MS HB770

Authorizes issuance of state general obligation bonds not to exceed $500,000 to assist the City of Brandon, Mississippi with repair, renovation, upgrades, and improvements to City Hall and related facilities, plus construction of additional parking facilities.

Creates a special fund designated the "2021 City of Brandon City Hall Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the authorized projects.

Bonds may be issued at any time or times by the State Bond Commission until July 1, 2025, with a maturity period not to exceed 25 years from date of issue and interest rates not exceeding limits set in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to secure the bonds; any remaining fund balance after project completion shall be applied to pay debt service on the bonds.

Bonds are exempt from all taxation in Mississippi and are legal investments for trustees, fiduciaries, savings banks, trust companies, and insurance companies; act becomes effective July 1, 2021.