MS SB3097

Authorizes issuance of up to $30 million in state general obligation bonds to assist Canton Municipal Utilities with costs of providing electricity, water, and wastewater services to the City of Canton, Mississippi

Creates the "2022 Canton Municipal Utilities Fund" as a special fund within the State Treasury to hold bond proceeds, with unexpended amounts and investment earnings remaining in the fund rather than lapsing to the General Fund

Bonds may mature up to 25 years from date of issue and are backed by the full faith and credit of the State of Mississippi

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

No bonds may be issued under this act after July 1, 2026