MS HB1696

Authorizes issuance of state general obligation bonds up to $20,000,000 to assist the City of Gulfport with construction, reconstruction, repairs, upgrades, and extensions to Dedeaux Road.

Creates a special fund ("2022 City of Gulfport Dedeaux Road Fund") in the State Treasury to receive bond proceeds and disburse funds for the road project costs.

Bonds may mature up to 25 years from issuance with interest rates subject to Mississippi Code limits, and are backed by the full faith and credit of the State of Mississippi.

No bonds may be issued after July 1, 2026, and any remaining funds after project completion shall be applied to debt service on the bonds.

Bonds issued under this act are exempt from Mississippi taxation and are legal investments for trustees, fiduciaries, and financial institutions.