MS HB1353

Authorizes the State Bond Commission to issue up to $500,000 in general obligation bonds to assist the West Jackson County Utility District with water tank construction costs.

Creates the "2021 West Jackson County Utility District Water Tank Fund" as a special fund within the State Treasury to receive bond proceeds and disburse them for the project.

Bonds may be issued at any time until July 1, 2025, with maturities not to exceed 25 years and interest rates subject to Mississippi Code Section 75-17-101.

Pledges the full faith and credit of the State of Mississippi to guarantee bond payments; any shortfall in appropriated funds shall be covered by the State Treasurer from unappropriated state funds.

Bond proceeds and income are exempt from Mississippi state taxation and may be used as legal investments for trustees, fiduciaries, banks, and insurance companies.