MS HB1506

Authorizes issuance of state general obligation bonds totaling up to $4,000,000 to assist the Town of Bude, Mississippi with infrastructure and facility improvements.

Allocates maximum $1,000,000 each for: relocation and repair of Bude Depot and caboose; construction and improvements to town sewer lagoon and system; repair and renovation of Bude Town Hall building; and street drainage improvements on Railroad Avenue, First Street, Second Street, and Third Street.

Creates "2022 Town of Bude Improvements Fund" as a separate special fund within the State Treasury to hold and disburse bond proceeds, with unexpended amounts and investment earnings retained in the fund.

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with interest rates not exceeding limits in Mississippi Code Section 75-17-101 and maturity not exceeding 25 years from issue date.

No bonds may be issued after July 1, 2026, and the act takes effect July 1, 2022.