MS SB2696

Authorizes issuance of state general obligation bonds up to $295,000 to fund five specific projects in Monticello, Mississippi: frontage road paving ($100,000), Atwood Water Park restroom facility ($100,000), Atwood Water Park pavilion repairs ($10,000), depot land acquisition and relocation ($75,000), and Cooper's Ferry Park water wheel replacement ($10,000).

Creates a special fund designated "2021 Town of Monticello Projects Fund" within the State Treasury to receive bond proceeds and disburse funds to the town for the specified projects.

Grants the State Bond Commission authority to issue bonds, prescribe bond terms, determine sale method, and handle all related administrative functions; bonds may be issued at any time but not after July 1, 2025.

Bonds mature within 25 years and are backed by the full faith and credit of the State of Mississippi; principal and interest payments are guaranteed and payable from state funds if necessary.

Bond proceeds are exempt from state taxation and may be legally held by trustees, fiduciaries, savings banks, and insurance companies; any remaining funds after project completion shall be applied to debt service on the bonds.