MS HB439

Authorizes issuance of state general obligation bonds up to $3,000,000 to assist the City of Holly Springs with construction, reconstruction, repair, upgrades, and improvements to Mississippi Highway 178 and related infrastructure.

Creates a special fund designated "2021 City of Holly Springs Mississippi Highway 178 Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, with principal and interest payable semiannually or annually.

State Bond Commission acts as issuing agent with authority to prescribe bond form, determine sale method, advertise for bids, and issue/sell bonds; all costs of issuance and sale may be paid from bond proceeds.

Remaining funds after project completion shall be applied to debt service on the bonds, and bond income is exempt from state taxation; no bonds may be issued after July 1, 2025.