MS HB1560

Authorizes the State Bond Commission to issue general obligation bonds not to exceed $20,000,000 to assist Hinds County, Mississippi with construction and development of two water wells and related towers for a new detention center near McDowell Road and Gallatin Street in Jackson.

Creates the "2022 Hinds County Water Wells and Towers Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified water well and tower projects.

Bonds shall mature within 25 years from date of issue, bear interest rates not to exceed limits set in Mississippi Code Section 75-17-101, and are general obligations backed by the full faith and credit of the State of Mississippi.

Bond proceeds can only be issued until July 1, 2026, and any remaining fund amounts after project completion shall be applied to pay debt service on the issued bonds.

Bonds and income derived from them are exempt from all taxation in Mississippi and qualify as legal investments for trustees, fiduciaries, and financial institutions in the state.