MS HB529

Authorizes issuance of state general obligation bonds not to exceed $300,000 to provide funds to the City of Petal, Mississippi for playground construction and equipment installation.

Creates a special "2022 Petal Excel By 5 Playground Fund" within the State Treasury to receive bond proceeds and disburse funds at the discretion of the Department of Finance and Administration.

Bonds may mature up to 25 years from date of issue with interest rates not exceeding limits in Mississippi Code Section 75-17-101, and may be called for redemption at the State's option.

Bonds are general obligations of Mississippi backed by the full faith and credit of the State, with deficiencies paid from the State Treasury if appropriated funds are insufficient.

No bonds may be issued after July 1, 2026; any remaining funds after project completion shall be applied to bond debt service; act takes effect July 1, 2022.