MS HB528

Authorizes issuance of up to $400,000 in state general obligation bonds to assist the Brooklyn Utility Association in Forrest County, Mississippi with construction, reconstruction, repair, replacement, expansion, and upgrades to water system buildings, facilities, transmission systems, distribution systems, and storage systems.

Creates a special fund designated the "2022 Brooklyn Utility Association Water System Improvements Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds shall mature within 25 years from date of issue, bear interest at rates not exceeding limits in Mississippi Code Section 75-17-101, and may be redeemable before maturity at terms determined by the State Bond Commission.

Full faith and credit of the State of Mississippi is pledged to pay principal and interest on bonds; any insufficient appropriated funds shall be paid by the State Treasurer from other state treasury funds.

Bonds must be issued by July 1, 2026; bond proceeds and income are exempt from all Mississippi taxation and constitute legal investments for trustees, fiduciaries, banks, and insurance companies organized in Mississippi.