Senate Bill 2901 Summary

• Authorizes issuance of state general obligation bonds not to exceed $100,000 to assist Pontotoc County with repair, renovation, upgrades, and improvements to the Chancery Court building and Youth Court facility.

• Creates a special fund called the "2021 Pontotoc County Chancery Court Building and Youth Court Facility Fund" within the State Treasury to receive bond proceeds and disburse funds for project costs.

• Bonds must be issued by July 1, 2025, with a maturity period not to exceed 25 years, and shall bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101.

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

• Bonds are general obligations backed by the full faith and credit of the State of Mississippi, are tax-exempt, and legal investments for trustees and fiduciaries in the state.