MS HB1270

Authorizes the State Bond Commission to issue up to $2,000,000 in general obligation bonds to fund construction, furnishing, and equipping of a Department of Mental Health group housing facility in Madison, Mississippi for homeless persons with mental illness.

Creates a special fund designated the "2022 Department of Mental Health Group Housing Facility Fund" within the State Treasury to receive bond proceeds and disburse funds under the direction of the Department of Finance and Administration.

Bonds shall mature within 25 years from date of issue, with interest rates not to exceed limits set by Mississippi Code Section 75-17-101, and may be redeemed before maturity at the State's option.

Pledges the full faith and credit of Mississippi for bond repayment, making bonds general obligations of the State; any insufficiency shall be paid from the State Treasury.

Establishes a deadline of July 1, 2026 for bond issuance and authorizes bond validation in the Chancery Court of Hinds County; bonds and their income are exempt from Mississippi state taxation.