MS HB1712

Authorizes the State Bond Commission to issue up to $7,000,000 in general obligation bonds to assist the City of Jackson with repair, restoration, and improvements to Lynch Street Creek and drainage channels.

Creates the "2022 City of Jackson Lynch Street Creek Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the specified projects.

Bonds shall be general obligations of the State of Mississippi backed by the full faith and credit of the state, with principal and interest payable from state appropriations or general treasury funds if needed.

Bonds may have interest rates not exceeding limits set in Section 75-17-101 of Mississippi Code, mature within 25 years, and must be issued by July 1, 2026.

Bond proceeds and any remaining fund balance after project completion shall be used to pay debt service on the bonds; investment earnings on the fund shall also be applied to debt service.