MS SB3096

Authorizes the issuance of state general obligation bonds not to exceed $395,000 to assist the Town of Tchula, Mississippi with costs associated with water and sewer system improvements.

Creates a special fund designated "2022 Town of Tchula Water and Sewer Improvements Fund" within the State Treasury to receive and disburse bond proceeds for the specified projects.

Bonds may mature up to 25 years from date of issue and shall bear interest at rates not exceeding limits set by Mississippi Code Section 75-17-101; the State Bond Commission handles issuance and sale procedures.

Full faith and credit of the State of Mississippi is pledged to guarantee bond payment, with any deficiencies paid by the State Treasurer from general state funds.

Bonds must be issued by July 1, 2026; any remaining fund balance after project completion shall be applied to debt service on the bonds.