House Bill 636 Summary

• Authorizes the State Bond Commission to issue up to $350,000 in general obligation bonds to assist the City of Horn Lake, Mississippi with purchasing two ambulances.

• Creates a special fund called the "2021 City of Horn Lake Ambulance Purchase Fund" within the State Treasury to receive and disburse bond proceeds for the ambulance purchase.

• Bonds may be issued at any time but no later than July 1, 2025, with a maximum maturity of 25 years from the date of issue and interest rates not to exceed limits set in Section 75-17-101, Mississippi Code of 1972.

• The full faith and credit of the State of Mississippi is pledged to guarantee payment of principal and interest on the bonds; any shortfall shall be paid from the State Treasury.

• Bond proceeds are exempt from Mississippi state taxation, and any remaining funds after project completion shall be applied toward debt service on the issued bonds.