MS SB2909

Authorizes the State Bond Commission to issue up to $750,000 in state general obligation bonds to assist the Board of Supervisors of Quitman County in paying costs associated with county jail renovation.

Creates a special fund designated the "2022 Quitman County Jail Renovation Fund" within the State Treasury to receive bond proceeds and disburse funds for the jail renovation project.

Bonds are general obligations of the State of Mississippi backed by full faith and credit of the state, with principal and interest payable from appropriated funds or the State Treasury if appropriations are insufficient.

Bonds may mature up to 25 years from date of issue at interest rates not exceeding limits set in Section 75-17-101, Mississippi Code of 1972.

No bonds shall be issued under this act after July 1, 2026; any remaining funds after project completion shall be applied to pay bond debt service, and investment earnings on the fund shall be used for debt service payments.