MS HB742

Authorizes issuance of state general obligation bonds not to exceed $1,000,000 to assist the City of Jackson with costs of acquiring, removing, and demolishing dilapidated and blighted properties.

Establishes the "2021 City of Jackson Blighted Properties Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds under the discretion of the Department of Finance and Administration.

Bonds may have a maturity of up to 25 years from date of issue and bear interest rates not exceeding limits in Mississippi Code Section 75-17-101; no bonds may be issued after July 1, 2025.

Full faith and credit of the State of Mississippi is pledged to secure the bonds, with the State Treasurer authorized to pay principal and interest from state funds if appropriations are insufficient.

Remaining fund balances after project completion shall be applied to debt service on the bonds, and investment earnings on the fund shall be used for debt service payments.