MS HB1578

Authorizes issuance of state general obligation bonds not to exceed $4,000,000 to assist the City of Oxford, Mississippi, in paying costs for repair and renovation of a building to be used by the City of Oxford Police Department.

Creates a special fund designated as the "2022 City of Oxford Police Department Building Renovation Fund" within the State Treasury to receive and disburse bond proceeds for the authorized project.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits set in Mississippi Code Section 75-17-101, and must be issued by July 1, 2026.

Pledges the full faith and credit of the State of Mississippi for bond repayment; any shortfall in appropriated funds shall be paid by the State Treasurer from unappropriated state treasury funds.

Bond proceeds and income are exempt from all Mississippi state taxation, and any unexpended amounts or investment earnings remaining after project completion shall be applied to debt service on the bonds.