations of the State of Mississippi backed by the state's full faith and credit, with the State Treasurer required to pay principal and interest from state funds if legislative appropriations are insufficient.

Bonds and income from bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, banks, trust companies, and insurance companies.