MS SB3061

Authorizes issuance of state general obligation bonds up to $150,000 to assist the City of Leland, Mississippi with repair and renovation costs for the city park.

Creates a special fund called the "2021 City of Leland Park Repair and Renovation Fund" within the State Treasury to receive bond proceeds and any investment earnings, which shall not lapse at fiscal year-end.

Bonds may be issued at any time before July 1, 2025, with maturity not to exceed 25 years from date of issue and interest rates not exceeding limits in Mississippi Code Section 75-17-101.

Full faith and credit of the State of Mississippi is pledged to bond repayment; if appropriated funds are insufficient, the State Treasurer shall pay deficiencies from other available state funds.

Bond proceeds are tax-exempt, and remaining funds after project completion shall be applied toward debt service on the bonds as directed by the State Bond Commission.