MS HB267

Authorizes issuance of state general obligation bonds not to exceed $250,000 to assist the Town of Shubuta, Mississippi with construction, reconstruction, refurbishing, repair, renovation and restoration of the Shubuta Town Hall building and related facilities.

Creates a special fund designated the "2022 Shubuta Town Hall Building Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds for the project under direction of the Department of Finance and Administration.

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

Pledges the full faith and credit of the State of Mississippi to guarantee bond payment; any remaining fund balance after project completion shall be applied to debt service on the bonds.

Bonds are exempt from Mississippi state taxation and qualify as legal investments for trustees, fiduciaries, savings banks, trust companies and insurance companies.