MS HB1507

Authorizes issuance of general obligation state bonds totaling up to $8,375,000 to fund improvements in the Town of Fayette, Mississippi

Bond proceeds allocated as follows: $750,000 for covered arena facility construction; $750,000 for repairs and upgrades to Town Hall and Jefferson Bank buildings; $1,000,000 for fire station construction; $5,875,000 for water and sewer system improvements and new water meter reading system

Creates the "2022 Town of Fayette Improvements Fund" within the State Treasury to receive and disburse bond proceeds for specified projects

Bonds are general obligations of the State of Mississippi backed by full faith and credit, with principal and interest payable from appropriated funds or State Treasury

Bonds may not be issued after July 1, 2026, and any remaining fund balance after project completion shall be used for debt service on the bonds