MS HB1545

Authorizes issuance of state general obligation bonds up to $6,000,000 to assist the City of Hattiesburg with infrastructure improvements in the Midtown area, including roads, bridges, water, sewer, drainage, sidewalks, stormwater detention, land acquisition, utility relocation, and lighting.

Creates a special fund designated the "2022 City of Hattiesburg Infrastructure Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for eligible project costs.

Bonds shall mature within 25 years, bear interest at rates not exceeding limits set in Mississippi Code Section 75-17-101, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued under this act after July 1, 2026, and any remaining fund balance after project completion shall be applied to pay debt service on the bonds.

Bonds and income therefrom are exempt from all taxation in Mississippi and become effective July 1, 2022.